HOUSTON, November 3, 2021 / PRNewswire / – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) reported today that for the month of October 2021, the Company operated an average of 103 rigs in the United States.
The average number of rigs in operation shown in the Company’s monthly announcements represents the average number of rigs of the Company that were earning revenues under a drilling contract in the United States. The Company has cautioned that many factors in addition to the average operating drilling rigs may affect the Company’s operating results and that a particular trend in the number of operating drilling rigs may or may not. not indicate a trend or be indicative of the financial performance of the Company. The Company intends to continue to provide monthly updates on operating drilling rigs shortly after the end of each month.
Patterson-UTI is a leading provider of petroleum products and services to petroleum and natural gas exploration and production companies in United States and other selected countries, including contract drilling, pressure pumping and directional drilling services. For more information visit www.patenergy.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995, which are not limited to historical facts, but reflect Patterson’s current beliefs, expectations or intentions. UTI regarding future events. Words such as “anticipate”, “believe”, “budget”, “continue”, “could”, “could”, “estimate”, “” project “,” continue “,” should “,” strategy “,” target ”or“ will ”and similar expressions are intended to identify such forward-looking statements. Statements in this press release that are not historical statements, including statements regarding Patterson-UTI’s expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of federal securities laws. These statements are subject to many risks and uncertainties, many of which are beyond the control of Patterson-UTI, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the timing, outcome and ultimate results of the integration of the operations of Pioneer Energy Services into Patterson-UTI; the effects of the acquisition on Patterson-UTI, including Patterson-UTI’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes in business relationships resulting from the closing of the transaction; the inability to realize the synergies and other benefits expected from the transaction; adverse conditions in the oil and gas industry; including the rapid decline in crude oil prices due to the economic impact of the COVID-19 pandemic; global economic conditions; volatility in customer spending and oil and natural gas prices which could negatively affect demand for Patterson-UTI’s services and their associated effect on rates; excess availability of land-based drilling rigs, pressure pumping equipment and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI’s services; the strength and financial resources of competitors; planned use, margins and capital expenditures; operational risk liabilities for which Patterson-UTI does not have and does not receive full indemnification or insurance; operational risks inherent in oil and gas activities; non-payment or non-compliance by clients of their contractual obligations (in particular with regard to fixed-term contracts); the ability to clear the backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technologies; the ability to retain management and field staff; loss of key customers; shortages, delivery delays and interruptions in the supply of equipment and materials; cybersecurity events; synergies, costs and financial and operational impacts of acquisitions; difficulty in building and deploying new equipment; government regulation; legislation, regulations and other climate-related risks; environmental, social and governance practices, including the perception thereof; environmental risks and the ability to meet future environmental costs; technology-related disputes; lawsuits and actions by government agencies or other regulatory bodies; the ability to identify and effectively enter new markets; weather situation; operating costs; trends in the expansion and development of the petroleum and natural gas industry; the ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; volatility of interest rates; unfavorable credit and equity market conditions; the availability of capital and the ability to repay debt as it falls due; volatility of stock prices; and compliance with the covenants of the Patterson-UTI debt agreements.
Additional information regarding factors that could cause actual results to differ materially from forward-looking statements is contained from time to time in the documents filed by Patterson-UTI with the SEC. Patterson-UTI documents can be obtained by contacting Patterson-UTI or the SEC or through the Patterson-UTI website at http://www.patenergy.com or through the SEC Electronic Data Collection and Analysis System (EDGAR) at http://www.sec.gov. Patterson-UTI assumes no obligation to publicly update or revise any forward-looking statement.
SOURCE PATTERSON-UTI ENERGY, INC.