HOUSTON, May 11, 2017 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
announced that John E. Vollmer III,
Executive Vice President – Corporate Development, Chief Financial
Officer and Treasurer, has notified the Company of his decision to
retire after nearly 20 years of distinguished service. His
retirement will become effective after a transition period
following the employment of his successor, which the Company
expects to occur before the end of the year.
"John's financial skills, business acumen and personal
leadership have contributed tremendously to Patterson-UTI's
success," said Mark S. Siegel,
Chairman of Patterson-UTI. "I want to thank him for his many
years of dedication to Patterson-UTI. Not only has he
expertly managed our financial-related matters, but his sage
counsel on strategic matters has helped guide us from being a
small, regional drilling company to one of the leading drilling and
pressure pumping companies in the United States.
"John has been an invaluable leader in our organization, and I
am thankful for his tireless work and contributions to
Patterson-UTI," said Andy Hendricks,
Patterson-UTI's Chief Executive Officer. "I am grateful that he has
committed to staying on through this transition. We have
initiated a search for candidates, and we expect a very smooth
succession process for the Chief Financial Officer position."
"I have truly enjoyed my time at Patterson-UTI and I am proud of
our many accomplishments," said John
Vollmer. "I am also grateful to the many wonderful
people at Patterson-UTI that helped and supported me over the
years. Given the strength of our team, I am confident that
this transition will be seamless."
About Patterson-UTI
Patterson-UTI is an oilfield services company that primarily
owns and operates in the United
States one of the largest fleets of land-based drilling rigs
and a large fleet of pressure pumping equipment. Our contract
drilling business operates in the continental United States and western Canada, and our pressure pumping and oilfield
rental tools businesses operate primarily in Texas and the Mid-Continent and Appalachian
regions. We also provide drilling rig pipe handling
technology to drilling contractors in North America and other select markets.
In addition, we own and invest as a non-operating working interest
owner in oil and natural gas assets that are primarily located in
Texas and New Mexico.
Location information about the Company's drilling rigs and their
individual inventories is available through the Company's website
at www.patenergy.com.
Cautionary Statement 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 that are not limited to
historical facts, but reflect Patterson-UTI's current beliefs,
expectations or intentions regarding future events. Words
such as "anticipate," "believe," "budgeted," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"potential," "project," "pursue," "should," "strategy," "target,"
or "will," and similar expressions are intended to identify such
forward-looking statements. The statements in this press
release that are not historical statements, including statements
regarding Patterson-UTI's future 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 the federal securities laws.
These statements are subject to numerous risks and uncertainties,
many of which are beyond Patterson-UTI's control, which could cause
actual results to differ materially from the results expressed or
implied by the statements.
Additional information concerning factors that could cause
actual results to differ materially from those in the
forward-looking statements is contained from time to time in
Patterson-UTI's SEC filings. Patterson-UTI's filings may be
obtained by contacting Patterson-UTI or the SEC or through
Patterson-UTI's website at http://www.patenergy.com or through the
SEC's Electronic Data Gathering and Analysis Retrieval System
(EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no
obligation to publicly update or revise any forward-looking
statement.
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SOURCE PATTERSON-UTI ENERGY, INC.