HOUSTON, Oct. 4, 2017 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported that for the month of September
2017, the Company had an average of 161 drilling rigs
operating. For the three months ended September 30, 2017, the Company had an average of
161 drilling rigs operating.
Average drilling rigs operating reported in the Company's
monthly announcements represent the average number of the Company's
drilling rigs that were operating under a drilling contract.
The Company cautioned that numerous factors in addition to average
drilling rigs operating can impact the Company's operating results
and that a particular trend in the number of drilling rigs
operating may or may not indicate a trend in or be indicative of
the Company's financial performance. The Company intends to
continue providing monthly updates on drilling rigs operating
shortly after the end of each month.
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. These risks and uncertainties
include, but are not limited to: volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for Patterson-UTI's services and their associated effect on
rates, utilization, margins and planned capital expenditures;
global economic conditions; excess availability of land drilling
rigs and pressure pumping equipment, including as a result of low
commodity prices, reactivation or construction; liabilities from
operations; weather; decline in, and ability to realize, backlog;
equipment specialization and new technologies; shortages, delays in
delivery and interruptions of supply of equipment and materials;
ability to hire and retain personnel; loss of, or reduction in
business with, key customers; difficulty with growth and in
integrating acquisitions; governmental regulation; product
liability; legal proceedings; political, economic and social
instability risk; ability to effectively identify and enter new
markets; cybersecurity risk; dependence on our subsidiaries to meet
our long-term debt obligations; variable rate indebtedness risk;
and anti-takeover measures in our charter documents.
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.