HOUSTON, March 6, 2017 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported that for the month of February
2017, the Company had an average of 80 drilling rigs
operating in the United States and
two rigs in Canada. For the two months ended February 28, 2017, the Company had an average of
78 drilling rigs operating in the United
States and two rigs in Canada.
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 business
operates primarily in Texas and
the Appalachian region. 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 web site 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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visit:http://www.prnewswire.com/news-releases/patterson-uti-reports-drilling-activity-for-february-2017-300418212.html
SOURCE PATTERSON-UTI ENERGY, INC.