HOUSTON, Aug. 4, 2021 /PRNewswire/ -- PATTERSON-UTI
ENERGY, INC. (NASDAQ: PTEN) today reported that for the
month of July 2021, the Company had
an average of 78 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 earning revenue 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 a leading provider of oilfield services and
products to oil and natural gas exploration and production
companies in the United States,
including contract drilling, pressure pumping and directional
drilling services. For more information, visit
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: adverse oil and natural gas industry
conditions; including the rapid decline in crude oil prices as a
result of economic repercussions from the COVID-19 pandemic; global
economic conditions; volatility in customer spending and in oil and
natural gas prices that could adversely affect demand for
Patterson-UTI's services and their associated effect on rates;
excess availability of land drilling rigs, pressure pumping and
directional drilling equipment, including as a result of
reactivation, improvement or construction; competition and demand
for Patterson-UTI's services; strength and financial resources of
competitors; utilization, margins and planned capital expenditures;
liabilities from operational risks for which Patterson-UTI does not
have and receive full indemnification or insurance; operating
hazards attendant to the oil and natural gas business; failure by
customers to pay or satisfy their contractual obligations
(particularly with respect to fixed-term contracts); the ability to
realize backlog; specialization of methods, equipment and services
and new technologies, including the ability to develop and obtain
satisfactory returns from new technology; the ability to retain
management and field personnel; loss of key customers; shortages,
delays in delivery, and interruptions in supply, of equipment and
materials; cybersecurity events; synergies, costs and financial and
operating impacts of acquisitions; difficulty in building and
deploying new equipment; governmental regulation; climate
legislation, regulation and other related risks; environmental,
social and governance practices, including the perception thereof;
environmental risks and ability to satisfy future environmental
costs; technology-related disputes; legal proceedings and actions
by governmental or other regulatory agencies; the ability to
effectively identify and enter new markets; weather; operating
costs; expansion and development trends of the oil and natural gas
industry; ability to obtain insurance coverage on commercially
reasonable terms; financial flexibility; interest rate volatility;
adverse credit and equity market conditions; availability of
capital and the ability to repay indebtedness when due; stock price
volatility; and compliance with covenants under Patterson-UTI's
debt agreements.
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.