HOUSTON, Oct. 5, 2021 /PRNewswire/ -- PATTERSON-UTI
ENERGY, INC. (NASDAQ: PTEN) today reported that for the
month of September 2021, the Company
had an average of 83 drilling rigs operating. For the three
months ended September 30, 2021, the
Company had an average of 80 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 and
other select countries, 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.