HOUSTON, Oct. 21, 2021 /PRNewswire/ -- Corva, the leader
in real time drilling and completions analytics, and Patterson-UTI
Energy, Inc. (NASDAQ: PTEN), a leading provider of drilling and
completion services, today announced a strategic data analytics and
visualization collaboration plan that will equip oil & gas
producers with the digital tools to drill and complete more
productive and profitable wells while hitting lower emissions
targets. This collaboration is intended to leverage
Patterson-UTI's advanced wellsite and cloud-based data capabilities
to further enhance Corva's extensive suite of cloud-based drilling
analytics.
"We are excited to partner with Patterson-UTI to take on the
tough digital oilfield challenges that will unlock greater rig,
cost, and ESG performance," said Ryan
Dawson, Corva's founder and CEO. "Together, we are
accelerating the digital transformation across basins with real
time drilling analytics, solving big data analysis in the field
with edge computing integration, and empowering partners and
clients to build their own solutions and innovate at their full
potential," Dawson stated.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, added, "We are pleased to collaborate with
Corva – a company that shares a similar view as to the incredible
potential made possible through the use of advanced data analytics
in the drilling and completion business. It is an exciting
time in the industry as new and advanced practices within data
analytics unlock value for the industry, and we are glad to be a
part of this.
As part of the collaboration, E&P companies will have the
opportunity to access Patterson-UTI's advanced digital
capabilities, including real-time data from its Cortex® Key edge
server, through Corva's comprehensive suite of more than 60
drilling apps that work in any connectivity landscape.
Patterson-UTI's Cortex® Key edge server connects to various
systems at the well site, streaming large data sets and providing a
single, high-speed data aggregation source. The Corva and
Patterson-UTI collaboration brings together category leading
super-spec rig capabilities, rig automation, and drilling and
completion optimization analytics spanning drilling and completions
operations and hazard avoidance.
Additionally, E&P companies will benefit from Corva Dev
Center, enabling Patterson-UTI and its customers to develop their
own innovative solutions tightly integrated with their core
business systems. Patterson-UTI plans to work with Corva to provide
apps that take full advantage of the drilling contractor's
super-spec fleet's drilling automation and ESG capabilities.
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.
About Corva
Corva is a Houston-based
software developer focused on helping oil & gas companies to
optimize drilling and completions through real-time data insights
and analytics. The company built a first-of-its-kind software
platform for delivering a suite of 100 mobile and web apps to
monitor drilling and completions, identify hazardous conditions,
and give users recommendations based on current and historical
subsurface data. As a result, Corva increases rate of penetration,
improves frac performance, and reduces costly rig downtime. Corva's
software products support oil & gas drilling operations across
North America with hundreds of
users, including drilling engineers, superintendents, rig crews,
and management. For more information, please visit
www.corva.ai.
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: the ultimate timing, outcome and
results of integrating the operations of Pioneer Energy Services
into Patterson-UTI; the effects of the acquisition on
Patterson-UTI, including Patterson-UTI's future financial
condition, results of operations, strategy and plans; potential
adverse reactions or changes to business relationships resulting
from the closing of the transaction; the failure to realize
expected synergies and other benefits from the transaction; 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.