HOUSTON, March 5, 2019 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported that for the month of February
2019, the Company had an average of 175 drilling rigs
operating. For the two months ended February 28, 2019, the Company had an average of
178 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 a provider of oilfield services and products to
oil and natural gas exploration and production companies in
North America, including market
leading positions in 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: 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, improvement 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; cybersecurity
risk; difficulty with growth and in integrating acquisitions and
new technology; governmental regulation; product liability; legal
proceedings, including technology disputes, and actions by
governmental or other regulatory agencies; political, economic and
social instability risk; ability to effectively identify and enter
new markets; dependence on our subsidiaries to meet our long-term
debt obligations; variable rate indebtedness risk; ability to
maintain credit rating and service debt; and anti-takeover measures
in our charter documents; contingent tax liabilities; and ability
to use net operating losses.
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.