Patterson-UTI Reports Drilling Activity for November 2024

Rhea-AI Summary

Patterson-UTI Energy (NASDAQ:PTEN) has reported its drilling activity for November 2024. The company maintained an average of 105 drilling rigs operating in the United States during November, consistent with the two-month average ending November 30, 2024. The company notes that while rig count is one metric, multiple factors influence their financial performance, and rig count trends may not directly correlate with financial results. Patterson-UTI confirms it will continue providing monthly updates on operational rig counts.

Positive

• Maintained stable rig count of 105 drilling rigs in operation
• Consistent operational performance across two-month period

Negative

• None.

Insights

Financial Analyst

The November drilling rig count for Patterson-UTI remained steady at 105 rigs, unchanged from the previous month's average. This stability in operational activity suggests consistent revenue generation but also indicates a lack of growth in the current market environment. The flat rig count reflects the broader energy sector's cautious approach amid uncertain commodity prices and market conditions.

While maintaining a substantial fleet of active rigs demonstrates operational resilience, investors should note that rig count is just one metric among many that influence financial performance. Other important factors include day rates, operational efficiency and contract terms. The company's transparent monthly reporting provides valuable operational insights, but a complete financial assessment requires additional metrics not disclosed in this update.

HOUSTON, TEXAS / ACCESSWIRE / December 5, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of November 2024, the Company had an average of 105 drilling rigs operating in the United States. For the two months ended November 30, 2024, the Company had an average of 105 drilling rigs operating in the United States.

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 in the United States. 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 drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. 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; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; 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; the impact of the ongoing conflict in Ukraine; 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; public health crises, pandemics and epidemics; 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; our return of capital to stockholders; 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.

Contact Information:

Michael Sabella
Investor Relations
michael.sabella@patenergy.com
2032973732

SOURCE: Patterson-UTI Energy, Inc.

View the original press release on accesswire.com

FAQ

How many drilling rigs did Patterson-UTI (PTEN) operate in November 2024?

Patterson-UTI operated an average of 105 drilling rigs in the United States during November 2024.

What was Patterson-UTI's (PTEN) average rig count for October-November 2024?

Patterson-UTI maintained an average of 105 drilling rigs operating in the United States for the two months ended November 30, 2024.

Will Patterson-UTI (PTEN) continue providing monthly drilling rig updates?

Yes, Patterson-UTI has confirmed it will continue providing monthly updates on drilling rigs operating shortly after the end of each month.