Last $17.16 USD
Change Today +1.17 / 7.32%
Volume 6.4M
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patterson-uti energy inc (PTEN) Snapshot

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07/24/14 - $38.43
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01/12/15 - $13.30
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patterson-uti energy inc (PTEN) Details

Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. The company operates through three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Contract Drilling segment markets its contract drilling services primarily in Texas, New Mexico, Louisiana, Oklahoma, Colorado, Utah, Wyoming, Montana, North Dakota, Alaska, Pennsylvania, Ohio, West Virginia, and western and northern Canada. As of December 31, 2013, this segment had a drilling fleet of 279 marketable land-based drilling rigs. The Pressure Pumping segment offers pressure pumping services that consist of well stimulation and cementing for the completion of new wells and remedial work on existing wells, as well as hydraulic and nitrogen fracturing, cementing, and acid pumping services in Texas and the Appalachian region. The Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. Patterson-UTI Energy, Inc. was founded in 1978 and is headquartered in Houston, Texas.

7,800 Employees
Last Reported Date: 02/14/14
Founded in 1978

patterson-uti energy inc (PTEN) Top Compensated Officers

Chief Executive Officer and President
Total Annual Compensation: $600.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $350.0K
President of UTI Drilling Company LLC
Total Annual Compensation: $625.7K
Senior Vice President, Director and Member of...
Total Annual Compensation: $265.0K
Compensation as of Fiscal Year 2013.

patterson-uti energy inc (PTEN) Key Developments

Patterson-UTI Energy, Inc. Enters into an Amendment No. 1 to Credit Agreement

On January 9, 2015, Patterson-UTI Energy Inc. entered into an Amendment No. 1 to Credit Agreement, which amends the Credit Agreement, dated as of September 27, 2012, among the company, Wells Fargo Bank, N.A., as administrative agent, the issuer of letters of credit and swing line lender and each other lender party thereto. The Amendment, among other things: releases Patterson-UTI Drilling International Inc., a subsidiary of the company, from its obligations under the guaranty related to the Credit Agreement; exempts from the requirement to become additional guarantors under the Credit Agreement U.S. subsidiaries that do not own any material assets other than equity interests of non-U.S. subsidiaries and indebtedness owed by a non-U.S. subsidiary to such U.S. subsidiary incurred in connection with the capitalization of such non-U.S. subsidiary; U.S. subsidiaries that do not own any material assets other than equity interests of entities described in clause (i) and indebtedness owed by an entity described in clause (i) to such U.S. subsidiary incurred in connection with the capitalization of such entity; and certain immaterial subsidiaries, in each case, so long as such U.S. subsidiary or immaterial subsidiary does not guarantee any indebtedness of the company or of any subsidiary of the company that guarantees indebtedness of the company; replaces the definition of a Change of Control in the Credit Agreement so that the definition no longer treats differently changes in the composition of the board of directors of the company due to actual or threatened proxy solicitations or includes any acquisition by contract or otherwise by a person or two or more persons acting in concert that results in the acquisition of power to directly or indirectly exercise a controlling influence over the Company's management or policies or control over equity securities of the company entitled to vote for member of the board of directors representing 25% or more of the combined voting power of such securities; and increases the amount of senior note indebtedness that subsidiaries of the company are permitted to guarantee under the Credit Agreement from $600,000,000 to $1,000,000,000.

Patterson-UTI Energy Inc. Reports Operating Results for the Month and Three Months Ended December 31, 2014

Patterson-UTI Energy Inc. reported that for the month of December 2014, the company had an average of 208 drilling rigs operating in the United States and eight rigs in Canada. For the three months ended December 31, 2014, the company had an average of 210 drilling rigs operating in the United States and nine rigs in Canada.

Patterson-UTI Energy Reports November Drilling Activity

Patterson-UTI Energy reported an update on its drilling activity for November. The number of drilling rigs operating in the month are under a drilling contract. The oil drilling services provider announced it had an average of 209 drilling rigs operating in the United States and 10 rigs in Canada during the month. For the two months ended November 30, it had an average of 210 drilling rigs operating in the United States and 10 rigs in Canada.


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