The chief executive of Patterson-UTI Energy Inc. (PTEN) plans to
retire this year, leaving open a post that the onshore drilling and
services company expects to fill with a newly-hired executive from
Schlumberger Ltd. (SLB).
Doug Wall has worked as Patterson-UTI's CEO since October 2007,
a post he assumed after previously working as the company's chief
operating officer. Chairman Mark Siegel on Friday said the decision
to step down was Wall's own.
"Doug came to us and indicated that he felt that it was time for
him to move on to the next phase in his life. We greatly appreciate
the excellent leadership that he has provided; during his tenure,
our company has made enormous strides," Siegel said.
The company said it expects newly-hired William Andrew
Hendricks, Jr., 47, will assume the chief executive position upon
Wall's retirement later this year.
Hendricks, most recently president of Schlumberger's drilling
and measurements unit, will begin with the company as chief
operating officer starting April 2.
Patterson-UTI has been benefiting from a boom in unconventional
shale drilling in North America. The company last month reported
its most recent quarterly profit surged 63% amid strong demand and
an increasing rig count.
Shares closed Thursday at $18.25 and were inactive in premarket
trade.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com