HOUSTON, April 5, 2016 /PRNewswire/ -- PATTERSON-UTI
ENERGY, INC. (NASDAQ: PTEN) today reported that for the
month of March 2016, the Company had
an average of 64 drilling rigs operating in the United States and less than one rig in
Canada. For the three months ended March 31, 2016, the Company had an average of 71
drilling rigs operating in the United
States and three rigs in Canada.
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 Energy, Inc. subsidiaries provide onshore contract
drilling and pressure pumping services to exploration and
production companies in North America. Patterson-UTI Drilling
Company LLC and its subsidiaries operate land-based drilling rigs
in oil and natural gas producing regions of the continental
United States and western
Canada. Universal Pressure Pumping, Inc. and Universal Well
Services, Inc. provide pressure pumping services primarily in
Texas and the Appalachian
region.
Location information about the Company's drilling rigs and their
individual inventories is available through the Company's website
at www.patenergy.com.
Statements made in this press release which state the
Company's or management's intentions, beliefs, expectations or
predictions for the future are forward-looking statements. It is
important to note that actual results could differ materially from
those discussed in such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for our 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 or construction; liabilities from operations;
decline in, and ability to realize, backlog; equipment
specialization and new technologies; adverse industry conditions;
adverse credit and equity market conditions; difficulty in building
and deploying new equipment; difficulty in integrating
acquisitions; shortages, delays in delivery and interruptions of
supply of equipment, supplies and materials; weather; loss of, or
reduction in business with, key customers; legal proceedings;
ability to effectively identify and enter new markets; governmental
regulation; and ability to retain management and field personnel.
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 the Company's SEC
filings, which may be obtained by contacting the Company or the
SEC. These filings are also available through the Company's web
site at http://www.patenergy.com or through the SEC's
Electronic Data Gathering and Analysis Retrieval System (EDGAR)
at http://www.sec.gov. We undertake no obligation to
publicly update or revise any forward-looking statement.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/patterson-uti-reports-drilling-activity-for-march-2016-300246045.html
SOURCE PATTERSON-UTI ENERGY, INC.