Press release from PR Newswire
Patterson-UTI Energy Announces Agreement to Acquire East Texas-Based Pressure Pumping Operations
Friday, June 06, 2014
Patterson-UTI Energy Announces Agreement to Acquire East Texas-Based Pressure Pumping Operations06:00 EDT Friday, June 06, 2014
HOUSTON, June 6, 2014 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that one of its subsidiaries has entered into an agreement to acquire the East Texas-based pressure pumping operations of a privately held company. The acquisition includes 31,500 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with a new base of operations and employees to efficiently support drilling programs in East Texas and Louisiana. The pending transaction is subject to customary closing conditions and receipt of required third party consents, and is expected to close within 10 days.
Based upon published rig counts, nearly 50% of the rigs currently drilling horizontal wells in the United States are located in Texas. The acquired assets will supplement Patterson-UTI's existing Texas-based pressure pumping operations in the Permian Basin, the Eagle Ford shale of South Texas and the Barnett shale of North Texas. Patterson-UTI also has a widespread pressure pumping presence in the Marcellus and Utica shale plays where another 9% of the U.S. active horizontal rig fleet is currently drilling wells.
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 have more than 275 marketable land-based drilling rigs and operate primarily in oil and natural gas producing regions in the continental United States, Alaska, and western and northern 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, deterioration of global economic conditions, declines in customer spending and in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on rates, utilization, margins and planned capital expenditures, excess availability of land drilling rigs and pressure pumping equipment, including as a result of reactivation or construction, adverse industry conditions, adverse credit and equity market conditions, difficulty in integrating acquisitions, shortages of labor, equipment, supplies and materials, supplier issues, weather, loss of key customers, liabilities from operations, changes in technology and efficiencies, 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.
SOURCE PATTERSON-UTI ENERGY, INC.
For further information: Mike Drickamer, Director, Investor Relations, Patterson-UTI Energy, Inc. (281) 765-7170