Patterson-UTI
{{Short description|American company}}
{{Infobox company
| name = Patterson-UTI Energy, Inc.
| logo =
| type = Public
| traded_as = {{ubl|{{NASDAQ|PTEN}}|S&P 600 component}}
| industry = Petroleum industry
| foundation = {{Start date and age|1978}}
| location = Houston, Texas, U.S.
| key_people = Mark S. Siegel (chairman)
William Andrew Hendricks Jr. (president & CEO)
| services = Well drilling
| revenue = {{increase}} {{US$|2.356 billion|link=yes}} (2017)
| net_income = {{increase}} US$0.006 billion (2017)
| assets = {{increase}} US$5.758 billion (2017)
| equity = {{increase}} US$3.982 billion (2017)
| num_employees = 5,800 (February 7, 2020)
| website = {{URL|patenergy.com}}
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/889900/000156459018002481/pten-10k_20171231.htm | title=Patterson-UTI Energy, Inc. 2017 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
Patterson-UTI Energy, Inc. provides land drilling and pressure pumping services, directional drilling, rental equipment and technology to clients in the United States and western Canada.{{Cite web|url=https://patenergy.com/company/about-us/default.aspx|title=Patterson-UTI Energy, Inc. - Company - About Us|website=patenergy.com|access-date=2019-08-27}}
Patterson-UTI Companies include:
- Patterson-UTI Drilling
- Universal Pressure Pumping
- MS Directional
- Great Plains Oilfield Rental
- Warrior Rig Technologies
- Current Power Solutions
- Superior QC
- NexTier OFS
History
Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson.
UTI Energy was formed in 1986 to purchase Universal Well Services, Union Supply Company, Triad Drilling Company, and International Petroleum Services Company.
In 2001, Patterson Drilling acquired UTI Energy and renamed the company Patterson-UTI Energy.{{cite news | url=http://www.rigzone.com/news/oil_gas/a/883/Patterson_and_UTI_Complete_Merger | title=Patterson and UTI Complete Merger | website=www.rigzone.com}}
In September 2014, the company acquired Texas-based pressure pumping assets.{{cite press release | url=https://www.prnewswire.com/news-releases/patterson-uti-energy-announces-agreement-to-acquire-texas-based-pressure-pumping-assets-275712361.html | title=Patterson-UTI Energy Announces Agreement to Acquire Texas-Based Pressure Pumping Assets | publisher=PR Newswire | date=September 19, 2014}}
In September 2016, the company acquired Warrior Rig.{{cite press release | url=https://www.prnewswire.com/news-releases/patterson-uti-energy-announces-agreement-to-acquire-drilling-technology-company-300327682.html | title=Patterson-UTI Energy Announces Agreement to Acquire Drilling Technology Company | publisher=PR Newswire | date=September 14, 2016}}
In April 2017, the company acquired Seventy Seven Energy.{{cite press release | url=https://www.prnewswire.com/news-releases/patterson-uti-energy-completes-merger-with-seventy-seven-energy-300443089.html | title=Patterson-UTI Energy Completes Merger with Seventy Seven Energy | publisher=PR Newswire | date=April 20, 2017}} The deal included Seventy Seven's affiliates: Great Plains Oilfield Rental, Nomac Drilling (now part of Patterson-UTI Drilling), and Performance Technologies (now part of Universal Pressure Pumping).{{Cite web|url=http://www.okenergytoday.com/2017/04/seventy-seven-energys-merger-complete-houston-company/|title=Seventy Seven Energy's Merger is Complete With Houston Company|date=2017-04-24|website=Oklahoma Energy Today|language=en-US|access-date=2019-08-27}}
In October 2017, the company acquired MS Energy Services (now MS Directional).{{Cite web|url=http://www.msenergyservices.com/ms-news|title=Recent blog posts - MS Energy News|website=www.msenergyservices.com|access-date=2019-08-27}}
In February 2018, the company acquired Superior QC, a provider of software used to improve the accuracy of horizontal wellbore placement.{{cite press release | url=https://www.prnewswire.com/news-releases/patterson-uti-energy-acquires-superior-qc-a-directional-drilling-analytics-company-300601604.html | title=Patterson-UTI Energy Acquires Superior QC, A Directional Drilling Analytics Company | publisher=PR Newswire | date=February 21, 2018}}
In October 2018, the company acquired Current Power Solutions, Inc.{{Cite web|url=https://www.marketwatch.com/press-release/10-k-patterson-uti-energy-inc-2019-02-13|title=10-K: PATTERSON UTI ENERGY INC|website=MarketWatch|language=en-US|access-date=2019-08-27}}
In October 2021, Patterson-UTI announced that it completed the acquisition of Pioneer Energy Services.
In September 2023, the company merged with NexTier OFS
References
{{Reflist|1}}
{{Land Drilling}}
{{Authority control}}
Category:Companies listed on the Nasdaq
Category:Drilling rig operators
Category:Companies based in Houston
Category:Service companies of the United States
Category:Business services companies established in 1978