Patterson-UTI Energy, Inc.
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- Patterson-UTI Energy, Inc. Patterson-UTI Energy, Inc. (NASDAQ: PTEN) provides onshore contract drilling, pressure pumping, directional drilling, completion services, and drilling products to exploration and production companies primarily in the United States onshore oil and natural gas basins, with additional specialized drill bit solutions in the Middle East and other international regions. The company operates through three main segments: Drilling Services, which includes contract drilling, directional drilling with Mpact drilling motors and Mpower measurement-while-drilling systems, electrical controls and automation, and equipment servicing; Completion Services, offering hydraulic fracturing, wireline, pumping, cementing, and integrated well completion solutions via NexTier Completion Solutions; and Drilling Products, encompassing high-performance polycrystalline diamond compact (PDC) drill bits manufactured and distributed by Ulterra Drilling Technologies, along with technologies from MS Directional for wellbore guidance, Superior QC for production optimization, Warrior for rig equipment like traveling blocks and pipe-handling systems, and Current Power for electrical power systems and energy management including natural gas fueling, lithium-ion battery storage, and multi-source power integration. Founded in 1978 through predecessor companies Patterson Drilling and UTI Energy that merged in 2001, Patterson-UTI Energy, Inc. maintains headquarters in Houston, Texas. Recent major developments include the 2023 merger of equals with NexTier Oilfield Solutions Inc., which expanded pressure pumping capacity to nearly 20% of the North American market and integrated sustainable completion practices, and the acquisition of Ulterra Drilling Technologies L.P. from Blackstone affiliates for $810 million in cash and stock, enhancing drill bit innovation with proprietary software-driven designs; since these transactions closed in late 2023, the company repurchased over 37 million shares, reducing share count by 8%, and entered a joint venture with ADNOC Drilling and SLB for unconventional well drilling while issuing $400 million in senior notes due 2033 to strengthen its balance sheet.
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