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To Present at the Lehman Brothers CEO Energy/Power Conference
SNYDER, Texas,
August 29, 2003 -- PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN) today
announced that it will make a presentation on Wednesday, September
3, 2003 at the Lehman Brothers CEO Energy/Power Conference in New
York City. Representing the Company at the conference will be Mark
S. Siegel, Chairman, and John E. Vollmer, Senior Vice President- Corporate
Development.
The presentation will be webcast live beginning at approximately 10:00
a.m. Eastern Time on September 3, 2003. To access the webcast, go to
www.patenergy.com approximately 10 minutes prior to the scheduled start time.
Replay of the webcast will be available through September 15, 2003 at
www.patenergy.com.
About Patterson-UTI
Patterson-UTI Energy, Inc. provides onshore contract drilling services to
exploration and production companies in North America. Patterson-UTI owns 340
land-based drilling rigs that operate primarily in oil and natural gas
producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion fluid
services. Additionally, Patterson-UTI has a small exploration and production
business that is based in Texas.
Announces Second Quarter Results
SNYDER, Texas, July 23, 2003 --
PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN) today announced financial results
for the three months and six months ended June 30, 2003.
The Company reported net income of $12.1 million, or $0.15 per share, for
the three-month period, compared to a net loss of $3.8 million, or $0.05 per
share, for the quarter ended June 30, 2002. Revenue for the quarter was
$195.6 million, versus $125.4 million for the comparable three-month period in
2002.
Net income for the six months ended June 30, 2003 was $17.8 million, or
$0.22 per share, compared to net income of $90,000, or $0.00 per share, for
the first six months of fiscal 2002. Revenue for the six-month period reached
$360.9 million, compared to $253.6 million for the comparable six months in
2002.
Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented,
"Our average margin per drilling day increased to $2,230 during the second
quarter this year compared to $1,830 in the first quarter, an increase of
$400. Average revenue per drilling day increased $700 over the first quarter
as demand for land drilling services increased. Average costs per drilling
day increased a net $300, as a result of reversing the 10 percent wage cuts
that we implemented during the first quarter of 2002, partially offset by
cost-savings from improved efficiency as a result of increased drilling
activity.
"Our average rig count increased sequentially from the first quarter, with
drilling activity in the U.S. more than sufficient to compensate for the
decline in drilling activity in Canada due to spring breakup. We had
195 average rigs operating in the quarter, including 5 in Canada, compared to
176 average rigs, including 15 in Canada, for the prior quarter. Thus far in
the third quarter we have averaged 194 rigs operating, including 11 rigs in
Canada," Talbott said.
Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "Net income for
the quarter more than doubled compared to the first quarter of this year on an
18 percent increase in revenue, demonstrating the earnings leverage that we
are able to achieve as rig utilization increases and margins improve.
"We expect further increases in rig utilization later in the year as our
customers attempt to overcome natural gas production declines and meet the
demand for natural gas during the winter withdrawal season. We believe that
continued strong commodity prices will provide our customers with cash flow
for increased investment in land drilling activities," he added.
The results for the 2003 six-month period include income in the amount of
$2.5 million ($1.6 million after tax) from the collection of a disputed
receivable acquired in the 1999 acquisition of Norton Drilling Services, Inc.,
as well as a net of tax charge of $469,000 resulting from a change in the
accounting rules (SFAS No.143) pertaining to the Company's exploration and
production activities. The results for the 2002 three- and six-month periods
include a pretax charge of $4.7 million ($2.8 million after tax) due to the
financial failure of a workers' compensation insurance carrier that had
provided coverage for the Company between 1992 and March of 2001.
All references to "earnings per share" set forth in this press release are
diluted earnings per share as defined within the Statement of Financial
Accounting Standards No. 128.
The Company will hold its quarterly conference call to discuss second
quarter results today at 11:00 a.m. Eastern (10:00 a.m. Central and 8:00 a.m.
Pacific). This call is being Webcast and can be accessed through Patterson-
UTI's Web site at www.patenergy.com or at www.streetevents.com in the
Individual Investor Center. Replay of the conference call webcast will be
available at these same websites through August 6, 2003.
About Patterson-UTI
Patterson-UTI Energy, Inc. provides onshore contract drilling services to
exploration and production companies in North America. Patterson-UTI owns
340 land-based drilling rigs that operate primarily in oil and natural gas
producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion fluid
services. Additionally, Patterson-UTI has a small exploration and production
business that is based in Texas.
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, declines in oil and natural gas
prices that could adversely affect demand for the Company's services, and
their associated effect on day rates, rig utilization and planned capital
expenditures, adverse industry conditions, difficulty in integrating
acquisitions, demand for oil and natural gas, 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.
Copies of these filings may be obtained by contacting the Company or the SEC.
Announces Earnings Conference Call and Webcast
SNYDER, Texas,
July 1, 2003 -- Patterson-UTI Energy, Inc. (Nasdaq: PTEN) will hold
its conference call to discuss second quarter results on Wednesday,
July 23, 2003, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time
and 8:00 a.m. Pacific Time).
This call is being webcast and can be accessed through
Patterson-UTI's web site at www.patenergy.com or at
www.streetevents.com in the Individual Investor Center. Webcast
participants should go to one of the web addresses above 10-15 minutes
prior to the scheduled start time. Replay of the conference call
webcast will be available at these sites through Wednesday, August 6,
2003.
Patterson-UTI Energy, Inc. is the second-largest provider of
onshore contract drilling services to exploration and production
companies in North America. The Company owns 340 land-based drilling
rigs that operate primarily in the oil and natural gas producing
regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion
fluid services. Additionally, the Company has a small exploration and
production business that is based in Texas."
To Acquire TMBR/Sharp Drilling
SNYDER, Texas and MIDLAND, Texas, May 27, 2003 --
Patterson-UTI Energy, Inc. (Nasdaq: PTEN), the second-largest operator
of land-based oil and natural gas drilling rigs in North America, and
TMBR/Sharp Drilling, Inc. (Nasdaq: TBDI) today jointly announced that the
boards of both companies have approved a transaction whereby Patterson-UTI
Energy will acquire the remaining outstanding shares of TMBR/Sharp Drilling,
Inc. Patterson-UTI currently owns approximately 20% of the outstanding common
shares of TMBR/Sharp Drilling.
According to the terms of the transaction, shareholders of TMBR/Sharp
Drilling will receive 0.312166 of a share of Patterson-UTI common stock and
$9.09 cash for each share of TMBR/Sharp Drilling common stock for a total
value of $20.20 per share based on the closing price on Friday, May 23, 2003,
of $35.59 for a share of Patterson-UTI.
Mark S. Siegel, Chairman of Patterson-UTI, stated, "As we said when we
made our initial investment in TMBR/Sharp, this is a company for which we have
always had a high regard. Today's announcement represents the logical
extension of this assessment. Tom Brown is known and respected throughout our
industry for his leadership and commitment to success, and we intend to build
upon the very strong foundation that he and his team have established."
Thomas C. Brown, Chairman of TMBR/Sharp Drilling, stated, "This
transaction benefits our customers, employees and shareholders. For our
employees and our customers it means that we will be combining forces with a
large, financially strong and highly regarded company. For our shareholders,
it provides an immediate cash payment, as well as a more liquid stock going
forward."
The transaction is subject to approval by the shareholders of TMBR/Sharp,
as well as other customary conditions, including pre-notification under the
anti-trust provisions of the Hart-Scott-Rodino Antitrust Improvements Act.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR
SALE. A REGISTRATION STATEMENT RELATING TO THE PATTERSON-UTI ENERGY, INC.
COMMON STOCK TO BE ISSUED TO THE TMBR/SHARP DRILLING, INC. SHAREHOLDERS AND
THE PROXY STATEMENT RELATING TO THE MEETING OF THE SHAREHOLDERS OF TMBR/SHARP
DRILLING, INC. WILL BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS
SOON AS PRACTICABLE. WHEN FILED, COPIES OF THESE DOCUMENTS MAY BE OBTAINED
FREE OF CHARGE ON THE SEC WEBSITE (
www.sec.gov
). WE URGE YOU TO CAREFULLY
REVIEW THESE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
TMBR/SHARP, ITS DIRECTORS, EXECUTIVE OFFICERS AND CERTAIN MEMBERS OF
MANAGEMENT AND EMPLOYEES MAY BE CONSIDERED "PARTICIPANTS IN THE SOLICITATION"
OF PROXIES FROM TMBR/SHARP'S SHAREHOLDERS IN CONNECTION WITH THE TRANSACTION.
INFORMATION REGARDING SUCH PERSONS AND THEIR INTERESTS IN TMBR/SHARP IS
CONTAINED IN TMBR/SHARP'S PROXY STATEMENTS AND ANNUAL REPORTS ON FORM 10-K
FILED WITH THE SEC. ADDITIONAL INFORMATION REGARDING THOSE PERSONS AND THEIR
INTERESTS IN THE TRANSACTION MAY BE OBTAINED BY READING THE DEFINITIVE PROXY
STATEMENT RELATING TO THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE.
About Patterson-UTI Energy, Inc.
Patterson-UTI Energy, Inc. is the second-largest provider of onshore
contract drilling services to exploration and production companies in North
America. Upon completion of this transaction, Patterson-UTI will own
358 land-based drilling rigs that operate primarily in oil and natural gas
producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion fluid
services. Additionally, Patterson-UTI has a small exploration and production
business that is based in Texas.
About TMBR/Sharp Drilling, Inc.
TMBR/Sharp Drilling, Inc. is engaged in the contract drilling of oil and
gas wells in the Permian Basin of west Texas and eastern New Mexico and the
exploration for, development and production of oil and natural gas in these
same areas.
Statements made in this press release which state the intentions,
beliefs, expectations or predictions by either company or their management 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, declines in oil and
natural gas prices that could adversely affect demand for the services of
either company, and their associated effect on day rates, rig utilization and
planned capital expenditures, adverse industry conditions, difficulty in
integrating acquisitions, demand for oil and natural gas, 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 SEC filings
of both companies.
Announces First Quarter Results
SNYDER, Texas, April 30, 2003 --
PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
financial results for the three months ended March 31, 2003.
The Company reported a 46 percent increase in net income to $5.8 million,
or $0.07 per share, for the three-month period, compared to net income of
$3.9 million, or $0.05 per share for the quarter ended March 31, 2002.
Revenue for the quarter was $165.2 million, versus $128.2 million for the
comparable three-month period in 2002.
The results for the quarter include income in the amount of $2.5 million
($1.6 million after tax) from the collection of a disputed receivable acquired
in the 1999 merger with Norton Drilling Services, Inc., as well as a net of
tax charge of $469,000 resulting from a change in the accounting rules (SFAS
No. 143) pertaining to the Company's exploration and production activities.
Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented,
"Demand for our drilling services continued to increase in the first quarter
of 2003. Our average rigs operating increased to 176, including 15 in Canada,
compared to 140 average rigs in the fourth quarter of 2002, including 8 in
Canada. The demand for our U.S. rigs continued to increase in April 2003 and
we expect to average approximately 188 U.S. rigs operating for the month. In
Canada, drilling activity is declining due to the annual spring breakup and we
expect to average approximately 6 rigs operating during April 2003.
"Our policy of retaining our experienced field personnel and maintaining
our equipment during the downtimes has continued to benefit us by allowing us
to respond quickly and efficiently to our customers' needs. In the first
quarter, we were able to increase our average rigs operating by 26 percent
compared to the prior quarter, and 50 percent compared to the first quarter of
2002.
"With increasing utilization, we have recently begun to attain increases
in our average drilling dayrate. With these higher activity levels, we are
seeing reduced availability of skilled drilling labor. As a result, in early
April 2003 we reversed the 10 percent wage cuts that we implemented during the
first quarter of 2002. We believe this move back to the peak wage levels of
2001 is appropriate to maintaining the quality of our workforce," Talbott
added.
Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "Our positive
results also reflect the steadily improving conditions throughout the land
drilling industry, as the market reacts to the low natural gas storage level.
We expect a continued increase in utilization as our customers benefit from
the overall strong commodity prices and are willing to invest their increased
cash-flow in onshore drilling activities."
The Company also announced that it recently acquired two additional
land-based drilling rigs for $3.9 million in cash. The rigs have an average
depth capacity of 17,000 feet and increase the Company's rig fleet to 333.
The Company's rig count will increase to 340 upon completion of a previously
announced seven rig acquisition that is expected to be completed during the
second quarter of 2003.
The Company said that, for financial statement purposes, average rigs
operating for the quarter ended March 31, 2003 of 176 rigs was 3 rigs lower
than the 179 rigs reported in the most recent monthly press release due to an
increase in the number of days associated with turkey contracts in progress at
March 31, 2003 compared to December 31, 2002. Drilling days reported for
financial statement purposes utilize the completed contract method of
accounting on turnkey contracts. Under the completed contract method,
revenues and expenses, along with the related drilling days associated with
turnkey contracts, are recorded in the period in which the turnkey contract is
completed. Drilling days reported in the Company's monthly announcements
represent the number of days in which a Patterson-UTI drilling rig was
operating or moving under a drilling contract.
The Company will hold its quarterly conference call to discuss first
quarter results today at 10:00 a.m. Eastern (9:00 a.m. Central and 7:00 a.m.
Pacific). This call is being Webcast and can be accessed through
Patterson-UTI's Web site at www.patenergy.com or at www.streetevents.com in
the Individual Investor Center. Replay of the conference call webcast will be
available at these same websites through Wednesday, May 14, 2003.
All references to "earnings per share" set forth in this press release are
diluted earnings per share as defined within the Statement of Financial
Accounting Standards No. 128.
About Patterson-UTI
Patterson-UTI Energy, Inc. is the second-largest provider of onshore
contract drilling services to exploration and production companies in North
America. As noted above, the Company expects to complete the acquisition of
seven additional land-based drilling rigs during the second quarter of this
year. Upon completion of this transaction, the Company will own
340 land-based drilling rigs that operate primarily in the oil and natural gas
producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion fluid
services. Additionally, the Company has a small exploration and production
business that is based in Texas.
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, declines in oil and natural gas
prices that could adversely affect demand for the Company's services, and
their associated effect on day rates, rig utilization and planned capital
expenditures, adverse industry conditions, difficulty in integrating
acquisitions, demand for oil and natural gas, 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.
Copies of these filings may be obtained by contacting the Company or the SEC.
To Present at the IPAA Oil & Gas Investment Symposium in New York City
SNYDER, Texas, April 24, 2003 --
PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
that it will make a presentation on Monday, April 28, 2003 at the IPAA Oil &
Gas Investment Symposium in New York City. Representing the Company at the
conference will be Cloyce A. Talbott, Chief Executive Officer, and John E.
Vollmer, Senior Vice President-Corporate Development. The presentation will
be webcast live beginning at approximately 2:45 p.m. Eastern Time on April 28,
2003. To access the webcast, go to www.patenergy.com approximately 10 minutes
prior to the scheduled start time. Replay of the webcast will be available
through April 29, 2003 at www.patenergy.com.
About Patterson-UTI
Patterson-UTI Energy, Inc. is the second-largest provider of onshore
contract drilling services to exploration and production companies in North
America. Pursuant to a previously announced agreement, the Company expects to
complete the acquisition of seven additional land-based rigs by May 30, 2003.
Upon completion of this transaction, the Company will own 338 land-based
drilling rigs that operate primarily in oil and natural gas producing regions
of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi and western
Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of
pressure pumping services, drilling and completion fluid services and the
Company has a small exploration and production operation.
Announces Earnings Conference Call and Webcast
SNYDER, Texas, April 3, 2003--Patterson-UTI Energy, Inc. (Nasdaq:PTEN) will hold its conference call to discuss first quarter results on Wednesday, April 30, 2003, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time and 7:00 a.m. Pacific Time).
This call is being webcast and can be accessed through Patterson-UTI's web site at www.patenergy.com or at www.streetevents.com in the Individual Investor Center. Webcast participants should go to one of the web addresses above 10-15 minutes prior to the scheduled start time. Replay of the conference call webcast will be available at these sites through Wednesday, May 14, 2003.
Patterson-UTI Energy, Inc. is the second-largest provider of onshore contract drilling services to exploration and production companies in North America. Pursuant to a previously announced agreement, the Company expects to complete the acquisition of seven additional land-based drilling rigs by May 30, 2003. Upon completion of this transaction, the Company will own 338 land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of pressure pumping services and drilling and completion fluid services. Additionally, the Company has a small exploration and production business that is based in Texas.
To Present at the CIBC World Markets Annual Global Energy Conference
SNYDER, Texas, March 6, 2003 --
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
that it will make a presentation on Wednesday, March 12, 2003 at the CIBC
World Markets Annual Global Energy Conference in New York City. Representing
the Company at the conference will be Mark S. Siegel, Chairman, and John E.
Vollmer, Senior Vice President-Corporate Development.
The presentation will be webcast live beginning at approximately
10:25 a.m. Eastern Time on March 12, 2003. To access the webcast, go to
www.patenergy.com approximately 10 minutes prior to the scheduled start time.
Replay of the webcast will be available until March 14, 2003 at
www.patenergy.com .
About Patterson-UTI
Reports Drilling Days for February 2003
SNYDER, Texas, March 4, 2003 --
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today reported
that for the month of February 2003 the Company had a total of 5,051 drilling
days, or an average of 180 drilling rigs operating, including an average of
165 rigs in the U.S. and 15 rigs in Canada. For the two months ended February
2003, the Company reported a total of 10,114 drilling days, or an average of
171 drilling rigs operating, including an average of 156 rigs in the U.S. and
15 in Canada. The Company noted that in some cases weather conditions prevent
the Company from moving drilling rigs to their next scheduled drilling
location. For the month of February, the Company estimates that approximately
120 drilling days (or an average of 4 rigs) were lost as a result of weather
related delays in moving rigs. This estimate does not include drilling days
lost due to weather conditions that caused customers to delay in preparing
drilling locations.
Drilling days reported in these monthly announcements represent the number
of days in which a Patterson-UTI drilling rig was moving or operating under a
drilling contract. This total will differ from monthly drilling days
considered in determining revenues and expenses for financial reporting
purposes because of the use of the completed contract method of accounting on
turnkey contracts for financial statement purposes. Under the completed
contract method, revenues and expenses, along with the related drilling days
associated with turnkey contracts, are recorded in the period in which the
turnkey contract is completed.
Additionally, the Company cautioned that numerous factors in addition to
drilling days can impact the Company's operating results and that a particular
trend in the number of drilling days may or may not indicate a trend in the
Company's financial performance. The Company said that as previously
announced, it intends to provide monthly updates on drilling days
approximately three business days following the end of each month.
Company Acquiring Additional Drilling Rigs
About Patterson-UTI
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, declines in oil and natural gas
prices that could adversely affect demand for the Company's services, and
their associated effect on day rates, rig utilization and planned capital
expenditures, adverse industry conditions, difficulty in integrating
acquisitions, demand for oil and natural gas, 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,
including but not limited to, the report on Form 10-K for the year ended
December 31, 2002 and Form 10-Q for the 2002 reporting periods. Copies of
these filings may be obtained by contacting the Company or the SEC.
To Present at the Raymond James 24th Annual Institutional Investors Conference
SNYDER, Texas, February 26, 2003 --
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
that it will make a presentation on Tuesday, March 4, 2003 at the Raymond
James & Associates 24th Annual Institutional Investors Conference in Orlando,
Florida. Representing the Company at the conference will be Mark S. Siegel,
Chairman, and John E. Vollmer, Senior Vice President-Corporate Development.
The presentation will be webcast live beginning at approximately 3:15 p.m.
Eastern Time on March 4, 2003. To access the webcast, go to either
www.patenergy.com or http://customer.nvglb.com/RaymondJames/Institutional/
approximately 10 minutes prior to the scheduled start time. Replay of the
webcast will be available until March 7, 2003 at www.patenergy.com.
About Patterson-UTI
Announces Fourth Quarter Results
SNYDER, Texas, February 4, 2003 --
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
financial results for the three and twelve months ended December 31, 2002.
The Company reported net income of $1.8 million, or $0.02 per share, for
the three-month period, compared to net income of $18.7 million, or $0.24 per
share for the quarter ended December 31, 2001. Revenue for the quarter was
$140.9 million, versus $174.7 million for the comparable three months in 2001.
Net income for the twelve months ended December 31, 2002 was $2.2 million,
or $0.03 per share, compared to net income of $164.2 million, or $2.07 per
share for the twelve months ended December 31, 2001. Revenue for the year was
$528 million, versus $990 million for 2001. Net income for the year includes
a charge of $4.7 million ($2.8 million after tax) due to the financial failure
in 2002 of a workers' compensation insurance carrier that had provided
coverage for the Company in prior years. Net income for 2001 includes a
charge of $13.1 million ($8.1 million after tax) incurred in connection with
the UTI Energy merger.
Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented,
"The gradual increase in demand that we experienced in the third quarter
continued in the fourth quarter, and has accelerated in the first month of
2003. Our average rigs operating for the fourth quarter increased to 140,
including 8 in Canada, compared to 127 average rigs in the third quarter,
including 4 in Canada. We are announcing today that going forward we intend
to provide monthly reports on our average drilling days. For the month of
January 2003 we had 163 average rigs operating, including 15 in Canada."
He added, "Our policy of retaining our most experienced field personnel
and refurbishing our equipment during the downtimes has begun to pay off as we
had anticipated. Because of this practice we have been able to respond quickly
and efficiently to the improving industry conditions."
Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "We achieved
positive results in what was clearly a down year for our industry. We
generated approximately $100 million in EBITDA and our balance sheet at
year-end was even stronger than it was when the year began. As of
December 31, 2002, we had no long-term debt, $168 million in working capital
and more than $80 million in available cash, allowing us to continue to be
prudent and patient buyers when appropriate opportunities arise, as was the
case with the acquisitions we are announcing today."
Company Acquiring Seven Drilling Rigs
Monthly Reports on Drilling-Days
For the month of January 2003 the Company had a total of 5,063 drilling
days (or an average of 163 drilling rigs operating including an average of
148 rigs in the U.S. and 15 rigs in Canada).
The Company will hold its quarterly conference call to discuss fourth
quarter results today at 11:00 a.m. Eastern (10:00 a.m. Central and
8:00 a.m. Pacific). This call is being Webcast and can be accessed through
Patterson-UTI's Web site at www.patenergy.com or at www.streetevents.com in
the Individual Investor Center. Replay of the conference call Webcast will be
available at these same websites through Tuesday, February 18, 2003.
All references to "earnings per share" set forth in this press release are
diluted earnings per share as defined within the Statement of Financial
Accounting Standards No. 128.
About Patterson-UTI
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, declines in oil and natural gas
prices that could adversely affect demand for the Company's services, and
their associated effect on day rates, rig utilization and planned capital
expenditures, adverse industry conditions, difficulty in integrating
acquisitions, demand for oil and natural gas, 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,
including but not limited to, the report on Form 10-K for the year ended
December 31, 2001 and Form 10-Q for the 2002 reporting periods. Copies of
these filings may be obtained by contacting the Company or the SEC.
To Present at the Morgan Keegan 12th Annual Energy Conference
SNYDER, Texas, January 24, 2003 --
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of
land-based oil and natural gas drilling rigs in North America, today announced
that it will make a presentation on Monday, January 27, 2003 at the Morgan
Keegan 12th Annual Energy Conference in New York. Representing the Company
will be Mark S. Siegel, Chairman, and Cloyce A. Talbott, Chief Executive
Officer.
The presentation will be webcast live beginning at approximately
11:55 a.m. Eastern Time on January 27, 2003. To access the webcast, go to
either www.patenergy.com or www.twst.com/econf/mm/mk4/pten.html approximately
10 minutes prior to the scheduled start time. Replay of the webcast will be
available until January 31, 2003 at www.patenergy.com.
About Patterson-UTI
Announces Earnings Conference Call and Webcast
SNYDER, Texas, January 10, 2003--Patterson-UTI
Energy, Inc. (Nasdaq:PTEN) will hold its conference call to discuss
fourth quarter results on Tuesday, February 4, 2003, at 11:00 a.m.
Eastern Time (10:00 a.m. Central Time and 8:00 a.m. Pacific Time).
This call is being webcast and can be accessed through Patterson's
web site at www.patenergy.com or at www.streetevents.com in the
Individual Investor Center. Webcast participants should go to one of
the web addresses above 10-15 minutes prior to the scheduled start
time. Replay of the conference call webcast will be available at these
sites through Tuesday, February 18, 2003.
Patterson-UTI Energy, Inc. is the second-largest provider of
onshore contract drilling services to exploration and production
companies in North America. The Company owns 324 land-based drilling
rigs that operate primarily in the oil and natural gas producing
regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi
and western Canada. Patterson-UTI Energy, Inc. is also engaged in the
businesses of pressure pumping services and drilling and completion
fluid services.
To Be Included in NASDAQ-100 Index
SNYDER, Texas, December 16, 2002 -- PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of land-based oil and natural gas drilling rigs in North America, said that Nasdaq has announced that effective with the market open on Monday, December 23, 2002, the Company's common stock will be included in the NASDAQ-100 Index, which is composed of the 100 largest non-financial stocks on the NASDAQ Stock Market. "The addition of our common stock to the NASDAQ-100 Index represents another significant milestone for our company and its shareholders," stated Mark S. Siegel, Chairman of Patterson-UTI Energy. "We are very proud to be included among what Nasdaq describes as some of the world's 'most dynamic, category-defining companies' that meet its market capitalization requirements and are in compliance with its strict rules-based criteria." In addition to the NASDAQ-100 Index, Patterson-UTI's common stock is also included in a number of indices including the S&P MidCap 400 Index, the Goldman Sachs Natural Resources Index, the Morgan Stanley Oil Services Index, the Nasdaq Composite and Nasdaq Industrial Indices, and several of the Russell Indices. Announces Third Quarter Results
SNYDER, Texas, October 22, 2002 -- PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of land-based oil and natural gas drilling rigs in North America, today announced financial results for the three and nine months ended September 30, 2002. The Company reported net income of $249,000, or $0.00 per share, for the quarter, compared to net income of $60.4 million, or $0.77 per share for the three months ended September 30, 2001. Revenue for the quarter was $133.5 million, versus $289.1 million for the comparable three months in 2001. Net income for the nine-month period was $339,000, or $0.00 per share, compared to net income of $145.5 million, or $1.84 per share for the nine months ended September 30, 2001. Revenue for the nine months was $387.1 million, versus $815.3 million for the comparable nine-month period in 2001. Net income for the nine-month period ended September 30, 2002 includes a charge of $4.7 million ($2.8 million after tax) due to the financial failure in 2002 of a workers' compensation insurance carrier that had provided coverage for the Company in prior years. Net income for the nine-month period in 2001 includes a charge of $13.1 million ($8.1 million after tax) incurred in connection with the UTI Energy merger. Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented, "Our average total rigs operating during the quarter improved slightly to 127 from 119 in the previous quarter, despite the absence of the seasonal increase in drilling activity in Canada that we normally experience in the third quarter. Although we averaged only 4 rigs operating in Canada for both the second and third quarters, we are optimistic that all 16 of our Canadian rigs will work during the winter drilling season. For the week ended October 18, we averaged 141 rigs working, including 137 rigs in the U.S. and 4 rigs in Canada." He added, "In the third quarter, we continued our policy of maintaining our most experienced field personnel and refurbishing our equipment during this relatively slow period. While this practice continued to have a negative impact on our costs, we are prepared to respond quickly as industry conditions improve." Mr. Talbott said that the Company's drilling and completion fluids business was up slightly compared to the prior quarter because of increased activity in the Gulf of Mexico and that pressure pumping revenues were up from the second quarter reflecting typical seasonal increases. Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "The relative stability in drilling activity levels that began in mid-May continued through most of the third quarter. However, in the latter part of the third quarter we began to see a gradual increase in rig utilization, and continue to believe that significantly increased drilling will ultimately be necessary to offset the reported decreases in natural gas production arising from depletion. "We continue to maintain a strong balance sheet, with no long-term debt, $146.2 million in working capital and $63.6 million in available cash providing us with substantial financial flexibility," Mr. Siegel added. The Company will hold its quarterly conference call to discuss third quarter results today at 10:30 a.m. Eastern Time (9:30 a.m. Central Time and 7:30 a.m. Pacific Time). This call is being Webcast and can be accessed through Patterson-UTI's Web site at www.patenergy.com or at www.streetevents.com in the Individual Investor Center. Replay of the conference call webcast will be available at these same websites through November 5, 2002. All references to "earnings per share" set forth in this press release are diluted earnings per share as defined within the Statement of Financial Accounting Standards No. 128. About Patterson-UTI 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, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, 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, including but not limited to, the report on Form 10-K for the year ended December 31, 2001 and Form 10-Q for the 2002 reporting periods. Copies of this filing may be obtained by contacting the Company or the SEC. |