HOUSTON, July 2 /PRNewswire-FirstCall/ -- PATTERSON-UTI ENERGY, INC.
(Nasdaq: PTEN) today reported that for the month of June 2008, the Company
had an average of 253 drilling rigs operating, including 248 rigs in the
U.S. and 5 rigs in Canada. For the three months ended June 2008, the
Company had an average of 245 drilling rigs operating, including 243 rigs
in the U.S. and 2 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 moving or 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. provides onshore contract drilling services
to exploration and production companies in North America. The Company has
approximately 350 currently marketable land-based drilling rigs that
operate primarily in the oil and natural gas producing regions of Texas,
New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Colorado,
Utah, Wyoming, Montana, North Dakota, South Dakota, Pennsylvania 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 an exploration and production
business.
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, excess availability of land
drilling rigs, including as a result of the reactivation or construction of
new land drilling rigs, adverse industry conditions, difficulty in
integrating acquisitions, demand for oil and natural gas, shortages of rig
equipment 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.
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Related links:
http://www.patenergy.com
http://www.prnewswire.com/comp/133286.html/
CONTACT:
John E. Vollmer III, SVP & Chief Financial
Officer of Patterson-UTI Energy, Inc., +1-214-360-7800
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