HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- PATTERSON-UTI ENERGY, INC.
(Nasdaq: PTEN) today reported that for the month of October 2008, the Company
had an average of 283 drilling rigs operating, including 270 rigs in the U.S.
and 13 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.
CONTACT: John E. Vollmer III, SVP & Chief Financial Officer of
Patterson-UTI Energy, Inc., +1-281-765-7151
Web Site: http://www.patenergy.com
http://www.sec.gov
(PTEN)