PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
Merger Agreement
On December12, 2016, Patterson-UTI Energy, Inc., a Delaware
corporation (Patterson-UTI), entered into
an Agreement and Plan of Merger (the Merger Agreement) with
Seventy Seven Energy Inc., a Delaware corporation (SSE), and
Pyramid Merger Sub, Inc., a Delaware corporation and a direct,
wholly owned subsidiary of Patterson-UTI (Merger Sub), to which
Patterson-UTI will acquire SSE in exchange for newly issued
shares of Patterson-UTI common stock, par value $0.01 per share
(Patterson-UTI Common Stock). The Merger Agreement provides that,
upon the terms and subject to the conditions set forth therein,
Merger Sub will be merged with and into SSE, with SSE continuing
as the surviving entity and a wholly owned subsidiary of
Patterson-UTI (the Merger).
Under the terms
and conditions of the Merger Agreement, at the effective time of
the Merger (the Effective Time), each issued and outstanding
share of SSE common stock, par value $0.01 per share (SSE Common
Stock), will be converted into the right to receive a number of
shares of Patterson-UTI Common Stock equal to the exchange ratio,
as described in the next sentence. The exchange ratio will be
equal to 49,559,000 shares of Patterson-UTI Common Stock, divided
by the total number of shares of SSE outstanding or deemed
outstanding immediately prior to the effective time (including,
among other things, shares issued upon exercise of warrants to
acquire SSE Common Stock and restricted stock units that are
exercised or deemed exercised); provided that, in the
event that any Series A warrants to acquire SSE Common Stock are
forfeited or net settled, such 49,559,000 shares of Patterson-UTI
Common Stock will be reduced by a number equal to (i)the
aggregate exercise price for the warrants that are forfeited or
net settled, divided by (ii)the volume weighted average price of
a share of Patterson-UTI Common Stock for the 10 consecutive
trading days immediately preceding the 3rd business day prior to
the closing. In no event will Patterson-UTI issue more than
49,559,000 of its shares as Merger Consideration. AnnexA of the
Merger Agreement sets forth an illustrative calculation of the
Exchange Ratio.
In connection with
the Merger, each SSE restricted stock unit award granted prior to
December12, 2016 that is outstanding as of the Effective Time
will fully vest immediately prior to the closing of the Merger
(the Closing) and be treated as shares of SSE Common Stock and
receive the Merger Consideration in respect of each share of SSE
Common Stock subject to the award.In addition, at the Effective
Time, each SSE restricted stock unit award granted on or
following December12, 2016 will be assumed by Patterson-UTI and converted
into a restricted stock unit award covering a number of shares of
Patterson-UTI Common Stock equal to (i)the number of shares of
SSE Common Stock subject to the award immediately prior to the
Effective Time, multiplied by (ii)the exchange ratio (discussed
above), rounded to the nearest whole share.
SSE and Patterson-UTI have
agreed, subject to certain exceptions, to certain prohibitions
(the non-solicitation provisions)
not to directly or indirectly solicit, initiate, facilitate,
knowingly encourage or induce or take any other action that could
be reasonably expected to lead to the making, submission, or
announcement of competing acquisition proposals. With respect to
competing acquisition proposals, subject to certain exceptions,
both parties are also prohibited from furnishing any nonpublic
information, engaging in discussions or negotiations, entering
into a letter of intent or similar document, or otherwise
approving, endorsing or recommending a competing proposal. SSE
and Patterson-UTI have also agreed to cease all existing
discussions with third parties regarding any competing
acquisition proposals.
Notwithstanding the prior
paragraph, either party may, subject to the terms and conditions
set forth in the Merger Agreement, furnish information to, and
engage in discussions and negotiations with, a third party that
makes an unsolicited competing acquisition proposal if the board
of directors of such party determines in good faith, after
consultation with its outside counsel and its outside financial
advisor, that such competing acquisition proposal is or is
reasonably likely to result in a superior proposal, and that the
failure to take such action would be inconsistent with its
fiduciary duties under applicable law. Prior to the time that the
relevant stockholders approve the Merger Agreement, the board of
directors of each of SSE and Patterson-UTI may change its
recommendation with respect to the adoption of the Merger
Agreement (in the case of SSE) or the Patterson-UTI Stock
Issuance (in the case of Patterson-UTI), in each case, in
response to a superior proposal or an intervening event if the
board of directors determines in good faith, after consultation
with its outside counsel, that, among other things, the failure
to do so would be inconsistent with its fiduciary duties under
applicable law and complies with certain other specified
conditions.
1
The Merger Agreement contains
representations and warranties from both Patterson-UTI and SSE, and
each party has agreed to covenants, including, among others,
covenants relating to (i)the conduct of its business during the
interim period between the execution of the Merger Agreement and
the Effective Time, (ii)the obligation to use reasonable best
efforts to cause the Merger to be consummated and to obtain
expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (HSR Act), (iii)
the obligation of SSE to call a meeting of its stockholders to
approve the Merger Agreement and (iv)the obligation of
Patterson-UTI to call a meeting of its stockholders to approve
the Patterson-UTI Stock Issuance.
The completion of the Merger
is subject to satisfaction or waiver of certain closing
conditions, including but not limited to: (i)adoption of the
Merger Agreement by SSEs stockholders and approval of the
issuance of Patterson-UTI Common Stock as Merger Consideration
(the Patterson-UTI Stock Issuance) by Patterson-UTIs
stockholders, (ii)the expiration or termination of any waiting
period under the HSR Act, (iii)the absence of any law, order,
decree or injunction prohibiting the consummation of the Merger,
(iv)the effectiveness of the registration statement on Form S-4
to which the shares of Patterson-UTI Common Stock to be issued as
Merger Consideration will be registered, (v)approval for listing
on the Nasdaq Global Select Market of the shares of Patterson-UTI Common Stock to
be issued in connection with the Merger subject to official
notice of issuance, (vi)subject to specified materiality
standards, the accuracy of the representations and warranties of
each party, (vii)compliance by each party in all material
respects with its covenants, (viii)receipt of a tax opinion from
each partys counsel, dated as of the closing date, to the effect
that the merger will be treated as a reorganization within the
meaning of Section368(a) of the Internal Revenue Code of 1986, as
amended, (ix)the absence of material losses (as defined in the
Merger Agreement) during the interim period between the date of
execution of the Merger Agreement and the Effective Time that
exceed, or would reasonably be expected to exceed, individually
or in the aggregate, $100million with respect to SSE and its
subsidiaries, and $300million with respect to Patterson-UTI and its
subsidiaries, in each case, net of certain insurance or
indemnification proceeds and certain other deductions, and (x)an
amount of net debt (as defined in the Merger Agreement) as of the
closing date not exceeding $500million with respect to SSE and
its subsidiaries, and $725million (not including debt incurred to
refinance SSEs debt or pay for the expenses of the transaction)
with respect to Patterson-UTI and its
subsidiaries.
Upon termination of the Merger
Agreement, if the stockholders of either party does not to
provide the requisite approval, such party must reimburse the
expenses of the other party, capped at $7,500,000. In certain
circumstances, including if the board of directors of SSE changes
its recommendation or if the Merger Agreement is terminated in
certain circumstances and SSE enters into an alternative
acquisition transaction within 12 months of termination, SSE may
be required to pay Patterson-UTI a termination fee of
$40,000,000.Patterson-UTI may be required to pay SSE a
termination fee of $100,000,000 in certain circumstances,
including if the board of directors of Patterson-UTI changes its
recommendation as a result of a Superior Parent Proposal or if
the Merger Agreement is terminated in certain circumstances and
Patterson-UTI enters into certain types of alternative
acquisition transactions within 12 months of termination. In
certain other circumstances, Patterson-UTI may be required to pay
SSE a termination fee of $40,000,000. In no event will either
party be entitled to receive more than one expense reimbursement
payment or more than one termination fee payment to which either
party is
entitled.
The foregoing description of
the Merger Agreement is only a summary, does not purport to be
complete, and is subject to, and qualified in its entirety by
reference to, the Merger Agreement, a copy of which is filed as
Exhibit2.1 to this Current Report on Form 8-K and is incorporated
herein by
reference.
Commitment
Letter
In connection with the Merger,
Patterson-UTI entered into a financing commitment letter (the
Commitment Letter) with Canyon Capital Advisors LLC for a senior
unsecured bridge facility in an aggregate principal amount not to
exceed $150million (the Bridge Facility), for the purposes of
repaying or redeeming certain of SSE and its subsidiaries
indebtedness and to pay related fees and expenses. Any undrawn
commitments under the Bridge Facility will automatically
terminate on the closing date of the Merger. The Bridge Facility
will be subject to representations, warranties and covenants
that, subject to certain agreed modifications, will be
substantially similar to Patterson-UTIs existing senior
unsecured revolving credit
agreement.
2
The funding of the Bridge
Facility is subject to Patterson-UTIs compliance with customary
terms and conditions precedent as set forth in the Commitment
Letter, including, among others: (i)the execution and delivery by
Patterson-UTI of
definitive documentation consistent with the Commitment Letter
and (ii)that the Merger shall have been, or substantially
simultaneously with the funding under the Bridge Facility shall
be, consummated in accordance with the terms of the Merger
Agreement.
Patterson-UTI expects that
aggregate proceeds of the Bridge Facility, together with the
available cash of Patterson-UTI and borrowings under the existing
senior unsecured revolving credit agreement will be sufficient to
consummate the Merger in accordance with the terms of the Merger
Agreement and to pay all related fees and expenses payable in
connection therewith. The foregoing description of the Commitment
Letter is only a summary, does not purport to be complete and is
subject to, and qualified in its entirety by reference to, the
Commitment Letter, a copy of which is filed as Exhibit 10.1 to
this Current Report on Form 8-K and incorporated herein by
reference.
Voting
Agreements
On December12, 2016,
concurrently with the execution of the Merger Agreement, certain
affiliates of Axar Capital Management, LLC, Blue Mountain Capital
Management, LLC and Mudrick Capital Management, L.P. (each, a
Voting Agreement Stockholder), which, together, hold
approximately 61% of the outstanding shares of SSE Common Stock,
entered into Voting and Support Agreements (the Voting
Agreements) with Patterson-UTI in connection with the Merger
Agreement.
Among other things, each
Voting Agreement requires that the Voting Agreement Stockholder
that is party to such Voting Agreement to vote or cause to be
voted all SSE Common Stock owned by such Voting Agreement
Stockholder in favor of the Merger Agreement and against
alternative transactions. In the event that SSEs board of
directors changes its recommendation that SSE stockholders adopt
the Merger Agreement, all of the Voting Agreement Stockholders,
taken together, will only be required to vote shares that, in the
aggregate, represent 39.99% of the outstanding SSE Common Stock
in favor of the adoption of the Merger Agreement, with the Voting
Agreement Stockholders being able to vote the balance of their
shares of SSE Common Stock on such matter in each Voting
Agreement Stockholders sole
discretion.
Subject to certain exceptions,
each Voting Agreement also contains prohibitions applicable to
each Voting Agreement Stockholder that are consistent with the
non-solicitation provisions of the Merger Agreement. to each
Voting Agreement, each Voting Agreement Stockholder is restricted
from selling or transferring SSE Common Stock owned by such
Voting Agreement Stockholder, subject to certain
exceptions.
Except in certain instances,
the expiration date of each Voting Agreement will terminate upon
the earliest to occur of (i)the consummation of the Merger,
(ii)six months following the date of termination of the Merger
Agreement, if such termination is a result of (a)a change in
recommendation by SSEs board of directors, (b)SSE failing to
include the recommendation of its board of directors in the joint
proxy statement in breach of the Merger Agreement, (c)a material
breach by certain of SSEs affiliates of the non-solicitation covenant in
the Merger Agreement, (d)a material breach by SSE of its covenant
related to the SSE special meeting, or (e)if the requisite
approval of adoption of the Merger Agreement from SSE
stockholders is not obtained, (iii)the termination of the Merger
Agreement if such termination is not made to (ii)above, and
(iv)with respect to each Voting Agreement Stockholder, the entry
into, without the prior written consent of such Voting Agreement
Stockholder, any decrease in or change in composition of the
Merger
Consideration.
Each Voting Agreement
restricts the Voting Agreement Stockholders from transferring
Patterson-UTI Common Stock for the period commencing on the
closing date of the Merger Agreement and ending on the earlier to
occur of: (i) 30 days following the date that Patterson-UTI
raises $400million in gross proceeds through equity issuances or
the incurrence of long-term debt and (ii) 90 days following the
closing date of the Merger; provided, that if the 30-day period
referred to in clause (i)expires prior to the closing date of the
Merger, then the Voting Agreement Stockholders will not be
subject to any post-closing transfer restrictions with respect to
Patterson-UTI Common
Stock.
3
The foregoing description of
each Voting Agreement is only a summary, does not purport to be
complete, and is subject to, and qualified in its entirety by
reference to, such Voting Agreement. The Voting Agreements are
filed as Exhibit 10.2 through Exhibit 10.4 to this Current Report
on Form 8-K and are incorporated herein by
reference.
* *
*
The Merger Agreement,
Commitment Letter and the Voting Agreements and the above
descriptions have been included to provide investors and security
holders with information regarding the terms of the Merger
Agreement, Commitment Letter and Voting Agreements. They are not
intended to provide any other factual information about SSE,
Patterson-UTI or their respective subsidiaries, affiliates or
equity holders. The representations, warranties and covenants
contained in the Merger Agreement, Commitment Letter and Voting
Agreements were made only for purposes of those agreements and as
of specific dates; were solely for the benefit of the respective
parties to such agreements; and may be subject to limitations
agreed upon by the parties, including being qualified by
confidential disclosures made by each party to the other for the
purposes of allocating contractual risk between them that differ
from those applicable to investors. Investors should be aware
that the representations, warranties and covenants or any
description thereof may not reflect the actual state of facts or
condition of SSE, Patterson-UTI or any of their respective
subsidiaries, affiliates, businesses or equity holders. Moreover,
information concerning the subject matter of the representations,
warranties and covenants may change after the date of the Merger
Agreement, Commitment Letter and Voting Agreements, which
subsequent information may or may not be fully reflected in
public disclosures by SSE or Patterson-UTI. Accordingly,
investors should not rely on the representations and warranties
in the Merger Agreement, Commitment Letter and Voting Agreements
as characterizations of the actual state of facts or condition of
SSE, Patterson-UTI and their respective affiliates and
subsidiaries.
| Item7.01 | Regulation FD Disclosure. |
On December12, 2016,
Patterson-UTI and SSE announced that they had entered into the
Merger Agreement. A copy of the joint press release is attached
hereto as Exhibit
99.1.
On December13, 2016,
Patterson-UTI made available an investor presentation regarding
the Merger. A copy of Patterson-UTIs investor presentation is
attached hereto as Exhibit
99.2.
Important
Information for Investors and
Stockholders
This Current Report on Form
8-K (Form 8-K)
does not constitute an offer to sell or the solicitation of an
offer to buy any securities or a solicitation of any vote or
approval. The proposed transaction will be submitted to the
stockholders of each of Patterson-UTI and SSE for their
consideration. Patterson-UTI will prepare and file a Registration
Statement on Form S-4 that will include a prospectus and proxy
statement jointly prepared by Patterson-UTI and SSE. SSE and
Patterson-UTI may also file other documents with the Securities
and Exchange Commission (the SEC) regarding the proposed
transaction.
INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER
RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND
IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION.
Investors and security holders
may obtain free copies of the proxy statement/prospectus and
other documents containing important information about SSE and
Patterson-UTI once such documents are filed with the SEC through
the website maintained by the SEC at www.sec.gov. Copies of the
documents filed with the SEC by Patterson-UTI will be available
free of charge on Patterson-UTIs website at www.patenergy.com
under the tab Investors and then through the link titled SEC
Filings or by contacting Patterson-UTIs Investor Relations
Department by email at [email protected], or by phone
at (281) 765-7100. Copies of the documents filed with the SEC by
SSE will be available free of charge on SSEs website at
www.77nrg.com under the tab Investors and then through the link
titled SEC Filings or by contacting SSEs Investor Relations
Department at [email protected], or by phone at (405)
608-7730.
4
Participants in
the
Solicitation
Patterson-UTI, SSE and certain
of their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
stockholders of Patterson-UTI in connection with the proposed
transaction. Information about the directors and executive
officers of Patterson-UTI is set forth in
the Proxy Statement on Schedule 14A for Patterson-UTIs 2015
annual meeting of stockholders, which was filed with the SEC on
April15, 2016. Information about the directors and executive
officers of SSE is set forth in the 2015 Annual Report on Form
10-K/A for SSE, which was filed with the SEC on April29, 2016 and
the Current Report on Form 8-K for SSE, which was filed with the
SEC on August1, 2016. These documents can be obtained free of
charge from the sources indicated above. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed
with the SEC when they become
available.
Cautionary
Statement Regarding Forward-Looking
Statements
This Form 8-K contains
forward-looking statements which are protected as forward-looking
statements under the Private Securities Litigation Reform Act of
1995 that are not limited to historical facts, but reflect
Patterson-UTIs and SSEs current beliefs, expectations or
intentions regarding future events. Words such as may, will,
could, should, expect, plan, project, intend, anticipate,
believe, estimate, predict, potential, , target, continue, and
similar expressions are intended to identify such forward-looking
statements. The statements in this press release that are not
historical statements, including statements regarding the
expected timetable for completing the proposed transaction,
benefits and synergies of the proposed transaction, costs and
other anticipated financial impacts of the proposed transaction;
the combined companys plans, objectives, future opportunities for
the combined company and services, future financial performance
and operating results and any other statements regarding
Patterson-UTIs and SSEs future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts, are forward-looking
statements within the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties,
many of which are beyond Patterson-UTIs or SSEs control, which
could cause actual results to differ materially from the results
expressed or implied by the statements. These risks and
uncertainties include, but are not limited to: failure to obtain
the required votes of Patterson-UTIs or SSEs stockholders; the
timing to consummate the proposed transaction; satisfaction of
the conditions to closing of the proposed transaction may not be
satisfied or that the closing of the proposed transaction
otherwise does not occur; the risk that a regulatory approval
that may be required for the proposed transaction is not obtained
or is obtained subject to conditions that are not anticipated;
the diversion of management time on transaction-related issues;
the ultimate timing, outcome and results of integrating the
operations of Patterson-UTI and SSE; the
effects of the business combination of Patterson-UTI and SSE
following the consummation of the proposed transaction, including
the combined companys future financial condition, results of
operations, strategy and plans; potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the proposed transaction; expected synergies and
other benefits from the proposed transaction and the ability of
Patterson-UTI to realize such synergies and other benefits;
expectations regarding regulatory approval of the transaction;
results of litigation, settlements and investigations; actions by
third parties, including governmental agencies; volatility in
customer spending and in oil and natural gas prices, which could
adversely affect demand for Patterson-UTIs and SSEs services and
their associated effect on rates, utilization, margins and
planned capital expenditures; global economic conditions; excess
availability of land drilling rigs and pressure pumping
equipment, including as a result of low commodity prices,
reactivation or construction; liabilities from operations;
decline in, and ability to realize, backlog; equipment
specialization and new technologies; adverse industry conditions;
adverse credit and equity market conditions; difficulty in
building and deploying new equipment; difficulty in integrating
acquisitions; shortages, delays in delivery and interruptions of
supply of equipment, supplies and materials; weather; loss of, or
reduction in business with, key customers; legal proceedings;
ability to effectively identify and enter new markets;
governmental regulation; 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 Patterson-UTIs and SSEs SEC
filings. Patterson-UTIs filings may be obtained by contacting
Patterson-UTI or the SEC or through Patterson-UTIs web site at
http://www.patenergy.com or through the SECs Electronic Data
Gathering and Analysis Retrieval System (EDGAR) at
http://www.sec.gov. SSEs filings may be obtained by contacting
SSE or the SEC or through SSEs web site at www.77nrg.com or
through EDGAR at http://www.sec.gov. Patterson-UTI and SSE
undertake no obligation to publicly update or revise any
forward-looking
statement.
5
| Item9.01 | Financial Statements and Exhibits. |
|
Exhibit Number |
Description |
|
| 2.1 |
Agreement and Plan of Merger by and among Patterson-UTI Energy, Inc., Pyramid Merger Sub, Inc. and Seventy Seven Energy Inc., dated as of December12, 2016.* |
|
| 10.1 |
Commitment Letter, dated December12, 2016, between Patterson-UTI Energy, Inc. and Canyon Capital Advisors LLC. |
|
| 10.2 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Axar Capital Management, LLC, dated as of December12, 2016. |
|
| 10.3 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Blue Mountain Capital Management, LLC, dated as of December12, 2016. |
|
| 10.4 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Mudrick Capital Management, L.P., dated as of December12, 2016. |
|
| 99.1 | Joint press release dated December12, 2016. | |
| 99.2 | Investor presentation dated December13, 2016. |
| * |
Schedules have been omitted to Item 601(b)(2) of Regulation S-K. Patterson-UTI hereby undertakes to furnish supplementally copies of any of the omitted schedules upon request by the U.S. Securities and Exchange Commission; provided, however, that Patterson-UTI may request confidential treatment to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedules so furnished. |
6
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned
hereunto duly
authorized.
| PATTERSON-UTI ENERGY, INC. | ||
| By: | /s/ John E. Vollmer III | |
| Name: | John E. Vollmer III | |
| Title: |
Senior Vice President Corporate Development, Chief Financial Officer and Treasurer |
December12,
2016
7
EXHIBIT
INDEX
|
Exhibit Number |
Description |
|
| 2.1 |
Agreement and Plan of Merger by and among Patterson-UTI Energy, Inc., Pyramid Merger Sub, Inc. and Seventy Seven Energy Inc., dated as of December12, 2016.* |
|
| 10.1 |
Commitment Letter, dated December12, 2016, between Patterson-UTI Energy, Inc. and Canyon Capital Advisors LLC. |
|
| 10.2 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Axar Capital Management, LLC, dated as of December12, 2016. |
|
| 10.3 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Blue Mountain Capital Management, LLC, dated as of December12, 2016. |
|
| 10.4 |
Voting and Support Agreement, by and among Patterson-UTI Energy, Inc. and certain affiliates of Mudrick Capital Management, L.P., dated as of December12, 2016. |
|
| 99.1 | Joint press release dated December12, 2016. | |
| 99.2 | Investor presentation dated December13, 2016. |
| * |
Schedules have been omitted to Item 601(b)(2) of Regulation S-K. Patterson-UTI hereby undertakes to furnish supplementally copies of any of the omitted schedules upon request by the U.S. Securities and Exchange Commission; provided, however, that Patterson-UTI may request confidential treatment |
About PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN)
Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Company provides pressure-pumping services to oil and natural gas operators. The Company also invests in oil and natural gas properties. The Company’s Contract Drilling segment markets its contract drilling services to oil and natural gas operators. The Company’s Pressure Pumping segment provides pressure-pumping services to oil and natural gas operators in Texas and the Appalachian region. The Company’s oil and natural gas working interests are located in producing regions of Texas and New Mexico. Pressure pumping services consist of well stimulation, such as hydraulic fracturing. PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) Recent Trading Information
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) closed its last trading session down -0.24 at 26.46 with 15,024,499 shares trading hands.
