Patterson-Uti Energy is a leading provider of drilling and pressure pumping services to the oil and natural gas exploration and production industry
The company specializes in offering a wide range of services, including land drilling, pressure pumping, and oilfield rental equipment, aiming to enhance the efficiency and effectiveness of drilling operations for its clients. With a focus on advanced technology and operational excellence, Patterson-Uti Energy works closely with energy producers to respond to the evolving demands of the energy market, ensuring safe and reliable service delivery in a competitive landscape.
The company’s quarterly revenue fell 26.6% to $1.16 billion compared to last year. Analysts, on average, expected the company to post $1.25 billion in revenue.
While the future of the oil and gas industry is evolving, there remains a strong case for investing in oil drilling stocks, particularly for investors with a long-term perspective.
Schlumberger N.V. and ADNOC Drilling form JV with Patterson-UTI Energy to accelerate UAE's unconventional oil and gas program, targeting 144 wells by 2025.
