Patterson-UTI Energy, Inc. PTEN

Company Overview

Patterson-UTI Energy, Inc. is a U.S.-based oilfield services company operating primarily in the onshore oil and natural gas drilling and completion services industry. The company provides contract drilling, pressure pumping, and related well services to exploration and production companies, with revenue largely driven by dayrate-based drilling contracts and service-based completion activity tied to North American shale development.

The company was founded in 1978 as Patterson Energy and expanded through acquisitions, most notably its 2001 merger with UTI Energy. A significant evolution occurred in 2023 with the all-stock merger with NexTier Oilfield Solutions Inc., which materially expanded Patterson-UTI’s pressure pumping and completions capabilities. The combined company positions itself as one of the largest diversified onshore oilfield service providers in the United States, with scale advantages in equipment, workforce, and integrated service offerings.