Patterson-UTI Company History Timeline

1978
1978 Patterson Drilling Company is formed.
Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson.
1984
In 1984 it changed its name to Patterson Energy, although it continued to do business as Patterson Drilling.
1992
By the summer of 1992, as it prepared for an initial public offering IPO , Patterson owned and operated just 11 drilling rigs, with two other rigs jointly owned by an affiliated entity.
1993
UTI, which also went public in 1993, was a diversified onshore oilfield services company whose chairman, Mark Siegel, also headed Los Angeles-based REMY Capital Partners III, UTI's largest shareholder.
1994
Like Nabors, which grew into the largest provider of contract land drilling services, Patterson following its IPO pursued a strategy of growth through acquisition. Its first significant acquisition deal came in July 1994 when it bought Questor Drilling Corp. in a 6.4 million cash and stock transaction.
2002
However, the effects of a downturn in the economy and a decrease in drilling activity was felt in 2002.
2010
Monday s explosion and rig fire appear to be the deadliest oil and gas industry accident since 2010, when 11 workers were killed after an explosion on BP s Deepwater Horizon rig in the Gulf of Mexico that triggered the biggest offshore oil spill in United States history.
2013
Citing data from the Bureau of Labor Statistics, the CDC reported 1,189 oil and gas workers were killed in the 11 years ended 2013, a period of intense drilling in the country.
2014
In September 2014, the company acquired Texas-based pressure pumping assets.
2016
In September 2016, the company acquired Warrior Rig.
2017
In April 2017, the company acquired Seventy Seven Energy.
2018
In October 2018, the company acquired Current Power Solutions, Inc.
Founded
1978
Company Founded
Headquarters
Houston, TX
Company Headquarter

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