Patterson-UTI Energy Company History Timeline
Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson.
In 1984 it changed its name to Patterson Energy, although it continued to do business as Patterson Drilling.
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.
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.
As a consequence, in September 1995 the company sold off its oilfield distribution business and began to acquire small independent drilling contractors, with a mind toward gaining access to new markets and establishing regional bases of operation.
Talbott and Siegel became acquainted in 1995, often competed over the same deals, and on several occasions discussed the possibility of merging their companies.
In July 1996 Patterson used stock to acquire Tucker Drilling Company.
The company picked up the pace in 1997, growing to 87 rigs by mid-year.
A drop in oil and gas prices curtailed domestic drilling activities and the merger trend among drilling rig operators, but once the oil services market bottomed out in February 1999, Patterson renewed its quest for greater size and greater profitability.
Nonetheless, investors bid up the company's stock in recognition of Patterson-UTI's underlying strength. As a result, revenues in 2002 dropped to $528 million and net income to less than $2.2 million.
In September 2014, the company acquired Texas-based pressure pumping assets.
In April 2017, the company acquired Seventy Seven Energy.
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| Helmerich & Payne | 1920 | $2.1B | 9,777 | 25 |
| Dynegy | 1984 | $44.2M | 2,489 | - |
| EQT | 1888 | $7.5B | 624 | 13 |
| Continental Resources | 1967 | $9.5B | 1,201 | 89 |
| Exxon Mobil | 1870 | $402.2B | 72,000 | 111 |
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| Cameron Welding Supply | 1963 | $8.8B | 35,000 | - |
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| Atmos Energy | 1906 | $4.2B | 4,628 | 66 |
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Patterson-UTI Energy may also be known as or be related to PATTERSON UTI ENERGY INC, Patterson UTI Energy Inc., Patterson-UTI, Patterson-UTI Energy, Patterson-UTI Energy Inc, Patterson-UTI Energy, Inc., Patterson-Uti Energy and Patterson-uti Drilling Company Llc.