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THE PATTERSON OIL COMPANY history
THE PATTERSON OIL COMPANY company history timeline
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.
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.
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.
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.
In January 2001 it paid $13.6 million for six more rigs, the result of three separate transactions.
However, the effects of a downturn in the economy and a decrease in drilling activity was felt in 2002.
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THE PATTERSON OIL COMPANY may also be known as or be related to THE PATTERSON OIL COMPANY and The Patterson Oil Company.