Patterson-UTI Energy
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Houston, Texas-based Patterson-UTI Energy is a provider of contract drilling services to the oil and gas industry. It provides pressure pumping service to companies drilling Marcellus shale wells.
Patterson-UTI finished its first horizontal frac in the Marcellus shale during the forth quarter of 2008 and is developing a specialty in pumping large horizontal fracs in that formation.
According to a February, 2009 report the company had $61 million in CapEx expenditures during 2008, and much of it was for expanding hydro-fracturing capabilities. Several Quintuplex pumps and triplex equipment were added. The company also has a number of drilling rigs that it makes available in different locations throughout the Appalachian Basin.
A late April, 2009 Patterson-UTI update mentioned that despite a drop off in drilling throughout the U.S., the Marcellus shale market had been holding up fairly well. The company introduced a new product to its Appalachian drilling customers refered to as walking rig technology. It is appropriate for pad-type drilling as first used in the Rockies, and now has been gaining acceptance for Marcellus shale drilling. The company also announced that it is starting to deliver its Apex 1,000 rigs that have been specifically designed for Marcellus shale drilling. These rigs have an alternating-current (AC) drive motor to flexibly power the hoisting system and also have a very small footprint ideal for working in tight quarters as is typical in the Appalachians.
Patterson was again in the news in June, 2009 with an all electric drilling rig known as Rig 251 that generates nearly 5,000 horsepower. It was built for Chief Oil and Gas and was being operated in Chest Township, Clearfield County, Pennsylvania. It drills at a rate of three feet per hour. That equates to drilling to the Marcellus shale formation in only about 45 days. While the rig is electric, its electric generator burns about 1,800 gallons of oil per hour. The rig is highly automated and, as described by one Patterson official, operating this rig is like driving a 2011 Cadillac in 2009.
- Mark Siegel is Patterson-UTI's Chairman.
- Douglas J. Wall is the company's President and CEO.
- John Vollmer is Senior Vice Presidet, CFO and Treasurer.
- Duane Carol is Vice President of Operations for Patterson.
- Mike Unrein is an Area Manager with the company.
