HOUSTON, TX / ACCESSWIRE / March 8, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced a strategic investment in Criterion Energy Partners, Inc., a geothermal energy development company. Criterion plans to use the proceeds from this investment to advance its first of a kind project in Texas and further execute on its technology development roadmap.
Criterion Energy Partners plans to combine existing technology and processes from the drilling of oil and gas wells with proprietary designs to create clean, reliable energy from subsurface heat. Criterion's immediate focus is to deliver direct heat and power to industrial customers in the Texas Gulf Coast, positioning these customers to meet their energy demand and decarbonization goals.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "We are excited to invest in Criterion, whose innovative business model leverages proven horizontal drilling and completion technologies. We share a common view that geothermal will play an important role in the energy transition, and we look forward to working with Criterion to improve the economics and reliability of geothermal power."
Danny Rehg, Criterion Energy Partners' Co-Founder and CEO, added, "We are extremely pleased to have Patterson-UTI as a partner and see many opportunities to work together going forward. Their business approach and execution excellence align well with our strategy and company culture. The technical capabilities of their super-spec rigs and other technical innovations are critical to driving down costs and delivering competitive economics of next generation geothermal energy developments."
About Patterson-UTI
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
About Criterion Energy Partners
Criterion Energy Partners is a geothermal energy company that plans to develop distributed energy projects to help customers reduce emissions and improve operating efficiency using heat from the earth. The company's mission is to create a more sustainable future by making geothermal energy projects commercially viable everywhere. Key to its strategic advantage are Criterion Energy Partners' team of managers, associates, and advisors with extensive experience in Business Development, Finance, Legal, Drilling & Completions, Subsurface Engineering, Geology, Geophysics and Data Science. Criterion Energy Partners touts value creation through its business model and tangible measurements, including (i) Emissions reductions, (ii) Power reliability, (iii) Long term cost stability and (iv) Weather resiliency.
Contact
Mike Drickamer
Vice President, Investor Relations
(281) 765-7170
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions; including as a result of economic repercussions from the COVID-19 pandemic; global economic conditions; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; the ultimate timing, outcome and results of integrating the operations of Pioneer Energy Services into Patterson-UTI; the effects of the acquisition on Patterson-UTI, including Patterson-UTI's future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the acquisition; the failure to realize expected synergies and other benefits from the acquisition; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
SOURCE: Patterson-UTI Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/691972/Patterson-UTI-Announces-Strategic-Investment-in-Geothermal-Technology-Company-Criterion-Energy-Partners

Related Quotes
(Bloomberg) — Russia’s decision to block foreign owners from seizing hundreds of planes worth about $10 billion is roiling a market where aircraft leases are bundled into bonds and sold to investors.Most Read from BloombergChina Warns U.S. Over Forming Pacific NATO, Backing TaiwanBiden to Sign Crypto Order as Firms Face Sanctions PressureUkraine Update: Russia’s Gas Threat; Cease-Fire Talks StruggleU.S. and U.K. Poised for Ban on Imports of Russian Oil TodayCovid Can Shrink the Brain as Much as
Back up the dump truck on Caterpillar, says Jefferies.
After several delays and setbacks, Novavax (NVAX) finally filed an EUA request for its Covid-19 vaccine with the FDA at the end of January. Given precedents and the company’s recent comments, Jefferies’ Roger Song thinks a decision is due shortly. “We see the decision as a near-term stock-moving catalyst, and high likelihood of positive outcome, providing upside potential to the current share price,” Song opined. That could come in handy right now. Like most of the market, the stock has retreate
For weeks now, I’ve highlighted the potential for a sharp breakdown in the stock market. We are getting confirmations now and a collapse may be imminent.
After the downturn in the markets yesterday and as energy prices continue to rise today, conservative investors are looking to fortify their portfolios by adding metals exposure to their holdings. The price of gold, for example, crossed the $2,000-per-ounce mark today for the first time since August 2020, while other precious metals like silver, platinum, and palladium are also rising today. It's no wonder, therefore, that Northern Dynasty Minerals (NYSEMKT: NAK), PolyMet Mining (NYSEMKT: PLM), and TMC the metals company (NASDAQ: TMC) are all looking a lot more lustrous in investors' eyes today.
Yahoo Finance Live's Julie Hyman and Brian Sozzi discuss Google agreeing to buy cybersecurity firm Mandiant.
The S&P 500 rose 1.3% for the week, so I lost badly last week. The S&P 500 has now outperformed my bearish picks — meaning that I beat the market, as these are stocks I suggest investors avoid — in 17 of the past 20 weeks. This week, I see Fossil (NASDAQ: FOSL), Vera Bradley (NASDAQ: VRA), and Atlria (NYSE: MO) as stocks that you may want to consider steering clear from.
Annaly Capital Management (NYSE: NLY) endured a rocky February as its stock price plummeted 11.9%, according to S&P Global Market Intelligence. The mortgage real estate investment trust (REIT) underperformed the S&P 500, which was down 3.2% in February, and the Nasdaq Composite, which was off 3.4%. Annaly Capital is down roughly 10% year to date in 2022 as of March 7, the same as the S&P 500.
What can we make of the markets right now? On Friday, we saw the February jobs numbers – and they were far above the expectations. The economy added 678,000 jobs in the month, against a forecast of 400,000, and the official unemployment rate ticked down to 3.8%. It was the best jobs print of the ‘pandemic era.’ But it didn’t move the dial. The war in Ukraine did, and that movement wasn’t positive. All three of Wall Street’s major benchmarks are down as this week gets started, capping a weeks-lon
In this article, we present the list of the 10 stocks that Jim Cramer recommends to sell. You can skip our comprehensive analysis of Jim Cramer’s history, investment philosophy, and hedge fund performance, and go directly to Jim Cramer Recommends Selling These 5 Stocks. Last week, Jim Cramer bemoaned the huge selloff that is rattling […]
Remember the movie ‘The Perfect Storm’? Three weather fronts collided off the coast of New England, and George Clooney’s poor fishing boat never stood a chance. Hopefully, today’s economies will do better against the headwinds that are rapidly spinning into a perfect political-economic storm. The storm got started as 2022 opened up. The bull run we had last year came to sudden halt, markets started turning down, and by the end of January the NASDAQ was in correction territory with the S&P not fa
The stock of 3M (NYSE: MMM) tumbled 10.5% in the month of February, according to data provided by S&P Global Market Intelligence. With shares of the industrial conglomerate losing another 3% so far in March, 3M stock is now barely 4% away from its 52-week lows as of noon Tuesday. First, 3M stock started to feel the heat from the end of January when it released its fourth-quarter and full-year 2021 numbers.
RBC Capital Markets Head of US Equity Strategy Lori Calvasina joins Yahoo Finance Live to discuss stock market fluctuations, commodity price increases, and tech stocks amid inflation and uncertainty.
Shopify, an upstart challenging eBay and Amazon.com, saw extraordinary growth during the pandemic but the torrid pace of growth is slowing. Is Shopify stock a buy right now? On Feb. 16, Shopify topped earnings and revenue estimates for the December quarter, which included a record $6.3 billion in global Black Friday-Cyber Monday sales.
Shares of industrial 3D printer maker Desktop Metal (NYSE: DM) stock jumped after the company beat analyst sales projections this morning, and are up 11% as of 11 a.m. ET. Wall Street had forecast that Desktop Metal would book sales of only $49.6 million in the fourth quarter of 2021. Sales growth at Desktop Metal has been impressive, rising 123% year over year in Q4 (including revenue from the company's acquisition of ExOne last year) and rising 583% (to $112.4 million) for all of 2021.
Shares of CrowdStrike Holdings (NASDAQ: CRWD) stock tumbled in afternoon trading on the Nasdaq Monday after three separate Wall Street analysts all suddenly cut their price targets on the cybersecurity specialist. As of 3 p.m. ET, CrowdStrike stock is down 5.5%. In swift succession, first Morgan Stanley cut CrowdStrike to $180 a share, then RBC Capital Markets cut to $250, and then Stifel Nicolaus cut its target, too, likewise to $250.
Increasing oil prices are priming the pump for new exploration, and these two stocks should come out on top.
The S&P 500 index is closing in a death cross, an ominous chart pattern that underscores the downtrend suffered in an asset.
These two businesses are growing fast, and holding them for the long term allows the power of compounding to work its magic.
Digital World Acquisition Corp. is trading at an absurd valuation and its stock is likely to be whacked in coming months.

source

Leave a Reply

Your email address will not be published.