Lawsuit Filed Agains Pioneer Energy Services
HOUSTON, Oct. iv, 2021 /PRNewswire/ -- PATTERSON-UTI Energy, INC. (NASDAQ: PTEN) today appear that it has airtight its previously announced conquering of Pioneer Free energy Services Corp. Total consideration for the conquering included the issuance of approximately 26.3 million shares of Patterson-UTI common stock and payment of $xxx million of cash, which based on the about recent closing cost for Patterson-UTI of $9.44 valued the transaction at approximately $278 1000000, including the retirement of all Pioneer Free energy Services' debt.
In connection with the endmost, Pioneer Energy Services' senior notes were repaid with cash and a portion of the shares of Patterson-UTI common stock issued in the acquisition. Pioneer shareholders will receive 1.8692 shares of Patterson-UTI common stock for each share of Pioneer common stock.
Andy Hendricks, Patterson-UTI'south Chief Executive Officer, commented, "I would similar to welcome the employees, customers, and shareholders of Pioneer Free energy Services to Patterson-UTI. Pioneer's employees share a like commitment to safe and service quality as our ain, and we are excited to have them join our team."
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 than information, visit world wide web.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected equally forward-looking statements under the Private Securities Litigation Reform Human action of 1995 that are not express to historical facts, but reverberate Patterson-UTI's electric current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "gauge," "wait," "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'due south future expectations, beliefs, plans, objectives, financial atmospheric condition, assumptions or future events or performance that are not historical facts, are forward-looking statements inside 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, just are not limited to: 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'southward future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business organization relationships resulting from the closing of the transaction; the failure to realize expected synergies and other benefits from the transaction; adverse oil and natural gas industry weather condition; including the rapid reject in crude oil prices as a result of economic repercussions from the COVID-nineteen pandemic; global economical conditions; volatility in customer spending and in oil and natural gas prices that could adversely bear upon 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 issue of reactivation, improvement or construction; contest and demand for Patterson-UTI'south services; force and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does non have and receive total indemnification or insurance; operating hazards attendant to the oil and natural gas business concern; failure by customers to pay or satisfy their contractual obligations (peculiarly with respect to fixed-term contracts); the power to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new engineering; the ability to retain management and field personnel; loss of fundamental customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in edifice 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 power to effectively identify and enter new markets; conditions; operating costs; expansion and development trends of the oil and natural gas manufacture; 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'due south debt agreements.
Additional information concerning factors that could crusade actual results to differ materially from those in the forrad-looking statements is contained from time to fourth dimension in Patterson-UTI's SEC filings. Patterson-UTI'southward 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 Assay Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise whatever forward-looking statement.
SOURCE PATTERSON-UTI ENERGY, INC.
Related Links
http://www.patenergy.com
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