Patterson-UTI Looks to Future by Growing Technology Focus
Patterson-UTI is counting on its balance sheet to get it through tough times and its technology to push toward potential market share gains.
Like its peers, Patterson-UTI Energy Inc. has responded to market conditions by scaling down its frac spreads, cutting costs and reducing dividends. The Houston-based oilfield service provider has also closed some facilities and shed some management layers, according to its CEO.
“We actually have made structural changes to the tune of an annualized cost savings of $65 million a year,” Patterson-UTI CEO Andy Hendricks said, referring to pressure pumping cost cuts.
Hendricks believes those changes will be sustainable “on the other side of this downturn.”