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-its-kind project in Texas and continue to execute on its technology development roadmap.
Criterion Energy Partners plans to combine existing technology and processes from drilling oil and gas wells with proprietary designs to create clean, reliable energy from heat underground. Criterion’s immediate goal is to provide heat and power directly to industrial customers on the Gulf Coast of Texas, positioning these customers to meet their energy demand and decarbonization goals.
Andy Hendricks, President and CEO of Patterson-UTI, said, “We are delighted to invest in Criterion, whose innovative business model is built on proven horizontal drilling and completions technologies. We share a common vision that geothermal energy 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 energy.”
Danny Rehg, Co-Founder and CEO of Criterion Energy Partners, added, “We are extremely pleased to have Patterson-UTI as a partner and see many opportunities to work together in the future. Their business approach and excellence in execution aligns well with our strategy and The technical capabilities of their super-specification platforms and other technical innovations are key to reducing costs and delivering competitive development economics. next-generation geothermal energy.
Patterson-UTI is a leading provider of petroleum services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, pressure pumping and directional drilling. 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 operational efficiencies 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 is Criterion Energy Partners’ team of managers, associates and advisors with extensive experience in business development, finance, legal, drilling and completions, underground engineering, geology, geophysics and data science. Criterion Energy Partners touts value creation through its business model and tangible metrics, including (i) emissions reductions, (ii) power reliability, (iii) long-term cost stability, and (iv) weather resilience.
Vice President, Investor Relations
Caution 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 which 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 contained in this press release that are not historical statements, including statements regarding expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or future performance of Patterson-UTI that are not historical facts, are statements forward-looking within the meaning of the federal securities laws.These statements are subject to numerous risks and uncertainties, many of which are beyond the control of Patterson-UTI, which could cause actual results to differ materially from those expressed or implied. by statements. These risks and uncertainties include, but are not limited to: adverse conditions in the oil and natural gas industry; in particular due to the economic repercussions of the COVID-19 pandemic; global economic conditions; volatility in customer spending and oil and natural gas prices which could adversely affect demand for Patterson-UTI’s services and their related effect on rates; excessive availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, enhancement or construction; competition and demand for Patterson-UTI’s services; strength and financial resources of competitors; expected usage, margins and capital expenditures; operational risk liabilities for which Patterson-UTI does not have and does not receive indemnification or full insurance; operating risks associated with oil and gas activity; non-payment or non-compliance by customers with their contractual obligations (particularly in terms of fixed-term contracts); the ability to realize the backlog; specialization in methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technologies; the ability to retain management and field staff; loss of key customers; shortages, delivery delays and supply disruptions of equipment and materials; cybersecurity events; the synergies, costs and financial and operational impacts of acquisitions; the timing, results and ultimate outcome of the integration of Pioneer Energy Services’ operations 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 effects or changes in business relationships resulting from the acquisition; failure to realize the synergies and other benefits expected from the acquisition; difficulty building and deploying new equipment; government regulation; laws, regulations and other climate-related risks; environmental, social and governance practices, including the perception thereof; environmental risks and the ability to meet future environmental costs; technology-related disputes; legal proceedings and actions by government agencies or other regulatory bodies; the ability to identify and effectively enter new markets; weather; operating costs; expansion and development trends in the petroleum and natural gas industry; the ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; the availability of capital and the ability to repay debt when due; stock price volatility; and the fulfillment of covenants under the Patterson-UTI debt agreements.
Additional information regarding 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 filings with the SEC. Documents filed by Patterson-UTI may be obtained by contacting Patterson-UTI or the SEC or through the Patterson-UTI website at http://www.patenergy.com or through the SEC’s Electronic Data Collection and Analysis System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statements.
THE SOURCE: Patterson-UTI Energy, Inc.
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