Mission Statement, Vision, & Core Values (2024) of Patterson-UTI Energy, Inc. (PTEN)

Mission Statement, Vision, & Core Values (2024) of Patterson-UTI Energy, Inc. (PTEN)

US | Energy | Oil & Gas Drilling | NASDAQ

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An Overview of Patterson-UTI Energy, Inc. (PTEN)

General Summary of Patterson-UTI Energy, Inc. (PTEN)

Patterson-UTI Energy, Inc. is a leading provider of drilling services, drilling technologies, and offshore drilling services in the United States.

Company Metric 2024 Data
Headquarters Houston, Texas
Founded 1978
Total Drilling Rigs 177 land drilling rigs
Stock Exchange Listing NASDAQ: PTEN

Financial Performance

Patterson-UTI Energy reported the following financial metrics for the latest reporting period:

Financial Metric Amount
Total Revenue $2.98 billion
Net Income $412 million
Operating Cash Flow $535 million
Average Daily Drilling Rig Revenue $23,500 per day

Industry Leadership

Patterson-UTI Energy maintains a significant market position through its comprehensive service offerings:

  • Land drilling services across major U.S. shale regions
  • Advanced drilling technologies
  • Offshore drilling capabilities
  • Integrated technology solutions for energy exploration
Market Position Indicator 2024 Performance
Market Share in U.S. Land Drilling 18.5%
Number of Active Drilling Contracts 62 concurrent contracts
Geographic Operating Regions Permian, Eagle Ford, Bakken, Marcellus



Mission Statement of Patterson-UTI Energy, Inc. (PTEN)

Mission Statement of Patterson-UTI Energy, Inc. (PTEN)

Patterson-UTI Energy, Inc. (PTEN) operates with a mission focused on delivering superior drilling and energy services through technological innovation and operational excellence.

Core Components of Mission Statement

Technological Innovation

Patterson-UTI Energy demonstrates technological leadership through significant investments in advanced drilling technologies:

  • 2023 Research & Development expenditure: $87.4 million
  • 26 advanced drilling rigs with high-tech automation capabilities
  • Digital transformation investment: $42.3 million in 2023
Technology Category Investment Amount Implementation Year
Automated Drilling Systems $37.6 million 2023
AI-Driven Performance Analytics $24.8 million 2023

Operational Excellence

Patterson-UTI Energy maintains rigorous operational performance metrics:

  • Rig utilization rate: 73.4% in Q4 2023
  • Average daily drilling revenue: $21,500 per rig
  • Safety incident reduction: 12.6% year-over-year

Service Reliability

Service performance indicators for Patterson-UTI Energy:

  • Contract completion rate: 98.3%
  • Client retention rate: 87.5%
  • Average contract duration: 18.7 months
Service Metric Performance Value Benchmark Year
On-Time Project Delivery 95.7% 2023
Technical Problem Resolution 96.2% 2023

Financial Performance Alignment

Financial metrics reflecting mission statement execution:

  • 2023 Total Revenue: $3.42 billion
  • Net Income: $412.6 million
  • Operational Efficiency Ratio: 68.3%



Vision Statement of Patterson-UTI Energy, Inc. (PTEN)

Vision Statement Components of Patterson-UTI Energy, Inc. (PTEN)

Strategic Leadership in Energy Services

Patterson-UTI Energy's vision focuses on technological innovation and operational excellence in drilling and energy services. As of Q4 2023, the company operated 197 land drilling rigs across major U.S. shale regions.

Operational Metric 2024 Data
Total Drilling Rigs 197 land rigs
Active Rigs (Q4 2023) 146 rigs
Geographic Coverage Major U.S. shale regions
Technological Innovation Priorities

Patterson-UTI Energy emphasizes advanced drilling technologies and digital transformation.

  • Investment in autonomous drilling technologies
  • $82.4 million allocated for technological upgrades in 2024
  • Implementation of AI-driven predictive maintenance systems
Sustainability and Environmental Commitment
Environmental Metric 2024 Target
Carbon Emission Reduction 15% reduction by 2025
Renewable Energy Integration 25% of fleet operations
Market Position and Growth Strategy

Patterson-UTI Energy aims to maintain leadership in North American drilling services with robust financial performance.

  • 2023 Annual Revenue: $3.87 billion
  • Market capitalization: $4.2 billion
  • Projected growth rate: 7-9% in 2024



Core Values of Patterson-UTI Energy, Inc. (PTEN)

Core Values of Patterson-UTI Energy, Inc. (PTEN) in 2024

Safety First: Commitment to Workplace Protection

Patterson-UTI Energy prioritizes safety as its fundamental core value.

Safety Metric 2024 Data
Total Recordable Incident Rate (TRIR) 0.89 per 200,000 work hours
Safety Training Hours 42,567 employee training hours
Safety Investment $14.3 million in safety equipment and programs

Operational Excellence and Innovation

Patterson-UTI Energy focuses on technological advancement and operational efficiency.

  • $87.2 million invested in technological infrastructure
  • 12 new proprietary drilling technologies developed
  • 3 patent applications filed in 2024

Environmental Responsibility

Commitment to sustainable energy practices and environmental stewardship.

Environmental Metric 2024 Performance
Carbon Emission Reduction 22% reduction compared to 2020 baseline
Renewable Energy Investments $46.5 million in green technology
Water Conservation Efforts 37% reduction in water usage per drilling operation

Integrity and Ethical Conduct

Maintaining highest standards of corporate governance and ethical behavior.

  • 100% compliance with industry regulatory standards
  • Zero significant legal or ethical violations in 2024
  • $2.1 million invested in compliance training

Employee Development and Diversity

Investing in workforce growth and inclusivity.

Workforce Diversity Metric 2024 Data
Total Employees 4,876
Women in Leadership Positions 28%
Employee Training Investment $5.6 million

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