HOUSTON, TX / ACCESSWIRE / March 8, 2022 / PATTERSON-UTI Strength, INC. (NASDAQ:PTEN) these days declared a strategic investment in Criterion Electricity Companions, Inc., a geothermal electrical power advancement company. Criterion options to use the proceeds from this expense to advance its very first of a variety venture in Texas and further execute on its know-how growth roadmap.
Criterion Electrical power Companions programs to blend current technological innovation and processes from the drilling of oil and fuel wells with proprietary types to make thoroughly clean, trustworthy power from subsurface warmth. Criterion’s fast emphasis is to provide direct heat and power to industrial prospects in the Texas Gulf Coastline, positioning these consumers to meet their electrical power need and decarbonization goals.
Andy Hendricks, Patterson-UTI’s Main Government Officer, mentioned, “We are enthusiastic to make investments in Criterion, whose revolutionary enterprise design leverages established horizontal drilling and completion technologies. We share a frequent check out that geothermal will enjoy an critical purpose in the electrical power transition, and we glance ahead to performing with Criterion to enhance the economics and reliability of geothermal energy.”
Danny Rehg, Criterion Vitality Partners’ Co-Founder and CEO, added, “We are particularly delighted to have Patterson-UTI as a spouse and see several possibilities to do the job jointly likely forward. Their organization tactic and execution excellence align perfectly with our method and firm tradition. The technical capabilities of their super-spec rigs and other specialized improvements are vital to driving down expenditures and offering aggressive economics of future era geothermal electricity developments.”
Patterson-UTI is a primary provider of oilfield expert services and goods to oil and natural gasoline exploration and creation firms in the United States and other pick out nations around the world, which include agreement drilling, strain pumping and directional drilling solutions. For extra information, check out www.patenergy.com.
About Criterion Electricity Partners
Criterion Electrical power Partners is a geothermal electricity enterprise that strategies to build dispersed energy assignments to help clients lower emissions and make improvements to functioning efficiency using heat from the earth. The company’s mission is to build a more sustainable potential by generating geothermal electricity tasks commercially practical all over the place. Essential to its strategic benefit are Criterion Power Partners’ staff of professionals, associates, and advisors with comprehensive expertise in Business enterprise Progress, Finance, Lawful, Drilling & Completions, Subsurface Engineering, Geology, Geophysics and Facts Science. Criterion Power Companions touts benefit development via its business design and tangible measurements, together with (i) Emissions reductions, (ii) Electricity trustworthiness, (iii) Extended time period price tag stability and (iv) Temperature resiliency.
Get in touch with
Vice President, Investor Relations
Cautionary Statement Pertaining to Ahead-Looking Statements
This press launch contains forward-searching statements which are safeguarded as ahead-looking statements under the Non-public Securities Litigation Reform Act of 1995 that are not confined to historical details, but reflect Patterson-UTI’s existing beliefs, anticipations or intentions about long term occasions. Text this kind of as “anticipate,” “believe,” “budgeted,” “go on,” “could,” “estimate,” “hope,” “intend,” “may possibly,” “approach,” “predict,” “probable,” “task,” “go after,” “must,” “strategy,” “concentrate on,” or “will,” and related expressions are intended to determine this kind of ahead-on the lookout statements. The statements in this press release that are not historic statements, together with statements concerning Patterson-UTI’s foreseeable future expectations, beliefs, plans, targets, money circumstances, assumptions or future activities or functionality that are not historical information, are forward-searching statements in just the this means of the federal securities laws. These statements are subject matter to various hazards and uncertainties, numerous of which are further than Patterson-UTI’s handle, which could result in genuine final results to vary materially from the effects expressed or implied by the statements. These dangers and uncertainties incorporate, but are not limited to: adverse oil and pure gas industry circumstances including as a outcome of financial repercussions from the COVID-19 pandemic international financial circumstances volatility in buyer spending and in oil and pure gasoline rates that could adversely affect desire for Patterson-UTI’s products and services and their affiliated influence on costs extra availability of land drilling rigs, tension pumping and directional drilling tools, like as a end result of reactivation, improvement or building levels of competition and demand for Patterson-UTI’s services energy and fiscal assets of opponents utilization, margins and prepared capital expenses liabilities from operational hazards for which Patterson-UTI does not have and acquire full indemnification or insurance policies working hazards attendant to the oil and natural fuel business enterprise failure by shoppers to pay out or fulfill their contractual obligations (particularly with respect to mounted-time period contracts) the capacity to comprehend backlog specialization of procedures, tools and services and new technologies, like the skill to create and receive satisfactory returns from new technologies the potential to keep administration and industry personnel decline of key shoppers shortages, delays in delivery, and interruptions in provide, of gear and resources cybersecurity functions synergies, costs and economical and running impacts of acquisitions the greatest timing, result and benefits of integrating the operations of Pioneer Power Services into Patterson-UTI the consequences of the acquisition on Patterson-UTI, which includes Patterson-UTI’s foreseeable future money affliction, outcomes of functions, system and programs likely adverse reactions or alterations to enterprise interactions ensuing from the acquisition the failure to realize predicted synergies and other benefits from the acquisition problem in setting up and deploying new machines governmental regulation local climate legislation, regulation and other related dangers environmental, social and governance methods, such as the perception thereof environmental threats and potential to satisfy foreseeable future environmental fees technologies-associated disputes authorized proceedings and steps by governmental or other regulatory companies the ability to properly discover and enter new marketplaces weather conditions working prices expansion and advancement developments of the oil and purely natural gas field skill to get hold of insurance coverage on commercially sensible conditions economic versatility interest level volatility adverse credit history and equity market place conditions availability of capital and the skill to repay indebtedness when owing inventory value volatility and compliance with covenants under Patterson-UTI’s credit card debt agreements.
Added data concerning components that could induce real final results to vary materially from these in the forward-looking statements is contained from time to time in Patterson-UTI’s SEC filings. Patterson-UTI’s filings might be received by getting in contact with Patterson-UTI or the SEC or through Patterson-UTI’s web-site at http://www.patenergy.com or via the SEC’s Digital Details Gathering and Investigation Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any ahead-seeking assertion.
Resource: Patterson-UTI Electrical power, Inc.
Watch resource model on accesswire.com: