8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 8, 2012

Patterson-UTI Energy, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-22664	75-2504748
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
450 Gears Road, Suite 500, Houston, Texas		77067
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 281-765-7100

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Patterson-UTI Energy, Inc. will deliver an investor presentation that includes the slides attached as Exhibit 99.1 to this Current Report on Form 8-K, which are incorporated herein by reference.

The information furnished pursuant to Item 7.01, including Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, shall not otherwise be subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of these slides is not intended to constitute a representation that such information is required by Regulation FD or that the materials they contain include material information that is not otherwise publicly available.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Investor presentation slides.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Patterson-UTI Energy, Inc.
February 8, 2012	By:	/s/ John E. Vollmer III
		Name: John E. Vollmer III
		Title: Senior Vice President - Corporate Development, Chief Financial Officer and Treasurer

Exhibit Index

Exhibit No.	Description
99.1	Investor presentation slides

EX-99.1

Patterson-UTI Energy, Inc.

Patterson-UTI Energy, Inc.

Credit Suisse Energy Summit

Credit Suisse Energy Summit

February 8-9, 2012

February 8-9, 2012

Exhibit 99.1

2

2

Forward Looking Statements

This material and any oral statements made in connection with this material

This material and any oral statements made in connection with this material

include "forward-looking statements" within the meaning of the Securities Act

include "forward-looking statements" within the meaning of the Securities Act

of 1933 and the Securities Exchange Act of 1934.  Statements made which

of 1933 and the Securities Exchange Act of 1934.  Statements made which

provide the Company’s or management’s intentions, beliefs, expectations or

provide the Company’s or management’s intentions, beliefs, expectations or

predictions for the future are forward-looking statements and are inherently

predictions for the future are forward-looking statements and are inherently

uncertain. The opinions, forecasts, projections or other statements other than

uncertain. The opinions, forecasts, projections or other statements other than

statements of historical fact, including, without limitation, plans and objectives

statements of historical fact, including, without limitation, plans and objectives

of management of the Company are forward-looking statements.  It is

of management of the Company are forward-looking statements.  It is

important to note that actual results could differ materially from those

important to note that actual results could differ materially from those

discussed in such forward-looking statements.  Important factors that could

discussed in such forward-looking statements.  Important factors that could

cause actual results to differ materially include the risk factors and other

cause actual results to differ materially include the risk factors and other

cautionary statements contained from time to time in the Company’s SEC

cautionary statements contained from time to time in the Company’s SEC

filings, which may be obtained by contacting the Company or the SEC. These

filings, which may be obtained by contacting the Company or the SEC. These

filings are also available through the Company’s web site at

filings are also available through the Company’s web site at

http://www.patenergy.com

http://www.patenergy.com

or

or

through

through

the

the

SEC’s

SEC’s

Electronic

Electronic

Data

Data

Gathering

Gathering

and

and

Analysis

Analysis

Retrieval

Retrieval

System

System

(EDGAR)

(EDGAR)

at

at

http://www.sec.gov.

http://www.sec.gov.

We

We

undertake

undertake

no

no

obligation to publicly update or revise any forward-looking statement.

obligation to publicly update or revise any forward-looking statement.

3

Presentation

•

•

The Energy Environment

The Energy Environment

•

•

PTEN’s Land Drilling Business

PTEN’s Land Drilling Business

•

•

PTEN’s Well Stimulation Business

PTEN’s Well Stimulation Business

•

•

PTEN’s Strategy

PTEN’s Strategy

•

•

PTEN Investment Highlights

PTEN Investment Highlights

•

•

Conclusions

Conclusions

A Transformation in the Energy Industry…

A Transformation in the Energy Industry…

…A Transformation at PTEN

Changing Energy Environment

4

Source: US Energy Information Administration, Short-Term Energy Outlook, January 10, 2012

Decades of Declining US Crude Oil Production…

Reversed in 2009

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

Changing Energy Environment

5

Source: US Energy Information Administration, Short-Term Energy Outlook, January 10, 2012

Petroleum Imports as a Percent of Total Consumption…

More Demand Being Satisfied With US Production

0%

10%

20%

30%

40%

50%

60%

70%

6

Changing Energy Environment –

North America Land-Based Energy

Unconventional drilling and well completion has

Unconventional drilling and well completion has

evolved:

evolved:

•

•

A “manufacturing”

A “manufacturing”

approach to drilling and

approach to drilling and

well completion

well completion

•

•

Focus on oil & liquids rich plays

Focus on oil & liquids rich plays

•

•

Unconventional drilling and well completion

Unconventional drilling and well completion

techniques being applied to historically

techniques being applied to historically

conventional plays

conventional plays

7

Changing Energy Environment

North America Land-Based Energy

PTEN is well positioned in the two “gating”

PTEN is well positioned in the two “gating”

areas

areas

•

•

Land-based drilling

Land-based drilling

•

•

Well stimulation

Well stimulation

–

–

Frac equipment well-suited to “new wells”

Frac equipment well-suited to “new wells”

–

–

Rigs well-suited to “new wells”

Rigs well-suited to “new wells”

Changing Energy Environment –

Changing Energy Environment –

Land-Based Drilling

Land-Based Drilling

PTEN’s

PTEN’s

Drilling

Drilling

Business

Business

9

Changing Energy Environment –

Land-Based Drilling

•

•

A “manufacturing”

A “manufacturing”

approach to drilling

approach to drilling

–

–

Repetitive, assembly line type drilling

Repetitive, assembly line type drilling

–

–

More plays with multi-well pads

More plays with multi-well pads

–

–

Laterals are getting longer

Laterals are getting longer

–

–

Very rig intensive approach to drilling

Very rig intensive approach to drilling

•

•

“Preferred”

“Preferred”

equipment  for these “new wells”

equipment  for these “new wells”

–

–

1000 to 1500 HP drawworks

1000 to 1500 HP drawworks

–

–

High capacity mud pumps

High capacity mud pumps

–

–

Top drives

Top drives

–

–

Automated drilling systems and pipe handling

Automated drilling systems and pipe handling

–

–

Quick moving from well completion to well spud

Quick moving from well completion to well spud

APEX 1500

APEX 1500™

TM

APEX 1000

APEX 1000™

TM

APEX Walking

APEX Walking™

TM

Total New Rigs

Total New Rigs

Other Electric Rigs

Other Electric Rigs

Class

Class

10

Changing Energy Environment –

Land-Based Drilling

New and Well-Suited Rigs as of December 31, 2011

New and Well-Suited Rigs as of December 31, 2011

61

61

15

15

45

45

121

121

54

54

12/31/2012

12/31/2012

30 new rigs planned in 2012

30 new rigs planned in 2012

175 by the end of 2012

175 by the end of 2012

38

38

13

13

40

40

91

91

54

54

12/31/2011

12/31/2011

Currently PTEN has 145 of these “Preferred Rigs”

…and Expected as of December 31, 2012

…and Expected as of December 31, 2012

11

New APEX Rigs Have Significantly

Increased Fleet Quality.

Changing Energy Environment –

Land-Based Drilling

30 New Rigs expected to be added in 2012

30 New Rigs expected to be added in 2012

27

121

0

20

40

60

80

100

2008

2009

2010

2011

2012E

120

140

12

Changing Energy Environment –

Land-Based Drilling

•

•

Increasing focus on oil & liquids rich plays

Increasing focus on oil & liquids rich plays

–

–

Horizontal drilling techniques developed for shale gas have

Horizontal drilling techniques developed for shale gas have

been a “game changer”

been a “game changer”

for oil and liquids rich shales

for oil and liquids rich shales

–

–

Approximately 60% of PTEN operating rigs are drilling for oil

Approximately 60% of PTEN operating rigs are drilling for oil

or liquids

or liquids

–

–

“Fit-for-purpose”

“Fit-for-purpose”

rigs are very active in oil & liquids rich

rigs are very active in oil & liquids rich

plays, but not all oil & liquids rich plays require “fit-for-

plays, but not all oil & liquids rich plays require “fit-for-

purpose”

purpose”

rigs (i.e. Permian and Mississippi Lime)

rigs (i.e. Permian and Mississippi Lime)

•

•

Decreasing Dry Gas Exposure

Decreasing Dry Gas Exposure

–

–

Less than 30 rigs in the US drilling for dry gas under

Less than 30 rigs in the US drilling for dry gas under

contracts that are well-to-well or that have an initial term of

contracts that are well-to-well or that have an initial term of

less than one year

less than one year

–

–

Expect continued rig movement from dry gas to oil and

Expect continued rig movement from dry gas to oil and

liquids rich areas

liquids rich areas

13

PTEN’s Active Rigs in Unconventional Areas

PTEN’s Active Rigs in Unconventional Areas

as of February 2012

as of February 2012

Bakken

20 Rigs

Changing Energy Environment –

Land-Based Drilling

5 Rigs

Piceance

7 Rigs

Marcellus

30 Rigs

Barnett

16 Rigs

Eagle Ford

29 Rigs

Haynesville

23 Rigs

Niobrara

1 Rig

Utica  

4 Rigs

Pinedale

Woodford

6 Rigs

14

Changing Energy Environment –

Land-Based Drilling

PTEN has designed three types of land rigs

PTEN has designed three types of land rigs

for these “new wells”:

for these “new wells”:

•

•

Each designed to meet customer demands in

Each designed to meet customer demands in

different markets

different markets

–

–

Each has specific applications for which it is “most suitable”

Each has specific applications for which it is “most suitable”

•

•

Significance:

Significance:

–

–

Drilling is an integral part of the well “manufacturing”

Drilling is an integral part of the well “manufacturing”

business

business

•Fast drilling and “speedy”

•Fast drilling and “speedy”

rig moves

rig moves

–

–

APEX Walking ™

APEX Walking ™

rigs and APEX 1000™

rigs and APEX 1000™

provide access to

provide access to

certain “challenging well locations”

certain “challenging well locations”

15

Changing Energy Environment –

Land-Based Drilling

APEX 1000™

APEX 1500™

APEX Walking™

•1000 hp

AC drawworks

•Small footprint, big rig

capability

•Fast move & rig-

up

•Walking system is an

optional feature

•1500 hp

AC drawworks

•Great all purpose rig

•Fast move & rig-

up

•Ideal for Eagle Ford,

Barnett, and Haynesville

•1000 to 200 hp

drawworks

•Able to move in all

directions

•Able to “walk”

with mast

up and drill pipe/collars

in the derrick

•A leadership position in

for-

purpose”

rig

category

this “fit-

Changing Energy Environment –

Land-Based Drilling

Video of Walking Rig Moving

Video of Walking Rig Moving

17

Changing Energy Environment –

Land-Based Drilling

•

•

PTEN has approximately 180 other rigs in the fleet

PTEN has approximately 180 other rigs in the fleet

•

•

Approximately 100 of these are active as of February

Approximately 100 of these are active as of February

2012

2012

•

•

As oil and “other liquids”

As oil and “other liquids”

plays emerge, these rigs

plays emerge, these rigs

should be in greater demand

should be in greater demand

18

Changing Energy Environment –

Land-Based Drilling

•

•

PTEN is a “preferred provider”

PTEN is a “preferred provider”

for conventional

for conventional

drilling rigs

drilling rigs

–

–

Major upgrade program has provided:

Major upgrade program has provided:

–

–

PTEN commitment to customers and service

PTEN commitment to customers and service

•

•

PTEN’s large fleet provides substantial

PTEN’s large fleet provides substantial

“upside”

“upside”

if drilling continues to increase

if drilling continues to increase

Improved mud systems

Iron roughnecks and other automation

Enhanced mobility

Major rig refurbishments

19

Changing Energy Environment –

Land-based Drilling

•

•

Long term contracts

Long term contracts

–

–

PTEN expects to average 120 rigs under term

PTEN expects to average 120 rigs under term

contract in 2012 including 131 in the first quarter

contract in 2012 including 131 in the first quarter

–

–

Approximately 60% of active rigs in the US are

Approximately 60% of active rigs in the US are

committed under term contracts

committed under term contracts

–

–

Term contracts have an initial duration of at least

Term contracts have an initial duration of at least

12 months

12 months

–

–

Provides estimated future dayrate drilling revenue

Provides estimated future dayrate drilling revenue

stream of approximately $1.8 billion for 2012 and

stream of approximately $1.8 billion for 2012 and

beyond

beyond

–

–

Continued customer interest in term agreements

Continued customer interest in term agreements

with PTEN

with PTEN

Changing Energy Environment –

Changing Energy Environment –

Well Stimulation

Well Stimulation

PTEN’s

PTEN’s

Pressure

Pressure

Pumping

Pumping

Business

Business

21

Changing Energy Environment –

Well Stimulation

•

•

Changing Significance of Well Stimulation

Changing Significance of Well Stimulation

–

–

Shale and other unconventional plays changed the

Shale and other unconventional plays changed the

business

business

•

•

•

•

•

•

•

•

–

–

Changing equipment (“quints”) and crew

Changing equipment (“quints”) and crew

competencies

competencies

–

–

Key to unlocking long laterals and greatly increased

Key to unlocking long laterals and greatly increased

shale production

shale production

Substantial increases in horizontal completions

Substantial increases in horizontal completions

Increasing number of stages per well

Increasing number of stages per well

Substantially higher HP requirements

Substantially higher HP requirements

Higher pressures and higher volumes

Higher pressures and higher volumes

22

Changing Energy Environment –

Well Stimulation

•

•

Pressure pumping

Pressure pumping

–

–

PTEN has been in the business for more than 30

PTEN has been in the business for more than 30

years

years

–

–

Well positioned for Eagle Ford, Marcellus, and Utica

Well positioned for Eagle Ford, Marcellus, and Utica

shales

shales

–

–

Strong regional management and infrastructure

Strong regional management and infrastructure

–

–

Consistent reputation for customer service and

Consistent reputation for customer service and

operational excellence

operational excellence

–

–

Strong, long-term record of organic growth in

Strong, long-term record of organic growth in

revenue and EBITDA

revenue and EBITDA

23

Changing Energy Environment –

Well Stimulation

Service Areas

Service Areas

Northeast

Region

Southwest

Region

24

Changing Energy Environment –

Well Stimulation

Fracturing Equipment

Fracturing Equipment

Nitrogen /

Nitrogen /

Cement / Acid

Cement / Acid

Unit

Unit

183 Quintiplex

183 Quintiplex

91 Triplex

91 Triplex

130 Pumpers

130 Pumpers

Horsepower

Horsepower

549,500 HP

549,500 HP

81,570 HP

81,570 HP

As of December 31, 2011

As of December 31, 2011

…and Expected as of December 31, 2012

…and Expected as of December 31, 2012

Total of approx. 774,000 HP (based upon current orders)

239 Quintiplex

239 Quintiplex

91 Triplex

91 Triplex

133 Pumpers

133 Pumpers

12/31/2012

12/31/2012

689,500 HP

689,500 HP

84,600 HP

84,600 HP

12/31/2012

12/31/2012

25

Changing Energy Environment –

Well Stimulation

•

•

Shortage of quality equipment & crews has

Shortage of quality equipment & crews has

encouraged long-term contracts in pressure

encouraged long-term contracts in pressure

pumping

pumping

•

•

PTEN has 5 frac crews under term contract

PTEN has 5 frac crews under term contract

–

–

1 in S. Texas

1 in S. Texas

–

–

2 in Permian

2 in Permian

–

–

2 in Marcellus

2 in Marcellus

•

•

Approximately 155,000 HP under term

Approximately 155,000 HP under term

contract

contract

•

•

Currently in negotiations for additional

Currently in negotiations for additional

commitments

commitments

PTEN’s Strategic Approach

PTEN’s Strategic Approach

27

PTEN’s Strategic Approach

•

•

Concentrate on two core businesses

Concentrate on two core businesses

•

•

Plan to continue to grow organically

Plan to continue to grow organically

–

–

PTEN has the balance sheet and expected cash

PTEN has the balance sheet and expected cash

flow to support continued organic growth in both

flow to support continued organic growth in both

businesses

businesses

–

–

Acquisitions

Acquisitions

and

and

dispositions

dispositions

only

only

when

when

the

the

price

price

is

is

right

right

•

•

Customer demand in both businesses support

Customer demand in both businesses support

term contracts

term contracts

–

–

PTEN continuing to enter into term contracts for

PTEN continuing to enter into term contracts for

rigs & frac crews

rigs & frac crews

PTEN Investment

PTEN Investment

Highlights

Highlights

29

PTEN Investment Highlights

Components of

Components of

Total Revenue

Total Revenue

Operating Income

Operating Income

Contract Drilling

Contract Drilling

65%

65%

Pressure

Pressure

Pumping

Pumping

33%

33%

Oil & Natural

Oil & Natural

Gas

Gas

2%

%

Segment ($ in 000’s)

Segment ($ in 000’s)

Contract Drilling

Contract Drilling

$346,083

$346,083

Pressure Pumping

Pressure Pumping

193,440

193,440

Oil & Natural Gas

Oil & Natural Gas

23,982

23,982

Corporate & Other

Corporate & Other

(37,904)

(37,904)

Total

Total

$525,601

$525,601

30

PTEN Investment Highlights

•

No equity sales in more than 11 years

•

History of returning capital to investors

–

Stock Buyback

•

Total of $592 million in 2006 through 2008

–

Cash Dividend

•

Initiated cash dividend in 2004 

•

Quarterly dividend currently $0.05 per share

31

PTEN Investment Highlights

•

•

Leading market position

Leading market position

–

–

One of the “Big 3”

One of the “Big 3”

US land drillers

US land drillers

–

–

One of the largest pressure pumping companies in the US

One of the largest pressure pumping companies in the US

–

–

Well positioned to grow organically and through

Well positioned to grow organically and through

opportunistic acquisition

opportunistic acquisition

•

•

Diverse asset base

Diverse asset base

–

–

Drilling rigs well-matched to customers’

Drilling rigs well-matched to customers’

needs

needs

–

–

Well stimulation assets that meet customers’

Well stimulation assets that meet customers’

needs

needs

•

•

Favorable industry trends

Favorable industry trends

–

–

Emerging shale and unconventional resource plays

Emerging shale and unconventional resource plays

–

–

US land drilling and pressure pumping are major

US land drilling and pressure pumping are major

beneficiaries of these trends

beneficiaries of these trends

32

PTEN Investment Highlights

•

•

Flexible operating model

Flexible operating model

–

–

Maximizes earnings growth during periods of increased

Maximizes earnings growth during periods of increased

activity

activity

–

–

Minimizes costs during periods of low activity

Minimizes costs during periods of low activity

–

–

Strong cash flow generation

Strong cash flow generation

•

•

Strong management team

Strong management team

–

–

Prudent financial management

Prudent financial management

–

–

Operational management that is customer responsive

Operational management that is customer responsive

–

–

Proven track record through numerous cycles

Proven track record through numerous cycles

•

•

Strong financial position

Strong financial position

–

–

Low leverage

Low leverage

–

–

Adequate liquidity to meet medium-term growth and capex

Adequate liquidity to meet medium-term growth and capex

needs

needs

PTEN Investment Highlights

Growth in Shareholder Equity

Growth in Shareholder Equity

The Warren Buffet Standard

The Warren Buffet Standard

33

0

500

1,000

1,500

2,000

2,500

3,000

Thousands

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

500

1,000

1,500

2,000

2,500

3,000

Thousands

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

34

•

•

Favorable trends are likely to persist in North

Favorable trends are likely to persist in North

American oil and natural gas markets

American oil and natural gas markets

•

•

US Land Drilling and Pressure Pumping are major

US Land Drilling and Pressure Pumping are major

beneficiaries of the new trends

beneficiaries of the new trends

•

•

Patterson-UTI has the right assets:

Patterson-UTI has the right assets:

–

–

Drilling rigs well-matched to the customers’

Drilling rigs well-matched to the customers’

needs

needs

–

–

Well stimulation assets that meet customers’

Well stimulation assets that meet customers’

needs

needs

–

–

Operational management that is customer responsive

Operational management that is customer responsive

–

–

Prudent financial management

Prudent financial management

•

•

Long-term record of building shareholder equity 

Long-term record of building shareholder equity 

Conclusions

Patterson-UTI Energy, Inc.

Patterson-UTI Energy, Inc.

Credit Suisse Energy Summit

Credit Suisse Energy Summit

February 8-9, 2012

February 8-9, 2012