secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2024-09-30T23:59:59+00:00
Accession:  0000889900-24-000010
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patterson-UTI to take 15% stake in ADNOC Drilling JV for 144-well unconventional project
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- Patterson-UTI subsidiary signs JV agreement; will hold 15% minority equity in Turnwell, formed by ADNOC Drilling.
- Turnwell awarded contract to drill and complete 144 unconventional wells for Abu Dhabi National Oil Company (ADNOC).
- ADNOC Drilling holds 55% majority, SLB 30%; Patterson-UTI provides drilling expertise and limited cash for working capital.
- CEO Andy Hendricks says JV offers capital-efficient expansion into Middle East unconventional market.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000010/0000889900-24-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000010/pten-20240930.htm
  HTML page:      https://secwatch.observer/filing/0000889900-24-000010

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