secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-01-03T23:59:59+00:00
Accession:  0000950170-23-000012
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Patterson-UTI names James Holcomb COO, promotes Mike Garvin to President of Drilling unit
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- Holcomb appointed COO effective Jan 1, 2023; base salary $500K, 3-year employment agreement.
- 2023 long-term incentive target set at $1.5M; annual bonus target 100% of base salary.
- Mike Garvin promoted to President of Patterson-UTI Drilling Company LLC.
- Holcomb has over 35 years of drilling experience and previously served as President of Drilling unit.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017023000012/0000950170-23-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017023000012/pten-20230101.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-000012

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer