Patterson-UTI signs term sheet with ADNOC Drilling for $1.7B unconventional well project in UAE

PATTERSON UTI ENERGY INC

Patterson-UTI subsidiary signs non-binding term sheet to take minority equity stake in Turnwell Industries LLC OPC, formed by ADNOC Drilling.
Turnwell awarded $1.7B contract to drill and complete 144 unconventional wells for ADNOC; SLB also expected to take minority stake.
Patterson-UTI to provide drilling, completion expertise and limited cash for working capital; no initial equipment contribution.
Company reaffirms 2024 capex budget and plan to return at least $400M to shareholders via dividends and buybacks.
Opportunity expected to be capital-efficient with potential for long-term growth in UAE unconventional resource development.

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