---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-058160"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2024-05-13T23:59:59+00:00"
generated_at: "2026-06-02T03:04:57.444360+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-058160
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2024-05-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000095017024058160/0000950170-24-058160-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000095017024058160/pten-20240513.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-058160
- JSON: https://secwatch.observer/filing/0000950170-24-058160.json
- Plain text: https://secwatch.observer/filing/0000950170-24-058160.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.