This report, as well as other statements we make, contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These “forward-looking statements” involve risk and uncertainty. These forward-looking statements include, without limitation, statements relating to: our plans, goals and strategies with respect to sustainability and environmental matters; improvements in operating procedures and technology, and potential benefits to us therefrom; our efforts to enable our customers to achieve their own ESG goals; revenue and cost expectations; financing of operations; oil and natural gas prices; source and sufficiency of funds required for building new equipment and upgrading existing equipment; demand for our services; competition; government regulation; and other matters. Our forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “aim,” “anticipate,” “believe,” “budgeted,” “commit,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “predict,” “potential,” “project,” “pursue,” “should,” “strategy,” “target,” “will,” or “would,” or the negative thereof and other words and expressions of similar meaning. The forward-looking statements are based on certain assumptions and analyses we make in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Forward-looking statements are aspirational and not guarantees or promises that goals or targets will be met.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from actual future results expressed or implied by the forward-looking statements. These risks and uncertainties include those set forth under “Risk Factors” contained in Part II, Item 1A of our most recent Annual Report on Form 10-K as well as, among others, risks and uncertainties relating to: our inability to reduce our environmental impact and emissions; our inability to perform at desired ESG standards; our inability to develop and deliver equipment, technology and software solutions to enable our customers to achieve their own ESG goals; our inability to realize intended benefits from our ESG strategies and initiatives; adverse oil and natural gas industry conditions; including the rapid decline in crude oil prices as a result of economic repercussions from the COVID-19 pandemic; global economic conditions; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for our services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for our services; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which we do not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; stock price volatility; and compliance with covenants under our debt agreements and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission (“SEC”). The forward-looking statements in this report speak only as of February 28, 2021, and we undertake no obligation to publicly update or revise any forward-looking statement.
This report includes disclosures following the frameworks of the Sustainability Accounting Standards Board Standards and Task Force on Climate-Related Financial Disclosure Recommendations. In our use of certain terms from these frameworks, we are not endorsing or adopting such terms or the definitions thereof as used in one or more of the frameworks. We are not obligating ourselves to use such terms in the ways defined by or used in the frameworks, and we make no representation or warranty as to any such use or definition in the frameworks. For example, with respect to the use of the terms “material” and “materiality” as applied to sustainability issues, we believe that individual companies are best suited to determine what information is “material” under the long-standing U.S. Supreme Court definition of that term and whether to disclose this information in SEC filings.
This report summarizes the performance of Patterson-UTI Energy, Inc. and its consolidated subsidiaries (collectively referred to as “Patterson-UTI,” the “Company,” “us,” “we,” “our” and like terms) in the areas of environmental stewardship, health and safety in the workplace and community and corporate governance. Patterson-UTI Energy, Inc. conducts its business operations through its wholly-owned subsidiaries and has no employees or independent operations. This report does not cover the practices of our vendors, contractors or others unless otherwise noted herein.