<SEC-DOCUMENT>0001299933-12-000671.txt : 20120316
<SEC-HEADER>0001299933-12-000671.hdr.sgml : 20120316
<ACCEPTANCE-DATETIME>20120316065807
ACCESSION NUMBER:		0001299933-12-000671
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120314
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120316
DATE AS OF CHANGE:		20120316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATTERSON UTI ENERGY INC
		CENTRAL INDEX KEY:			0000889900
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				752504748
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22664
		FILM NUMBER:		12695695

	BUSINESS ADDRESS:	
		STREET 1:		4510 LAMESA HWY
		STREET 2:		P O DRAWER 1416
		CITY:			SNYDER
		STATE:			TX
		ZIP:			79549
		BUSINESS PHONE:		9155731104

	MAIL ADDRESS:	
		STREET 1:		P O DRAWER 1416
		CITY:			SNYDER
		STATE:			TX
		ZIP:			79550

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATTERSON ENERGY INC
		DATE OF NAME CHANGE:	19940228
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<TITLE> Patterson-UTI Energy, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	March 14, 2012
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	Patterson-UTI Energy, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	0-22664
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	75-2504748
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_____________________<BR>
	(State or other jurisdiction
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	of incorporation)
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	Identification No.)
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	450 Gears Road, Suite 500, Houston, Texas
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	77067
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_________________________________<BR>
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	281-765-7100
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	Not Applicable
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	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On March 16, 2012, Patterson-UTI Energy, Inc. (the "Company") announced that Douglas J. Wall has informed the Company's Board of Directors of his intention to retire as President and Chief Executive Officer later this calendar year.  The Term Sheet for Mr. Wall relating to his intended retirement is attached as Exhibit 99.2 hereto.<br><br>On March 16, 2012, the Company announced that William Andrew Hendricks, Jr., 47, accepted an appointment to become the Company's Chief Operating Officer.  His employment is expected to commence on April 2, 2012.  Mr. Hendricks comes from Schlumberger Limited, an oilfield services company, where he served since 2010 as President, Schlumberger Drilling and Measurements.  From 2009 to 2010, Mr. Hendricks served as Vice President of Schlumberger's Subsea division, where he was responsible for developing a collection of acquired and new businesses and leading the corporate subsea strategy initiatives.  During the first half of 2009, Mr. Hendricks held a position of Organization Architect, where he was responsible for evaluating and recommending changes to the company's global organization matrix.  From 1990 to 2009, Mr. Hendricks held various management positions with domestic and international Schlumberger divisions, including as Vice President and General Manager of Schlumberger Oilfield Services' Western U.S. Business Unit from 2007 to 2008.  It is expected that Mr. Hendricks will assume the position of President and Chief Executive Officer of the Company, upon Mr. Wall's retirement.<br><br>Effective upon the commencement of his employment with the Company, Mr. Hendricks will receive grants of options to purchase 100,000 shares of the Company's common stock at an exercise price equal to the closing stock price on the grant date and 100,000 shares of restricted stock.  The options and restricted stock will be granted under the Company's 2005 Long-Term Incentive Plan.  The restricted stock will vest in three equal annual installments and the options would vest as follows:  33,333 shares on April 24, 2013 and thereafter, 2,778 shares each month beginning on May 24, 2013 through the twenty-third monthly anniversary date from April 24, 2013 and 2773 shares on the twenty-fourth monthly anniversary date from April 24, 2013.  In addition, Mr. Hendricks' base salary will be $450,000 per year, and his discretionary target annual bonus amount for 2012 will be $800,000, which will be determined by the Compensation Committee of the Company's Board of Directors and paid at the same time in 2013 as other senior executives of the Company.  Mr. Hendricks also will be paid a starting bonus of $275,000 payable promptly following the commencement of his employment.  Mr. Hendricks will enter into a Severance Agreement providing, in general, that in the event his employment is terminated by the Company without cause at any time during the first three years of his employment by the Company, then he will be paid the sum of $750,000 within 30 days following such termination.  Mr. Hendricks will also enter into a Change in Control Agreement and an Indemnity Agreement in substantially the forms executed by other senior executives of the Company and described in the Company's proxy statement for its 2011 annual meeting of stockholders filed with the SEC on April 18, 2011.  Mr. Hendricks will not be entitled to a tax gross-up for the excise tax imposed on excess parachute payments.  The form of offer letter to Mr. Hendricks is attached as Exhibit 99.3 hereto.
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits<br><br>99.1  Press Release dated March 16, 2012.<br><br>99.2  Term Sheet for Douglas J. Wall.<br><br>99.3  Form of Offer Letter to William Andrew Hendricks, Jr.
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Patterson-UTI Energy, Inc.
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	March 16, 2012
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	John E. Vollmer III
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	Name: John E. Vollmer III
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	Title: Senior Vice President - Corporate Development, Chief Financial Officer and Treasurer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	99.1
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Press Release dated March 16, 2012.
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Term Sheet for Douglas J. Wall.
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	99.3
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Form of Offer Letter to William Andrew Hendricks, Jr.
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;99.1</B></FONT>



<P align="right" style="font-size: 12pt">Contact:<BR>
Mike Drickamer<BR>
Director, Investor Relations<BR>
Patterson-UTI Energy, Inc.<BR>
(281)&nbsp;765-7170



<P align="center" style="font-size: 12pt"><FONT style="font-size: 16pt"><B>Patterson-UTI Energy Announces Appointment of<BR>
Andy Hendricks as Chief Operating Officer and Planned Retirement of Doug Wall, CEO</B></FONT>



<P align="left" style="font-size: 16pt; text-indent: 4%"><FONT style="font-size: 12pt"><B>HOUSTON, Texas &#150; March&nbsp;16, 2012 &#150; PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) </B>today
announced that William Andrew (&#147;Andy&#148;) Hendricks, Jr., 47, will join Patterson-UTI as Chief
Operating Officer on April&nbsp;2, 2012. Mr.&nbsp;Hendricks comes from Schlumberger Limited where he has
served since 2010 as President, Schlumberger Drilling and Measurements. As Division President,
Andy has had responsibility for a multi-billion dollar global business unit with thousands of
employees worldwide. In addition, the Company today announced that Doug Wall, President and Chief
Executive Officer, has informed the Company&#146;s Board of Directors of his intention to retire later
this calendar year, and it is expected that Mr.&nbsp;Hendricks will assume the position of President and
Chief Executive Officer upon Mr.&nbsp;Wall&#146;s retirement.
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;We are delighted that Andy has accepted our offer to join Patterson-UTI Energy as Chief
Operating Officer,&#148; stated Mark Siegel, Chairman. &#147;He brings to our company a wealth of experience
gleaned from many years with one of the premier companies in the field. Over the course of a
24-year career at Schlumberger, Andy has been asked to take on numerous positions of increasing
responsibility and complexity, and he has a proven track record of business growth, efficiency
improvements and increases in profitability in these assignments. Moreover, at Schlumberger, Andy
has had significant experience in shaping strategic direction. We expect his knowledge and
experience to help us substantially in the future.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">Mr.&nbsp;Siegel added, &#147;Andy&#146;s vast experience successfully managing diverse businesses &#150;
businesses with technology and geographic challenges &#150; demonstrate his ability to lead and manage.
We believe this experience and leadership ability make him the right person to help us execute our
current strategic plan of continuing to grow our two core businesses &#150; Land Drilling and Pressure
Pumping in North America.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">Mr.&nbsp;Siegel further added, &#147;Doug came to us and indicated that he felt that it was time for him
to move on to the next phase in his life. We greatly appreciate the excellent leadership that he
has provided; during his tenure, our company has made enormous strides. Our APEX&#153; rig programs,
which numbered six rigs when he arrived, now stand at 94 new APEX&#153; rigs. Within our overall fleet
of approximately 330 marketable rigs, we now have approximately 150 that are highly capable of
drilling shale and other unconventional plays. Moreover, during his tenure, we have more than
quadrupled our pressure pumping fleet and significantly expanded the geographic footprint of our
pressure pumping business. Even more important, under Doug&#146;s direction we have significantly
improved our overall management team.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;We are delighted that Doug will continue as CEO until his retirement later this year, which
will provide Andy with an opportunity to understand our company and all of its important
constituents &#150; customers, employees and investors. In addition, Doug has agreed to remain with
the company as a consultant for two years following his tenure as CEO and this will further ensure
that the transition is smooth and that we continue to benefit from Doug&#146;s extensive experience,&#148;
Mr.&nbsp;Siegel concluded.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;I am looking forward to working closely with Andy as we expand upon what we have
accomplished,&#148; stated Doug Wall. &#147;He has an impressive track record and has demonstrated his
ability to successfully undertake complex and challenging assignments in our industry. I am
certainly glad to have him on our team.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">Mr.&nbsp;Hendricks was born and raised in the Dallas area and attended Texas A&M University,
receiving a Bachelor of Science degree in Petroleum Engineering in 1987. He also completed
executive finance training at IMD in Switzerland in 2008. Mr.&nbsp;Hendricks started his career
working for Ocean Drilling and Exploration Company as a roustabout and roughneck on Ocean Spur
jack-up rig in the Gulf of Mexico.


<P align="left" style="font-size: 12pt"><B>About Patterson-UTI</B>
<BR>
Patterson-UTI Energy, Inc. subsidiaries provide onshore contract drilling and pressure pumping
services to exploration and production companies in North America. Patterson-UTI Drilling Company
LLC has approximately 330 marketable land-based drilling rigs and operates primarily in the oil and
natural gas producing regions of Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi,
Colorado, Utah, Wyoming, Montana, North Dakota, Pennsylvania, West Virginia, Ohio and western
Canada. Universal Pressure Pumping, Inc. and Universal Well Services, Inc. provide pressure pumping
services primarily in Texas and the Appalachian region.


<P align="left" style="font-size: 12pt"><I>Statements made in this press release which state the Company&#146;s or management&#146;s intentions,
beliefs, expectations or predictions for the future are forward-looking statements. It is important
to note that actual results could differ materially from those discussed in such forward-looking
statements. Important factors that could cause actual results to differ materially include, but are
not limited to, deterioration of global economic conditions, declines in customer spending and in
oil and natural gas prices that could adversely affect demand for the Company&#146;s services, and their
associated effect on rates, utilization, margins and planned capital expenditures, excess
availability of land drilling rigs and pressure pumping equipment, including as a result of
reactivation or construction, adverse industry conditions, adverse credit and equity market
conditions, difficulty in integrating acquisitions, shortages of labor, equipment, supplies and
materials, supplier issues, weather, loss of key customers, liabilities from operations,
governmental regulation and ability to retain management and field personnel. Additional
information concerning factors that could cause actual results to differ materially from those in
the forward-looking statements is contained from time to time in the Company&#146;s SEC filings, which
may be obtained by contacting the Company or the SEC. These filings are also available through the
Company&#146;s web site at </I><U><I>http://www.patenergy.com</I></U><I> or through the SEC&#146;s Electronic Data
Gathering and Analysis Retrieval System (EDGAR)&nbsp;at </I><U><I>http://www.sec.gov</I></U><I>. We undertake no
obligation to publicly update or revise any forward-looking statement.</I>



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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;99.2</B></FONT>



<P align="center" style="font-size: 12pt">March&nbsp;14, 2012



<P align="left" style="font-size: 12pt">Douglas J. Wall
<BR>
c/o Patterson-UTI Energy, Inc.
<BR>
450 Gears Road, Suite&nbsp;500
<BR>
Houston, Texas 77067


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    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Re: Term Sheet for Employment Agreement with Patterson-UTI Energy, Inc. (&#147;Patterson-UTI&#148;).</TD>
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<P align="left" style="font-size: 12pt">Dear Doug:


<P align="left" style="font-size: 12pt; text-indent: 4%">As you know, Patterson-UTI is in the process of hiring a Chief Operating Officer. We
understand that it is currently your intention to retire as President and Chief Executive Officer
of Patterson-UTI later this calendar year. This letter confirms the proposed material terms of an
employment agreement between you and Patterson-UTI to be effective upon your retirement, as
follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">(1)&nbsp;<U>Effective Date and Term</U>. The effective date of the employment agreement would be
the effective date of your retirement as President and Chief Executive Officer of Patterson-UTI
(the &#147;Retirement Date&#148;). The agreement would have a term of two years from the Retirement Date,
subject to early termination by Patterson-UTI for &#147;cause&#148; or upon your death or disability.


<P align="left" style="font-size: 12pt; text-indent: 4%">(2)&nbsp;<U>Duties and Responsibilities</U>. You would make yourself available to Patterson-UTI
for an average of 40 hours per calendar month to render such advice and assistance as we may
reasonably request, including (i)&nbsp;advising the Chief Executive Officer with respect to our business
affairs; (ii)&nbsp;assisting us with personnel and customer matters and (iii)&nbsp;any other matters
reasonably requested by the Chief Executive Officer or the Board.


<P align="left" style="font-size: 12pt; text-indent: 4%">(3)&nbsp;<U>Compensation</U>. Your salary would be $250,000 per annum. You also would be
reimbursed for appropriately documented, reasonable travel and other business expenses incurred by
you while performing your job duties, in accordance with the policies and requirements established
by Patterson-UTI from time to time. You also would be entitled to continue to participate, at your
election, in the Company&#146;s medical plan on the same basis as other employees, including your
obligation to pay premiums.


<P align="left" style="font-size: 12pt; text-indent: 4%">(4)&nbsp;<U>Proprietary Information</U>. The agreement would contain appropriate protections of
our proprietary information, as well as non-disparagement provisions regarding Patterson-UTI and
its business.


<P align="left" style="font-size: 12pt; text-indent: 4%">(5)&nbsp;<U>Non-Compete</U>. The agreement would contain customary provisions restricting your
ability to compete with Patterson-UTI during the term of the agreement and for a period of eighteen
months following termination of employment.


<P align="left" style="font-size: 12pt; text-indent: 4%">(6)&nbsp;<U>2012 EBITDA Bonus</U>. You would be entitled to continue to participate in our 2012
annual EBITDA-based cash bonus incentive plan in the same manner as if you had remained the Chief
Executive Officer through December&nbsp;31, 2012.


<P align="left" style="font-size: 12pt; text-indent: 4%">(7)&nbsp;<U>Equity Awards</U>. The agreement would not affect the treatment of outstanding equity
awards, which would continue to vest in accordance with their terms through the term of the
respective agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">(8)&nbsp;<U>Change in Control Agreement and Other Benefits</U>. Your change in control agreement
would be superseded by the agreement and would no longer be in effect. Except as specifically
provided in numbered paragraphs 3, 6 and 7 of this letter, your right to participate in any benefit
plan, program or arrangement of the Company, including without limitation, any 401(k), short-term
disability, long&#150;term disability, life insurance plan, program or arrangement, will cease on the
Retirement Date.


<P align="left" style="font-size: 12pt; text-indent: 4%">(9)&nbsp;<U>Release</U>. The agreement would include a release by you of all employment-related
claims against Patterson-UTI and its directors, officers and affiliates (other than claims for
indemnification or vested employee benefits or claims arising under the agreement).


<P align="left" style="font-size: 12pt; text-indent: 4%">The agreement, of course, is subject to final documentation and to approval by our Board of
Directors and Compensation Committee thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">Doug, please let me know, as soon as it is convenient for you, whether the terms set forth
above are acceptable to you.


<P align="left" style="font-size: 12pt; text-indent: 23%">Very truly yours,


<P align="left" style="font-size: 12pt; text-indent: 23%">Mark S. Siegel


<P align="left" style="font-size: 12pt; text-indent: 23%">Chairman of the Board



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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;99.3</B></FONT>



<P align="center" style="font-size: 12pt">March&nbsp;14, 2012



<P align="left" style="font-size: 12pt">Mr.&nbsp;William Andrew Hendricks, Jr.
<BR>
3602 Biarritz Ct.
<BR>
Houston, Texas 77082


<P align="left" style="font-size: 12pt">Re: Employment with Patterson-UTI Energy, Inc. (&#147;Patterson-UTI&#148;).


<P align="left" style="font-size: 12pt">Dear Andy:


<P align="left" style="font-size: 12pt; text-indent: 4%">As you know, we would be delighted for you to become the Chief Operating Officer of
Patterson-UTI. This letter confirms the material terms of your employment with Patterson-UTI, as
follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">(1)&nbsp;<U>Job Title</U>. Your job title will be Chief Operating Officer.


<P align="left" style="font-size: 12pt; text-indent: 4%">(2)&nbsp;<U>Start Date</U>. Your start date will be determined by mutual agreement, but not later
than April&nbsp;24, 2012. I am pleased that you would like to start as soon as possible, and that you
are targeting a start date of April&nbsp;2, 2012.


<P align="left" style="font-size: 12pt; text-indent: 4%">(3)&nbsp;<U>Compensation</U>. Your base salary will be $450,000 per annum. Your discretionary
target annual bonus amount for 2012 will be $800,000, which shall be determined by the Compensation
Committee and paid at the same time in 2013 as other senior executives. Patterson-UTI will
reimburse you for your COBRA costs until you are eligible to participate in Patterson-UTI&#146;s medical
plan.


<P align="left" style="font-size: 12pt; text-indent: 4%">(4)&nbsp;<U>Starting Bonus</U>. You will be paid a starting bonus of $275,000, which shall be
payable promptly following the commencement of your employment.


<P align="left" style="font-size: 12pt; text-indent: 4%">(5)&nbsp;<U>Employment Term</U>. Your employment is at-will. You will receive a Severance
Agreement, which provides, in essence, that in the event your employment is terminated by
Patterson-UTI without cause at any time during the first three years of your employment by the
Company, then you will be paid the sum of $750,000 within 30&nbsp;days following such termination.


<P align="left" style="font-size: 12pt; text-indent: 4%">(6)&nbsp;<U>Grant of Restricted Shares.</U> The Chairman of the Compensation Committee has
approved, subject to the approval of the full Committee, a grant to you on your start date of
100,000 shares of restricted stock. The restricted shares would vest in three installments: the
first 33,333 shares vesting on April&nbsp;24, 2013, the second 33,333 shares vesting on April&nbsp;24, 2014,
and the final 33,334 shares vesting on April&nbsp;24, 2015. The award of the shares of restricted stock
would be subject to the terms and conditions of the Patterson-UTI Energy, Inc. 2005 Long-Term
Incentive Plan, as amended, and your execution of the Company&#146;s standard Restricted Stock Award
Agreement for Executive Officers.


<P align="left" style="font-size: 12pt; text-indent: 4%">(7)&nbsp;<U>Grant of Option</U>. The Chairman of the Compensation Committee has approved, subject
to the approval of the full Committee, a grant to you on your start date of an option to purchase
100,000 shares of Patterson-UTI common stock at a price per share equal to the closing price of
Patterson-UTI common stock on that date. The option would vest as follows: 33,333 shares on April
24, 2013 and thereafter, 2,778 shares each month beginning on May&nbsp;24, 2013 through the twenty-third
monthly anniversary date from April&nbsp;24, 2013, and 2,773 shares on the twenty-fourth monthly
anniversary date from April&nbsp;24, 2013. The option would be subject to the terms and conditions of
the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended, and your execution of the
Company&#146;s standard Option Award Agreement for Executive Officers.


<P align="left" style="font-size: 12pt; text-indent: 4%">(8)&nbsp;<U>Employee Benefits</U>. You shall have the right to participate in Patterson-UTI&#146;s
employee benefit plans available to its other senior executives.


<P align="left" style="font-size: 12pt; text-indent: 4%">(9)&nbsp;<U>Indemnity</U>. You will have an Indemnity Agreement in substantially the same form and
substance as indemnity agreements provide by Patterson-UTI to its other senior executives.


<P align="left" style="font-size: 12pt; text-indent: 4%">(10)&nbsp;<U>Change in Control</U>. You will have a Change in Control Agreement in substantially
the same form and substance as change in control agreements provided by Patterson-UTI to its other
senior executives such as Doug Wall and me.


<P align="left" style="font-size: 12pt; text-indent: 4%">(11)&nbsp;<U>Expenses</U>. You shall receive reimbursement for reasonable expenses incurred by you
while performing your job duties, in accordance with the policies and requirements established by
Patterson-UTI from time to time.


<P align="left" style="font-size: 12pt; text-indent: 4%">Your appointment as Chief Operating Officer of Patterson-UTI is, of course, subject to
approval by our Board of Directors, and the other terms are subject to formal approval by the full
Compensation Committee. Please also note that the references in this letter to agreements and
benefits being in form and substance as other executives are subject to modifications that may be
necessary to comply with current laws and other guidelines.


<P align="left" style="font-size: 12pt; text-indent: 4%">As I have previously expressed to you, the entire management team is excited about the
prospect of your joining our team, and we look forward to working with you.


<P align="left" style="font-size: 12pt; text-indent: 4%">Andy, please let me know, as soon as it is convenient for you, whether the terms set forth
above are acceptable to you.


<P align="left" style="font-size: 12pt; text-indent: 23%">Very truly yours,


<P align="left" style="font-size: 12pt; text-indent: 23%">Mark S. Siegel


<P align="left" style="font-size: 12pt; text-indent: 23%">Chairman of the Board



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