<SEC-DOCUMENT>0001299933-13-002185.txt : 20131218
<SEC-HEADER>0001299933-13-002185.hdr.sgml : 20131218
<ACCEPTANCE-DATETIME>20131218071555
ACCESSION NUMBER:		0001299933-13-002185
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131217
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131218
DATE AS OF CHANGE:		20131218

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:		131283923

	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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<TYPE>8-K
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<FILENAME>htm_49004.htm
<DESCRIPTION>LIVE FILING
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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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	&nbsp;
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	December 17, 2013
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	Patterson-UTI Energy, Inc.
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<BR>__________________________________________<BR>
	(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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_____________<BR>
	(Commission
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	(I.R.S. Employer
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	of incorporation)
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	File Number)
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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>
	(Address of principal executive offices)
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	281-765-7100
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	Not Applicable
<BR>______________________________________________<BR>
	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 8.01 Other Events.
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On December 17, 2013, Patterson-UTI Energy, Inc. (the "Company") determined that it will incur a pretax non-cash charge of approximately $37.8 million (or an estimated $24.0 million after-tax) related to its mechanically powered rig fleet.  This charge reflects the recent shift in customer demand away from mechanically powered drilling rigs to electric powered drilling rigs.  The Company does not expect that the non-cash charge will result in future cash expenditures.<br><br>This pretax non-cash charge includes $7.9 million from the retirement of 48 of its mechanical drilling rigs and certain spare parts in the fourth quarter of 2013. These rigs are primarily smaller mechanical units with an average horsepower rating of 731.  This pretax non-cash charge also includes $29.9 million associated with the Company&#x2019;s 55 mechanical rigs that are not currently under contract.  Although these 55 rigs remain marketable, the Company has lower expectations with respect to utilization of these rigs due to the industry shift to high-spec drilling rigs, such as our APEX&#174; rigs.<br>  <br>Although some components of the 48 rigs retired may be sold at auction, the Company expects that the majority of the components of these rigs will be transferred to spare parts inventory and be available to support other rigs in the fleet.<br>  <br>The Company also announced today that its Board of Directors has scheduled the Company&#x2019;s 2014 Annual Meeting of Stockholders for April 17, 2014. The Board has set a record date for the 2014 Meeting of February 20, 2014. Since the 2014 Meeting will occur more than 30 days prior to the anniversary of the Company&#x2019;s prior Annual Meeting of Stockholders held on June 5, 2013, the Board has set a new deadline for the receipt of shareholder proposals. For business to be properly brought before the 2014 Meeting by any shareholder, and for a nomination of directors to be made by a shareholder, notice must be received by the Company in proper written form, in accordance with the Company&#x2019;s Second Amended and Restated Bylaws, no later than December 28, 2013.
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	Item 9.01 Financial Statements and Exhibits.
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(d) The following exhibit is furnished herewith:<br><br>99.1 Press Release dated December 18, 2013 Announcing Non-Cash Charge on Mechanical Drilling Rigs and 2014 Annual Meeting Matters.
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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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<I>
	December 18, 2013
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	By:
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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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	&nbsp;
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Press Release dated December 18, 2013 Announcing Non-Cash Charge on Mechanical Drilling Rigs and 2014 Annual Meeting Matters
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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="left" style="font-size: 12pt">Contact: 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: 14pt"><B>Patterson-UTI Energy Announces Non-Cash Charge on Mechanical Drilling Rigs and 2014 Annual<BR>
Meeting Matters</B></FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt"><B>HOUSTON, Texas &#150; December&nbsp;18, 2013 &#150; PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) </B>today announced
that it will incur a pretax non-cash charge of approximately $37.8&nbsp;million (or an estimated $24.0
million after-tax) related to its mechanically powered rig fleet. This charge reflects the recent
shift in customer demand away from mechanically powered drilling rigs to electric powered drilling
rigs.
</FONT>

<P align="left" style="font-size: 12pt">This pretax non-cash charge includes $7.9&nbsp;million from the retirement of 48 of its mechanical
drilling rigs and certain spare parts in the fourth quarter of 2013. These rigs are primarily
smaller mechanical units with an average horsepower rating of 731.&nbsp; This pretax non-cash charge
also includes $29.9&nbsp;million associated with the Company&#146;s 55 mechanical rigs that are not currently
under contract. Although these 55 rigs remain marketable, the Company has lower expectations with
respect to utilization of these rigs due to the industry shift to high-spec drilling rigs, such as
our APEX</FONT><FONT style="font-size: 10pt">&#174;</FONT><FONT style="font-size: 12pt"> rigs.
</FONT>

<P align="left" style="font-size: 12pt">Although some components of the 48 rigs retired may be sold at auction, the Company expects that
the majority of the components of these rigs will be transferred to spare parts inventory and be
available to support other rigs in the fleet.


<P align="left" style="font-size: 12pt">The Company also announced today that its Board of Directors has scheduled the Company&#146;s 2014
Annual Meeting of Stockholders for April&nbsp;17, 2014. The Board has set a record date for the 2014
Meeting of February&nbsp;20, 2014.&nbsp;Since the 2014 Meeting will occur more than 30&nbsp;days prior to the
anniversary of the Company&#146;s prior Annual Meeting of Stockholders held on June&nbsp;5, 2013, the Board
has set a new deadline for the receipt of shareholder proposals.&nbsp;For business to be properly
brought before the 2014 Meeting by any shareholder, and for a nomination of directors to be made by
a shareholder, notice must be received by the Company in proper written form, in accordance with
the Company&#146;s Second Amended and Restated Bylaws, no later than December&nbsp;28, 2013.


<P align="left" style="font-size: 12pt"><B>About Patterson-UTI</B>


<P align="left" style="font-size: 12pt">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 and its subsidiaries have more than 275 marketable land-based drilling rigs and operate
primarily in oil and natural gas producing regions in the continental United States, Alaska, and
western and northern 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">Location information about the Company&#146;s drilling rigs and their individual inventories is
available through the Company&#146;s website at <U>www.patenergy.com</U>.


<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, changes in
technology and efficiencies, 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 http://www.patenergy.com or through the SEC&#146;s
Electronic Data Gathering and Analysis Retrieval System (EDGAR)&nbsp;at http://www.sec.gov. We undertake
no obligation to publicly update or revise any forward-looking statement.</I>



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