<SEC-DOCUMENT>0001564590-18-026983.txt : 20181106
<SEC-HEADER>0001564590-18-026983.hdr.sgml : 20181106
<ACCEPTANCE-DATETIME>20181105192312
ACCESSION NUMBER:		0001564590-18-026983
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20181105
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:		20181106
DATE AS OF CHANGE:		20181105

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:		181161197

	BUSINESS ADDRESS:	
		STREET 1:		10713 WEST SAM HOUSTON PARKWAY NORTH
		STREET 2:		SUITE 800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77064
		BUSINESS PHONE:		2817657100

	MAIL ADDRESS:	
		STREET 1:		10713 WEST SAM HOUSTON PARKWAY NORTH
		STREET 2:		SUITE 800
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77064

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATTERSON ENERGY INC
		DATE OF NAME CHANGE:	19940228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pten-8k_20181105.htm
<DESCRIPTION>PTEN-8-K-COMPENSATION
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K&#160;</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">PURSUANT TO SECTION 13 OR 15(d) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">OF THE SECURITIES EXCHANGE ACT OF 1934 </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported): November 5, 2018<font style="font-weight:normal;">&#160;</font></p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">PATTERSON-UTI ENERGY, INC. </p>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of incorporation)</p></td>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">File Number)</p></td>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">10713 West Sam Houston Pkwy N.,</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Suite 800</p>
<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Houston, Texas</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(281) 765-7100&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Registrant&#8217;s telephone number, including area code) </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 (see General Instruction A.2. below): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))&#160;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (<font style="color:#000000;">&#167;</font>230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (<font style="color:#000000;">&#167;</font>240.12b-2 of this chapter). </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company <font style="color:#000000;font-family:Segoe UI Symbol;">&#9744;</font>&#160;</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="color:#000000;font-family:Segoe UI Symbol;">&#9744;</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</font></p>
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<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:13pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)  On November 5, 2018, the Compensation Committee of the Board of Directors of Patterson-UTI Energy, Inc. (the &#8220;Company&#8221;), reviewed and approved a request by Mark S. Siegel, the Chairman of the Board, to reduce his overall compensation by 50%.&#160; As a result of these changes, Mr. Siegel will be paid a base salary of $400,000, effective as of November 2, 2018, Mr. Siegel&#8217;s cash bonus opportunity for 2018 will be reduced by 50%, and Mr. Siegel&#8217;s future long-term incentive awards will be reduced by 50%. A copy of Mr. Siegel&#8217;s letter requesting the reduction in compensation is attached as Exhibit 99.1 to this Current Report on Form 8-K.</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item&#160;9.01 Financial Statements and Exhibits.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: November 5, 2018 </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:37.97%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November 2, 2018</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.54%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Terry Hunt</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.63%;margin-right:53.38%;text-indent:-0.17%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chairman, Compensation Committee </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.63%;margin-right:53.8%;text-indent:-0.17%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1500 Spring Mill Lane</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.69%;margin-right:56.33%;text-indent:-0.18%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Villanova, Pennsylvania 19085 </p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.69%;margin-right:62.87%;text-indent:-0.18%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Terry:</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As you know, for more than twenty years as Executive Chairman of the Board, I have led the development of UTI Energy Corp. and then Patterson-UTI Energy, Inc. (PTEN or the "Company"). Our Company has experienced a remarkable transformation during this time period, and I take great pride in providing the vision for, and overseeing the execution of, the strategies that have led us to where our great Company is today. With that backdrop, I write to request an immediate, substantial <font style="font-style:italic;">decrease </font>in my compensation. For many reasons, the background for my request needs to be stated.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I know we both well recall that when you first asked me to join the Board of UTI Energy Corp. (a predecessor to PTEN), that Company's total enterprise value was approximately $16 million, and neither UTI (nor PTEN) were significant participants in either the US contract drilling or pressure pumping industries.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Working with talented executives, managers, and an excellent Board of Directors, we transformed the current Company into leadership positions in US drilling, pressure pumping, and directional drilling. Over that more than twenty year period, we have:</p>
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<p style="margin-top:12pt;margin-bottom:0pt;color:#202020;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#202020;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;color:#202020;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="color:#000000;">Created a Company with an internationally recognized brand that stands for: (a) leadership in its industries, (b) providing efficient, cost-effective services for its customers, and (c) being an employer of choice for workers in the oil services industries; and</font></p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;color:#202020;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#202020;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;color:#202020;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="color:#000000;">Closed more than 45 acquisitions, including two transactions with a value of over $1 billion, and generated significant organic growth as well; and</font></p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">Completely changed our strategy to meet the changing needs of our customers as the drilling and pressure pumping industries changed; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">Become financially stronger - achieving an investment grade rating on our debt - despite wild fluctuations in the prices of oil and natural gas that bankrupted many competitors; and</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</font></p></td>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">Seen our enterprise value rise so that it is roughly 280 times greater than when I first became involved with the predecessor Company.</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Terry<font style="letter-spacing:-1.75pt;"> </font>Hunt</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November 2, <font style="letter-spacing:-2.35pt;"> </font>2018</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Page 2</a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As the Company's Executive Chairman, I also recruited two CEOs during this twenty year period</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, and helped recruit a new CFO. </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With our current Team, I believe our Company has the best management team it has ever </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">had.</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moreover, from top to bottom, we are all proud of our reputation as a Company that stands for "principled leadership".</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Against this backdrop of substantial success, the Company's receipt this year of a negative "say-on-pay" vote - after always receiving at least 75% favorable vote - was both stunning, and overwhelmingly distressing - on both a personal and professional level. As you are well aware, the negative vote was based on a number of factors, including: (i) the second bonus paid by the Company in connection with the Seventy-Seven transaction, (ii) disappointing total shareholder returns over the most recent <font style="font-style:italic;">short-term </font>periods, (iii) the view that more of the Company's long-term compensation should be tied to financial performance metrics, and finally, (iv) the view that the Company should not have both a well-compensated CEO and Executive Chairman ("EC").</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As to the last issue - compensation for the Executive Chairman - we both found this frustrating because PTEN has had this structure in place since the merger of PTEN and UTI approximately seventeen years ago. Moreover, as you know, the Compensation Committee has considered rigorously both the work performed by, and the compensation for, each of the CEO and EC in making its decisions for 2017, as well as how our compensation plans should be structured to achieve Company goals. These decisions were not made in a vacuum; to the contrary, they were based on advice given to the Compensation Committee by its outside and independent compensation consultant, Pearl Meyer &amp; Partners, which is one of the leaders in advising public company boards on compensation for their executive management.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">My desire now, as it has always been, is to do what is best for the Company. Accordingly, to make the process simpler, I would like to take the issue of the level of my compensation as Executive Chairman off the table by reducing my compensation by half going forward. My concern for the reputation of the Company, as well as for my reputation, compels me to request this immediate change in my compensation. Irrespective of my contributions, I don't want my compensation ever to be a factor in any future "say-on-pay" vote.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accordingly, please reduce my salary, effective immediately, by 50%, and likewise, reduce my potential bonus opportunity for 2018 by 50%. I would also appreciate your reducing any long-term incentive compensation that might be granted to me in future years by 50%. I am making this request today not because I think what we had done in the past was wrong, but rather because it is the right thing to do today in light of all that has occurred.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While my compensation will be reduced, you have my commitment that I will continue to work just as hard as I have during the past twenty-three plus years - with total dedication to the Company's long-term success. I will continue to focus on keeping our strategies sound and our execution strong. </p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a>A few additional comments are in order. I believe that your efforts, along with </p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Terry<font style="letter-spacing:-1.75pt;"> </font>Hunt</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November 2, <font style="letter-spacing:-2.35pt;"> </font>2018</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Page 3</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">those of our lead director, Curtis Huff, in seeking counsel from Frederic W. Cook &amp; Co., Inc. ("Cook"), another leading compensation consultant, was a very constructive step to restoring shareholders' approval of PTEN's executive compensation </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">program.</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I am also pleased that Cook believes that my requested 50% diminution in compensation should put to rest shareholder concerns regarding employment of two highly paid senior executives - i.e., a CEO and an EC.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Together with other members of the Executive Management Team, I also strongly support the additional changes that the Compensation Committee is contemplating; i.e., we strongly support enhanced financial metrics as substantial components of the long-term incentive policy, and stating our intention not to award a "second" cash bonus for executive management for completing a transaction.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:8.35%;text-indent:7.59%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In closing, and most importantly, the Executive Management Team is totally committed to generating top-tier financial performance for our shareholders. We expect nothing less of ourselves.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11.5pt;font-family:Courier New;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="gnxlqlicmx0h000002.jpg" title="" alt="" style="width:188px;height:52px;"></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mark S. Siegel</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Executive Chairman of the </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Board of Directors</p></td>
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