Patterson-UTI Energy, Inc. Acquisition of Ulterra Drilling Technologies, L.P. July 5, 2023
Ulterra Drilling Technologies Who is Ulterra Ulterra specializes in polycrystalline diamond compact (PDC) drill bits Global footprint Leader in drill bit technology innovation Experienced engineering and manufacturing A market…
Benefits to Patterson-UTI Strengthens position as leading provider of drilling and completion services in the United States Ulterras PDC technology is complementary to Patterson-UTIs contract drilling, directional drilling services,…
Transaction Overview Consideration Acquisition includes 370 million of cash plus 34.9 million shares of Patterson-UTI common stock Purchase is on a debt-free basis Patterson-UTI plans to fund the cash consideration using a…
Strategic Rationale: Consistent Cultures of Innovation Patterson-UTI and Ulterra employ similar strategies to develop, market and sell their respective products and services Technology-focused sales approach Technical Sales engineers…
Ulterras Global Expansion Competes in major drilling regions with dedicated sales teams and repair facilities supporting customers in over 30 countries Ulterra international revenue outside of NAM represents a significant growth…
PDC Drill Bit Overview Polycrystalline Diamond Compact (PDC) Drill Bits Represent 90% of the bits used in the U.S. oil & gas industry Drill bits drive drilling speed (ROP), duration (footage drilled) and tool face control (staying…
Comprehensive PDC Drill Bit Offering Ulterra innovates and introduces key drill bit technologies that solve customer problems Ulterra designs, manufactures, sells and rents matrix and steel-bodied PDC drill bits. Bits are typically…
Ulterra: Mission-Critical Technology Delivering Significant Value Ulterras bits represent a small fraction of Drill Bits are Mission-Critical Ulterra vs. Competitors ROP 12.25 well costs but deliver substantial value through higher ROP…
Advanced Manufacturing & Repair Capabilities Global Manufacturing & Repair Facilities Rapid prototyping at scale Fort Worth, Texas (114,000 sq. ft.) All manufacturing & product engineering are in-house Ability to redesign or field…
Data Driven Designs Improve Drilling Efficiency Working with Ulterra allows you to push the limitations of every run, Ulterra has the best bits Ive run. Top-end ROP along with good evaluate the performance, and make adjustments to…
Complementary Data Platforms Patterson-UTIs portal for the NexTiers NextHub Digital Center Ulterras proprietary database of real-time collection, aggregation, is a cutting-edge platform that bit runs that houses 80% of all analysis and…
Ulterras Attractive Organic Growth Channels to New Markets Downhole Tools Geothermal Mining TorkBusterTD U616M SoftDrive RPS616 Engineered in-house Dedicated sales team targeting US & Active discussions for several…
A New Industry Leader with Significant Size North American Drilling and Completion Services Enterprise Value Comparison 6.4* 4.0 3.9 3.2 2.7 1.5 1.4 1.3 1.0 0.6 0.5 Source: Company filings and Bloomberg. Data…
NAM Revenue Generation Among the Industry Leaders North American Oilfield Services Revenue Comparison (Q1 2023 Annualized) 11.1 7.2 6.8 5.0 4.0 3.4 3.3 2.8 2.3 1.1 0.9 Source: Company filings. Note: in…
Summary Complementary Expands Dataset Complementary to U.S. contract Expands comprehensive drilling and drilling and directional drilling completions dataset business Broadens Footprint Broadens international footprint,…
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