Patterson-UTI Energy (PTEN) 8-K This material and any oral statements made in connection with this material

Barclays

2014 CEO Energy-Power Conference

September 2-3, 2014

Exhibit 99.1

Forward Looking Statements

2

This material and any oral statements made in connection with this material

include "forward-looking statements" within the meaning of the Securities Act of

1933 and the Securities Exchange Act of 1934.  Statements made which provide

the Company’s or management’s intentions, beliefs, expectations or predictions for

the future are forward-looking statements and are inherently uncertain. The

opinions, forecasts, projections or other statements other than statements of

historical fact, including, without limitation, plans and objectives of management of

the Company 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 the risk factors and other cautionary statements contained from time to

time in the Company’s SEC filings, which may be obtained by contacting the

Company

or

the

SEC.

These

filings

are

also

available

through

the

Company’s

web

site at http://www.patenergy.com

or through the SEC’s Electronic Data Gathering

and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no

obligation to publicly update or revise any forward-looking statement.  Statements

made in this presentation include non-GAAP financial measures.  The required

reconciliation to GAAP financial measures are included on our website and at the

end of this presentation.

Patterson-UTI Energy is a leading

provider of contract drilling and

pressure pumping services

3

Contract Drilling

•

High quality fleet of land drilling rigs

including 137 APEX

®

rigs

•

Leader in walking rig technology for

pad drilling applications

•

Large footprint across North

American drilling markets

Patterson-UTI reported results for the six months ended June 30, 2014

4

Contract

Drilling

60%

Pressure

Pumping

36%

Oil &

Natural

Gas

2%

Components of Revenue

Pressure Pumping

•

High quality fleet of modern pressure

pumping equipment

•

A leader in natural gas bi-fuel

technology

•

Strong reputation for regional

knowledge and efficient operations

Patterson-UTI reported results for the six months ended June 30, 2014

5

Contract

Drilling

60%

Pressure

Pumping

36%

Oil &

Natural

Gas

2%

Components of Revenue

Contract Drilling

7

Contract Drilling Capital Expenditures and Acquisitions

($ in millions)

Investing in Our Drilling Rig Fleet

More than $4.5 billion invested since 2005

$531

$540

$361

$395

$656

$785

$745

$505

$775

2006

2007

2008

2009

2010

2011

2012

2013

2014E

…and Expected as of June 30, 2015

APEX-XK 1500™

APEX-XK 1000™

APEX WALKING

®

APEX 1500

®

APEX 1000

®

Total

APEX

®

Rigs

Class

APEX

®

Rigs as of September 2, 2014

6/30/2015

A leader in high specification drilling rigs

29

4

49

44

11

137

9/2/2014

APEX

®

Rig Fleet

8

50

4

49

44

11

158

Large Geographic Footprint

9

PTEN’s Active U.S. Land Drilling Rigs

as of September 2014

Rockies

33 Rigs

Permian Basin

55 Rigs

South Texas

38 Rigs

Mid-Continent

26 Rigs

North Texas

7 Rigs

East Texas

15 Rigs

Appalachia 

& Midwest

36 Rigs

Why invest in APEX

®

rigs?

…the impact has been transformative!

Increasing APEX

®

Drilling Activity

11

Active APEX

®

Rig Count

0

20

40

60

80

100

120

140

PTEN Relative Rig Count by Rig Class

12

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

APEX®

Other Electric

Mechanical

Greater Stability of Utilization

13

APEX

®

Rig Utilization

0%

20%

40%

60%

80%

100%

120%

Improving Average Revenue Per Day

14

Patterson-UTI Total Average Revenue Per Day

Excludes

early-termination

revenues

during

the

third

and

fourth

quarter

of

2013

of

$3,600

per

day

and

$130

per day, respectively.

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

EBITDA Contribution from High Specification Rigs

15

Preferred rigs account for approximately

89% of Contract Drilling EBITDA

Excludes

early-termination

revenues

during

the

third

and

fourth

quarter

of

2013

of

$62.8

million

and

$2.4 million, respectively.

2010

2011

2012

2013

2014

APEX®

& Other Electric

Mechanical

Why invest in APEX

®

rigs?

…the outlook remains strong!

17

U.S. Rig Count % by Drilling Type

Continued Demand for APEX

®

Rigs

Source: Baker Hughes North America Rotary Rig Count

0%

10%

20%

30%

40%

50%

60%

70%

80%

% Horizontal

% Vertical

AC-powered rigs represent less than half

of the horizontal rig count

Total U.S. Horizontal Rig Count by Power Type

Continued Demand for APEX

®

Rigs

Analysis from Patterson-UTI Energy based on data from RigData and company filings.

18

Mechanical

AC

SCR

19

High-Specification Rigs by Owner Type

Consolidated Segment of Industry

Big 3 U.S. land drillers have almost

70% of the high specification rigs in the U.S.

Based on data from multiple sources including Rig Data and corporate filings.

Others

Next 5

Largest

Public

Drillers

Big 3

U.S.

Land

Drillers

Why invest in APEX

®

rigs?

…Patterson-UTI is a technology leader!

APEX WALKING

®

Rigs

21

•

Capable of walking with drill pipe

and collars racked in derrick

•

Full multi-directional walking

capability

•

Walking times average 45 minutes

for 10’

–

15’

well spacing

http://patenergy.com/drilling/technology/apexwalk

21

Strong Demand for Pad Drilling

22

•

Pad drilling is contributing to

increasing rig efficiency

•

Pad drilling capable rigs are

highly utilized

•

All new APEX

®

rigs

completed in 2014 are

expected to have walking

systems

http://patenergy.com/drilling/technology

22

APEX-XK™

Rig Walking on Pad

23

http://patenergy.com/drilling/technology/apexwalk/

Video of APEX-XK™

Rig

23

The APEX-XK

™

24

•

Enhanced mobility including more

efficient rig up and rig down

•

Greater clearance under rig floor for

optional walking system

•

Advanced environmental spill

control integrated into drilling floor

•

Minimized number of truck loads for

rig moves

•

Available in both 1500 HP and 1000

HP

http://patenergy.com/drilling/technology

24

Enhancing our Position in Pad Drilling

25

Walking Systems Can be Added to Any Rig in Our Fleet…

…Allowing for True Multi-Directional Pad Drilling Capabilities

25

Enhancing our Position in Pad Drilling

26

http://patenergy.com/drilling/technology

26

Early Adopter of Natural Gas Engines

27

http://patenergy.com/drilling/technology

27

Using Natural Gas as a Fuel Source

28

•

First contract driller to use GE’s

Waukesha natural gas engines on

a modern land rig

•

43 rigs currently configured to use

natural gas as the primary fuel

source including 8 natural gas

powered rigs and 35 bi-fuel

capable rigs 

•

We plan to add GE Waukesha

engines to three additional rigs

and upgrade nine additional rigs

with bi-fuel systems

•

Natural gas powered rigs can

result in up to 80% lower fuel

costs

http://patenergy.com/drilling/technology

28

Pressure Pumping

Investing in Pressure Pumping

30

Pressure Pumping Capital Expenditures and Acquisitions

($ in millions)

Approximately $1 billion invested since 2005

$41

$48

$61

$43

$289

$198

$194

$123

$285

2006

2007

2008

2009

2010

2011

2012

2013

2014E

Growing Pressure Pumping Business

31

Investments in Pressure Pumping…

…Have Increased Fleet Size and Quality

65

945

* Includes

acquisition

of

approximately

210,000

pressure

pumping

horsepower

in

October

2010

0

200

400

600

800

1000

2006

2007

2008

2009

2010*

2011

2012

2013

2014E

June

2015E

Year End

Fracturing Horsepower

Other Horsepower

Southwest Region:

Northeast Region:

Fracturing horsepower: 389,000

Other horsepower: 28,000

Fracturing horsepower: 320,000

Other horsepower: 55,000

A Significant Player in Regional Markets

Pressure Pumping Areas

32

45%

55%

Fracturing Horsepower

A Leader in Bi-Fuel Technology

•

Engines can burn a fuel mix

comprised of up to 70% natural

gas

•

Comparable torque and

horsepower as an all diesel engine

•

Reduces operating costs by

lowering fuel costs

•

Good for environmental

sustainability

http://patenergy.com/pressurepumping/services

33

A Leader in Bi-Fuel Technology

34

http://patenergy.com/pressurepumping/services

34

A Leader in Bi-Fuel Technology

35

•

One of the largest bi-fuel frac

fleets in the Marcellus

•

Approximately 1,000 stages

completed using natural gas as a

fuel source

•

Replaced more than 547,000

gallons of diesel with cleaner

burning natural gas

•

Eliminated 3.8 million pounds of

transportation loads on local

roads

http://patenergy.com/pressurepumping/services

35

Comprehensive Lab Services

http://patenergy.com/pressurepumping/services

36

Financial Flexibility

Investing in Our Company

38

Capital Expenditures and Acquisitions

($ in millions)

$598

$637

$445

$453

$976

$1,012

$974

$662

$1,100

2006

2007

2008

2009

2010

2011

2012

2013

2014E

Strong Financial Position

39

•

History of returning capital to investors

–

Cash Dividend

•

Initiated cash dividend in 2004

•

Recently announced doubling of quarterly cash dividend to

$0.10 per share

–

Stock Buyback

•

Total of $856 million repurchased since 2005

•

Repurchased $85.8 million of stock in 2013 at an average

price of $20.83

•

Approximately $187 million remaining authorization as of June

30, 2014

•

Returned approximately $1.2 billion to shareholders since

2005

Strong Financial Position

40

Total Liquidity

($ in millions)

Liquidity defined as end of period cash plus availability under revolving line of credit

208

283

398

244

387

273

571

710

581

0

100

200

300

400

500

600

700

800

2006

2007

2008

2009

2010

2011

2012

2013

2Q14

Year End

Line of Credit Availability

Cash

Strong Financial Position

41

Net Debt to Capital Ratio

$600 million of debt not due until at least 2020

6%

2%

-4%

-2%

15%

13%

18%

14%

17%

-10%

0%

10%

20%

30%

40%

50%

2006

2007

2008

2009

2010

2011

2012

2013

2Q14

Year End

Strong Financial Returns

42

Growth in Per-Share Book Value

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Why Invest in Patterson-UTI Energy?

•

Continuing Transformation

–

Committed to high-spec land rigs where

demand remains strong

–

Creating value through focus on well

site execution

•

Technology leader

–

Leader in walking rigs for pad drilling

–

Innovator in use of natural gas as a fuel

source for both drilling and pressure

pumping

•

Financially flexible

–

Strong balance sheet

–

History of share buybacks

–

Dividends

43

Barclays

2014 CEO Energy-Power Conference

September 2-3, 2014

Additional References

Active in Unconventional Plays

46

PTEN’s Active Rigs in Unconventional Areas

as of September 2014

Bakken

Piceance

Haynesville

Marcellus

Barnett

20 Rigs

Eagle Ford

2 Rigs

20 Rigs

3 Rigs

35 Rigs

6 Rigs

Utica  

16 Rigs

Woodford 

2 Rigs

Pinedale

4 Rigs

Based on term contracts in place as of July 24, 2014

–

An average of 149 rigs expected under term contract in the

third quarter of 2014

–

An average of 138 rigs expected under term contract during

the second half of 2014

Term Contract Coverage

Improving earnings visibility and returns stability

47

Drilling term contract revenue backlog of $1.5 billion at

June 30, 2014

PTEN expects to continue signing term contracts

Strong Financial Position

•

Total liquidity of approximately $581 million

–

$121 million of cash at June 30, 2014

–

$460 million revolver availability at June 30, 2014

•

$567 million net debt at June 30, 2014

–

16.6% Net Debt/Total Capitalization

–

$300 million of 4.97% Series A notes due October 5, 2020

–

$300 million of 4.27% Series B notes due June 14, 2022

–

$87.5 million of 5-year term loan

•

No equity sales in last 13 years

•

Reduced share count by 26.3 million shares since

2005

48

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

Non-GAAP Financial Measures

49

Three Months Ended

June 30,

Six Months Ended

June 30,

2014

2013

2014

2013

Earnings Before Interest, Taxes, Depreciation and Amortization

(EBITDA)(1):

Net income

$

54,283

$

40,768

$

89,105

$

96,998

Income tax expense

25,905

23,528

42,847

55,656

Net interest expense

7,041

6,691

14,053

13,284

Depreciation, depletion, amortization and impairment

153,426

137,182

300,748

273,617

EBITDA

$

240,655

$

208,169

$

446,753

$

439,555

Total revenue

$

757,276

$

659,316

$1,435,444

$1,326,355

EBITDA margin

31.8%

31.6%

31.1%

33.1%

EBITDA by operating segment:

Contract drilling

$

181,674

$

145,352

$

354,870

$

315,523

Pressure pumping

59,

62,043

95,118

120,794

Oil and natural gas

9,244

11,503

17,974

25,366

Corporate and other

(9,796)

(10,729)

(21,209)

(22,128)

Consolidated EBITDA

$

655

$

208,169

$

446,753

$

439,555

(1)  EBITDA is not defined by generally accepted accounting principles (“GAAP”).  We present EBITDA (a non-GAAP measure)

because we believe it provides additional information with respect to both the performance of our fundamental business

activities and our ability to meet our capital expenditures and working capital requirements.  EBITDA should not be

construed as an alternative to the GAAP measures of net income or operating cash flow.

240,

533

Non-GAAP Financial Measures

50

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

2013

2012

2011

2010

2009

2008

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1):

Net income (loss)

$

188,009

$

299,477

$

322,413

$

116,942

$

(38,290)

$

347,069

Income tax expense (benefit)

108,432

176,196

187,938

72,856

(17,595)

193,490

Net interest expense (income)

27,441

22,196

15,465

11,098

3,767

(923)

Depreciation, depletion, amortization and impairment

597,469

526,614

437,279

333,493

289,847

275,990

Net

impact of discontinued operations

-

-

(209)

1,778

1,979

15,190

EBITDA

$

921,351

$1,024,483

$

962,886

$

536,167

$

239,708

$

830,816

Total revenue

$2,716,034

$2,723,414

$2,565,943

$1,462,931

$

781,946

$2,063,880

EBITDA margin

33.9%

37.6%

37.5%

36.7%

30.7%

40.3%

(1)  EBITDA is not defined by generally accepted accounting principles (“GAAP”).  We present EBITDA (a non-GAAP measure) because  we believe it

provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital

expenditures and working capital requirements.  EBITDA should not be construed as an alternative to the GAAP measures of  net income or

operating cash flow.