Patterson-UTI Energy 8K Annual Institutional Investors Conference | PTEN 3 Mar 15

Raymond James

Annual Institutional Investors Conference

March 3-4, 2015

Exhibit 99.1

Forward Looking Statements

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

the

SEC.

These

filings

are

also

available

through

the

Company’s

web

site

http://www.patenergy.com

through

the

SEC’s

Electronic

Data

Gathering

and

Analysis

Retrieval

System

(EDGAR)

http://www.sec.gov.

undertake

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

Contract Drilling

•

High quality fleet of land drilling

rigs including 149 APEX

rigs

•

Leader in walking rig technology for

pad drilling applications

•

Large footprint across North

American drilling markets

Patterson-UTI reported results for the year ended December 31, 2014

Pressure

Pumping

41%

Oil &

Natural

Gas

Contract

Drilling

58%

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 year ended December 31, 2014

Pressure

Pumping

41%

Oil &

Natural

Gas

Contract

Drilling

58%

Components of Revenue

Contract Drilling

Improved Performance

2008 -

2009

Total Baker Hughes U.S. Land Rig Count: -23%

Total PTEN U.S. Rig Count: -

46%

2014 -

2015

Total PTEN U.S. Rig Count: -28%

Total Baker Hughes U.S. Land Rig Count: -35%

Baker Hughes and Patterson-UTI U.S. Land Rig Counts as of February 27, 2015

20%

40%

60%

80%

100%

120%

U.S. Rig Count Downturn

20%

40%

60%

80%

100%

120%

A Rig Fleet Transformation

Mechanical

Patterson-UTI Energy Total Rig Fleet

Mechanical

December 2009

Projected December 2015

Other

Electric

APEX®

Other

Electric

APEX®

…and Expected as of December 31, 2015

APEX-XK 1500™

APEX-XK 1000™

APEX WALKING

APEX 1500

APEX 1000

Total APEX

Rigs

Class

APEX

Rigs as of March 3, 2015

161

12/31/2015

A leader in high specification drilling rigs

149

3/3/2015

APEX

Rig Fleet

Permian Basin

32 Rigs

Large Geographic Footprint

PTEN’s Active U.S. Land Drilling Rigs

as of February 27, 2015

Appalachia

35 Rigs

East Texas

14 Rigs

Mid-Continent

16 Rigs

South Texas

32 Rigs

Rockies

26 Rigs

Patterson-UTI Energy

…the impact of APEX®

rigs has been transformative!

Increasing APEX

Drilling Activity

Active APEX

Rig Count

100

120

140

160

PTEN Relative Active Rig Count by Rig Class

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

APEX®

Other Electric

Mechanical

Greater Stability of Utilization

APEX

Rig Utilization

20%

40%

60%

80%

100%

120%

Improving Average Rig Revenue Per Day

Patterson-UTI Total Average Rig Revenue Per Day

Excludes

early-termination

revenues

during

the

third

and

fourth

quarter

2013

$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

Adjusted EBITDA Contribution from High

Specification Rigs

Preferred rigs account for approximately

89% of Adjusted EBITDA in Contract Drilling

APEX®

Other

Electric

Mechanical

2010

2011

2012

2013

2014

Excludes early-termination revenues during the third and fourth quarter of 2013 of $62.8 million

and $2.4 million, respectively.

Patterson-UTI Energy

…the APEX®

rig outlook remains strong!

U.S. Rig Count % by Drilling Type

Continued Demand for APEX

Rigs

Source: Baker Hughes North America Rotary Rig Count

10%

20%

30%

40%

50%

60%

70%

80%

% Horizontal

% Vertical

AC-powered rigs have increased as a

percentage 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.

SCR

Mechanical

Patterson-UTI Energy

…Patterson-UTI is a technology leader!

APEX WALKING

Rigs

•

Capable of walking with drill pipe

and collars racked in the mast

•

Full multi-directional walking

capability

•

Walking times average 45 minutes

for 10’

–

15’

well spacing

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

Strong Demand for Pad Drilling

•

Pad drilling is contributing to

increasing rig efficiency

•

Pad drilling capable rigs are

highly utilized

•

Most new APEX

rigs are

expected to have walking

systems

http://patenergy.com/drilling/technology

APEX-XK™

Rig Walking on Pad

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

Video of APEX-XK™

Rig

The APEX-XK

™

•

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

http://patenergy.com/drilling/technology

Enhancing our Position in Pad Drilling

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

…Allowing for True Multi-Directional Pad Drilling Capabilities

Enhancing our Position in Pad Drilling

http://patenergy.com/drilling/technology

Early Adopter of Natural Gas Engines

http://patenergy.com/drilling/technology

Using Natural Gas as a Fuel Source

•

First contract driller to use GE’s

Waukesha natural gas engines on

a modern land rig

•

54 rigs currently configured to use

natural gas as the primary fuel

source including 10 natural gas

powered rigs and 44 bi-fuel

capable rigs

•

We plan to add bi-fuel systems to

four contracted new APEX

rigs to

be completed in 2015

•

Natural gas powered rigs can

result in up to 80% lower fuel

costs

http://patenergy.com/drilling/technology

Pressure Pumping

Growing Pressure Pumping Business

Investments in Pressure Pumping…

…Have Increased Fleet Size and Quality

1,100

200

400

600

800

1000

1200

2006

2007

2008

2009

2010

2011

2012

2013

2014

June

2015E

Year End

Fracturing Horsepower

Other Horsepower

Fracturing horsepower: 638,800

Other horsepower: 32,165

Fracturing horsepower: 303,800

Other horsepower: 54,700

A Significant Player in Regional Markets

Pressure Pumping Areas

Horsepower distribution as of December 31, 2014

32%

68%

Fracturing Horsepower

Southwest Region:

Northeast Region:

A Leader in Bi-Fuel Technology

•

Engines can burn a fuel mix

comprised of up to 70% natural

gas

•

Comparable torque and

horsepower to an all diesel engine

•

Reduces operating costs by

lowering fuel costs

•

Good for environmental

sustainability

http://patenergy.com/pressurepumping/services

A Leader in Bi-Fuel Technology

http://patenergy.com/pressurepumping/services

A Leader in Bi-Fuel Technology

•

One of the largest bi-fuel frac

fleets in the Marcellus

•

Approximately 1,800 stages

completed using natural gas as a

fuel source

•

Replaced approximately 1.2

million gallons of diesel with

cleaner burning natural gas

•

Eliminated 9.0 million pounds of

transportation loads on local

roads

http://patenergy.com/pressurepumping/services

Comprehensive Lab Services

http://patenergy.com/pressurepumping/services

Financial Flexibility

Investing in Our Company

Capital Expenditures and Acquisitions

($ in millions)

2015 Capital expenditure forecast as of February 5, 2015

$598

$637

$445

$453

$976

$1,012

$974

$662

$1,229

$750

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Strong Financial Position

•

History of returning capital to investors

–

Cash Dividend

•

Initiated cash dividend in 2004

•

Doubled quarterly cash dividend to $0.10 per share in

February 2014

–

Stock Buyback

•

Total of $857 million repurchased since 2005

•

Approximately $187 million remaining authorization as of

December 31, 2014

•

Returned approximately $1.3 billion to shareholders

since 2005

Strong Financial Position

Total Liquidity

($ in millions)

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

Subsequent to December 31, 2014, we received an $82 million federal income tax refund. The refund, along

with other cash generated was used to repay $103 million outstanding under our revolving line of credit. As of

February 10, 2015, availability under the revolving credit facility was $260 million.

2006

2007

2008

2009

2010

2011

2012

2013

2014

Pro Forma

2014*

Year End

Line of Credit Availability

Cash

Strong Financial Position

Net Debt to Capital Ratio

$600 million of debt not due until at least 2020

Subsequent to December 31, 2014, we received an $82 million federal income tax refund. The refund, along

with other cash generated was used to repay $103 million outstanding under our revolving line of credit. As of

February 10, 2015, availability under the revolving credit facility was $260 million.

-4%

-2%

15%

13%

18%

14%

24%

22%

-10%

10%

20%

30%

40%

50%

2006

2007

2008

2009

2010

2011

2012

2013

2014

Pro Forma

2014*

Year End

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

Raymond James

Annual

Institutional

Investors

Conference

March 3-4, 2015

Contract Drilling Capital Expenditures and Acquisitions

($ in millions)

Investing in Our Drilling Rig Fleet

More than $5 billion invested since 2005

2015 Capital expenditure forecast as of February 5, 2015

$531

$540

$361

$395

$656

$785

$745

$505

$772

$525

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Investing in Pressure Pumping

Pressure Pumping Capital Expenditures and Acquisitions

($ in millions)

More Than $1.4 billion invested since 2005

2015 Capital expenditure forecast as of February 5, 2015

$41

$48

$61

$43

$289

$198

$194

$123

$418

$200

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Term Contract Coverage

Based on term contracts in place as of February 5, 2015

An average of 138 rigs expected under term contract in the first

quarter of 2015

An average of 104 rigs expected under term contract during

2015

Drilling term contract revenue backlog of $1.5 billion at

December 31, 2014

Due to market conditions, we have received, and expect to

continue to receive, notice from some customers to

terminate term contracts. The receipt of early termination

payments will result in earlier than planned cash inflows and

reduced term contract revenue backlog.

Strong Financial Position

•

Total liquidity of approximately $200 million*

–

$43.0 million of cash at December 31, 2014

–

$157 million revolver availability at December 31, 2014*

•

$942.5 million net debt at December 31, 2014*

–

24.5% 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

–

$82.5 million of 5-year term loan

–

$303 million outstanding under revolving line of credit

•

No equity sales in last 14 years

•

Reduced share count by 26.0 million shares since 2005

Subsequent to December 31, 2014, we received an $82 million federal income tax refund. The refund, along

with other cash generated was used to repay $103 million outstanding under our revolving line of credit. As of

February 10, 2015, availability under the revolving credit facility was $260 million.

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

Non-GAAP Financial Measures

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2014

2013

2014

2013

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization

(Adjusted EBITDA)(1):

Net income

57,583

16,591

162,664

188,009

Income tax expense

41,216

9,475

91,619

108,432

Net interest expense

8,034

6,947

28,846

27,441

Depreciation, depletion, amortization and impairment

180,157

183,118

718,730

597,469

Adjusted EBITDA

286,990

216,131

$1,001,859

921,351

Total revenue

901,219

658,772

$3,182,291

$2,716,034

Adjusted EBITDA margin

31.8%

32.8%

31.5%

33.9%

Adjusted EBITDA by operating segment:

Contract drilling

208,200

172,178

765,874

704,990

Pressure pumping

78,763

45,757

236,676

217,228

Oil and natural gas

7,671

8,757

37,094

44,348

Corporate and other

(7,644)

(10,561)

(37,785)

(45,215)

Consolidated Adjusted EBITDA

286,990

216,131

$1,001,859

921,351

(1)

The company makes use of financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) to help in the

assessment of ongoing operating performance. These non-GAAP financial measures are reconciled to their most directly comparable GAAP measures in the tables

above. We define Adjusted EBITDA as net income plus net interest expense, income tax expense and depreciation, depletion, amortization and impairment

expense. We present Adjusted EBITDA 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. Adjusted EBITDA is not defined by GAAP and, as such, should not be

construed as an alternative to net income (loss) or operating cash flow. We define margin as revenues less direct operating costs. We present margin because we

believe it to be the component of our earnings most impacted by the variability in our contract drilling and pressure pumping operations. Margin is not defined by

GAAP and, as such, should not be construed as an alternative to net income (loss).

Non-GAAP Financial Measures

2014

2013

2012

2011

2010

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization

(Adjusted EBITDA)(1):

Net income (loss)

162,664

188,009

299,477

322,413

116,942

Income tax expense (benefit)

91,619

108,432

176,196

187,938

72,856

Net interest expense (income)

28,846

27,441

22,196

15,465

11,098

Depreciation, depletion, amortization and impairment

718,730

597,469

526,614

437,279

333,493

Net impact of discontinued operations

(209)

1,778

Adjusted EBITDA

1,001,859

921,351

1,024,483

962,886

536,167

Total revenue

3,182,291

2,716,034

2,723,414

2,565,943

1,462,931

Adjusted EBITDA margin

31.5%

33.9%

37.6%

37.5%

36.7%

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

The company makes use of financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) to help in the

assessment of ongoing operating performance. These non-GAAP financial measures are reconciled to their most directly comparable GAAP measures in the tables above.

We define Adjusted EBITDA as net income plus net interest expense, income tax expense and depreciation, depletion, amortization and impairment expense. We present

Adjusted EBITDA 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. Adjusted EBITDA is not defined by GAAP and, as such, should not be construed as an alternative to net income

(loss) or operating cash flow. We define margin as revenues less direct operating costs. We present margin because we believe it to be the component of our earnings

most impacted by the variability in our contract drilling and pressure pumping operations. Margin is not defined by GAAP and, as such, should not be construed as an

alternative to net income (loss).

(1)

Patterson-UTI Energy (PTEN) 8-KAnnual Institutional Investors Conference