Patterson-UTI Energy (PTEN) 8-K 2015 Hotter ‘N Hell Conference

Tudor, Pickering, Holt & Co.

2015 Hotter ‘N Hell Conference

June 17, 2015

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 156 APEX

®

rigs

•

Leader in walking rig technology

for pad drilling applications

•

Large footprint across North

American drilling markets

Pressure

Pumping

41%

Oil &

Natural

Gas

1%

Contract

Drilling

58%

Components of Revenue

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

4

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

5

Pressure

Pumping

41%

Oil &

Natural

Gas

1%

Contract

Drilling

58%

Components of Revenue

Contract Drilling

Improved Performance

0%

20%

40%

60%

80%

100%

120%

U.S. Rig Count Downturn

0%

20%

40%

60%

80%

100%

120%

2008 -

2009

Total Baker Hughes U.S. Land Rig

Count: -53%

Total PTEN U.S. Rig Count: -77%

2014 -

2015

Total PTEN U.S. Rig Count: -47%

Total

Baker

Hughes

U.S.

Land

Rig

Count:

-56%

Baker Hughes and Patterson-UTI U.S. Land Rig Counts as of June 12, 2015

7

A Rig Fleet Transformation

8

Other

Electric

APEX®

Mechanical

Patterson-UTI Energy Total Rig Fleet

Other

Electric

APEX®

Mechanical

December 2009

Projected December 2015

…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 June 12, 2015

53

4

49

44

11

161

12/31/2015

A leader in high specification drilling rigs

48

4

49

44

11

156

6/12/2015

APEX

®

Rig Fleet

9

West Texas

24 Rigs

Large Geographic Footprint

10

PTEN’s Active U.S. Land Drilling Rigs

as of June 12, 2015

Appalachia 

23 Rigs

East Texas

15 Rigs

Mid-Continent

8 Rigs

Mid-Continent

8 Rigs

Rockies

9 Rigs

South Texas

21 Rigs

North Dakota

13 Rigs

Patterson-UTI Energy

…the

impact

of

APEX

®

rigs

has

been

transformative!

Increasing APEX

®

Drilling Activity

12

0

20

40

60

80

100

120

140

160

Active APEX

®

Rig Count

PTEN Relative Active Rig Count by Rig Class

13

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

APEX®

Other Electric

Mechanical

Greater Stability of Utilization

14

0%

20%

40%

60%

80%

100%

120%

APEX

®

Rig Utilization

Improving Average Rig Revenue Per Day

15

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

Patterson-UTI Total Average Rig 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, and early-termination revenues during the first quarter of 2015 of $1,020 per day.

Adjusted EBITDA Contribution from

High Specification Rigs

16

2010

2011

2012

2013

2014

2015

APEX® & Other Electric

Mechanical

Preferred rigs account for approximately

91% of Adjusted EBITDA in Contract Drilling

Excludes early-termination revenues during the third and fourth quarter of 2013 of $62.8 million and $2.4 million,

respectively, and early-termination revenue during the first quarter of 2015 of $15.8 million.

Patterson-UTI Energy

…the

APEX

®

rig

outlook

remains

strong!

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

% Horizontal

% Vertical

18

U.S. Rig Count % by Drilling Type

Continued Demand for APEX

®

Rigs

Source: Baker Hughes North America Rotary Rig Count

SCR

AC

Mechanical

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.

19

Patterson-UTI Energy

…Patterson-UTI is a technology leader!

APEX WALKING

®

Rigs

21

•

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

21

Strong Demand for Pad Drilling

22

•

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

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

Pressure Pumping

Growing Pressure Pumping Business

29

Investments in Pressure Pumping…

…Have Increased Fleet Size and Quality

65

1,100

2006

2007

2008

2009

2010

2011

2012

2013

2014

June

0

200

400

600

800

1000

1200

Fracturing Horsepower

Other Horsepower

Period End

2015E

Southwest Region:

Northeast Region:

Fracturing horsepower: 663,800

Other horsepower: 32,165

Fracturing horsepower: 326,30

Other horsepower: 55,400

A Significant Player in Regional Markets

Pressure Pumping Areas

30

Horsepower distribution as of March 31, 2015

Fracturing Horsepower

33%

67%

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

31

A Leader in Bi-Fuel Technology

32

http://patenergy.com/pressurepumping/services

32

A Leader in Bi-Fuel Technology

33

•

One of the largest bi-fuel frac

fleets in the Marcellus

•

Approximately 1,950 stages

completed using natural gas as

a fuel source

•

Replaced approximately 1.3

million gallons of diesel with

cleaner burning natural gas

•

Eliminated 9.6 million pounds of

transportation loads on local

roads

http://patenergy.com/pressurepumping/services

33

Comprehensive Lab Services

http://patenergy.com/pressurepumping/services

34

Financial Flexibility

Investing in Our Company

36

$598

$637

$445

$453

$976

$1,012

$974

$662

$1,229

$710

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Year End

Capital Expenditures and Acquisitions

($ in millions)

2015 Capital expenditure forecast as of April 23, 2015

Strong Financial Position

37

•

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 March 31, 2015

•

Returned approximately $1.3 billion to shareholders

since 2005

Strong Financial Position

38

2006

2007

2008

2009

2010

2011

2012

2013

2014

1Q15

Period End

Line of Credit Availability

Cash

Total Liquidity

($ in millions)

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

Strong Financial Position

39

6%

2%

-4%

-2%

15%

13%

18%

14%

24%

21%

-10%

0%

10%

20%

30%

40%

50%

2006

2007

2008

2009

2010

2011

2012

2013

2014

1Q15

Period End

Net Debt to Capital Ratio

$600 million of debt not due until at least 2020

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

40

Additional References

42

Contract Drilling Capital Expenditures and Acquisitions

($ in millions)

Investing in Our Drilling Rig Fleet

2015 Capital expenditure forecast as of April 23, 2015

$531

$540

$361

$395

$656

$785

$745

$505

$772

$520

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

More than $5 billion invested since 2005

Investing in Pressure Pumping

43

$41

$48

$61

$43

$289

$198

$194

$123

$418

$165

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Pressure Pumping Capital Expenditures and Acquisitions

($ in millions)

More Than $1.4 billion invested since 2005

2015 Capital expenditure forecast as of April 23, 2015

Strong Financial Position

•

Total liquidity of approximately $587 million

–

$86.9 million of cash at March 31, 2015

–

$500 million revolver availability at April 27, 2015

•

$793.1 million net debt at March 31, 2015

–

21.5% 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

–

$280 million of term loans maturing September 27, 2017

•

No equity sales in last 14 years

•

Reduced share count by 25.6 million shares since 2005

44

Three Months Ended

March 31,

Twelve Months Ended

December 31,

2015

2014

2014

2013

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization

(Adjusted EBITDA)(1):

Net income

$

9,125

$

34,822

$

162,664

$

188,009

Income tax expense

6,720

16,942

91,619

108,432

Net interest expense

8,258

7,012

28,846

27,441

Depreciation, depletion, amortization and impairment

175,382

147,322

718,730

597,469

Adjusted EBITDA

$

199,485

$

206,098

$1,001,859

$

921,351

Total revenue

$

657,699

$

678,168

$3,182,291

$2,716,034

Adjusted EBITDA margin

31.5%

33.9%

Adjusted EBITDA by operating segment:

Contract drilling

$

765,874

$

704,990

Pressure pumping

31,903

35,585

236,676

217,228

Oil and natural gas

3,702

8,730

37,094

44,348

Corporate and other

(11,090)

(11,413)

(37,785)

(45,215)

Consolidated Adjusted EBITDA

$

199,485

$

206,098

$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).

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

Non-GAAP Financial Measures

45

$

174,970

$

173,196

30.3%

30.4%

Non-GAAP Financial Measures

46

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%

(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).

PATTERSON-UTI ENERGY, INC.

Non-GAAP Financial Measures (Unaudited)

(dollars in thousands)

-

-

-