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TheStreet Open House

Patterson-UTI Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stock quotes in this article: PTEN

Patterson-UTI Energy (PTEN)

Q1 2012 Earnings Call

April 26, 2012 10:00 am ET

Executives

James Michael Drickamer - Director of Investor Relations

Mark S. Siegel - Chairman of the Board and Member of Executive Committee

Douglas J. Wall - Chief Executive Officer and President

John E. Vollmer - Chief Financial Officer, Treasurer and Senior Vice President of Corporate Development

Analysts

Robin E. Shoemaker - Citigroup Inc, Research Division

Scott Gruber - Sanford C. Bernstein & Co., LLC., Research Division

Joe Hill - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

J. Marshall Adkins - Raymond James & Associates, Inc., Research Division

Waqar Syed - Goldman Sachs Group Inc., Research Division

David Wilson - Howard Weil Incorporated, Research Division

John M. Daniel - Simmons & Company International, Research Division

Brian Uhlmer - Global Hunter Securities, LLC, Research Division

James D. Crandell - Dahlman Rose & Company, LLC, Research Division

Andrea Sharkey - Gabelli & Company, Inc.

Kurt Hallead - RBC Capital Markets, LLC, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2012 Patterson-UTI Energy Inc. Earnings Conference Call. My name is Fab, and I'll be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Mr. Mike Drickamer, Director of Investor Relations. Please proceed.

James Michael Drickamer

Thank you, Fab. Good morning, and on behalf of Patterson-UTI Energy, I'd like to welcome you to today's conference call to discuss the results of the 3 and 12 months ended March 31, 2012. Participating in today's call will be Mark Siegel, Chairman; Doug Wall, President and Chief Executive Officer; and John Vollmer, Chief Financial Officer. Again, just a quick reminder that statements made in this conference call which state the company's or management's intentions, beliefs, expectations or predictions for the future, are forward-looking statements. It's 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, but are not limited to, deterioration of global economic conditions; declines in customer spending and in oil and natural gas prices that could adversely affect demand for the company's services and their associated effect on rates, utilization, margins and planned capital expenditures; excess availability of land drilling rigs and pressure pumping equipment, including, as a result of reactivation or construction, adverse industry conditions, adverse credit and equity market conditions; difficulty in integrating acquisitions; shortages of labor, equipment, supplies and material; supplier issues; weather; loss of key customers; liabilities from operations; government regulation and ability to retain management and field personnel.

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