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Patterson-UTI Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

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 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 rate, 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.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is 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 website and through the SEC EDGAR system. The company undertakes no obligation to publicly update or revise any forward-looking statements.

Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website, www.patenergy.com, and in the company's press release issued prior to this conference call.

And now, it's my pleasure to turn the call over to Mark Siegel for some opening remarks. Mark?

Mark S. Siegel

Thanks, Mike. Good morning, and welcome to Patterson-UTI's conference call for the second quarter of 2012. We are pleased that you are able to join us today. As is customary, I will start by briefly reviewing the financial results for the quarter ended June 30, and then I will turn the call over to Doug Wall, who will share some detailed comments on each segment's operational highlights as well as our outlook. After Doug, Andy Hendricks, who recently joined the company as Chief Operating Officer, will share some of his thoughts, and then I will provide some closing remarks before turning the call over for questions.

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