Patterson-UTI reports drilling days for May 2006
  by: OilOnline
  Tuesday, June 06, 2006

Patterson-UTI Energy, Inc. reported that for the month of May 2006 the Company had a total of 9,024 drilling days, or an average of 291 drilling rigs operating, including an average of 285 rigs in the U.S. and 6 rigs in Canada. For the two months ended May 2006, the Company reported a total of 17,702 drilling days, or an average of 290 drilling rigs operating, including an average of 284 rigs in the U.S. and 6 rigs in Canada.

Drilling days reported in the Company's monthly announcements represent the number of days in which a Patterson-UTI drilling rig was moving or operating under a drilling contract. This total will differ from monthly drilling days considered in determining revenues and expenses for financial reporting purposes because the Company uses the completed contract method of accounting on turnkey contracts for financial statement purposes. Under the completed contract method, revenues and expenses, along with the related drilling days associated with turnkey contracts, are recorded in the period in which the turnkey contract is completed.