Patterson-UTI reports drilling days for July 2006
  by: OilOnline
  Thursday, August 03, 2006

Patterson-UTI Energy, Inc. has reported that for the month of July 2006 the Company had a total of 9,428 drilling days, or an average of 304 drilling rigs operating, including an average of 290 rigs in the U.S. and 14 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.

Additionally, the Company cautioned that numerous factors in addition to drilling days can impact the Company's operating results and that a particular trend in the number of drilling days may or may not indicate a trend in the Company's financial performance. The Company intends to continue providing monthly updates on drilling days shortly after the end of each month.