Patterson-UTI reports Drilling Days for September 2006
  by: OilOnline
  Thursday, October 05, 2006

Patterson-UTI Energy, Inc. has reported that for the month of September 2006 the Company had a total of 8,940 drilling days, or an average of 298 drilling rigs operating, including an average of 289 rigs in the U.S. and 9 rigs in Canada. For the three months ended September 2006, the Company reported a total of 27,725 drilling days, or an average of 301 drilling rigs operating, including an average of 290 rigs in the U.S. and 11 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.