The Houston, TX-based leading oilfield services and products company,
Patterson-UTI Energy Inc. ( PTEN Quick Quote PTEN - Free Report) , announced that it made tactical investment in a geothermal energy development firm called Criterion Energy Partners, Inc. The size of the investment wasn’t disclosed but Criterion intends to use the amount to further develop its first-of-a-kind project in Texas and execute its technology development blueprint.
Criterion Energy proposes to combine prevailing technology and processes from the drilling of oil and gas wells with proprietary designs to generate clean, dependable energy from subsurface heat. The firm’s current emphasis is to supply direct heat and power to its industrial customers located in the Texas Gulf Coast area, reduce emissions and meet its decarbonization objectives.
Patterson-UTI's CEO, Andy Hendricks, mentioned that his company was excited about this investment in Criterion Energy, a firm which, according to him, has an innovative business model and leverages established drilling and completion technologies. He further said that the two entities shared a common outlook regarding the crucial role that geothermal power would play in the energy transition and that PTEN is looking forward to working with Criterion Energy to improve the economics and dependability of geothermal power.
Danny Rehg, co-founder and CEO at Criterion Energy, said that Patterson-UTI's proficiencies with super-spec drilling rigs and other energy services would be crucial to lowering costs of geothermal energy developments in the future. "We are extremely pleased to have Patterson-UTI as a partner and see many opportunities to work together going forward," stated Rehg.
Formed in 1978, Patterson-UTI Energy, Inc. is an oilfield services company. Patterson-UTI, in its current form, came into existence following a merger between Patterson Energy, Inc. and UTI Energy Corporation. It is one of the largest onshore contract drillers in the United States and has a large fleet of pressure pumping equipment. PTEN operates primarily in four segments: Contract Drilling (contributed 49% to the company’s 2021 revenues), Pressure Pumping (39%), Directional Drilling (8%) and Others (4%).
Patterson-UTI currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include
Valero Energy ( VLO Quick Quote VLO - Free Report) , SM Energy ( SM Quick Quote SM - Free Report) and Enerplus Corporation ( ERF Quick Quote ERF - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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