Moody's downgrades Patterson-UTI's rating to Baa3; outlook remains negative
Rating Action: Moody's downgrades Patterson-UTI's rating to Baa3; outlook remains negative. Global Credit Research- 25 Mar 2021. Approximately $860 million of unsecured debt instruments affected.Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
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