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Contact : Mike Drickamer Vice President , Investor Relations Patterson - UTI Energy , Inc. ( 281 ) 765-7170 Exhibit 99.1 Patterson - UTI Energy Reports Financial Results for the Three Months Ended March 31 , 2021 HOUSTON , Texas - April 29 , 2021 - PATTERSON - UTI ENERGY , INC . ( NASDAQ : PTEN ) today reported financial results for the three months ended March 31 , 2021. The Company reported a net loss of $ 106 million , or $ 0.57 per share , for the first quarter of 2021 , compared to a net loss of $ 435 million , or $ 2.28 per share , for the first quarter of 2020. Revenues for the first quarter of 2021 were $ 241 million , compared to $ 446 million for the first quarter of 2020 . Andy Hendricks , Patterson - UTI's Chief Executive Officer , stated , “ First quarter financial results exceeded our expectations , as revenues and adjusted EBITDA improved sequentially , despite challenges from the extreme winter storm in the southwest . Our contract drilling and directional drilling businesses posted better than expected results in the first quarter . Excluding the impact of the winter storm , our pressure pumping results would have been consistent with our expectations . ” Mr. Hendricks continued , “ In contract drilling , our average rig count for the first quarter improved to 69 rigs from 62 rigs in the fourth quarter . Our rig count ended the first quarter at 71 rigs , and we have already activated two rigs in the second quarter . Considering the timing of additional rig reactivations , as well as idle but contracted rigs rolling off contract , we expect to average 73 rigs for the second quarter . We expect our rig count will reach approximately 80 rigs over the next three months , with a substantial portion of the rig count increase in June and July . " Average rig margin per day for the first quarter of $ 8,750 , included a benefit of $ 6.0 million , or $ 960 per day , related to a sales and use tax refund , and a benefit of $ 2.3 million , or $ 370 per day , for revenue that was not recognized in 2020 due to concerns about collectability . However , even after excluding both of these benefits , average rig margin per day exceeded our expectation due to a combination of both higher than expected revenues and lower than expected costs . Both average rig revenue per day and operating cost per day increased sequentially , as the proportion of rigs that were idle but contracted decreased to 7 % in the first quarter from 16 % in the fourth quarter . " As of March 31 , 2021 , we had term contracts for drilling rigs providing for approximately $ 240 million of future dayrate drilling revenue . Based on contracts currently in place , we expect an average of 39 rigs operating under term contracts during the second quarter , and an average of 27 rigs operating under term contracts during the four quarters ending March 31 , 2022 . “ In pressure pumping , first quarter results were significantly impacted by the winter storm . Revenues decreased to $ 75.8 million during the first quarter and gross margin decreased to a loss of $ 0.7 million . We averaged seven active spreads during the first quarter , with an effective utilization of 5.5 spreads . Downtime was primarily associated with the winter storm and the mobilization of a spread from the northeast to Texas . In the second quarter , we expect utilization to improve and we plan to reactivate an additional spread late in the quarter for dedicated work . “ In directional drilling , revenues during the first quarter increased sequentially to $ 19.7 million from $ 16.9 million in the fourth quarter . Gross margin improved in the first quarter to $ 3.0 million , or 15 % of revenues , from $ 2.2 million , or 13 % of revenues , in the fourth quarter , as the business continues to improve . "