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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 and Six Months Ended June 30 , 2021 HOUSTON , Texas – July 29 , 2021 – PATTERSON - UTI ENERGY , INC . ( NASDAQ : PTEN ) today reported financial results for the three and six months ended June 30 , 2021. The Company reported a net loss of $ 103 million , or $ 0.55 per share , for the second quarter of 2021 , compared to a net loss of $ 150 million , or $ 0.81 per share , for the second quarter of 2020. Revenues for the second quarter of 2021 were $ 292 million , compared to $ 250 million for the second quarter of 2020 . For the six months ended June 30 , 2021 , the Company reported a net loss of $ 210 million , or $ 1.12 per share , compared to a net loss of $ 585 million , or $ 3.10 per share , for the six months ended June 30 , 2020. Revenues for the six months ended June 30 , 2021 were $ 533 million , compared to $ 696 million for the same period in 2020 . The financial results for the three and six months ended June 30 , 2021 include pretax acquisition - related expenses of $ 1.1 million ( $ 1.0 million after - tax or $ 0.01 per share ) related to the pending acquisition of Pioneer Energy Services . Andy Hendricks , Patterson - UTI's Chief Executive Officer , stated , “ Our financial results continue to improve , as drilling and completion activity rebounds from the severe downturn in 2020. Our activity has steadily improved from the lows of last summer and based on continuing customer conversations about the second half of 2021 and into 2022 , we expect increasing activity and pricing . " Mr. Hendricks continued , “ In contract drilling , our average rig count for the second quarter improved to 73 rigs from 69 rigs in the first quarter . We expect to average approximately 81 rigs during the third quarter and end the quarter at 83 rigs . " Average rig margin per day for the second quarter was $ 6,250 . Average rig operating cost per day increased relative to the first quarter due primarily to a sales and use tax refund in the first quarter that did not recur , a smaller proportion of rigs on low cost standby status , and higher rig reactivation expenses . Average rig revenue per day for the second quarter was $ 21,310 . “ As of June 30 , 2021 , we had term contracts for drilling rigs providing for approximately $ 210 million of future dayrate drilling revenue . Based on contracts currently in place , we expect an average of 37 rigs operating under term contracts during the third quarter , and an average of 24 rigs operating under term contracts during the four quarters ending June 30 , 2022 . " In pressure pumping , both utilization and pricing improved during the second quarter . As a result , gross profit improved to $ 9.7 million for the second quarter , and revenues increased to $ 112 million from $ 75.8 million in the first quarter . Gross profit slightly exceeded our expectation despite higher than expected reactivation expenses as we activated two frac spreads in June . Our average active frac spread count and effective utilization for the second quarter were both close to eight spreads . In the third quarter , we expect to average nine active spreads . " In directional drilling , revenues during the second quarter increased 26 % to $ 24.9 million from $ 19.7 million in the first quarter due to higher activity levels as the number of rigs on which we offer directional drilling services increased by 70 % during the quarter . As a result of an increase in reactivation costs , gross margin for the second quarter decreased slightly to $ 2.5 million . "