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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of PATTERSON-UTI ENERGY, INC.Global Credit Research - 24 Jan 2022New York, January 24, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of PATTERSON-UTI ENERGY, INC. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 19 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Patterson-UTI Energy, Inc.'s (Patterson) Baa3 senior unsecured rating is supported by the company's track record of conservative financial policies, high-quality land drilling rig fleet, solid market position, and diversity through its hydraulic fracturing business. In light of the 2020 commodity price collapse, Patterson experienced a marked decrease in the company's cash flow, size and rig utilization compared to its 2018 high, as the demand for land drilling and other oilfield services witnessed a tremendous shrinking through 2020 and 2021. The company's debt leverage was significantly elevated, however, the company's market share and its leadership position in the land drilling segment provide a path for the company to ease its debt leverage through cash flow growth in 2022.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Oilfield Services published in August 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Sreedhar Kona Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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