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Risk Management of Patterson UTI Energy - Term Paper Example

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The author concludes that Patterson UTI Energy strives to become the leading name in drilling solution. Although the company operates in a highly dynamic and competitive market, its commitment to safety in advanced technology will bring beneficial results in future …
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Risk Management of Patterson UTI Energy
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Download file to see previous pages Patterson UTI Energy attributes its revenues and its assets to industry segments which comprise of contract drilling services, pressure pumping services, oil, and natural gas exploration and production and drilling and completion fluids services. The company discontinued its operation of providing fluid services in January 2010 and sold off all of the substantial assets pertaining to the operation. The financial statement of the company for the year ended 2009 has been adjusted accordingly and the fluid services have a as a discontinued operation.
The drilling and pumping industry is highly dynamic and competitive and an inclination is forecasted in the coming future. Patterson UTI Energy has always strived to provide services which transcend its competitors through unmatched quality and prudent safety rules. The customers of the company comprise primarily of oil and natural gas services operators, both major and independent, and as at December 31, 2009, no single customer accounts for more than 10% or more of the consolidated revenue. self-insurance, the company is regulated by the federal government through numerous state and foreign laws and rules and regulation. These laws ensure that the company carries out its operation safely and in such a manner which does not adversely affect the environment and its inhabitants.
During the year 2009, the company faced some financial challenges as a result of which it reported a net loss of $48.2 million. The primary reason behind the financial difficulties faced by the company is the deterioration in the commodity prices of oil and gas. As a result, the company had to lower the prices of their services and thus curtailing the revenue generation.   ...Download file to see next pagesRead More
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