Patterson-UTI reports drilling days for January 2007admin
Patterson-UTI Energy, Inc. reported that for the month of January 2007 the Company had a total of 8,276 drilling days, or an average of 267 drilling rigs operating, including an average of 251 rigs in the U.S. and 16 rigs in Canada.
Drilling days reported in the Company’s monthly announcements represent the number of days in which a Patterson-UTI drilling rig was moving or operating under a drilling contract. This total will differ from monthly drilling days considered in determining revenues and expenses for financial reporting purposes because the Company uses the completed contract method of accounting on turnkey contracts for financial statement purposes. Under the completed contract method, revenues and expenses, along with the related drilling days associated with turnkey contracts, are recorded in the period in which the turnkey contract is completed.