Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a diversi ed oil service company specializing in land drilling and pressure pumping. Despite solid results in the second quarter of 2017, investors remained wary of the e ects of a declining rig count in the face of volatile crude oil prices as the company is an operator of land rigs. Although Patterson-UTI has grown its pressure pumping business through the opportunistic acquisition of Seventy Seven Energy (post its emergence from bankruptcy) earlier in the year and a small bolt on acquisition late in the third quarter of 2017, we replaced PTEN with larger cap, more diversi ed Halliburton as mentioned earlier.
From Keeley All Cap Value Fund's third quarter 2017 commentary.
