Patterson-UTI Energy Inc. (PTEN) announced that it has exited the drilling and completion fluid services business.
Patterson-UTI's subsidiary, Ambar Lone Star Fluid Services LLC, completed the sale of substantially all of its assets, other than billed accounts receivable, to National Oilwell Varco, L.P. The net cash proceeds from the sale and collection of billed accounts receivable, net of the payment of accrued expenses and transaction costs are expected to be approximately $48 million. Patterson-UTI expects to record a small loss on the transaction.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.