Blackstone Amends 13G/A on Patterson-UTI Energy Stake

Ticker: PTEN · Form: SC 13G/A · Filed: Feb 9, 2024 · CIK: 889900

Patterson Uti Energy INC SC 13G/A Filing Summary
FieldDetail
CompanyPatterson Uti Energy INC (PTEN)
Form TypeSC 13G/A
Filed DateFeb 9, 2024
Risk Levellow
Pages11
Reading Time13 min
Key Dollar Amounts$0.01
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: institutional-ownership, amendment, passive-investing

TL;DR

**Blackstone's still holding Patterson-UTI stock, signaling long-term confidence.**

AI Summary

Blackstone Inc., through its various entities including BEP Diamond Topco L.P., filed an amended SC 13G/A on February 9, 2024, indicating their ownership of Patterson-UTI Energy, Inc. common stock as of December 31, 2023. This filing updates their previous disclosure, confirming their continued significant, though passive, stake in the oil and gas drilling company. This matters to investors because Blackstone's continued holding signals their confidence in Patterson-UTI's long-term prospects, potentially influencing other investors' perceptions of the stock's stability and future growth.

Why It Matters

Blackstone's sustained, passive investment in Patterson-UTI Energy suggests a belief in the company's value, which can reassure current and prospective shareholders.

Risk Assessment

Risk Level: low — This filing is an amendment confirming a passive stake, indicating no immediate change in control or strategy that would introduce new risks.

Analyst Insight

Investors should view this as a confirmation of Blackstone's long-term, passive interest in Patterson-UTI Energy, suggesting stability rather than an impending strategic shift. No immediate action is required based solely on this filing.

Key Players & Entities

Forward-Looking Statements

FAQ

What type of filing is this and what does it indicate?

This is an SC 13G/A filing, which is an amendment to a Schedule 13G. It indicates that the reporting person, BEP Diamond Topco L.P. (part of Blackstone Inc.), continues to hold a significant, but passive, ownership stake in Patterson-UTI Energy, Inc. as of December 31, 2023.

Who is the subject company of this filing?

The subject company is Patterson-UTI Energy, Inc., which has a Central Index Key (CIK) of 0000889900 and operates in the Drilling Oil & Gas Wells industry (SIC 1381).

Who are the primary entities associated with the filing party?

The primary filing party is BEP Diamond Topco L.P., which is part of a larger group of entities including Blackstone Inc., Blackstone Holdings III L.P., and Blackstone Group Management L.L.C., among others, as listed under 'GROUP MEMBERS' in the filing.

What is the CUSIP number for the class of securities reported?

The CUSIP number for the Common Stock of Patterson-UTI Energy, Inc. is 703481101, as stated in the filing.

When was the event date that required this amendment?

The date of the event which required the filing of this statement was December 31, 2023, as specified on the cover page of the Schedule 13G/A.

Filing Stats: 3,216 words · 13 min read · ~11 pages · Grade level 8.5 · Accepted 2024-02-09 17:20:50

Key Financial Figures

Filing Documents

From the Filing

SC 13G/A 1 d767089dsc13ga.htm SC 13G/A SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1)* Patterson-UTI Energy, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 703481101 (CUSIP Number) December 31, 2023 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS BEP Diamond Topco L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 28,720,953 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 26,618,180 8 SHARED DISPOSITIVE POWER 2,102,773 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,720,953 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% 12 TYPE OF REPORTING PERSON (See Instructions) PN 2 CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS BEP Diamond Topco LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 28,720,953 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 26,618,180 8 SHARED DISPOSITIVE POWER 2,102,773 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,720,953 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% 12 TYPE OF REPORTING PERSON (See Instructions) OO 3 CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS BEP Diamond Aggregator L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 28,720,953 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 26,618,180 8 SHARED DISPOSITIVE POWER 2,102,773 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,720,953 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% 12 TYPE OF REPORTING PERSON (See Instructions) PN 4 CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS BCP VII/BEP II Holdings Manager L.L.C. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 28,720,953 6 SHARED VOTING POWER 0 7 SOLE DISPOSITIVE POWER 26,618,180 8 SHARED DISPOSITIVE POWER 2,102,773 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,720,953 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% 12 TYPE OF REPORTING PERSON (See Instructions) OO 5 CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS Blackstone Energy Management Associates II L.L.C. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a)(b) 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 28,720,953 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 28,720,953 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,720,953 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9% 12 TYPE OF REPORTING PERSON (See Instructions) OO 6 CUSIP NO. 703481101 1 NAME OF REPORTING PERSONS Blackstone Management Associates VII L.L.C. 2 CHECK THE APP

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