MARCH 8, 2022 – (NASDAQ:PTEN) today announced a strategic investment in Criterion Energy Partners, Inc., a geothermal energy development company. Criterion plans to use the proceeds from this investment to advance its first of a kind project in Texas and further execute on its technology development roadmap.
Criterion Energy Partners plans to combine existing technology and processes from the drilling of oil and gas wells with proprietary designs to create clean, reliable energy from subsurface heat. Criterion’s immediate focus is to deliver direct heat and power to industrial customers in the Texas Gulf Coast, positioning these customers to meet their energy demand and decarbonization goals.
Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “We are excited to invest in Criterion, whose innovative business model leverages proven horizontal drilling and completion technologies. We share a common view that geothermal will play an important role in the energy transition, and we look forward to working with Criterion to improve the economics and reliability of geothermal power.”
Danny Rehg, Criterion Energy Partners’ Co-Founder and CEO, added, “We are extremely pleased to have Patterson-UTI as a partner and see many opportunities to work together going forward. Their business approach and execution excellence align well with our strategy and company culture. The technical capabilities of their super-spec rigs and other technical innovations are critical to driving down costs and delivering competitive economics of next generation geothermal energy developments.”
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
ABOUT CRITERION ENERGY PARTNERS
Criterion Energy Partners is a geothermal energy company that plans to develop distributed energy projects to help customers reduce emissions and improve operating efficiency using heat from the earth. The company’s mission is to create a more sustainable future by making geothermal energy projects commercially viable everywhere. Key to its strategic advantage are Criterion Energy Partners’ team of managers, associates, and advisors with extensive experience in Business Development, Finance, Legal, Drilling & Completions, Subsurface Engineering, Geology, Geophysics and Data Science. Criterion Energy Partners touts value creation through its business model and tangible measurements, including (i) Emissions reductions, (ii) Power reliability, (iii) Long term cost stability and (iv) Weather resiliency.
Vice President, Investor Relations PTEN