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    Patterson-UTI updates on stock repurchase authorization

    Patterson-UTI Energy Inc.

    Patterson-UTI Energy Inc. (NASDAQ: PTEN) reports that, during the third quarter of 2013, the company repurchased 2,556,504 shares of its common stock at an average price of $19.90 per share. These purchases, which total approximately $50.9 million, complete the $150 million stock buyback program that was approved by the company's board of directors in July 2012. It also announced that on September 6, its board of directors approved a new stock buyback program that authorizes purchases of an additional $200 million of the company's common stock.

    Under the program, share purchases may be made from time to time in the open market or through privately negotiated transactions, and the timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. Any repurchases will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. 

    Patterson-UTI Energy Inc. subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. 

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