10 Firms Stand Strong Amid Market Decline

7. Patterson-UTI Energy Inc. (PTEN)

Patterson-UTI Energy (PTEN), a company engaged in land drilling, pressure pumping services, and directional drilling, reported an 8.12-percent increase in its stock price on Monday, ending the day at $8.11 each.

Just recently, Turnwell Industries, Patterson-UTI’s joint venture firm with Schlumberger, closed a $1.7-billion agreement with Abu Dhabi-based ADNOC for drilling and associated services of 144 unconventional oil and gas wells. The latter said that it would set up Turnwell to have it executed.

Abu Dhabi, one of the largest oil producers in the world, has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas.

According to ADNOC, Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources.