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Patterson-UTI CEO says no plans to invest in electric fracking fleets

  • Patterson-UTI (NASDAQ:PTEN) has no plans to invest in electric hydraulic fracturing fleets, citing the high cost of building equipment and the oversupplied pressure pumping market, CEO Andy Hendricks says.
  • "The math doesn't work," the CEO said today at the Barclays Energy-Power Conference in New York.
  • PTEN already runs some drilling rigs on natural gas produced at nearby wells, and in the past year the company began running some rigs on lithium battery packs, in addition to diesel, thus helping reduce emissions, Hendricks said.
  • At the same conference, Baker Hughes (NYSE:BHGE) CEO Lorenzo Simonelli said he expects oil prices likely will remain range-bound for the "foreseeable future" with little spending growth in North American oil and gas fields in the near to medium term.

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