Patterson-UTI Energy Inc. announced on March 8 a strategic investment in Criterion Energy Partners, Inc., a geothermal energy development company who will use the proceeds from this investment to advance its first-of-a-kind project in Texas and further execute on its technology development roadmap.
According to a press release, 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 CEO, said in a statement, "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."
Recommended Reading
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
Sector’s Appetite for Capital Remains Amid Consolidation Frenzy, Panelists Say
2024-05-17 - There’s still an appetite for capital in the oil and gas sector—companies just need to think creatively to find it, a number of panelists said during SUPER DUG in Fort Worth, Texas.
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.