Patterson-UTI Energy, Inc. provides land drilling and pressure pumping services, directional drilling, rental equipment and technology to clients in the United States and western Canada. Patterson-UTI Companies include:3 Its shares trade on Nasdaq under the symbol PTEN.1Wikipedia text CC BY-SA 4.0
Patterson-UTI Energy, Inc. provides land drilling and pressure pumping services, directional drilling, rental equipment and technology to clients in the United States and western Canada.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$4.8B in 2025+94% since 2019Operating income1112131410-$40.8M in 2025−91% since 2019Net income1112131410-$93.6M in 2025−78% since 2019
Revenue1516$1.2B in Q2 FY2026+10% since Q1 FY2026Operating income1516-$7.0M in Q2 FY2026−51% since Q1 FY2026Net income1516-$19.6M in Q2 FY2026−20% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Total operating revenues
$4.8B
$5.4B
$4.1B
Depreciation, depletion, amortization and impairment
$940.3M
$1.2B
$731.4M
Impairment of goodwill
$0
$885.2M
$0
Selling, general and administrative
$255.1M
$268.3M
$170.0M
Merger and integration expense
$1.0M
$33.0M
$98.1M
Other operating expense (income), net
$14.6M
-$10.7M
-$16.3M
Total operating costs and expenses
$4.9B
$6.3B
$3.8B
Operating income (loss)
-$40.8M
-$889.7M
$352.0M
Interest income
$6.6M
$5.7M
$6.1M
Interest expense, net of amount capitalized
-$70.5M
-$72.0M
-$52.9M
Other income (expense)
$1.7M
-$975.0K
$1.9M
Total other income (expense)
-$62.2M
-$67.2M
-$44.9M
Income (loss) before income taxes
-$103.0M
-$956.9M
$307.1M
Income tax expense (benefit)
-$9.9M
$9.5M
$61.2M
Net income (loss)
-$93.1M
-$966.4M
$246.0M
Net income (loss) attributable to noncontrolling interest
$581.0K
$1.6M
-$340.0K
Net income (loss) attributable to common stockholders
-$93.6M
-$968.0M
$246.3M
Basic (in usd per share)
-$0.24
-$2.44
$0.88
Diluted (in usd per share)
-$0.24
-$2.44
$0.88
Basic (in shares)
383.5M shares
397.2M shares
279.5M shares
Diluted (in shares)
383.5M shares
397.2M shares
280.1M shares
No quarter-by-quarter statement was filed.
Total assets1112131410$5.6B in 2025+25% since 2019Total liabilities171112131410$2.3B in 2025+46% since 2019Shareholders’ equity12131410$3.2B in 2025+14% since 2019Cash1112131410$418.5M in 2025+140% since 2019Long-term debt171112131410$1.2B in 2025+26% since 2019
Total assets1516$5.4B in Q2 FY2026−4% since Q1 FY2025Total liabilities1516$2.3B in Q2 FY2026−3% since Q1 FY2025Shareholders’ equity1516$3.1B in Q2 FY2026−4% since Q1 FY2025Cash1516$201.0M in Q2 FY2026−52% since Q1 FY2025Long-term debt1516$1.2B in Q2 FY2026+1% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash, cash equivalents and restricted cash
$420.6M
$241.3M
$192.7M
$137.6M
Accounts receivable, net of allowance for credit losses of $14,469 and $15,047 at December 31, 2025 and 2024, respectively
$723.3M
$763.8M
Inventory
$160.3M
$167.0M
Other current assets
$113.9M
$123.2M
Total current assets
$1.4B
$1.3B
Property and equipment, net
$2.7B
$3.0B
Operating lease right of use asset
$43.0M
$44.4M
Finance lease right of use asset
$14.9M
$27.0M
Goodwill
$487.4M
$487.4M
Intangible assets, net
$814.8M
$929.6M
Deposits on equipment purchases
$11.8M
$15.7M
Other assets
$69.5M
$23.7M
Total assets
$5.6B
$5.8B
$7.4B
Accounts payable
$470.8M
$421.3M
Accrued liabilities
$366.5M
$385.8M
Operating lease liability
$18.7M
$13.3M
Finance lease liability
$7.7M
$15.2M
Current maturities of long-term debt
$0
$6.4M
Total current liabilities
$863.6M
$842.0M
Long-term operating lease liability
$27.6M
$34.3M
Long-term finance lease liability
$5.5M
$10.2M
Long-term debt, net of debt discount and issuance costs of $6,362 and $7,637 at December 31, 2025 and 2024, respectively
$1.2B
$1.2B
Deferred tax liabilities, net
$215.8M
$238.1M
Other liabilities
$12.2M
$13.2M
Total liabilities
$2.3B
$2.4B
Preferred stock, par value $0.01; authorized 1,000,000 shares, no shares issued
$0
$0
Common stock, par value $0.01; authorized 800,000,000 and 800,000,000 shares with 523,736,898 and 520,784,783 issued and 379,301,646 and 387,344,755 outstanding at December 31, 2025 and 2024, respectively
$5.2M
$5.2M
Additional paid-in capital
$6.5B
$6.5B
Retained earnings (deficit)
-$1.3B
-$1.0B
Accumulated other comprehensive income (loss)
-$1.2M
-$2.6M
Treasury stock, at cost, 144,435,252 shares and 133,440,028 shares at December 31, 2025 and 2024, respectively
-$2.0B
-$2.0B
-$1.7B
-$1.5B
Total stockholders equity attributable to controlling interests
$3.2B
$3.5B
Noncontrolling interest
$6.2M
$10.0M
Total equity
$3.2B
$3.5B
$4.8B
$1.7B
Total liabilities and stockholders equity
$5.6B
$5.8B
Accounts receivable, allowance for doubtful accounts
$14.5M
$15.0M
Long-term debt, debt discount and issuance costs
$6.4M
$7.6M
Preferred stock, par value (in usd per share)
$0.01
$0.01
Preferred stock, authorized (in shares)
1.0M shares
1.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in usd per share)
$0.01
$0.01
Common stock, authorized (in shares)
800.0M shares
800.0M shares
Common stock, issued (in shares)
523.7M shares
520.8M shares
Common stock, outstanding (in shares)
379.3M shares
387.3M shares
Treasury stock, shares (in shares)
144.4M shares
133.4M shares
105.6M shares
88.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash, cash equivalents and restricted cash
$420.6M
$241.3M
$192.7M
$137.6M
Accounts receivable, net of allowance for credit losses of $14,469 and $15,047 at December 31, 2025 and 2024, respectively
$723.3M
$763.8M
Inventory
$160.3M
$167.0M
Other current assets
$113.9M
$123.2M
Total current assets
$1.4B
$1.3B
Property and equipment, net
$2.7B
$3.0B
Operating lease right of use asset
$43.0M
$44.4M
Finance lease right of use asset
$14.9M
$27.0M
Goodwill
$487.4M
$487.4M
Intangible assets, net
$814.8M
$929.6M
Deposits on equipment purchases
$11.8M
$15.7M
Other assets
$69.5M
$23.7M
Total assets
$5.6B
$5.8B
$7.4B
Accounts payable
$470.8M
$421.3M
Accrued liabilities
$366.5M
$385.8M
Operating lease liability
$18.7M
$13.3M
Finance lease liability
$7.7M
$15.2M
Current maturities of long-term debt
$0
$6.4M
Total current liabilities
$863.6M
$842.0M
Long-term operating lease liability
$27.6M
$34.3M
Long-term finance lease liability
$5.5M
$10.2M
Long-term debt, net of debt discount and issuance costs of $6,362 and $7,637 at December 31, 2025 and 2024, respectively
$1.2B
$1.2B
Deferred tax liabilities, net
$215.8M
$238.1M
Other liabilities
$12.2M
$13.2M
Total liabilities
$2.3B
$2.4B
Preferred stock, par value $0.01; authorized 1,000,000 shares, no shares issued
$0
$0
Common stock, par value $0.01; authorized 800,000,000 and 800,000,000 shares with 523,736,898 and 520,784,783 issued and 379,301,646 and 387,344,755 outstanding at December 31, 2025 and 2024, respectively
$5.2M
$5.2M
Additional paid-in capital
$6.5B
$6.5B
Retained earnings (deficit)
-$1.3B
-$1.0B
Accumulated other comprehensive income (loss)
-$1.2M
-$2.6M
Treasury stock, at cost, 144,435,252 shares and 133,440,028 shares at December 31, 2025 and 2024, respectively
-$2.0B
-$2.0B
-$1.7B
-$1.5B
Total stockholders equity attributable to controlling interests
$3.2B
$3.5B
Noncontrolling interest
$6.2M
$10.0M
Total equity
$3.2B
$3.5B
$4.8B
$1.7B
Total liabilities and stockholders equity
$5.6B
$5.8B
Accounts receivable, allowance for doubtful accounts
$14.5M
$15.0M
Long-term debt, debt discount and issuance costs
$6.4M
$7.6M
Preferred stock, par value (in usd per share)
$0.01
$0.01
Preferred stock, authorized (in shares)
1.0M shares
1.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in usd per share)
$0.01
$0.01
Common stock, authorized (in shares)
800.0M shares
800.0M shares
Common stock, issued (in shares)
523.7M shares
520.8M shares
Common stock, outstanding (in shares)
379.3M shares
387.3M shares
Treasury stock, shares (in shares)
144.4M shares
133.4M shares
105.6M shares
88.8M shares
Cash from operations1112131410$961.2M in 2025+38% since 2019Capital spending1112131410$589.0M in 2025+69% since 2019Free cash flow1112131410$372.2M in 2025+7% since 2019Dividends paid1112131410$122.5M in 2025+278% since 2019Share buybacks1112131410$69.6M in 2025−73% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$93.1M
-$966.4M
$246.0M
Depreciation, depletion, amortization and impairment
$940.3M
$1.2B
$731.4M
Impairment of goodwill
$0
$885.2M
$0
Deferred income tax expense (benefit)
-$21.7M
-$1.8M
$51.9M
Stock-based compensation
$39.3M
$46.4M
$46.8M
Net gain on asset disposals
-$693.0K
-$3.7M
-$1.8M
Other
$737.0K
$7.9M
-$1.1M
Accounts receivable
$40.6M
$203.7M
$84.5M
Inventory
-$1.8M
-$11.5M
-$30.8M
Other current assets
$16.0M
$19.6M
-$10.4M
Other assets
$16.5M
$33.8M
$24.7M
Accounts payable
$71.3M
-$112.9M
-$69.7M
Accrued liabilities
-$21.5M
-$66.6M
-$23.5M
Other liabilities
-$24.8M
-$30.1M
-$42.1M
Net cash provided by operating activities
$961.2M
$1.2B
$1.0B
Acquisitions, net of cash acquired - NexTier
$0
$0
-$65.2M
Acquisitions, net of cash acquired - Ulterra
$0
$3.0M
-$357.3M
Purchases of property and equipment
-$589.0M
-$678.4M
-$615.7M
Investment in unconsolidated affiliate
-$10.5M
$0
$0
Proceeds from disposal of assets, including insurance recoveries
$44.1M
$25.8M
$26.5M
Other
-$11.7M
-$5.2M
-$5.9M
Net cash used in investing activities
-$567.2M
-$654.7M
-$1.0B
Purchases of treasury stock
-$69.6M
-$290.4M
-$200.7M
Dividends paid
-$122.5M
-$126.8M
-$100.0M
Proceeds from borrowings under revolving credit facility
$0
$50.0M
$420.0M
Repayment of borrowings under revolving credit facility
$0
-$50.0M
-$420.0M
Proceeds from issuance of senior notes
$0
$0
$396.4M
Repayment of senior notes
$0
$0
-$7.8M
Payments of finance leases
-$7.8M
-$45.5M
-$15.9M
Other
-$10.8M
-$12.3M
-$6.3M
Net cash provided by (used in) financing activities
-$210.7M
-$475.0M
$65.6M
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
-$4.0M
$2.8M
$1.2M
Net change in cash, cash equivalents and restricted cash
$179.3M
$48.6M
$55.1M
Interest, net of capitalized interest of $734 in 2025, $1,334 in 2024, and $1,692 in 2023
-$66.9M
-$68.6M
-$39.6M
Income taxes
-$8.1M
-$14.8M
-$27.2M
Net decrease in payables for purchases of property and equipment
-$22.0M
-$133.0K
-$15.1M
Net decrease in deposits on equipment purchases
$3.9M
$12.6M
$7.9M
Issuance of common stock for business acquisitions
$0
$0
$3.2B
Purchases of property and equipment through exchange of lease right of use asset
Patterson-UTI Energy, Inc sits at the top of its group. 77 entities, 17 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Patterson-UTI Energy, Inc
BEP Diamond Topco L.P.Filed SCHEDULE 13G/A on Patterson-UTI Energy, Inc, latest May 1, 2026 (4 filings since Aug 18, 2023)
Ambar Lone Star Fluid Services LLC Subsidiary · Texas, United States
BEP Ulterra Holdings, Inc. Subsidiary · Delaware, United States
BEP Ulterra Intermediate Holdings, Inc. Subsidiary · Delaware, United States
Black Gold Oilfield Services Subsidiary · Ecuador
Current Power Solutions, Inc. Subsidiary · Texas, United States
Drilling Technologies 1 LLC Subsidiary · Delaware, United States
Drilling Technologies 2 LLC Subsidiary · Delaware, United States
ESP Completion Technologies SA Subsidiary · Panama
Great Plains Oilfield Rental, L.L.C. Subsidiary · Oklahoma, United States
Keane Group Holdings, LLC Subsidiary · Delaware, United States
Keane International Holdings, LLC Subsidiary · Delaware, United States
Keystone Rock & Excavation, L.L.C. Subsidiary · Oklahoma, United States
KGH Intermediate Holdco I, LLC Subsidiary · Delaware, United States
KGH Intermediate Holdco II, LLC Subsidiary · Delaware, United States
Mobile Data Technologies Ltd. Subsidiary · Alberta, Canada
MS Directional, LLC Subsidiary · Texas, United States
NexTier Completion Solutions Inc. Subsidiary · Delaware, United States
NexTier Holding Co. Subsidiary · Delaware, United States
NexTier Integrated Services LLC Subsidiary · Delaware, United States
NexTier International LLC Subsidiary · Delaware, United States
NexTier Oilfield Solutions LLC Subsidiary · Delaware, United States
Patterson - UTI International (Colombia) Ltda. S. de R.L. Sucursal Colombia Subsidiary · Colombia
Patterson Petroleum LLC Subsidiary · Texas, United States
Patterson-UTI Drilling Canada Limited Subsidiary · Nova Scotia, Canada
and 51 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Patterson-UTI Energy, Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our property consists primarily of drilling rigs and related equipment, completion services equipment and rental bits. We own substantially all of the equipment used in our businesses.
Our corporate headquarters is in leased office space and is located at 10713 W. Sam Houston Parkway N., Suite 800, Houston, Texas, 77064. Our telephone number at that address is (281) 765-7100.
The rest of Item 2
Drilling Services — Our drilling services are supported by multiple offices and yard facilities located throughout our areas of operations, including Texas, Oklahoma, Colorado, North Dakota, Wyoming, Pennsylvania, Ohio, and internationally in Colombia and Ecuador. Our electrical controls and automation operation is supported by an office and yard facility in Texas.
Completion Services — Our completion services are supported by multiple offices and yard facilities located in the Permian, Marcellus Shale/Utica Basins, Haynesville and Eagle Ford, among others.
Drilling Products — Our drilling products segment is supported by multiple offices and manufacturing and distributing facilities located throughout North America and internationally in over 30 countries.
Other — Our interests in oil and natural gas assets are primarily located in Texas and New Mexico.
We own or lease administrative offices, manufacturing facilities, research centers, and other facilities throughout the world, none of which is individually material. We believe that our existing facilities are suitable and adequate to meet our needs.
We incorporate by reference in response to this item the information set forth in Item 1 of this Report and the information set forth in Note 6 of the Notes to consolidated financial statements included in Item 8 of this Report.
Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson.
UTI Energy was formed in 1986 to purchase Universal Well Services, Union Supply Company, Triad Drilling Company, and International Petroleum Services Company.
In 2001, Patterson Drilling acquired UTI Energy and renamed the company Patterson-UTI Energy.
In September 2014, the company acquired Texas-based pressure pumping assets.
In September 2016, the company acquired Warrior Rig.
In April 2017, the company acquired Seventy Seven Energy. The deal included Seventy Seven's affiliates: Great Plains Oilfield Rental, Nomac Drilling (now part of Patterson-UTI Drilling), and Performance Technologies (now part of Universal Pressure Pumping).
In October 2017, the company acquired MS Energy Services (now MS Directional).
In February 2018, the company acquired Superior QC, a provider of software used to improve the accuracy of horizontal wellbore placement.
Read the full text
In October 2018, the company acquired Current Power Solutions, Inc.
In October 2021, Patterson-UTI announced that it completed the acquisition of Pioneer Energy Services.
In September 2023, the company merged with NexTier OFS
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
400 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 67 major events, 196 insider forms, 27 large holders, 89 other. The latest 20:
71 open-market trades by officers, directors and large owners since October 2021: 1 buys and 70 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Patterson-UTI Energy, Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 10, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Patterson-UTI Energy, Inc names in Item 1A of its 10-K filed Feb 10, 2026: 30 risks under these headings, as written.18
Business and Operating Risks
Legal and Regulatory Risks
Financial Risks
Risks Related to Our Common Stock and Corporate Structure
We are dependent on the oil and natural gas industry and market prices for oil and natural gas. Declines in customers’ operating and capital expenditures and in oil and natural gas prices may adversely affect our operating results.
Global economic conditions may adversely affect our operating results.
A surplus of equipment and a highly competitive oil service industry may adversely affect our utilization and profit margins and the carrying value of our assets.
Our operations are subject to a number of operational risks, including environmental and weather risks, which could expose us to significant losses and damage claims. We are not fully insured against all of these risks and our contractual indemnity provisions may not fully protect us.
Our backlog of contract drilling revenue has declined in recent years and may not ultimately be realized, as fixed-term contracts may in certain instances be terminated without an early termination payment.
New technologies may cause our operating methods, equipment, products and services to become less competitive, and higher levels of capital expenditures may be necessary to remain competitive.
Loss of key personnel and competition for experienced personnel may negatively impact our financial condition and results of operations.
The loss or consolidation of key customers could have a material adverse effect on our financial condition and results of operations.
The other 22 risks
Shortages, delays in delivery, and interruptions in supply of equipment and materials could adversely affect our operating results.
Our commitments under supply agreements could exceed our requirements, exposing us to risks including price, timing of delivery and quality of equipment and materials upon which our business relies.
Growth through acquisitions, the building or upgrading of equipment and the development of technology is not assured.
Complications with the design or implementation of our new enterprise resource planning system could adversely impact our business and operations.
Fuel conservation measures, alternative fuel requirements and increasing consumer demand for alternatives to oil and natural gas could reduce demand for oil and natural gas, which would, in turn, reduce the demand for our services.
The adoption of any future federal, state or local laws or implementing regulations imposing reporting obligations on, or limiting or banning, the hydraulic fracturing process could make it more difficult to complete natural gas and oil wells and could have a material adverse effect on our business, results of operations and financial condition.
Our and our customers’ operations are subject to a number of risks arising out of the threat of climate change that could result in increased operating and capital costs, limit the areas in which oil and natural gas production may occur and reduce demand for our services.
Environmental and occupational health and safety laws and regulations, including violations thereof, could materially adversely affect our operating results.
Intellectual property disputes could negatively impact our operations, costs, revenues and competitiveness.
The design, manufacture, sale or rental and servicing of products, including drill bits and electrical controls, may subject us to liability for personal injury, property damage and environmental contamination.
Legal proceedings and governmental investigations could have a negative impact on our business, financial condition and results of operations.
Political, economic and social instability risk and laws associated with conducting international operations could adversely affect our opportunities and future business.
We are subject to complex and evolving laws and regulations regarding data privacy and security.
Investor sentiment and public perception related to the oil and natural gas industry and to ESG initiatives could increase our costs of capital and our reporting requirements and impact our operations.
Variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
Our ability to access capital markets could be limited, and a downgrade in our credit rating could negatively impact our cost of and ability to access capital.
We may not be able to generate sufficient cash to service all of our debt, and we may be forced to take other actions to satisfy our obligations under our debt, which may not be successful.
Our return of capital to stockholders, including through the payment of dividends and repurchases of our common stock, is within the discretion of our Board of Directors, and there is no guarantee that we will return capital to stockholders, including through the payment of dividends and repurchases of our common stock, in the future or at levels anticipated by our stockholders.
Our ability to utilize our historic U.S. net operating loss carryforwards is expected to be limited as a result of the completion of the NexTier merger.
The market price of our common stock may be highly volatile, and investors may not be able to resell shares at or above the price paid.
Anti-takeover measures in our charter documents and under state law could discourage an acquisition and thereby affect the related purchase price.
Our bylaws provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Legal proceedings
Certain subsidiaries we acquired in the Ulterra acquisition are defendants in a claim brought by a subsidiary of NOV Inc. alleging breach of a license agreement related to certain patents. Such subsidiaries have asserted defenses to the claim and are defending vigorously against this claim.
On February 6, 2023, Grant Prideco, Inc., ReedHycalog UK, Ltd. ReedHycalog, LP and National Oilwell Varco, LP (“NOV”) sued Ulterra Drilling Technologies, LP (“Ulterra”) and several other companies in Texas state court. NOV seeks a declaration that United States Patent No. 8,721,752 (the “’752 Patent”) is a “Licensed RH Patent” per the terms of a license agreement between Ulterra and NOV. NOV also alleges a breach of contract based on the license agreement between NOV and Ulterra and seeks allegedly owed royalties since October 22, 2021. NOV also seeks attorney’s fees.
On February 27, 2023, Ulterra filed a plea to the jurisdiction, and subject thereto, an answer, affirmative defenses and counterclaims. Ulterra’s counterclaims include: (i) declaratory judgments of non-infringement of U.S. Pat. No. 7,568,534 and the ’752 patent; (ii) a declaratory judgment of no royalties after Oct. 22, 2021; (iii) a declaratory judgment that certain other identified patents are expired and therefore not infringed after Oct. 22, 2021; and (iv) a declaratory judgment of no breach of contract. On the same day, Ulterra filed a notice of removal in federal court for the Southern District of Texas, Houston Division (SDTX 4:23-cv-00730), as well as a corresponding notice in Texas state court. NOV moved to dismiss and remand the case back to state court. On February 17, 2024, the Court denied NOV’s motion. On March 19, 2024, Ulterra moved for judgment on the pleadings regarding its declaratory judgment that certain other identified patents are expired and therefore not infringed after October 22, 2021. On February 13, 2025, the motion was granted in part and denied in part.
