Patterson-UTI CEO To Retire; Former Schlumberger Executive Expected To Take Post

The chief executive of Patterson-UTI Energy Inc. (PTEN) plans to retire this year, leaving open a post that the onshore drilling and services company expects to fill with a newly-hired executive from Schlumberger Ltd. (SLB).

Doug Wall has worked as Patterson-UTI's CEO since October 2007, a post he assumed after previously working as the company's chief operating officer. Chairman Mark Siegel on Friday said the decision to step down was Wall's own.

"Doug came to us and indicated that he felt that it was time for him to move on to the next phase in his life. We greatly appreciate the excellent leadership that he has provided; during his tenure, our company has made enormous strides," Siegel said.

The company said it expects newly-hired William Andrew Hendricks, Jr., 47, will assume the chief executive position upon Wall's retirement later this year.

Hendricks, most recently president of Schlumberger's drilling and measurements unit, will begin with the company as chief operating officer starting April 2.

Patterson-UTI has been benefiting from a boom in unconventional shale drilling in North America. The company last month reported its most recent quarterly profit surged 63% amid strong demand and an increasing rig count.

Shares closed Thursday at $18.25 and were inactive in premarket trade.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; [e-mail]