Governance

The Board of Directors and their committees perform all corporate oversight and governance. As such, the make-up of the Board of Directors is reviewed to ensure that the Board is composed of individuals with diverse skill sets in the areas of general business and the oil and gas industry in order to best serve our stockholders.

Our Code of Ethics

Upholding honesty and integrity at every level is critical to our success. We each have a responsibility to act professionally, understand the Company Code of Ethics and Business Conduct, policies and applicable laws, promptly report concerns and share Patterson-UTI’s commitment of mutual respect by demonstrating courtesy and civility.

Honesty and Integrity

We will act with honesty and integrity in everything we do.

Patterson-UTI policy prohibits bribery, including offering, giving, receiving, or agreeing to a request for or offer of a bribe. This prohibition applies whether the bribe or offer of a bribe is being made by or to a Patterson-UTI employee or someone outside the Company on behalf of the employee or the Company.

It is our policy to comply with all relevant anticorruption and antibribery laws and rules, including, but not limited to, the FCPA, the U.K. Bribery Act and any laws enacted pursuant to the OECD Convention. Violation of our policy subjects personnel to disciplinary action, up to and including termination.

Responsibility and Accountability

Our management evaluates risk in our business and to our Company to ensure that plans are in place to minimize and manage risks to our Company, to clients and to individuals. Our Board of Directors evaluates its role in risk oversight on an ongoing basis.

Recognizing the serious risks posed by corruption in international business transactions, and the seriousness with which governments around the world are enforcing antibribery laws, as directed by the Board of Directors, we implement policies and procedures to prevent the Company and its employees from being involved in any bribery and corruption. Involvement in corrupt business activities, and sometimes only the perception of such involvement, can have serious consequences for Patterson-UTI, its employees and business partners.

We are committed to the continuous improvement of anticorruption and antibribery compliance efforts. We periodically monitor and conduct testing and review of our policy and related business processes to assess their suitability, adequacy and effectiveness. Patterson-UTI addresses weaknesses and implements improvements as appropriate. We issue, implement and revise all policies and procedures necessary to effectively implement this policy.

Stakeholder Engagement

We integrate public comments and official guidance from regulatory and enforcement agencies in formulating our policies. We are members of industry groups (such as the IADC) and attend roundtables where stakeholder issues are discussed. We also take into consideration peer company practices as well as employee feedback and suggestions on our policies.

Our related policies include:

  • Global Anticorruption Policy
  • Gifts and Entertainment for Government Officials
  • International Due Diligence
  • Prohibition on Corruption
  • Antitrust Compliance
  • Conflicts of Interest, Including Gifts and Entertainment

We understand that corruption risks can be introduced through our supply chain, particularly in connection with suppliers operating in high-risk locations or those functions that may have a reputation for questionable business practices. Our procurement practices are conducted in a transparent manner that ensures services are procured in a fair, economical and open process. Whenever possible, our suppliers and service providers are selected competitively and on the basis of clear and uniform criteria.

Patterson-UTI's Code of Business Conduct and Ethics outlines the standards and principles that all employees, officers and directors must follow when working with co-workers, vendors, customers or other third parties. The policy addresses conflicts of interest, confidentiality, fair dealing with others, proper use of Company assets, compliance with laws (including anti-money laundering laws, anti-trust laws, anti-boycott regulations, and global trade laws), insider trading, keeping of books and records, zero tolerance for discrimination and harassment in the work environment, as well as reporting of violations.

Our dedicated Global Anticorruption Policy prohibits all forms of bribery, addresses training and provides the requirements for careful due diligence of potential partners and intermediaries.

Patterson-UTI does not tolerate any retaliation against an employee who in good faith asks questions, makes a report of actions that may be inconsistent with our Code of Ethics and Business Conduct, policies or laws or regulations or who assists in an investigation of suspected wrongdoing.

At Patterson-UTI, ethical behavior means always acting with integrity and doing the right thing. That means using good judgement and following applicable laws. We strive to treat everyone with fairness and respect. Not because it's the law, but because it's the right thing to do.

Our code applies to all directors, officers and employees of Patterson-UTI and its affiliates. Business partners and joint venture partners are an extension of Patterson-UTI and can have an impact on our good name. For this reason, they are expected to act consistently with our code.

Each of us plays a critical role in safeguarding the reputation of the Company. All Patterson-UTI employees are responsible for speaking up anytime they become aware of potential violation of our code, policies or laws.

We encourage a supportive environment where people are free to ask questions and raise concerns. We listen and respond. We strive for an atmosphere based on mutual respect and free of discrimination, harassment and retaliation.

Antibribery Training

Our anticorruption training program includes antibribery training for all employees with responsibilities that include finance, accounting, keeping of Patterson-UTI books and records, international markets and international travel. All employees with international responsibilities acting on Patterson-UTI’s behalf or interacting with government officials on a regular basis or those with significant managerial responsibilities participate in more specific antibribery training at least annually.

We are committed to the continuous improvement of anticorruption and antibribery compliance efforts. We monitor and conduct periodic testing and review of this Policy and related business processes to assess their suitability, adequacy and effectiveness. Patterson-UTI addresses weaknesses and implements improvements as appropriate. We issue, implement, and revise, as needed, all policies and procedures that are necessary to effectively implement this Policy.

Ongoing Employee Training

Course name 2018 Attendance YTD 2019 Attendance
Fundamentals of a Respectful Workplace for Managers >2,200 >1,100
Fundamentals of a Respectful Workplace for Non-Managers >5,700 >3,000
Code of Business Conduct and Ethics >4,600 >4,400

We encourage employees to report a concern or ask a question through a supervisor, manager, HR representative or the SHARP Hotline and to speak up if they think something is wrong. That’s how we get better and safer and grow as a Company.

SHARP: Secure Hotline for Asking and Reporting at Patterson-UTI

The SHARP Hotline is available 24/7, online or by phone, for employees and others to report concerns, anonymously if preferred. Please see our SHARP page for more information.