Oil Man Takes Roy Disney's Advice on Making Share Sellers Wrong
- Patterson-UTI Energy Inc.’s acquisition spurred stock decline
- Chairman expects value boost after deal closes on Thursday
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You wouldn’t think an oilman would draw inspiration from Roy Disney, whose uncle turned a cartoon mouse into a U.S. icon, when things get tough.
But that’s exactly what Mark Siegel, the chairman of Patterson-UTI Energy Inc., said he did on Dec. 13, when his company’s value plunged the day after it announced a $1.4 billion deal for rival Seventy Seven Energy Inc. Siegel was working as a lawyer for the Disneys in October 1987, when a stock crash wiped out a chunk of the family’s wealth, he said Monday in an interview at Bloomberg offices in Houston.