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PATTERSON UTI ENERGYINC SER B NOTE 3.95000% 02/01/2028 CALL MAKE WHOLE caught my eye this morning. We are all aware of the not so good situation in the oil patch these days, but these guys are investment grade and seem pretty solid. Listened to the 4th Qtr conference call this morning and pondering over whether or not to purchase 10 of the bonds. They de-levered some last year and plan to do the same this year. From the transcript;

Mark Siegel
Andy, thank you. If we look back at 2019 and see that we spent $250 million to reduce our outstanding shares and $150 million to reduce our debt I think you get a pretty good idea of how we think about these two possibilities. And so, Tommy, I guess, the short answer is I'd expect that 2020 will look probably slightly different numbers, but along the same kind of basic proportions. The other thing that is not off the table is the possibility of increasing our dividend this year. The company is as you know one of the very few investment-grade credits and with a strong balance sheet we think we're in a position to do all kinds of things that other companies are not able to do.

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