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Patterson-UTI Energy Inc. (NASDAQ: PTEN) is a prominent provider of drilling and completion services to oil and natural gas exploration and production companies in North America. Headquartered in Houston, Texas, the company operates one of the largest and technologically advanced fleets of land-based drilling rigs in the continent. Their operations span key oil and natural gas producing regions of the continental United States, Alaska, and parts of Canada. Patterson-UTI's services are integral to both major and independent oil and gas companies, providing a comprehensive drilling solution that includes the renowned APEX® drilling rigs.
In 2023, Patterson-UTI significantly expanded its pressure pumping operations through a merger with NexTier, positioning the company as a leader with nearly 20% of the North American market for drilling and completions services. The company also offers directional drilling services and tool rentals across most U.S. onshore oil and gas basins. The integration of NexTier and Ulterra has bolstered their capabilities, enabling Patterson-UTI to achieve $100 million in annualized synergy run-rate by early 2024, with further growth potential in international markets.
Financially, Patterson-UTI has demonstrated robust performance. For the fourth quarter of 2023, the company reported revenue of $464 million in its Drilling Services segment, achieving an adjusted gross profit of $187 million. The Completion Services segment generated $1,014 million in revenue with an adjusted gross profit of $232 million, reflecting strong demand and effective merger integrations. Their advanced technologies, including investments in automation, natural gas, and electric assets, have positioned Patterson-UTI for continued success as the industry evolves.
Patterson-UTI is not only focused on financial growth but also on operational excellence and environmental responsibility. The company continues to invest in technology to enhance well performance, reduce emissions, and improve safety. By mid-2024, they plan to operate approximately 140,000 horsepower of electric frac equipment and have nearly 80% of their active fleets powered by natural gas.
The company is also committed to returning value to shareholders. For 2024, Patterson-UTI has allocated a $740 million capital expenditure budget while aiming to generate substantial free cash flow. The goal is to convert at least 40% of adjusted EBITDA to free cash flow and utilize over $400 million for dividends and share repurchases.
Looking forward, Patterson-UTI remains a dynamic player in the oil and gas drilling industry, with expectations to outperform market trends. Their strategic partnerships, such as the collaboration with ADNOC Drilling and SLB in the Middle East, highlight their global expansion ambitions and potential for long-term growth.
Patterson-UTI Energy (NASDAQ:PTEN) has reported its drilling activity for November 2024. The company maintained an average of 105 drilling rigs operating in the United States during November, consistent with the two-month average ending November 30, 2024. The company notes that while rig count is one metric, multiple factors influence their financial performance, and rig count trends may not directly correlate with financial results. Patterson-UTI confirms it will continue providing monthly updates on operational rig counts.
Patterson-UTI Energy reported its drilling activity for October 2024, maintaining an average of 105 drilling rigs operating under contract in the United States. The company emphasized that while it will continue providing monthly updates on drilling rig operations, the number of operating rigs alone may not fully indicate financial performance trends, as multiple factors influence overall operating results.
Patterson-UTI Energy reported Q3 2024 financial results with total revenue of $1.4 billion. The company posted a net loss of $979 million ($2.50 per share), including an $885 million goodwill impairment and a $114 million asset retirement charge. Adjusted net income was $2 million, with Adjusted EBITDA of $275 million. The company generated $860 million in cash from operations and $322 million in free cash flow year-to-date. Patterson-UTI returned $71 million to shareholders in Q3 and declared a quarterly dividend of $0.08 per share. The company expects Q4 capital expenditures below $700 million and projects steady rig activity into 2025.
Patterson-UTI Energy (NASDAQ:PTEN) has announced its upcoming third quarter earnings conference call and webcast, scheduled for Thursday, October 24, 2024, at 9:00 a.m. Central Time. The call will discuss the company's financial results for the quarter ended September 30, 2024.
Participants can join the call by dialing (800) 715-9871 in North America or (646) 307-1963 for international callers, using the Conference ID 1337733. Additionally, a webcast will be available through the Investors section of the company's website at investor.patenergy.com. For those unable to attend live, a replay of the conference call will be accessible on the company's website for two weeks following the event.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for September 2024. The company maintained an average of 107 drilling rigs operating in the United States during the month. This figure remained consistent for the entire third quarter of 2024, with an average of 107 rigs operating from July through September.
The company emphasizes that the number of drilling rigs operating is just one of many factors that can impact its financial performance. Patterson-UTI plans to continue providing monthly updates on its drilling rig operations shortly after the end of each month.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has announced that its subsidiary, Patterson-UTI TW Holdings , has signed a joint venture agreement with a subsidiary of ADNOC Drilling. The joint venture, named Turnwell Industries OPC, will be responsible for drilling and completing 144 unconventional wells for Abu Dhabi National Oil Company (ADNOC).
Key details of the agreement include:
- Patterson-UTI will hold a 15% minority equity interest in Turnwell
- ADNOC Drilling's subsidiary will hold a 55% majority stake
- SLB will hold a 30% interest
Patterson-UTI will contribute its unconventional drilling and completion expertise to Turnwell, along with a cash contribution for working capital. The company views this joint venture as an opportunity to expand its footprint in new markets efficiently and expects it to create significant value for customers, partners, and shareholders over time.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for August 2024. The company operated an average of 107 drilling rigs in the United States during the month. For the two-month period ending August 31, 2024, the average number of operating drilling rigs was 108.
Patterson-UTI defines 'average drilling rigs operating' as the average number of rigs earning revenue under drilling contracts in the U.S. The company emphasizes that this metric alone does not fully reflect its financial performance, as numerous other factors can impact operating results. Patterson-UTI plans to continue providing monthly updates on its drilling rig operations.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for July 2024. The company maintained an average of 108 drilling rigs operating in the United States during the month. This figure represents the average number of rigs actively earning revenue under drilling contracts.
Patterson-UTI emphasizes that while the number of operating rigs is an important metric, it is not the sole indicator of the company's financial performance. Multiple factors can influence overall results. The company plans to continue providing monthly updates on its drilling rig operations shortly after each month's end.
Patterson-UTI Energy announced its financial results for Q2 2024, reporting $1.3 billion in total revenue and $11 million in net income attributable to common stockholders. The net income includes $11 million in merger and integration expenses. The company achieved an Adjusted EBITDA of $324 million and generated $563 million in cash from operations year-to-date. Patterson-UTI returned $164 million to shareholders in Q2 and $295 million in the first half of the year, with plans to return at least $400 million in 2024.
The company repurchased 12 million shares for $132 million in Q2. As of June 30, 2024, it had $819 million remaining in share repurchase authorization. Patterson-UTI declared a quarterly dividend of $0.08 per share, payable on September 16, 2024. CEO Andy Hendricks highlighted strong performance in U.S. Contract Drilling and electric frac technology. Despite weak natural gas prices, the outlook for U.S. shale drilling remains steady with growth anticipated in 2025.
Drilling Services reported $440 million in revenue, while Completion Services generated $805 million. The company emphasized its integrated drilling and completion offerings and expanding presence in natural gas fueling technology.
Patterson-UTI Energy (NASDAQ:PTEN) has announced its upcoming second quarter earnings conference call and webcast, scheduled for Thursday, July 25, 2024, at 9:00 a.m. Central Time. The call will discuss the company's financial results for the quarter ended June 30, 2024. Participants can join via phone by dialing (800) 715-9871 in North America or (646) 307-1963 internationally, using Conference ID 8671416. Alternatively, a webcast will be available through the Investors section of the company's website. A replay of the conference call will be accessible on the website for two weeks following the event.
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