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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) reported an average of 79 drilling rigs operating in August 2021, with a two-month average of 78 rigs as of August 31, 2021. These figures reflect the number of drilling rigs earning revenue under contract. The company cautioned that many factors can influence operating results, and trends in drilling activity may not align with financial performance. Patterson-UTI plans to provide monthly updates on drilling operations moving forward.
Patterson-UTI Energy reported an average of 78 drilling rigs operational in July 2021. This figure indicates the rigs that were generating revenue under contract, though the company cautioned that this number alone may not reflect overall financial performance. Patterson-UTI continues to monitor and provide updates on drilling activities. The company is a leader in oilfield services, servicing the oil and natural gas exploration sectors across the United States. For more details, visit www.patenergy.com.
Patterson-UTI Energy reported a net loss of $103 million, or $0.55 per share, for Q2 2021, improved from a loss of $150 million in Q2 2020. Revenues rose to $292 million from $250 million year-over-year. For the first half of 2021, net loss shrank to $210 million from $585 million in 2020, with revenues at $533 million compared to $696 million. The company anticipates averaging 81 rigs in Q3 and plans to increase 2021 capex to $165 million. A quarterly dividend of $0.02 per share will be paid on September 16, 2021.
Patterson-UTI Energy (NASDAQ: PTEN) announced an agreement to acquire Pioneer Energy Services Corp. for approximately $295 million. The deal includes retiring Pioneer’s debt and involves issuing up to 26,275,000 shares of Patterson-UTI stock, alongside $30 million in cash. The acquisition aims to enhance Patterson-UTI's fleet by adding 16 super-spec drilling rigs and expands its presence into Colombia. The transaction is anticipated to close in Q4 2021, contingent on regulatory approvals.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 75 drilling rigs operating in June 2021, with an average of 73 rigs for the quarter ending June 30, 2021. These figures reflect the number of rigs earning revenue under contract. The company noted that various factors, beyond just the rig count, can influence operating results, and it plans to provide monthly updates on its drilling activity.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) will host a conference call on July 29, 2021, at 9:00 a.m. CT to discuss its second-quarter results for the period ending June 30, 2021. Participants can join via phone at (647) 253-8640 or (844) 494-0002, using Conference ID 8255829. The call will also be available as a webcast on the Investors section of their website. A replay will be accessible for two weeks post-call. Patterson-UTI provides oilfield services, including contract drilling and pressure pumping across the U.S.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 72 drilling rigs operating in May 2021. This figure remains consistent for the two months ended May 31, 2021. The company emphasized that the average drilling rigs operating may not directly reflect its financial performance due to various influencing factors. Patterson-UTI is a key provider of oilfield services in the U.S., offering contract drilling, pressure pumping, and directional drilling services. Regular monthly updates on drilling activities are promised to stakeholders.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 72 drilling rigs operating in April 2021. This metric represents rigs earning revenue under a contract. The company cautioned that several factors can impact its operating results, and trends in drilling activity may not directly indicate financial performance. Patterson-UTI plans to provide monthly updates on its drilling operations as part of its financial reporting.
Patterson-UTI Energy reported a net loss of $106 million or $0.57 per share for Q1 2021, a reduction from a net loss of $435 million or $2.28 per share in Q1 2020. Revenues dropped to $241 million from $446 million year-over-year. Despite challenges from a winter storm, both the contract drilling and directional drilling segments saw improved performance. The average rig count rose from 62 to 69, with expectations to increase to 80 rigs by mid-year. The company declared a quarterly dividend of $0.02 per share.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 70 drilling rigs operating in March 2021 and 69 for Q1 2021. The company emphasizes that these averages reflect rigs earning revenue under contract, but numerous factors can impact overall operating results. Despite providing monthly updates on drilling activity, the company cautions that trends in rig operations may not necessarily correlate with financial performance.
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