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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, Inc. (NASDAQ: PTEN) is set to hold a conference call on April 29, 2021, at 9:00 a.m. Central Time to discuss its first-quarter results for the period ending March 31, 2021. Participants can join by calling (647) 253-8640 or (844) 494-0002, using conference ID 7069802. The call will also be accessible via a webcast on the company's website. A replay will be available for two weeks following the event.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 69 drilling rigs operating in February 2021, with an average of 68 drilling rigs for the two-month period ending February 28, 2021. The averages represent rigs earning revenue under contract. The company highlighted that various factors could impact operating results beyond the number of rigs operating. Patterson-UTI plans to continue monthly updates following each month-end.
Patterson-UTI Energy reported a net loss of $107 million ($0.57 per share) for Q4 2020, compared to a $85.9 million loss ($0.44 per share) in Q4 2019. Full-year net loss was $804 million ($4.27 per share), down from $426 million ($2.10 per share) in 2019. Revenue dropped to $221 million in Q4 2020 from $492 million in Q4 2019, and $1.1 billion for 2020 compared to $2.5 billion in 2019. The company is optimistic about recovery, increasing its average rig count and planning for $135 million in capital spending for 2021.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 67 drilling rigs operating for January 2021. This figure represents the average number of rigs earning revenue under contract. The company cautioned that multiple factors could influence operational results and that trends in rig numbers may not directly indicate financial performance. Patterson-UTI plans to provide ongoing monthly updates on drilling activity.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) is set to hold a conference call on February 4, 2021, at 9:00 a.m. Central Time to discuss its fourth quarter results for the period ending December 31, 2020. Investors can join the call by dialing (647) 253-8640 or (844) 494-0002 using Conference ID 3995753. The call will also be accessible via webcast on the company's website. A replay will be available for two weeks post the event.
Patterson-UTI is a top provider of oilfield services across the U.S., focusing on contract drilling, pressure pumping, and directional drilling.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 64 drilling rigs operating in December 2020, with an average of 62 for the three months ending December 31, 2020. These figures reflect the number of rigs earning revenue under contract. The company emphasized that various factors influence financial performance and that operational trends may not correlate with financial results. Patterson-UTI plans to provide monthly updates on drilling activity.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 61 drilling rigs operating for November 2020. This figure is consistent for the two months ending November 30, 2020. The company emphasizes that while this metric can provide insights, it does not solely determine financial performance due to various influencing factors. Monthly updates on drilling activity will continue to be provided.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 61 drilling rigs operating in October 2020. This figure represents the average number of rigs generating revenue under contract. The company acknowledges that various factors can affect financial performance beyond just rig count. Regular monthly updates on drilling activity will continue to be provided by the company.
Patterson-UTI offers services such as contract drilling, pressure pumping, and directional drilling to oil and gas companies in the U.S.
Patterson-UTI Energy (PTEN) reported a net loss of $112 million, or $0.60 per share, for Q3 2020, an improvement from a loss of $262 million, or $1.31 per share, in Q3 2019. Total revenues fell to $207 million in Q3 2020 from $598 million a year earlier. For the first nine months, net losses reached $697 million, against $340 million in 2019. However, cash reserves increased by $57 million to $304 million, and the company anticipates a rig count increase to 61 for Q4 2020, supported by higher drilling activity. A quarterly dividend of $0.02 per share has been announced.
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