Welcome to our dedicated page for Patterson-UTI Energy news (Ticker: PTEN), a resource for investors and traders seeking the latest updates and insights on Patterson-UTI Energy stock.
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 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.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 60 drilling rigs operating for September 2020, consistent with the previous three months. The company noted that the operational rig count may not directly correlate with financial performance due to various influencing factors. Patterson-UTI plans to continue providing monthly updates on drilling operations.
The company is a key provider of oilfield services in the U.S., offering contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy (NASDAQ: PTEN) will host a conference call on October 22, 2020, at 9:00 a.m. CT to discuss financial results for the three and nine months ending September 30, 2020. Access to the call will be available via phone or webcast, and a replay will be accessible for two weeks on their website. Patterson-UTI provides oilfield services, including contract drilling and pressure pumping, primarily for oil and natural gas exploration in the United States.
Patterson-UTI Energy reported an average of 59 drilling rigs operating for August 2020, consistent with the average from July. The company clarified that this figure reflects rigs earning revenue under contracts but does not guarantee financial performance. Patterson-UTI plans to provide monthly updates on its drilling activities. They highlighted the impact of numerous factors on operational results, including oil market conditions and potential risks from the COVID-19 pandemic.
Patterson-UTI Energy (NASDAQ: PTEN) announced its presentation at the Barclays CEO Energy-Power Conference scheduled for September 8, 2020, at approximately 3:05 p.m. Eastern Time. The presentation will be led by Andy Hendricks, the Chief Executive Officer, and will be available via live webcast on the company's investor website. Patterson-UTI is a prominent provider of oilfield services, including contract drilling and pressure pumping, catering to oil and natural gas exploration companies across the United States.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 60 drilling rigs operating for July 2020. This figure represents rigs that generated revenue under active contracts. While the company continues to provide monthly operational updates, it acknowledged that various factors could influence the overall financial performance, making trends in drilling rig counts an unreliable indicator of financial results. The company operates in oilfield services across the United States, offering contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 65 drilling rigs operating in June 2020 and 82 rigs for the three months ending June 30, 2020. The company indicated that these numbers may not directly indicate financial performance, as various factors could influence results. Patterson-UTI is a leading provider of oilfield services in North America, specializing in contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy (NASDAQ: PTEN) will host a conference call on July 23, 2020, at 9:00 a.m. Central Time, to discuss the financial results for the three and six months ending June 30, 2020. Participants can join by calling (647) 253-8640 or (844) 494-0002, using Conference ID 2556839. The call will also be available via webcast on the company's investor website. A replay will be accessible for two weeks. Patterson-UTI offers a range of oilfield services to North American exploration and production companies.
FAQ
What is the current stock price of Patterson-UTI Energy (PTEN)?
What is the market cap of Patterson-UTI Energy (PTEN)?
What does Patterson-UTI Energy Inc. do?
Where does Patterson-UTI operate?
What significant mergers has Patterson-UTI completed recently?
What are APEX® drilling rigs?
How did Patterson-UTI perform financially in the fourth quarter of 2023?
What is Patterson-UTI's focus for future technology investments?
How is Patterson-UTI returning value to shareholders?
What are Patterson-UTI's plans in the Middle East?
What is Patterson-UTI's capital expenditure budget for 2024?
Where can I find more information about Patterson-UTI's career opportunities?
