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 an energy services company focused on drilling and completion services for oil and natural gas exploration and production companies. News about PTEN often centers on its contract drilling operations, integrated well completion services, directional drilling services and specialized drill bit solutions in key onshore oil and gas markets.
Investors following PTEN news can expect regular updates on drilling activity in the United States, where the company reports the average number of its rigs operating under revenue-earning drilling contracts each month. These releases explain how the company defines average drilling rigs operating and emphasize that rig counts are only one factor influencing overall operating results.
Patterson-UTI also issues earnings announcements and related conference call notices, including dates and times for quarterly results discussions. These communications are typically accompanied by segment commentary covering drilling services, completion services and drilling products, and may reference operational performance, technology deployment and geographic trends in its businesses.
Company news additionally includes corporate and strategic developments, such as multi-year agreements to lease drilling rigs for international projects, investor presentations, and changes in leadership or board composition disclosed through press releases and SEC filings. For example, the company has reported a multi-year rig leasing agreement to support operations in Argentina’s Vaca Muerta formation and has highlighted its established drilling products presence in that country.
By monitoring this news feed, readers can review a chronological record of Patterson-UTI’s operational updates, financial communications and corporate disclosures related to its role in the drilling oil and gas wells industry and the broader energy services market.
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.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 113 drilling rigs operating in the U.S. during June 2024. For Q2 2024, the monthly average was slightly higher at 114 rigs. These figures denote rigs under drilling contracts generating revenue. The company noted that while the number of operational rigs is a key metric, it alone does not fully determine financial performance. Patterson-UTI plans to continue issuing monthly updates on its drilling activities.
Patterson-UTI Energy reported an average of 114 drilling rigs operating in the United States for May 2024. For the two months ending May 31, 2024, the average number of drilling rigs was 115. These figures represent the company's revenue-generating rigs under drilling contracts. However, Patterson-UTI cautions that the number of operating rigs does not necessarily indicate overall financial performance due to various influencing factors. The company will continue to provide monthly updates on drilling activities.
Patterson-UTI Energy, Inc. has signed a term sheet to partner with ADNOC Drilling in the UAE for a $1.7 billion contract to drill and complete 144 unconventional wells. Patterson-UTI expects to hold a minority equity interest in Turnwell Industries OPC, formed by ADNOC Drilling, and provide oilfield service expertise in exchange. The company sees this partnership as a strategic growth opportunity in the Middle East without impacting its capital expenditure budget or shareholder returns.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported that for April 2024, they had an average of 116 drilling rigs operating in the United States. The company cautioned that various factors can impact their operating results and that the number of drilling rigs operating may not necessarily reflect their financial performance.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported strong financial results for the first quarter ended March 31, 2024. The company achieved total revenue of $1.5 billion, with net income of $51 million and adjusted net income of $61 million. They achieved a synergy target of $200 million from the NexTier merger, returned $130 million to shareholders, and have remaining share repurchase authorization of $945 million. The company also declared a quarterly dividend of $0.08 per share.
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