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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 reported net income of $99.7 million or $0.46 per share for Q1 2023, slightly down from $100 million in Q4 2022. Revenues increased to $792 million from $788 million. The company generated $234 million in net cash from operations, resulting in $117 million of free cash flow. Shareholder returns included repurchasing 5.6 million shares for $73.6 million and a quarterly dividend of $0.08. The average rig count was 131 in Q1, with expected decreases in Q2. Contract drilling segment revenues and margins improved, driven by higher day rates, while pressure pumping revenues hit $293 million. However, directional drilling revenues declined to $56.3 million. The Board increased share repurchase authorization to $300 million.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 131 drilling rigs operating in the United States for March 2023 and the first quarter of 2023. This metric reflects rigs earning revenue under contracts. The company cautioned that changes in drilling rig counts may not correlate directly with financial performance due to multiple influencing factors. Patterson-UTI will continue to provide monthly updates on drilling activity. As a prominent oilfield services provider, it serves oil and natural gas exploration companies across the U.S. and select international markets.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will host a conference call on April 27, 2023, at 9:00 a.m. CT to discuss first-quarter earnings results for the period ending March 31, 2023. Participants can dial (646) 960-0676 or (888) 550-5422 with Conference ID 3822955. The call will also be available via webcast on the company's website. A replay will be accessible for two weeks.
Patterson-UTI provides essential oilfield services, including contract drilling, pressure pumping, and directional drilling to oil and gas companies in the U.S. and select countries.
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 131 drilling rigs operating in the U.S. for February 2023, consistent with the average for the two months ended February 28, 2023. This figure reflects the number of rigs earning revenue under contract, although the company noted that various factors could influence overall operating results. Patterson-UTI plans to provide monthly updates on drilling activity. As a prominent provider of oilfield services, the company serves oil and natural gas exploration and production firms in the U.S. and select countries.
Patterson-UTI Energy (NASDAQ:PTEN) announced its participation in the Raymond James 44th Annual Institutional Investors Conference on March 7, 2023. Chief Financial Officer Andy Smith and Vice President of Investor Relations Mike Drickamer will represent the company. Andy Smith is scheduled to engage in a fireside chat at 1:05 p.m. Eastern time. Investors can access the webcast on the company's investor relations website. Patterson-UTI provides essential oilfield services, including contract drilling and pressure pumping. The company warns that forward-looking statements may differ from actual results due to various risks, including market conditions and operational challenges.
Patterson-UTI Energy reported a net income of $100 million or $0.46 per share for Q4 2022, surpassing the previous quarter's $61.5 million or $0.28 per share. Revenues rose to $788 million from $728 million. The operational momentum was attributed to strong performance in contract drilling and pressure pumping segments. The average rig count in the U.S. increased to 131, with expectations to maintain an average of 130 rigs in Q1 2023. The company plans to return $74.3 million to shareholders, including dividends and stock buybacks. A quarterly dividend of $0.08 is set for March 16, 2023.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 130 drilling rigs operating in the U.S. for January 2023. This figure reflects the average number of rigs generating revenue under contract. The company cautioned that various factors can influence its operating results, and that changes in drilling activity may not correlate with financial performance. Patterson-UTI plans to provide monthly updates on drilling rig activity. The company continues to offer oilfield services, including contract drilling and pressure pumping, to exploration and production companies.
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