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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) reported an average of 132 drilling rigs operating in the U.S. for December 2022 and 131 rigs for the fourth quarter. These numbers reflect rigs earning revenue under contracts. The company noted that various factors beyond rig count can influence financial performance. Monthly updates will continue to monitor operational trends. Patterson-UTI is a key player in providing oilfield services, including contract drilling and pressure pumping. For further details, visit www.patenergy.com.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) projects a robust fourth quarter of 2022, expecting net income to exceed $100 million and adjusted EBITDA to surpass $230 million. The company has successfully returned $74.3 million to shareholders through dividends and share repurchases. Additionally, contract drilling averages benefited from favorable pricing, while pressure pumping saw strong utilization rates. The company remains committed to maintaining a strong balance sheet and returning capital to shareholders.
Patterson-UTI Energy (NASDAQ:PTEN) has announced the promotion of James 'Mike' Holcomb to Chief Operating Officer and Mike Garvin to President of Patterson-UTI Drilling Company LLC. Holcomb, with over 30 years at Patterson-UTI, aims to enhance business unit support and foster future growth. Garvin brings over 40 years of industry expertise, previously serving as Senior Vice President of Operations. These promotions align with Patterson-UTI's objectives to strengthen its operational capabilities and market position.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will participate in the Goldman Sachs Global Energy and Clean Technology Conference on January 5, 2023. CEO Andy Hendricks and VP of Investor Relations Mike Drickamer will represent the company, with Hendricks speaking in a panel discussion at 10:20 a.m. Eastern time. Investors can access the webcast through the investor relations section of Patterson-UTI's website. The company provides various oilfield services to the energy industry.
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 131 drilling rigs operating in the U.S. during November 2022. This figure remained consistent over the two months ending November 30, 2022. The count reflects the average number of rigs earning revenue under contract. While Patterson-UTI commits to providing monthly updates, they caution that variations in rig numbers may not correlate with financial performance.
The company provides oilfield services, including contract drilling, pressure pumping, and directional drilling, primarily for oil and natural gas exploration.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 131 drilling rigs operating in the United States for October 2022. This figure reflects the average number of rigs earning revenue under a drilling contract. The company emphasized that various factors aside from this average can influence its operating results, and these trends may not directly correlate with financial performance. Patterson-UTI plans to provide continued monthly updates on drilling activity.
Patterson-UTI Energy reported strong financial results for Q3 2022, with a net income of $61.5 million ($0.28/share), up from $21.9 million ($0.10/share) in Q2. Revenues reached $728 million, a rise from $622 million in the previous quarter. The company increased its 2022 Adjusted EBITDA forecast to over $650 million and raised its capex forecast to $425 million due to rig upgrades. Average rig count grew to 128. The quarterly cash dividend was doubled to $0.08/share, payable on December 15, 2022.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 130 drilling rigs operating in the U.S. for September 2022, with an average of 128 rigs for the three-month period ending September 30, 2022. These figures reflect the number of rigs earning revenue under contract. The company will continue to release monthly updates on drilling activity. However, Patterson-UTI cautioned that rig numbers alone may not indicate financial performance trends, as other factors can significantly influence results.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will host a conference call on October 27, 2022, at 9:00 a.m. CT to discuss its third-quarter results for the period ending September 30, 2022. Interested participants can join by dialing (646) 960-0676 or (888) 550-5422, using Conference ID 3822955. The call will also be available via a webcast on the company’s investor relations website, with a replay accessible for two weeks following the event.
Patterson-UTI is a key player in providing oilfield services, including contract drilling and pressure pumping.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced the passing of co-founder and former CEO Cloyce A. Talbott on September 8, 2022. Talbott, who began his career in the oil industry at a young age, co-founded Patterson Drilling Company in 1978, transforming it into a leading provider of land drilling rigs. He served as CEO until 2007 and continued to influence the industry as a consultant and director. His contributions earned him numerous accolades, including community recognition and industry awards.
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