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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) announced that CEO Andy Hendricks will participate in a fireside chat at the Barclays CEO Energy-Power Conference on September 7, 2022, at 9:45 a.m. ET. The discussion will reference an investor presentation filed with the SEC. Hendricks highlighted strong demand for drilling and pressure pumping services, noting a $335 million increase in contract revenue backlog for drilling since Q2. He also mentioned ongoing contracts providing future drilling revenue of approximately $690 million and improving pressure pumping rates due to market demand.
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 128 drilling rigs operating in the U.S. for August 2022, maintaining an average of 127 rigs over the two months ending August 31, 2022. The company's monthly announcements reflect the number of rigs earning revenue under contract. While the number of rigs indicates operational activity, it may not correlate directly with overall financial performance. Patterson-UTI plans to provide regular updates on drilling rig activity.
Patterson-UTI Energy (NASDAQ:PTEN) will participate in the Barclays CEO Energy-Power Conference on September 6-7, 2022. Key executives, including CEO Andy Hendricks and CFO Andy Smith, will be present. Notably, Hendricks will engage in a fireside chat on September 7 at 9:45 a.m. Eastern time, accessible via the investor relations section of the company's website. Patterson-UTI provides oilfield services, emphasizing contract drilling, pressure pumping, and directional drilling. For further information, visit patenergy.com.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 126 drilling rigs operating in the U.S. for July 2022. This figure represents the average number of drilling rigs earning revenue under contract. The company cautioned that various factors can influence its operating results, and trends in rig activity may not fully reflect financial performance. Patterson-UTI plans to provide monthly updates on drilling activity.
Patterson-UTI Energy reported a net income of $21.9 million, or $0.10 per share, for Q2 2022, reversing a net loss of $28.8 million, or $0.13 per share, in Q1 2022. Revenues surged to $622 million from $509 million. The results included a non-cash gain of $11.5 million from exiting Canadian operations. The company raised its 2022 consolidated Adjusted EBITDA forecast to exceed $600 million and adjusted capex to $390 million. Average rig count in the U.S. increased to 121, expected to rise to 128 in Q3.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will hold a conference call on July 28, 2022, at 9:00 a.m. CT to discuss its second-quarter results for the period ended June 30, 2022. Participants can join the call by dialing (646) 960-0676 or (888) 550-5422 and using the Conference ID 3822955. The call will also be available via webcast on the company's investor website, with a replay accessible for two weeks.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 124 drilling rigs operating in the U.S. for June 2022, with an average of 121 rigs for the three-month period ending June 30, 2022. These figures represent revenue-generating drilling rigs under contract. The company plans to continue monthly updates on drilling activity. Patterson-UTI cautions that various factors can influence operating results and that rig count trends may not directly reflect financial performance.
Patterson-UTI Energy (NASDAQ:PTEN) will participate in the J.P. Morgan 2022 Energy, Power & Renewables Conference on June 23, 2022. Key executives, including CEO Andy Hendricks and CFO Andy Smith, will represent the company. Hendricks is scheduled for a fireside chat at 1:35 p.m. ET. Investors can access the webcast through the company's investor relations site. Patterson-UTI provides essential oilfield services, including contract drilling and pressure pumping, to the oil and natural gas industry in the U.S. and select countries.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 121 drilling rigs operating in the U.S. for May 2022, maintaining an average of 120 rigs for the two months ending May 31, 2022. The company emphasized that average rig numbers may not directly correlate with financial performance and will continue to provide monthly updates on drilling operations. The press release includes a cautionary statement regarding forward-looking statements, highlighting various risks affecting the company’s future operations and performance.
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 118 drilling rigs operating in the U.S. for April 2022. This figure represents active rigs earning revenue under contract. The company cautioned that while rig count trends can provide insights, they do not directly correlate with overall financial performance. Patterson-UTI continues its monthly updates on drilling activity. The company is a prominent provider of oilfield services, including contract drilling and pressure pumping, with operations in the U.S. and select international markets.
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