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, 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.
Patterson-UTI Energy reported a net loss of $28.8 million, or $0.13 per share, for Q1 2022, an improvement from a $106 million loss in the same period last year. Revenues surged to $509 million, compared to $241 million in Q1 2021. The average rig count increased to 115 in the U.S., with a projected rise to 122 rigs in Q2. The company anticipates consolidated Adjusted EBITDA exceeding $500 million for 2022, driven by higher dayrates in contract drilling, which feature an average revenue of $23,130 per rig. The quarterly dividend has been declared at $0.04 per share.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 117 drilling rigs operating in the U.S. for March 2022, up from 115 in the preceding quarter. The company emphasizes that these figures represent rigs earning revenue under contract but cautions that they don't directly reflect overall financial performance. Patterson-UTI commits to monthly updates on drilling activity, which are key indicators for investors and stakeholders.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will host a conference call on April 28, 2022, at 9:00 a.m. CT to discuss its Q1 2022 results. Participants can join by dialing (646) 960-0676 or (888) 550-5422 with Conference ID 3822955. The call will also be webcast and accessible through the Investors section of the Company's website. A replay will be available for two weeks. Patterson-UTI is a top provider of oilfield services in the USA and select countries, focusing on contract drilling, pressure pumping, and directional drilling.
Patterson-UTI Energy (NASDAQ:PTEN) announced the appointment of Julie J. Robertson and Cesar Jaime to its Board of Directors, expanding its membership to eight. With over 40 years of experience, Robertson has held key roles in a major offshore drilling company, while Jaime brings 30 years of international oil field services expertise. The company anticipates that their backgrounds in executive management and international markets will greatly benefit the board, especially following recent acquisitions in Latin America.
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