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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 (NASDAQ:PTEN) has completed the sale of its well service rig and wireline business to Clearwell Dynamics for $43 million in cash, finalized on December 31, 2021. The company acquired these assets through its purchase of Pioneer Energy Services Corp. CEO Andy Hendricks expressed satisfaction with the acquisition and integration of the drilling businesses, noting that the sale allows the production services business to operate more effectively as a standalone entity. The sale proceeds exceed the cash portion of the initial purchase price.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) will host a conference call on February 10, 2022, at 9:00 a.m. CT to discuss its fourth quarter results for the period ending December 31, 2021. Interested participants can join the call by dialing (646) 960-0676 or (888) 550-5422 using Conference ID 3822955. The call will also be available via webcast on the Company’s Investor Relations website. A replay will be accessible for two weeks following the event.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 106 drilling rigs operating in the U.S. for November 2021 and an average of 104 for the two months ending November 30, 2021. These figures represent rigs earning revenue under contract. The company will continue to provide monthly updates. However, it cautions that factors beyond average rig counts can affect operational results, indicating that this metric alone may not reflect financial performance.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 103 drilling rigs operating in the U.S. for October 2021. This figure reflects the average number of rigs earning revenue under contract. The company emphasized that various factors can influence its operating results and trends in rig numbers may not directly correlate with financial performance. Monthly updates on drilling activity will continue to be provided.
Patterson-UTI Energy reported a net loss of $83.0 million, or $0.44 per share, for Q3 2021, an improvement from $112 million in Q3 2020. Revenues reached $358 million, up from $207 million a year prior. For the first nine months, the company posted a net loss of $293 million on revenues of $891 million. Highlights include a 44% sequential increase in adjusted EBITDA to $51.1 million and an improvement in the average rig count to 80 rigs. Payout of a quarterly dividend of $0.02 per share is scheduled for December 16, 2021.
Patterson-UTI Energy (PTEN) has partnered with Corva to enhance drilling and completion services through advanced data analytics. This collaboration will provide oil & gas producers with digital tools to increase productivity and efficiency while achieving lower emissions. Patterson-UTI will leverage its Cortex® Key edge server for real-time data access, integrating it with Corva's suite of over 60 drilling apps. The goal is to drive digital transformation in drilling operations, optimize costs, and improve environmental performance.
Pioneer Energy Services LLC announced the accelerated mandatory conversion of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025. Following the acquisition by Patterson-UTI on October 1, 2021, the conversion rate changed, allowing holders to convert each $1,000 principal amount of Convertible Notes into shares of Patterson-UTI common stock. The accelerated conversion date is October 8, 2021, with interest ceasing on this date. Physical Settlement will be used, providing shares and cash for any fractional shares.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 83 drilling rigs operating in September 2021 and 80 rigs over the three months ending September 30, 2021. This average reflects the number of rigs earning revenue under contract. The company cautioned that this metric, while an indicator, may not fully represent financial performance due to various impacting factors. Future monthly updates on drilling rig operations will continue to be provided. Patterson-UTI is a leading provider of oilfield services in the U.S. and other countries.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) has completed its acquisition of Pioneer Energy Services Corp. The transaction, valued at approximately $278 million, involved issuing around 26.3 million shares of Patterson-UTI stock and paying $30 million in cash. Pioneer shareholders will receive 1.8692 shares of Patterson-UTI common stock for each share they own. CEO Andy Hendricks expressed enthusiasm about welcoming Pioneer employees, highlighting a shared commitment to safety and service quality.
Patterson-UTI Energy (NASDAQ: PTEN) will hold a conference call on October 28, 2021, at 9:00 a.m. Central Time to discuss its third-quarter results for the period ending September 30, 2021. Participants can join the call by dialing (646) 960-0676 or (888) 550-5422 using Conference ID 3822955. The call will also be available via webcast on the Company’s investors page, with a replay accessible for two weeks following the event.
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