Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2022
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.
- Increased Q2 2022 net income to $21.9 million from a loss in Q1.
- Revenues rose to $622 million, a significant increase from $509 million.
- Raised 2022 Adjusted EBITDA guidance to exceed $600 million.
- Average rig count increased to 121 rigs, with expectations for 128 in Q3 2022.
- In pressure pumping, revenues increased by 26% to $238 million.
- None.
HOUSTON, TX / ACCESSWIRE / July 27, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2022. The Company reported net income of
The financial results for the quarter ended June 30, 2022 include a non-cash, pretax gain of
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "I am pleased with our outstanding second quarter results, as we achieved strong increases in activity and pricing. I am proud of the solid execution at each of our businesses, as we continued to provide the high level of service quality that our customers have come to expect from Patterson-UTI.
"Market fundamentals are strong, as demand is increasing for drilling and completions equipment and services, and industry supply remains constrained. We expect the strong demand for our services to continue, and we anticipate further improvements in pricing and activity. As such, we are increasing our forecast for 2022 consolidated Adjusted EBITDA, which we now expect will exceed
Mr. Hendricks continued, "For the second quarter, our average rig count in the United States increased by six rigs to 121 rigs from 115 rigs in the first quarter. We expect our rig count in the United States will average 128 rigs for the third quarter as drilling activity continues to improve.
"Contract drilling revenues and margins increased significantly in the second quarter due to continued dayrate pricing momentum, contract renewals and rig reactivations. In the United States, average rig revenue per day increased during the second quarter by
"As of June 30, 2022, we had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately
"In pressure pumping, revenues and margins improved during the second quarter due to better pricing, higher utilization and more favorable contract terms. Pressure pumping revenues were
"In directional drilling, during the second quarter, we were able to achieve better pricing with higher activity levels resulting in increased revenues and margins. Second quarter directional drilling revenues increased
Mr. Hendricks concluded, "Our results this quarter further demonstrate how tight the market is for high-quality, drilling and completion equipment and services, and the strong pricing environment that we are in. As the only company in the United States that offers contract drilling, pressure pumping, and directional drilling services, we are uniquely positioned to benefit from the concurrent strength across the U.S. oilfield services market. As well, the breadth of our services has allowed us to build relationships with a broad customer base of both public and private E&Ps that we will continue to leverage to increase activity. Again, I am proud of our teams' execution across each of our businesses and their ability to react quickly and efficiently to take advantage of this market to further improve our financial performance."
The Company declared a quarterly dividend on its common stock of
All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.
The Company's quarterly conference call to discuss the operating results for the quarter ended June 30, 2022, is scheduled for tomorrow, July 28, 2022, at 9:00 a.m. Central Time. The dial-in information for participants is (888) 550-5422 (Domestic) and (646) 960-0676 (International). The conference ID for both numbers is 3822955. The call is also being webcast and can be accessed through the Investor Relations section of the Company's website at investor.patenergy.com. A replay of the conference call will be on the Company's website for two weeks.
About Patterson-UTI
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions, including as a result of economic repercussions from the COVID-19 pandemic; global economic conditions; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; the ultimate timing, outcome and results of integrating the operations of Pioneer Energy Services into Patterson-UTI; the effects of the acquisition on Patterson-UTI, including Patterson-UTI's future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the acquisition; the failure to realize expected synergies and other benefits from the acquisition; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at https://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at https://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
Contact:
Mike Drickamer
Vice President, Investor Relations
(281) 765-7170
PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||
REVENUES | $ | 622,238 | $ | 291,774 | $ | 1,131,613 | $ | 532,703 | $ | 509,375 | ||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs | 446,900 | 235,233 | 830,112 | 417,984 | 383,212 | |||||||||||||||
Depreciation, depletion, amortization and impairment | 121,553 | 144,037 | 238,491 | 296,919 | 116,938 | |||||||||||||||
Selling, general and administrative | 26,079 | 23,555 | 53,540 | 46,113 | 27,461 | |||||||||||||||
Merger and integration expense | 182 | 1,148 | 2,045 | 1,148 | 1,863 | |||||||||||||||
Other operating (income) expense, net | (9,238 | ) | (2,789 | ) | (10,456 | ) | (2,524 | ) | (1,218 | ) | ||||||||||
Total costs and expenses | 585,476 | 401,184 | 1,113,732 | 759,640 | 528,256 | |||||||||||||||
OPERATING INCOME (LOSS) | 36,762 | (109,410 | ) | 17,881 | (226,937 | ) | (18,881 | ) | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest income | 14 | 20 | 29 | 159 | 15 | |||||||||||||||
Interest expense, net of amount capitalized | (10,658 | ) | (10,704 | ) | (21,223 | ) | (20,713 | ) | (10,565 | ) | ||||||||||
Other | (2,452 | ) | 812 | (870 | ) | 826 | 1,582 | |||||||||||||
Total other expense | (13,096 | ) | (9,872 | ) | (22,064 | ) | (19,728 | ) | (8,968 | ) | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 23,666 | (119,282 | ) | (4,183 | ) | (246,665 | ) | (27,849 | ) | |||||||||||
INCOME TAX EXPENSE (BENEFIT) | 1,780 | (15,973 | ) | 2,708 | (36,943 | ) | 928 | |||||||||||||
NET INCOME (LOSS) | $ | 21,886 | $ | (103,309 | ) | $ | (6,891 | ) | $ | (209,722 | ) | $ | (28,777 | ) | ||||||
NET INCOME (LOSS) PER COMMON SHARE: | ||||||||||||||||||||
Basic | $ | 0.10 | $ | (0.55 | ) | $ | (0.03 | ) | $ | (1.12 | ) | $ | (0.13 | ) | ||||||
Diluted | $ | 0.10 | $ | (0.55 | ) | $ | (0.03 | ) | $ | (1.12 | ) | $ | (0.13 | ) | ||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||
Basic | 216,165 | 188,408 | 215,718 | 188,044 | 215,267 | |||||||||||||||
Diluted | 219,676 | 188,408 | 215,718 | 188,044 | 215,267 | |||||||||||||||
CASH DIVIDENDS PER COMMON SHARE | $ | 0.04 | $ | 0.02 | $ | 0.08 | $ | 0.04 | $ | 0.04 | ||||||||||
PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||
Contract Drilling: | ||||||||||||||||||||
Revenues | $ | 304,586 | $ | 141,732 | $ | 561,226 | $ | 275,233 | $ | 256,640 | ||||||||||
Direct operating costs | $ | 196,269 | $ | 100,134 | $ | 372,975 | $ | 179,512 | $ | 176,706 | ||||||||||
Adjusted gross margin (1) | $ | 108,317 | $ | 41,598 | $ | 188,251 | $ | 95,721 | $ | 79,934 | ||||||||||
Other operating (income) expenses, net | $ | (2 | ) | $ | 33 | $ | 2 | $ | 45 | $ | 4 | |||||||||
Selling, general and administrative | $ | 1,694 | $ | 1,202 | $ | 2,765 | $ | 2,260 | $ | 1,071 | ||||||||||
Depreciation, amortization and impairment | $ | 84,905 | $ | 98,592 | $ | 166,928 | $ | 200,266 | $ | 82,023 | ||||||||||
Operating income (loss) | $ | 21,720 | $ | (58,229 | ) | $ | 18,556 | $ | (106,850 | ) | $ | (3,164 | ) | |||||||
Operating days - U.S. (2) | 11,015 | 6,652 | 21,377 | 12,835 | 10,362 | |||||||||||||||
Average revenue per operating day - U.S. | $ | 25.90 | $ | 21.31 | $ | 24.56 | $ | 21.44 | $ | 23.13 | ||||||||||
Average direct operating costs per operating day - U.S. | $ | 16.50 | $ | 15.04 | $ | 16.24 | $ | 13.98 | $ | 15.96 | ||||||||||
Average adjusted gross margin per operating day - U.S. (3) | $ | 9.39 | $ | 6.26 | $ | 8.32 | $ | 7.47 | $ | 7.17 | ||||||||||
Average rigs operating - U.S. (2) | 121 | 73 | 118 | 71 | 115 | |||||||||||||||
Capital expenditures | $ | 50,165 | $ | 24,042 | $ | 101,875 | $ | 35,469 | $ | 51,710 | ||||||||||
Pressure Pumping: | ||||||||||||||||||||
Revenues | $ | 238,376 | $ | 111,991 | $ | 427,966 | $ | 187,830 | $ | 189,590 | ||||||||||
Direct operating costs | $ | 191,455 | $ | 102,320 | $ | 348,923 | $ | 178,830 | $ | 157,468 | ||||||||||
Adjusted gross margin (1) | $ | 46,921 | $ | 9,671 | $ | 79,043 | $ | 9,000 | $ | 32,122 | ||||||||||
Selling, general and administrative | $ | 2,117 | $ | 1,852 | $ | 4,033 | $ | 3,535 | $ | 1,916 | ||||||||||
Depreciation, amortization and impairment | $ | 24,713 | $ | 31,740 | $ | 48,498 | $ | 69,125 | $ | 23,785 | ||||||||||
Operating income (loss) | $ | 20,091 | $ | (23,921 | ) | $ | 26,512 | $ | (63,660 | ) | $ | 6,421 | ||||||||
Average active spreads (4) | 11 | 8 | 11 | 7 | 11 | |||||||||||||||
Fracturing jobs | 142 | 105 | 270 | 176 | 128 | |||||||||||||||
Other jobs | 146 | 206 | 323 | 406 | 177 | |||||||||||||||
Total jobs | 288 | 311 | 593 | 582 | 305 | |||||||||||||||
Average revenue per fracturing job | $ | 1,654.75 | $ | 1,006.36 | $ | 1,557.35 | $ | 994.88 | $ | 1,449.30 | ||||||||||
Average revenue per other job | $ | 23.30 | $ | 30.69 | $ | 23.16 | $ | 31.36 | $ | 23.05 | ||||||||||
Average revenue per total job | $ | 827.69 | $ | 360.10 | $ | 721.70 | $ | 322.73 | $ | 621.61 | ||||||||||
Average costs per total job | $ | 664.77 | $ | 329.00 | $ | 588.40 | $ | 307.27 | $ | 516.29 | ||||||||||
Average adjusted gross margin per total job (5) | $ | 162.92 | $ | 31.10 | $ | 133.29 | $ | 15.46 | $ | 105.32 | ||||||||||
Adjusted gross margin as a percentage of revenues (5) | 19.7 | % | 8.6 | % | 18.5 | % | 4.8 | % | 16.9 | % | ||||||||||
Capital expenditures | $ | 34,554 | $ | 8,921 | $ | 68,016 | $ | 12,989 | $ | 33,462 | ||||||||||
Directional Drilling: | ||||||||||||||||||||
Revenues | $ | 54,825 | $ | 24,869 | $ | 98,159 | $ | 44,539 | $ | 43,334 | ||||||||||
Direct operating costs | $ | 45,438 | $ | 22,370 | $ | 82,392 | $ | 39,007 | $ | 36,954 | ||||||||||
Adjusted gross margin (1) | $ | 9,387 | $ | 2,499 | $ | 15,767 | $ | 5,532 | $ | 6,380 | ||||||||||
Selling, general and administrative | $ | 1,500 | $ | 1,015 | $ | 2,748 | $ | 2,474 | $ | 1,248 | ||||||||||
Depreciation, amortization and impairment | $ | 3,859 | $ | 6,594 | $ | 7,203 | $ | 13,091 | $ | 3,344 | ||||||||||
Operating income (loss) | $ | 4,028 | $ | (5,110 | ) | $ | 5,816 | $ | (10,033 | ) | $ | 1,788 | ||||||||
Adjusted gross margin as a percentage of revenues (6) | 17.1 | % | 10.0 | % | 16.1 | % | 12.4 | % | 14.7 | % | ||||||||||
Capital expenditures | $ | 4,036 | $ | 1,219 | $ | 7,002 | $ | 1,323 | $ | 2,966 | ||||||||||
PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||
Other Operations: | ||||||||||||||||||||
Revenues | $ | 24,451 | $ | 13,182 | $ | 44,262 | $ | 25,101 | $ | 19,811 | ||||||||||
Direct operating costs | $ | 13,738 | $ | 10,409 | $ | 25,822 | $ | 20,635 | $ | 12,084 | ||||||||||
Adjusted gross margin (1) | $ | 10,713 | $ | 2,773 | $ | 18,440 | $ | 4,466 | $ | 7,727 | ||||||||||
Selling, general and administrative | $ | 610 | $ | 441 | $ | 1,199 | $ | 866 | $ | 589 | ||||||||||
Depreciation, depletion, amortization and impairment | $ | 6,803 | $ | 5,619 | $ | 13,200 | $ | 11,443 | $ | 6,397 | ||||||||||
Operating income (loss) | $ | 3,300 | $ | (3,287 | ) | $ | 4,041 | $ | (7,843 | ) | $ | 741 | ||||||||
Capital expenditures | $ | 7,189 | $ | 3,429 | $ | 13,391 | $ | 6,173 | $ | 6,202 | ||||||||||
Corporate: | ||||||||||||||||||||
Selling, general and administrative | $ | 20,158 | $ | 19,045 | $ | 42,795 | $ | 36,978 | $ | 22,637 | ||||||||||
Depreciation | $ | 1,273 | $ | 1,492 | $ | 2,662 | $ | 2,994 | $ | 1,389 | ||||||||||
Merger and integration expense | $ | 182 | $ | 1,148 | $ | 2,045 | $ | 1,148 | $ | 1,863 | ||||||||||
Other operating income, net | $ | (9,236 | ) | $ | (2,822 | ) | $ | (10,458 | ) | $ | (2,569 | ) | $ | (1,222 | ) | |||||
Capital expenditures | $ | 426 | $ | 439 | $ | 914 | $ | 619 | $ | 488 | ||||||||||
Total Capital Expenditures | $ | 96,370 | $ | 38,050 | $ | 191,198 | $ | 56,573 | $ | 94,828 | ||||||||||
- Adjusted gross margin is defined as total revenue less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). See Non-U.S. GAAP Financial Measures below for a reconciliation of GAAP gross margin to adjusted gross margin by segment.
- A rig is considered to be operating if it is earning revenue pursuant to a contract on a given day. Average rigs operating is defined as operating days divided by the number of days in the period.
- Average adjusted gross margin per operating day is defined as adjusted gross margin divided by operating days.
- Average active spreads is the average number of spreads that were crewed and actively marketed during the period.
- For Pressure Pumping, average adjusted gross margin per total job is defined as adjusted gross margin divided by total jobs. Adjusted gross margin as a percentage of revenues is defined as adjusted gross margin divided by revenues.
- For Directional Drilling, adjusted gross margin as a percentage of revenues is defined as adjusted gross margin divided by revenues.
| June 30, | December 31, | |||||||||||||||
Selected Balance Sheet Data (unaudited, in thousands): | 2022 | 2021 | ||||||||||||||
Cash and cash equivalents | $ | 19,636 | $ | 117,524 | ||||||||||||
Current assets | $ | 621,218 | $ | 583,653 | ||||||||||||
Current liabilities | $ | 448,421 | $ | 435,853 | ||||||||||||
Working capital | $ | 172,797 | $ | 147,800 | ||||||||||||
Long-term debt | $ | 877,739 | $ | 852,323 | ||||||||||||
PATTERSON-UTI ENERGY, INC.
Non-U.S. GAAP Financial Measures
Adjusted EBITDA
(unaudited, dollars in thousands)
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)(1): | ||||||||||||||||||||
Net income (loss) | $ | 21,886 | $ | (103,309 | ) | $ | (6,891 | ) | $ | (209,722 | ) | $ | (28,777 | ) | ||||||
Income tax expense (benefit) | 1,780 | (15,973 | ) | 2,708 | (36,943 | ) | 928 | |||||||||||||
Net interest expense | 10,644 | 10,684 | 21,194 | 20,554 | 10,550 | |||||||||||||||
Depreciation, depletion, amortization and impairment | 121,553 | 144,037 | 238,491 | 296,919 | 116,938 | |||||||||||||||
Adjusted EBITDA | $ | 155,863 | $ | 35,439 | $ | 255,502 | $ | 70,808 | $ | 99,639 | ||||||||||
Total revenues | $ | 622,238 | $ | 291,774 | $ | 1,131,613 | $ | 532,703 | $ | 509,375 | ||||||||||
Adjusted EBITDA margin | 25.0 | % | 12.1 | % | 22.6 | % | 13.3 | % | 19.6 | % | ||||||||||
Adjusted EBITDA by operating segment: | ||||||||||||||||||||
Contract drilling | $ | 106,625 | $ | 40,363 | $ | 185,484 | $ | 93,416 | $ | 78,859 | ||||||||||
Pressure pumping | 44,804 | 7,819 | 75,010 | 5,465 | 30,206 | |||||||||||||||
Directional drilling | 7,887 | 1,484 | 13,019 | 3,058 | 5,132 | |||||||||||||||
Other operations | 10,103 | 2,332 | 17,241 | 3,600 | 7,138 | |||||||||||||||
Corporate | (13,556 | ) | (16,559 | ) | (35,252 | ) | (34,731 | ) | (21,696 | ) | ||||||||||
Consolidated Adjusted EBITDA | $ | 155,863 | $ | 35,439 | $ | 255,502 | $ | 70,808 | $ | 99,639 | ||||||||||
- Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is not defined by accounting principles generally accepted in the United States of America ("U.S. GAAP"). We define Adjusted EBITDA as net income (loss) plus net interest expense, income tax expense (benefit) and depreciation, depletion, amortization and impairment expense. We present Adjusted EBITDA because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the U.S. GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies.
PATTERSON-UTI ENERGY, INC.
Non-U.S. GAAP Financial Measures
Adjusted Gross Margin
(unaudited, dollars in thousands)
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| June 30, | June 30, | March 31, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||
Contract Drilling: | ||||||||||||||||||||
Revenues | $ | 304,586 | $ | 141,732 | $ | 561,226 | $ | 275,233 | $ | 256,640 | ||||||||||
Less direct operating costs | (196,269 | ) | (100,134 | ) | (372,975 | ) | (179,512 | ) | (176,706 | ) | ||||||||||
Less depreciation, amortization and impairment | (84,905 | ) | (98,592 | ) | (166,928 | ) | (200,266 | ) | (82,023 | ) | ||||||||||
GAAP gross margin | 23,412 | (56,994 | ) | 21,323 | (104,545 | ) | (2,089 | ) | ||||||||||||
Depreciation, amortization and impairment | 84,905 | 98,592 | 166,928 | 200,266 | 82,023 | |||||||||||||||
Adjusted gross margin (1) | $ | 108,317 | $ | 41,598 | $ | 188,251 | $ | 95,721 | $ | 79,934 | ||||||||||
Pressure Pumping: | ||||||||||||||||||||
Revenues | $ | 238,376 | $ | 111,991 | $ | 427,966 | $ | 187,830 | $ | 189,590 | ||||||||||
Less direct operating costs | (191,455 | ) | (102,320 | ) | (348,923 | ) | (178,830 | ) | (157,468 | ) | ||||||||||
Less depreciation, amortization and impairment | (24,713 | ) | (31,740 | ) | (48,498 | ) | (69,125 | ) | (23,785 | ) | ||||||||||
GAAP gross margin | 22,208 | (22,069 | ) | 30,545 | (60,125 | ) | 8,337 | |||||||||||||
Depreciation, amortization and impairment | 24,713 | 31,740 | 48,498 | 69,125 | 23,785 | |||||||||||||||
Adjusted gross margin (1) | $ | 46,921 | $ | 9,671 | $ | 79,043 | $ | 9,000 | $ | 32,122 | ||||||||||
Directional Drilling: | ||||||||||||||||||||
Revenues | $ | 54,825 | $ | 24,869 | $ | 98,159 | $ | 44,539 | $ | 43,334 | ||||||||||
Less direct operating costs | (45,438 | ) | (22,370 | ) | (82,392 | ) | (39,007 | ) | (36,954 | ) | ||||||||||
Less depreciation, amortization and impairment | (3,859 | ) | (6,594 | ) | (7,203 | ) | (13,091 | ) | (3,344 | ) | ||||||||||
GAAP gross margin | 5,528 | (4,095 | ) | 8,564 | (7,559 | ) | 3,036 | |||||||||||||
Depreciation, amortization and impairment | 3,859 | 6,594 | 7,203 | 13,091 | 3,344 | |||||||||||||||
Adjusted gross margin (1) | $ | 9,387 | $ | 2,499 | $ | 15,767 | $ | 5,532 | $ | 6,380 | ||||||||||
Other Operations: | ||||||||||||||||||||
Revenues | $ | 24,451 | $ | 13,182 | $ | 44,262 | $ | 25,101 | $ | 19,811 | ||||||||||
Less direct operating costs | (13,738 | ) | (10,409 | ) | (25,822 | ) | (20,635 | ) | (12,084 | ) | ||||||||||
Less depreciation, depletion, amortization and impairment | (6,803 | ) | (5,619 | ) | (13,200 | ) | (11,443 | ) | (6,397 | ) | ||||||||||
GAAP gross margin | 3,910 | (2,846 | ) | 5,240 | (6,977 | ) | 1,330 | |||||||||||||
Depreciation, depletion, amortization and impairment | 6,803 | 5,619 | 13,200 | 11,443 | 6,397 | |||||||||||||||
Adjusted gross margin (1) | $ | 10,713 | $ | 2,773 | $ | 18,440 | $ | 4,466 | $ | 7,727 | ||||||||||
- We define "Adjusted gross margin" as total revenue less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross margin is included as a supplemental disclosure because it is a useful indicator of our operating performance.
PATTERSON-UTI ENERGY, INC.
Non-U.S. GAAP Financial Measures
Minimum Forecasted Adjusted EBITDA
(unaudited, dollars in thousands)
The following table sets forth a reconciliation of minimum forecasted Adjusted EBITDA to forecasted net income, which is the most directly comparable measure of financial performance calculated under U.S. GAAP:
Minimum Forecasted Adjusted EBITDA: | 2022 | |
Net income | > | |
Income tax expense | > | |
Net interest expense | > | |
Depreciation, depletion, amortization and impairment | > | |
Minimum Forecasted Adjusted EBITDA | > |
PATTERSON-UTI ENERGY, INC.
Non-Cash Gain
Three Months Ended June 30, 2022
(unaudited, in thousands, except per share data)
| Total | Per Share | |||||||||
Release of cumulative translation adjustment | $ | 11,478 | $ | 0.05 | ||||||
Weighted average number of diluted common shares outstanding | 219,676 | |||||||||
SOURCE: Patterson-UTI Energy, Inc.
View source version on accesswire.com:
https://www.accesswire.com/710012/Patterson-UTI-Energy-Reports-Financial-Results-for-the-Quarter-Ended-June-30-2022
FAQ
What were Patterson-UTI's earnings for Q2 2022?
How did Patterson-UTI's revenues change in Q2 2022?
What is Patterson-UTI's forecast for Adjusted EBITDA in 2022?
What is the expected rig count for Patterson-UTI in Q3 2022?
When will Patterson-UTI declare its next dividend?
