Patterson-UTI Energy Reports Financial Results for the Three and Nine Months Ended September 30, 2021
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.
- Adjusted EBITDA increased by 44% sequentially to $51.1 million.
- Pressure pumping gross profit rose 85% to $17.9 million on a revenue increase of 36%.
- Average rig count for Q3 improved to 80 rigs, with expected growth to 106 rigs in Q4.
- Total contract drilling revenues and gross profit increased by approximately 11% sequentially.
- Net loss of $83.0 million for Q3 2021, despite improvements.
- Revenues for nine months ended September 30, 2021 decreased to $891 million from $903 million in the same period in 2020.
- Average rig margin per day expected to decrease to $5,500 in Q4.
HOUSTON, Oct. 28, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and nine months ended September 30, 2021. The Company reported a net loss of
For the nine months ended September 30, 2021, the Company reported a net loss of
The financial results for the three months ended September 30, 2021 include pretax acquisition-related expenses of
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "I am pleased that our total adjusted EBITDA for the third quarter increased
Mr. Hendricks continued, "In contract drilling, steady growth in activity positively impacted our third quarter financial results. Our average rig count for the third quarter improved to 80 rigs from 73 rigs in the second quarter. We expect activity growth will be robust in the fourth quarter, as we expect our average rig count, including 13 rigs from Pioneer Energy, to be approximately 106 rigs in the United States.
"Total contract drilling revenues and gross profit for the third quarter increased approximately
"In the fourth quarter, we expect the increase in the rig count to drive an improvement in total revenue and gross margin. Due to the large number of rig reactivations in the fourth quarter, as well as general cost inflation, average rig margin per day is expected to decrease to approximately
"As of September 30, 2021, Patterson-UTI and Pioneer Energy had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately
"In pressure pumping, during the third quarter we were able to achieve higher pricing based on our outstanding service quality. We also benefited from more simulfrac work and the full quarter impact of two spreads that were reactivated in the second quarter. Relative to the second quarter, gross profit increased by
"In directional drilling, the third quarter gross profit of
Mr. Hendricks concluded, "The acquisition of Pioneer Energy Services enhances our position as a leading provider of contract drilling services in the United States and expands our geographic footprint into Latin America. With this acquisition, we have expanded our APEX® rig fleet to 215 rigs of which 166 have super-spec capabilities. We are excited about the opportunities this acquisition offers, and we welcome the Pioneer employees to the Patterson-UTI family.
The Company declared a quarterly dividend on its common stock of
Financial results for the nine months ended September 30, 2020 include pre-tax charges totaling
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 September 30, 2021, is scheduled for today, October 28, 2021, 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: 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 closing of the transaction; the failure to realize expected synergies and other benefits from the transaction; adverse oil and natural gas industry conditions; including the rapid decline in crude oil prices 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; 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; 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 http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
PATTERSON-UTI ENERGY, INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(unaudited, in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
REVENUES | $ | 357,885 | $ | 207,141 | $ | 890,588 | $ | 903,448 | ||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Direct operating costs | 285,067 | 141,257 | 703,051 | 632,631 | ||||||||||||
Depreciation, depletion, amortization and impairment | 141,065 | 157,319 | 437,984 | 517,201 | ||||||||||||
Impairment of goodwill | — | — | — | 395,060 | ||||||||||||
Selling, general and administrative | 22,063 | 22,355 | 68,176 | 76,692 | ||||||||||||
Credit loss expense | — | — | — | 5,606 | ||||||||||||
Restructuring expenses | — | — | — | 38,338 | ||||||||||||
Merger and integration expense | 918 | — | 2,066 | — | ||||||||||||
Other operating (income) expense, net | (1,219) | 776 | (3,743) | 5,980 | ||||||||||||
Total costs and expenses | 447,894 | 321,707 | 1,207,534 | 1,671,508 | ||||||||||||
OPERATING LOSS | (90,009) | (114,566) | (316,946) | (768,060) | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income | 37 | 238 | 196 | 1,229 | ||||||||||||
Interest expense, net of amount capitalized | (10,683) | (11,288) | (31,396) | (33,496) | ||||||||||||
Other | 14 | 512 | 840 | 682 | ||||||||||||
Total other expense | (10,632) | (10,538) | (30,360) | (31,585) | ||||||||||||
LOSS BEFORE INCOME TAXES | (100,641) | (125,104) | (347,306) | (799,645) | ||||||||||||
INCOME TAX BENEFIT | (17,643) | (12,993) | (54,586) | (102,480) | ||||||||||||
NET LOSS | $ | (82,998) | $ | (112,111) | $ | (292,720) | $ | (697,165) | ||||||||
NET LOSS PER COMMON SHARE: | ||||||||||||||||
Basic | $ | (0.44) | $ | (0.60) | $ | (1.55) | $ | (3.70) | ||||||||
Diluted | $ | (0.44) | $ | (0.60) | $ | (1.55) | $ | (3.70) | ||||||||
WEIGHTED AVERAGE NUMBER OF COMMON | ||||||||||||||||
Basic | 188,965 | 187,280 | 188,355 | 188,193 | ||||||||||||
Diluted | 188,965 | 187,280 | 188,355 | 188,193 | ||||||||||||
CASH DIVIDENDS PER COMMON SHARE | $ | 0.02 | $ | 0.02 | $ | 0.06 | $ | 0.08 | ||||||||
PATTERSON-UTI ENERGY, INC. | ||||||||||||||||||||
Additional Financial and Operating Data | ||||||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||
September 30, | September 30, | June 30, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
Contract Drilling: | ||||||||||||||||||||
Revenues | $ | 157,925 | $ | 115,054 | $ | 433,158 | $ | 553,552 | $ | 141,732 | ||||||||||
Direct operating costs | $ | 111,537 | $ | 59,117 | $ | 291,049 | $ | 309,664 | $ | 100,134 | ||||||||||
Margin (1) | $ | 46,388 | $ | 55,937 | $ | 142,109 | $ | 243,888 | $ | 41,598 | ||||||||||
Restructuring expenses | $ | — | $ | — | $ | — | $ | 2,430 | $ | — | ||||||||||
Other operating expenses (income), net | $ | (28) | $ | — | $ | 17 | $ | (4,155) | $ | 33 | ||||||||||
Selling, general and administrative | $ | 1,086 | $ | 876 | $ | 3,346 | $ | 3,684 | $ | 1,202 | ||||||||||
Depreciation, amortization and impairment | $ | 97,160 | $ | 102,275 | $ | 297,426 | $ | 328,843 | $ | 98,592 | ||||||||||
Impairment of goodwill | $ | — | $ | — | $ | — | $ | 395,060 | $ | — | ||||||||||
Operating loss | $ | (51,830) | $ | (47,214) | $ | (158,680) | $ | (481,974) | $ | (58,229) | ||||||||||
Operating days | 7,361 | 5,499 | 20,196 | 24,184 | 6,652 | |||||||||||||||
Average revenue per operating day | $ | 21.45 | $ | 20.92 | $ | 21.45 | $ | 22.89 | $ | 21.31 | ||||||||||
Average direct operating costs per operating day | $ | 15.15 | $ | 10.75 | $ | 14.41 | $ | 12.80 | $ | 15.05 | ||||||||||
Average margin per operating day (1) | $ | 6.30 | $ | 10.17 | $ | 7.04 | $ | 10.08 | $ | 6.25 | ||||||||||
Average rigs operating | 80 | 60 | 74 | 88 | 73 | |||||||||||||||
Capital expenditures | $ | 21,239 | $ | 9,502 | $ | 56,708 | $ | 101,448 | $ | 24,042 | ||||||||||
Pressure Pumping: | ||||||||||||||||||||
Revenues | $ | 152,634 | $ | 71,973 | $ | 340,464 | $ | 256,613 | $ | 111,991 | ||||||||||
Direct operating costs | $ | 134,726 | $ | 63,721 | $ | 313,556 | $ | 234,844 | $ | 102,320 | ||||||||||
Margin (2) | $ | 17,908 | $ | 8,252 | $ | 26,908 | $ | 21,769 | $ | 9,671 | ||||||||||
Restructuring expenses | $ | — | $ | — | $ | — | $ | 31,331 | $ | — | ||||||||||
Selling, general and administrative | $ | 1,844 | $ | 2,004 | $ | 5,379 | $ | 6,748 | $ | 1,852 | ||||||||||
Depreciation, amortization and impairment | $ | 29,838 | $ | 37,104 | $ | 98,963 | $ | 118,586 | $ | 31,740 | ||||||||||
Operating loss | $ | (13,774) | $ | (30,856) | $ | (77,434) | $ | (134,896) | $ | (23,921) | ||||||||||
Average active spreads (3) | 9 | 4 | 7 | 6 | 8 | |||||||||||||||
Effective utilization (4) | 10.1 | 5.1 | 7.9 | 5.4 | 7.9 | |||||||||||||||
Fracturing jobs | 116 | 69 | 292 | 193 | 105 | |||||||||||||||
Other jobs | 185 | 180 | 591 | 541 | 206 | |||||||||||||||
Total jobs | 301 | 249 | 883 | 734 | 311 | |||||||||||||||
Average revenue per fracturing job | $ | 1,265.98 | $ | 960.70 | $ | 1,102.58 | $ | 1,251.37 | $ | 1,006.36 | ||||||||||
Average revenue per other job | $ | 31.24 | $ | 31.58 | $ | 31.32 | $ | 27.91 | $ | 30.69 | ||||||||||
Average revenue per total job | $ | 507.09 | $ | 289.05 | $ | 385.58 | $ | 349.61 | $ | 360.10 | ||||||||||
Average costs per total job | $ | 447.59 | $ | 255.91 | $ | 355.10 | $ | 319.95 | $ | 329.00 | ||||||||||
Average margin per total job (2) | $ | 59.50 | $ | 33.14 | $ | 30.47 | $ | 29.66 | $ | 31.10 | ||||||||||
Margin as a percentage of revenues (2) | 11.7 | % | 11.5 | % | 7.9 | % | 8.5 | % | 8.6 | % | ||||||||||
Capital expenditures | $ | 6,468 | $ | 1,653 | $ | 19,457 | $ | 17,880 | $ | 8,921 | ||||||||||
PATTERSON-UTI ENERGY, INC. | ||||||||||||||||||||
Additional Financial and Operating Data | ||||||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months | ||||||||||||||||||
September 30, | September 30, | June 30, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
Directional Drilling: | ||||||||||||||||||||
Revenues | $ | 31,728 | $ | 10,271 | $ | 76,267 | $ | 56,498 | $ | 24,869 | ||||||||||
Direct operating costs | $ | 28,360 | $ | 9,754 | $ | 67,367 | $ | 54,348 | $ | 22,370 | ||||||||||
Margin (5) | $ | 3,368 | $ | 517 | $ | 8,900 | $ | 2,150 | $ | 2,499 | ||||||||||
Restructuring expenses | $ | — | $ | — | $ | — | $ | 3,175 | $ | — | ||||||||||
Selling, general and administrative | $ | 1,177 | $ | 829 | $ | 3,651 | $ | 4,169 | $ | 1,015 | ||||||||||
Depreciation, amortization and impairment | $ | 6,772 | $ | 9,600 | $ | 19,863 | $ | 29,698 | $ | 6,594 | ||||||||||
Operating loss | $ | (4,581) | $ | (9,912) | $ | (14,614) | $ | (34,892) | $ | (5,110) | ||||||||||
Margin as a percentage of revenues (5) | 10.6 | % | 5.0 | % | 11.7 | % | 3.8 | % | 10.0 | % | ||||||||||
Capital expenditures | $ | 3,290 | $ | 510 | $ | 4,613 | $ | 4,562 | $ | 1,219 | ||||||||||
Other Operations: | ||||||||||||||||||||
Revenues | $ | 15,598 | $ | 9,843 | $ | 40,699 | $ | 36,785 | $ | 13,182 | ||||||||||
Direct operating costs | $ | 10,444 | $ | 8,665 | $ | 31,079 | $ | 33,775 | $ | 10,409 | ||||||||||
Margin (6) | $ | 5,154 | $ | 1,178 | $ | 9,620 | $ | 3,010 | $ | 2,773 | ||||||||||
Restructuring expenses | $ | — | $ | — | $ | — | $ | 501 | $ | — | ||||||||||
Selling, general and administrative | $ | 623 | $ | 747 | $ | 1,489 | $ | 2,969 | $ | 441 | ||||||||||
Depreciation, depletion, amortization and impairment | $ | 5,866 | $ | 6,852 | $ | 17,309 | $ | 35,087 | $ | 5,619 | ||||||||||
Operating loss | $ | (1,335) | $ | (6,421) | $ | (9,178) | $ | (35,547) | $ | (3,287) | ||||||||||
Capital expenditures | $ | 2,833 | $ | 1,704 | $ | 9,006 | $ | 9,776 | $ | 3,429 | ||||||||||
Corporate: | ||||||||||||||||||||
Selling, general and administrative | $ | 17,333 | $ | 17,899 | $ | 54,311 | $ | 59,122 | $ | 19,045 | ||||||||||
Restructuring expenses | $ | — | $ | — | $ | — | $ | 901 | $ | — | ||||||||||
Depreciation | $ | 1,429 | $ | 1,488 | $ | 4,423 | $ | 4,987 | $ | 1,492 | ||||||||||
Credit loss expense | $ | — | $ | — | $ | — | $ | 5,606 | $ | — | ||||||||||
Merger and integration expense | $ | 918 | $ | — | $ | 2,066 | $ | — | $ | 1,148 | ||||||||||
Other operating (income) expense, net | $ | (1,191) | $ | 776 | $ | (3,760) | $ | 10,135 | $ | (2,822) | ||||||||||
Capital expenditures | $ | 434 | $ | 73 | $ | 1,053 | $ | 1,377 | $ | 439 | ||||||||||
Total Capital Expenditures | $ | 34,264 | $ | 13,442 | $ | 90,837 | $ | 135,043 | $ | 38,050 | ||||||||||
(1) | For Contract Drilling, margin is defined as revenues less direct operating costs and excludes restructuring expenses, depreciation, amortization and impairment, impairment of goodwill, other operating expenses (income), net and selling, general and administrative expenses. Average margin per operating day is defined as margin divided by operating days. |
(2) | For Pressure Pumping, margin is defined as revenues less direct operating costs and excludes restructuring expenses, depreciation, amortization and impairment and selling, general and administrative expenses. Average margin per total job is defined as margin divided by total jobs. Margin as a percentage of revenues is defined as margin divided by revenues. |
(3) | Average active spreads is the average number of spreads that were crewed and actively marketed during the period. |
(4) | Effective utilization is calculated as total pumping days during the quarter divided by 75 days or during the first nine months of the year divided by 225 days, which we consider full effective utilization for a spread during the period. |
(5) | For Directional Drilling, margin is defined as revenues less direct operating costs and excludes restructuring expenses, depreciation, amortization and impairment and selling, general and administrative expenses. Margin as a percentage of revenues is defined as margin divided by revenues. |
(6) | For Other Operations, margin is defined as revenues less direct operating costs and excludes restructuring expenses, depreciation, depletion, amortization and impairment, and selling, general and administrative expenses. |
September 30, | December 31, | |||||||||
Selected Balance Sheet Data (unaudited, in thousands): | 2021 | 2020 | ||||||||
Cash and cash equivalents | $ | 191,284 | $ | 224,915 | ||||||
Current assets | $ | 543,532 | $ | 477,956 | ||||||
Current liabilities | $ | 338,849 | $ | 273,722 | ||||||
Working capital | $ | 204,683 | $ | 204,234 | ||||||
Long-term debt | $ | 902,104 | $ | 901,484 | ||||||
PATTERSON-UTI ENERGY, INC. | ||||||||||||||||||||
Non-U.S. GAAP Financial Measures | ||||||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months | ||||||||||||||||||
September 30, | September 30, | June 30, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||
Adjusted Earnings Before Interest, Taxes, Depreciation | ||||||||||||||||||||
Net loss | $ | (82,998) | $ | (112,111) | $ | (292,720) | $ | (697,165) | $ | (103,309) | ||||||||||
Income tax benefit | (17,643) | (12,993) | (54,586) | (102,480) | (15,973) | |||||||||||||||
Net interest expense | 10,646 | 11,050 | 31,200 | 32,267 | 10,684 | |||||||||||||||
Depreciation, depletion, amortization and impairment | 141,065 | 157,319 | 437,984 | 517,201 | 144,037 | |||||||||||||||
Impairment of goodwill | — | — | — | 395,060 | — | |||||||||||||||
Adjusted EBITDA | $ | 51,070 | $ | 43,265 | $ | 121,878 | $ | 144,883 | $ | 35,439 | ||||||||||
Total revenues | $ | 357,885 | $ | 207,141 | $ | 890,588 | $ | 903,448 | $ | 291,774 | ||||||||||
Adjusted EBITDA margin | 14.3 | % | 20.9 | % | 13.7 | % | 16.0 | % | 12.1 | % | ||||||||||
Adjusted EBITDA by operating segment: | ||||||||||||||||||||
Contract drilling | $ | 45,330 | $ | 55,061 | $ | 138,746 | $ | 241,929 | $ | 40,363 | ||||||||||
Pressure pumping | 16,064 | 6,248 | 21,529 | (16,310) | 7,819 | |||||||||||||||
Directional drilling | 2,191 | (312) | 5,249 | (5,194) | 1,484 | |||||||||||||||
Other operations | 4,531 | 431 | 8,131 | (460) | 2,332 | |||||||||||||||
Corporate | (17,046) | (18,163) | (51,777) | (75,082) | (16,559) | |||||||||||||||
Consolidated Adjusted EBITDA | $ | 51,070 | $ | 43,265 | $ | 121,878 | $ | 144,883 | $ | 35,439 | ||||||||||
(1) | 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 loss plus net interest expense, income tax benefit and depreciation, depletion, amortization and impairment expense (including impairment of goodwill). 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 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. | ||||||||||||
Pressure Pumping Adjusted EBITDA | ||||||||||||
(unaudited, dollars in thousands) | ||||||||||||
Three Months | Three Months | |||||||||||
September 30, | June 30, | |||||||||||
2021 | 2021 | Change | ||||||||||
Adjusted Earnings Before Interest, Taxes, Depreciation | ||||||||||||
Operating loss | $ | (13,774) | $ | (23,921) | ||||||||
Depreciation, amortization and impairment | 29,838 | 31,740 | ||||||||||
Adjusted EBITDA | $ | 16,064 | $ | 7,819 | 105 | % | ||||||
(1) | We present Adjusted EBITDA of our pressure pumping business because we believe it provides to both management and investors additional information with respect to the performance of our pressure pumping business and a comparison of the results of our pressure pumping operations from period to period and against our peers without regard to our financing methods or capital structure. Pressure Pumping Adjusted EBITDA should not be construed as an alternative to the U.S. GAAP measure of operating income (loss). |
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SOURCE PATTERSON-UTI ENERGY, INC.
FAQ
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