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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

SEC Filings

Patterson Uti Energy Inc

CIK: 889900 Ticker: PTEN

 

Exhibit 99.1

Contact: Mike Drickamer

Vice President, Investor Relations

(281) 765-7170

 

Patterson-UTI Energy Reports Financial Results for the Three and Nine Months Ended September 30, 2021

HOUSTON, Texas – October 28, 2021 – 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 $83.0 million, or $0.44 per share, for the third quarter of 2021, compared to a net loss of $112 million, or $0.60 per share, for the third quarter of 2020. Revenues for the third quarter of 2021 were $358 million, compared to $207 million for the third quarter of 2020.

 

For the nine months ended September 30, 2021, the Company reported a net loss of $293 million, or $1.55 per share, compared to a net loss of $697 million, or $3.70 per share, for the nine months ended September 30, 2020. Revenues for the nine months ended September 30, 2021 were $891 million, compared to $903 million for the same period in 2020.

 

The financial results for the three months ended September 30, 2021 include pretax acquisition-related expenses of $0.9 million ($0.8 million after-tax) related to the acquisition of Pioneer Energy Services. Pretax acquisition-related expenses totaled $2.1 million for the nine months ended September 30, 2021.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “I am pleased that our total adjusted EBITDA for the third quarter increased 44% sequentially to $51.1 million on a 23% increase in revenues. As well, highlighting that our pressure pumping business continues to improve, adjusted EBITDA in this business more than doubled sequentially in the third quarter on a 36% increase in revenues.”

 

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 11% sequentially. On a per rig day basis, average rig margin per day for the third quarter increased slightly to $6,300 as an increase in average rig revenue per day was largely offset by a similar increase in average rig cost per day. The number and cost of rig reactivations, as well as general oilfield cost inflation, including the cost of rig labor, services and supplies, moved higher in the third quarter.

 

“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 $5,500. With the tight rig market and resulting increases we have seen in leading-edge dayrates, we expect daily margins for drilling rigs to rebound in the first quarter.

 

“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 $286 million and $64 million, respectively. Based on contracts currently in place in the United States, we expect an average of 53 rigs operating under term contracts during the fourth quarter, and an average of 35 rigs operating under term contracts during the four quarters ending September 30, 2022.

 

“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 85% to $17.9 million on a 36% increase in revenues to $153 million. We activated our tenth spread in September. We expect to activate our 11th spread late in the fourth quarter and our 12th spread in the first quarter.

 

“In directional drilling, the third quarter gross profit of $3.4 million increased 35% from the second quarter on a 28% increase in revenues to $31.7 million. During the third quarter, we benefited from the full-quarter impact of the strong growth in activity we saw in the second quarter.”

 

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 $0.02 per share, payable on December 16, 2021, to holders of record as of December 2, 2021.

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, October 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Patterson Uti Energy Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Loss (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Liabilities
Accrued Liabilities (Tables)
Acquisition
Acquisition - Additional Information (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Capital Expenditures (Detail)
Business Segments - Depreciation, Depletion, Amortization And Impairment (Detail)
Business Segments - Identifiable Assets (Detail)
Business Segments - Income (Loss) Before Income Taxes (Detail)
Business Segments - Revenues (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Compensation Expense Associated With Performance Units (Detail)
Credit Losses
Credit Losses - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Net Loss Per Share (Detail)
Estimated Fair Value Of Outstanding Debt Balances (Detail)
Fair Value Of Performance Units (Detail)
Fair Values Of Financial Instruments
Fair Values Of Financial Instruments (Tables)
Fair Values Of Financial Instruments - Additional Information (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventory
Inventory (Detail)
Inventory (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facilities - Additional Information (Detail)
Long-Term Debt - Senior Notes - Additional Information (Detail)
Long-Term Debt - Term Loan Agreement - Additional Information (Detail)
Performance Units (Detail)
Property And Equipment
Property And Equipment (Detail)
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Restricted Stock Unit Activity (Detail)
Restructuring Expenses
Restructuring Expenses (Tables)
Restructuring Expenses - Additional Information (Detail)
Restructuring Expenses - Restructuring Expenses By Reportable Segment (Detail)
Revenues
Revenues - Additional Information (Detail)
Schedule Of Principal Repayment Requirements Of Long-Term Debt (Detail)
Stock Option Activity (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Subsequent Event - Additional Information (Detail)
Summary Of Accrued Liabilities (Detail)
Summary Of Long Term Debt (Detail)
Summary Of Long Term Debt (Parenthetical ) (Detail)
Treasury Stock Acquisition (Detail)

Material Contracts, Statements, Certifications & more

Patterson Uti Energy Inc provided additional information to their SEC Filing as exhibits

Ticker: PTEN
CIK: 889900
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-21-002664
Submitted to the SEC: Tue Nov 02 2021 4:24:02 PM EST
Accepted by the SEC: Tue Nov 02 2021
Period: Thursday, September 30, 2021
Industry: Drilling Oil And Gas Wells

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