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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 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 Months and Year Ended December 31, 2021 and Increases Dividend on Improved Cash Flow Outlook

HOUSTON, Texas – February 10, 2022 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three months and year ended December 31, 2021. The Company reported a net loss of $362 million, or $1.68 per share, for the fourth quarter of 2021, compared to a net loss of $107 million, or $0.57 per share, for the fourth quarter of 2020. Excluding charges described below, the majority of which were non-cash, the net loss for the fourth quarter of 2021 would have been $82.2 million, or $0.38 per share. Revenues for the fourth quarter of 2021 were $466 million, compared to $221 million for the fourth quarter of 2020.

 

For the year ended December 31, 2021, the Company reported a net loss of $655 million, or $3.36 per share, compared to a net loss of $804 million, or $4.27 per share, for the year ended December 31, 2020. Revenues for the year ended December 31, 2021 were $1.4 billion, compared to $1.1 billion for 2020.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Continued improvement in revenues and adjusted EBITDA illustrates how well Patterson-UTI is positioned to benefit from the ongoing strengthening in the market. We are in a great position to take advantage of this growth due to our high-quality drilling and pressure pumping fleets. Going forward, we expect drilling and completion activity, pricing, and the resulting cash flow will continue to increase in 2022. As such, I am pleased to announce we are increasing our quarterly shareholder dividend to $0.04 per share.”

 

Mr. Hendricks continued, “In contract drilling, our average rig count in the United States for the fourth quarter increased by 26 rigs, including 13 from our acquisition of Pioneer Energy Services. We expect continued strong growth in drilling activity and project our average first quarter rig count in the United States to increase by an additional 10 rigs to 116.

 

“Average rig revenue per day in the United States increased $580 to $22,030 for the fourth quarter from $21,450 for the third quarter due to an increase in rig dayrates and other ancillary sources of revenue such as technology and drill pipe. Average rig operating cost per day in the United States for the fourth quarter was $16,580, up $1,430 from the third quarter due to increased labor costs, higher rig reactivation costs, and general oilfield cost inflation.

 

“During the fourth quarter, we retired drilling rigs and other drilling equipment. The retired rigs include all of the SCR-powered rigs in our U.S. rig fleet. We believe our resulting rig fleet in the United States of 184 marketed rigs is in a leading position to meet our customers’ needs for safe and efficient operations.

 

“In Colombia, for the fourth quarter, contract drilling revenues of $15.8 million and adjusted gross margin of $5.3 million exceeded our expectation. We are pleased to expand our geographic footprint into Colombia, and we remain optimistic about further growth opportunities in this region.

 

“As of December 31, 2021, Patterson-UTI had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $325 million. Based on contracts currently in place in the United States, we expect an average of 51 rigs operating under term contracts during the first quarter, and an average of 39 rigs operating under term contracts during 2022.

“In pressure pumping, our fourth quarter financial results exceeded our expectation, as we achieved higher pricing and maintained a high level of efficiency. Pressure pumping revenues increased to $183 million in the fourth quarter from $153 million in the third quarter. Adjusted gross margin increased to $20.9 million in the fourth quarter from $17.9 million in the third quarter. We reactivated our 11th spread late in the fourth quarter and expect to reactivate our 12th spread late in the first quarter.

 

“During the fourth quarter, we retired approximately 200,000 horsepower of tier 2 diesel frac equipment. Our current pressure pumping fleet includes approximately 1.1 million frac horsepower. Following the reactivation of our 12th spread in the first quarter, seven of our active spreads will be dual fuel capable, including two spreads that are tier 4, dual-fuel capable.

 

“In directional drilling, fourth quarter revenues increased 11% sequentially to $35.2 million due to higher activity levels and a favorable job mix. Fourth quarter adjusted gross margin of $1.0 million was impacted by a $4.0 million non-cash write-off of inventory. This inventory is no longer useful, as we transition to our next generation of in-house engineered mud motors and measurement while drilling (MWD) tools. These tools improve the quality of subsurface data acquisition, overall reliability and drilling performance. This new technology helped us gain market share during 2021.”

 

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 10, 2022 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Tables)
Acquisitions And Discontinued Operations
Acquisitions And Discontinued Operations (Tables)
Acquisitions And Discontinued Operations - Additional Information (Details)
Acquisitions And Discontinued Operations - Schedule Of Assets Acquired And Liabilities Assumed On Fair Value (Detail)
Acquisitions And Discontinued Operations - Schedule Of Fair Value Of Consideration Transferred (Detail)
Acquisitions And Discontinued Operations - Schedule Of Operating Results From Discontinued Operations (Detail)
Acquisitions And Discontinued Operations - Schedule Of Pro Forma Information (Detail)
Acquisitions And Discontinued Operations - Summary Of Fair Value Consideration Transferred Has Been Provisionally Assigned To Identifiable Intangible Assets (Details)
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, Contingencies And Other Matters
Commitments, Contingencies And Other Matters - Additional Information (Detail)
Components Of Income Tax Provision (Detail)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Tables)
Concentrations Of Credit Risk - Additional Information (Detail)
Concentrations Of Credit Risk - Company's Demand Deposits And Temporary Cash Investments (Detail)
Credit Losses
Credit Losses (Tables)
Credit Losses - Additional Information (Detail)
Credit Losses - Schedule Of Allowance For Credit Losses Related To Accounts Receivable (Detail)
Depreciation, Depletion, Amortization And Impairment Expense Related To Property And Equipment And Intangible Assets And Liabilities (Detail)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Additional Information (Detail)
Description Of Business And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Detail)
Difference Between Statutory Federal Income Tax Rate And Effective Income Rate (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Net Loss Per Share (Detail)
Employee Benefits
Employee Benefits - Additional Information (Detail)
Estimated Fair Value Of Outstanding Debt Balances (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)
Goodwill And Intangible Assets - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail)
Goodwill And Intangible Assets - Remaining Amortization Expense Associated With Finite-Lived Intangible Assets (Detail)
Goodwill And Intangible Assets - Summary Of Segment And Weighted Average Useful Life Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Inventory
Inventory (Detail)
Inventory (Tables)
Inventory - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Summary Of Supplemental Cashflow Information Related To Leases (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facilities - Additional Information (Detail)
Long-Term Debt - Schedule Of Principal Repayment Requirements Of Long-Term Debt (Detail)
Long-Term Debt - Senior Notes - Additional Information (Detail)
Long-Term Debt - Summary Of Long Term Debt (Detail)
Long-Term Debt - Summary Of Long Term Debt (Parenthetical) (Detail)
Long-Term Debt - Term Loan Agreement - Additional Information (Detail)
Property And Equipment
Property And Equipment (Detail)
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Restructuring Expenses
Restructuring Expenses (Tables)
Restructuring Expenses - Additional Information (Detail)
Restructuring Expenses - Restructuring Expenses By Reportable Segment (Detail)
Revenues
Revenues - Additional Information (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Additional Information On Non-Vested Restricted Stock Unit (Detail)
Stock-Based Compensation - Additional Information With Respect To Options Granted, Vested And Exercised (Detail)
Stock-Based Compensation - Compensation Expense Associated With Performance Units (Detail)
Stock-Based Compensation - Fair Value Of Performance Units (Detail)
Stock-Based Compensation - Performance Units (Detail)
Stock-Based Compensation - Restricted Stock Activity (Detail)
Stock-Based Compensation - Restricted Stock Unit Activity (Detail)
Stock-Based Compensation - Share-Based Compensation Plans (Detail)
Stock-Based Compensation - Stock Option Activity (Detail)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Treasury Stock Acquisition (Detail)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Summary Of Accrued Expenses (Detail)
Tax Effect Of Temporary Differences And Tax Attributes Representing Deferred Tax Assets And Liabilities (Detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Detail)
Ticker: PTEN
CIK: 889900
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-001347
Submitted to the SEC: Wed Feb 16 2022 4:04:06 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Drilling Oil And Gas Wells

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