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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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 Ended March 31, 2022

HOUSTON, Texas – April 27, 2022 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2022. The Company reported a net loss of $28.8 million, or $0.13 per share, for the first quarter of 2022, compared to a net loss of $106 million, or $0.57 per share, for the first quarter of 2021. Revenues for the first quarter of 2022 were $509 million, compared to $241 million for the first quarter of 2021.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Pricing for all of our services accelerated during the first quarter due to the limited supply of readily available, high-quality drilling and completion equipment. The increasing demand and tight supply of rigs should drive better pricing, longer-term contracts and increasing contract backlog in contract drilling. Given the strength in pricing, we are increasing our forecast for our consolidated Adjusted EBITDA for 2022 to greater than $500 million, while maintaining our 2022 capital expenditure forecast at approximately $350 million.”

 

Mr. Hendricks continued, “In contract drilling, activity further increased in the first quarter with our average rig count in the United States growing by nine to 115 rigs. We expect continued growth in our rig count with our second quarter rig count in the United States expected to average 122 rigs.

 

“Contract drilling revenues and margins increased significantly due to higher activity, increasing dayrates and lower operating costs on a per day basis. Average rig revenue per day in the United States increased by $1,100 to $23,130 for the first quarter, while average rig operating cost per day decreased by $620 to $15,960. Average adjusted rig margin per day in the United States increased during the first quarter by $1,720 to $7,170.

 

“In Colombia, contract drilling revenues increased to $17.0 million for the first quarter compared to $15.8 million for the fourth quarter. Adjusted gross margin improved to $5.6 million for the first quarter from $5.3 million in the fourth quarter.

 

“As of March 31, 2022, we had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $400 million. Based on contracts currently in place in the United States, we expect an average of 57 rigs operating under term contracts during the second quarter, and an average of 43 rigs operating under term contracts during the four quarters ending March 31, 2023.

 

“In pressure pumping, revenues and margins improved during the first quarter due to better pricing and the full quarter impact of the spread reactivated in the fourth quarter. Pressure pumping revenues increased during the first quarter to $190 million from $183 million during the fourth quarter. Adjusted gross margin during the first quarter of $32.1 million included a $9.9 million benefit related to a sales and use tax refund. Our pressure pumping stage count during the first quarter was less than planned on two spreads, primarily due to customer-related logistics challenges and downtime, which we feel have been addressed.

 

“In directional drilling, first quarter revenues and margins increased due to higher activity and more favorable pricing. First quarter directional drilling revenues increased 23% to $43.3 million, and the adjusted gross margin improved to $6.4 million.”

 

Mr. Hendricks concluded, “The fundamentals for oil and gas over the last six months and the resulting rapid increase in demand and activity for equipment and services have led to a strong pricing environment in the U.S. drilling and completions markets. For example, I do not recall another period where leading-edge dayrates for drilling rigs are moving up this quickly. The supply of high-quality equipment is now very limited. As well, any meaningful increase in drilling or completion equipment capacity across the market is further limited by global supply chain challenges where there are long lead times for various raw materials and manufactured components. Therefore, we expect the market for our equipment and services to continue to remain tight and for pricing to continue to increase.”

 

The Company declared a quarterly dividend on its common stock of $0.04 per share, payable on June 16, 2022, to holders of record as of June 2, 2022.

 

The financial results for the three months ended March 31, 2022 include pretax acquisition-related expenses of $1.9 million related to the acquisition of Pioneer Energy Services.

 

All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.

 

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Wednesday, April 27, 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-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 And Discontinued Operations
Acquisition And Discontinued Operations (Tables)
Acquisition And Discontinued Operations - Additional Information (Details)
Acquisition And Discontinued Operations - Schedule Of Fair Value Of Consideration Transferred (Details)
Acquisition And Discontinued Operations - Schedule Of Operating Results From Discontinued Operations (Details)
Acquisition And Discontinued Operations - Schedule Of Total Purchase Price Of Assets Acquired And Liabilities Assumed Based On Fair Value (Details)
Acquisition And Discontinued Operations - Summary Of Fair Value Consideration Transferred Has Been Provisionally Assigned To Identifiable Intangible Assets (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
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)
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 Values Of Financial Instruments
Fair Values Of Financial Instruments (Tables)
Fair Values Of Financial Instruments - Additional Information (Detail)
Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - 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)
Property And Equipment
Property And Equipment (Detail)
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Revenues
Revenues - Additional Information (Detail)
Schedule Of Principal Repayment Requirements Of Long-Term Debt (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (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 Unit Activity (Detail)
Stock-Based Compensation - Stock Option Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - 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: 0000950170-22-007084
Submitted to the SEC: Tue May 03 2022 4:29:39 PM EST
Accepted by the SEC: Tue May 03 2022
Period: Thursday, March 31, 2022
Industry: Drilling Oil And Gas Wells

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