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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

Patterson Uti Energy Inc

CIK: 889900 Ticker: PTEN

Exhibit 99.1

Contact: Mike Drickamer
Director, Investor Relations
Patterson-UTI Energy, Inc.
(281) 765-7170

Patterson-UTI Energy Reports Financial Results for Three and Twelve Months Ended December 31,
2012
7% of Shares Repurchased in 2012

HOUSTON, Texas – February 7, 2013 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN)

today reported financial results for the three and twelve months ended December 31, 2012. The Company reported net income of $58.9 million, or $0.40 per share, for the fourth quarter of 2012, compared to net income of $87.6 million, or $0.56 per share, for the quarter ended December 31, 2011. Revenues for the fourth quarter of 2012 were $653 million, compared to $725 million for the fourth quarter of 2011.

The Company reported net income of $299 million, or $1.96 per share, for the twelve months ended December 31, 2012, compared to net income of $322 million, or $2.06 per share, for the twelve months ended December 31, 2011. Revenues for the twelve months ended December 31, 2012 were $2.7 billion, compared to $2.6 billion for 2011.

During the quarter, the Company repurchased approximately 3.4 million shares for approximately $60 million. In total, the Company repurchased approximately 10.7 million shares for $170 million during 2012, which reduced the outstanding shares by approximately 7%.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “We are pleased with our results for the fourth quarter in contract drilling, and especially pleased with our results in pressure pumping.

“Our average number of rigs operating during the fourth quarter was 198 in the United States, which was better than expected, and 7 rigs in Canada. This compares to 211 in the United States and 5 rigs in Canada during the third quarter.”

Mr. Hendricks added, “Average revenue and direct operating cost per day increased slightly in the fourth quarter, with an overall effect of average margin per day declining by only $90 to $9,020. Both average revenue and margin per day were also better than expected.

“Our average U.S. rig count during the fourth quarter included 12 rigs that received standby rates compared to 10 during the third quarter. The Company did not receive any lump-sum early termination payments in the fourth quarter.

“As of December 31, 2012, we had term contracts for drilling rigs providing for approximately $1.24 billion of dayrate drilling revenue. Based on contracts currently in place with an initial duration of at least six months, we expect to have an average of 97 rigs operating under term contracts during 2013, including an average of approximately 123 rigs in the first quarter.

“We completed 6 new APEX® rigs during the fourth quarter, bringing our total to 22 new APEX® rigs completed in 2012. The capital budget for 2013 provides for the construction of 13 new APEX® rigs, of which 8 are rigs deferred from 2012. We demonstrated the flexibility of our APEX® rig manufacturing program during 2012 by deferring rigs as demand softened. This allows us to keep components in inventory and scale our efforts based upon newbuild rig demand in 2013.

“Far better than expected, our pressure pumping business achieved a 16% sequential improvement in revenues during the fourth quarter to $212 million. As a result, EBITDA increased 25% to $60.9 million for the fourth quarter. Despite market conditions that became more challenging throughout the year, our pressure pumping business EBITDA decreased by only 9% from the prior year and generated EBITDA of $244 million during 2012.

“Our hydraulic fracturing activity increased during the fourth quarter as customers performed well completions that had been delayed in previous quarters. Additionally, a greater amount of 24-hour work and more work on multi-well pads combined to positively impact our efficiency. Existing customers, who increased their levels of hydraulic fracturing activity during the quarter, awarded us additional work that is requiring the commissioning of new equipment for which activation had previously been deferred. We also purchased an extra 13,500 horsepower during the fourth quarter to support this increased activity. By the end of the first quarter, we expect to have activated all of the horsepower in our fleet,” he concluded.

Mark S. Siegel, Chairman of Patterson-UTI, stated, “Our significantly better than expected fourth quarter financial performance capped a year of significant achievement for Patterson-UTI. Our strong results in 2012, and especially in the fourth quarter, again proved the value of our customer-centric approach, with its dedication to safety and efficiency.

“In contract drilling, we efficiently moved rigs in 2012 from natural gas directed drilling to oil and liquids-rich drilling, and we scaled our APEX® rig newbuild program to meet the changing market environment by adding 22 new APEX® rigs to our fleet. APEX® rigs continue to be an industry leader in both drilling and move-time efficiency. We continue to see strong demand for our multi-directional, walking rigs for pad drilling, a technology we introduced in 2006 and an area in which we have demonstrated multi-year industry leadership.

“In pressure pumping – with our strong customer alignment and sharp focus on well-site execution, we were able to earn incremental business from our customers and achieve strong margins relative to our peers despite challenging market conditions. In the fourth quarter, the increases in utilization and efficiency enabled us to demonstrate some of the continued upside potential that we see in our pressure pumping business.

“Our 2012 operational achievements were complemented by financial achievements, which included the sale of our flowback operations, the issuance of $300 million of aggregate principal amount 4.27% fixed rate 10-year senior unsecured notes, and the refinancing of our credit agreement, which includes a 5-year, $500 million revolving line of credit and a $100 million term loan.

“Our financial strength allowed us to return more than $200 million to shareholders through share repurchases and dividends during 2012. Even after returning more than $200 million to shareholders and investing almost $1 billion in capital expenditures, we ended 2012 in a strong financial position. At the end of the year we had almost $571 million of liquidity, including $111 million of cash and $460 million of availability under our revolving line of credit. Furthermore, as of the end of 2012, our net debt to total capitalization remained low at 18%.

“As we progress into 2013, we continue to be well-positioned. We will remain disciplined with our capital, as we consider opportunities to maximize shareholder returns through company growth and return of capital. None of our achievements in 2012 would be possible without the dedicated hard work of the men and women of our company; we salute and thank them,” he concluded.

The Company declared a quarterly cash dividend on its common stock of $0.05 per share, to be paid on March 29, 2013 to holders of record as of March 15, 2013.

The financial results for the twelve months ended December 31, 2012 include pretax charges of $13.5 million ($8.4 million after-tax) from the retirement of drilling rigs and pressure pumping equipment, as well as the refinancing of the Company’s revolving credit facility. The financial results for the twelve month period ended December 31, 2012 also include a pretax gain on the sale of assets of $27.2 million ($17.2 million after-tax) related to the sale of the Company’s flowback operations and the auction sale of certain excess drilling assets. The financial results for the twelve months ended December 31, 2011 include pretax impairment charges of $15.7 million ($10.0 million after-tax) from the retirement of drilling rigs during 2011, including $11.3 million ($7.1 million after-tax) for the fourth quarter.

All references to “net income 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 December 31, 2012 is scheduled for February 7, 2013 at 9:00 a.m. Central Time. The dial-in information for participants is 866-362-4666 (Domestic) and 617-597-5313 (International). The Passcode for both numbers is 48970041. The call is also being webcast and can be accessed through the Investor Relations section at www.patenergy.com. Webcast participants should log on 10-15 minutes prior to the scheduled start time. Replay of the conference call will be available at www.patenergy.com through February 21, 2013 and at 888-286-8010 (Domestic) and 617-801-6888 (International) through February 12, 2013. The Passcode for both telephone numbers is 43844178.

About Patterson-UTI

Patterson-UTI Energy, Inc. subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. Patterson-UTI Drilling Company LLC and its subsidiaries have more than 300 marketable land-based drilling rigs and operates primarily in oil and natural gas producing regions in the continental United States, Alaska, and western and northern Canada. Universal Pressure Pumping, Inc. and Universal Well Services, Inc. provide pressure pumping services primarily in Texas and the Appalachian region.

Location information about the Company’s drilling rigs and their individual inventories is available through the Company’s website at www.patenergy.com.

Statements made in this press release which state the Company’s or management’s intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, deterioration of global economic conditions, declines in customer spending and in oil and natural gas prices that could adversely affect demand for the Company’s services, and their associated effect on rates, utilization, margins and planned capital expenditures, excess availability of land drilling rigs and pressure pumping equipment, including as a result of reactivation or construction, adverse industry conditions, adverse credit and equity market conditions, difficulty in integrating acquisitions, shortages of labor, equipment, supplies and materials, supplier issues, weather, loss of key customers, liabilities from operations, changes in technology and efficiencies, governmental regulation and ability to retain management and field personnel. 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 the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s web site at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement.

PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)

                                 
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
    2012   2011   2012   2011
REVENUES
  $ 652,750     $ 724,647     $ 2,723,414     $ 2,565,943  
COSTS AND EXPENSES
                               
Direct operating costs (excluding depreciation, depletion, amortization and impairment)
    404,697       438,496       1,667,672       1,543,791  
Depreciation, depletion, amortization and impairment
    132,791       127,602       526,614       437,279  
Selling, general and administrative
    16,664       15,590       64,473       64,271  
Net gain on asset disposals
    (1,111 )     (941 )     (33,806 )     (4,999 )
Provision for bad debts
    (500 )           1,100        
 
                               
Total costs and expenses
    552,541       580,747       2,226,053       2,040,342  
 
                               
OPERATING INCOME
    100,209       143,900       497,361       525,601  
 
                               
OTHER INCOME (EXPENSE)
                               
Interest income
    172       52       554       187  
Interest expense
    (5,910 )     (4,414 )     (22,750 )     (15,652 )
Other
    (27 )     10       508       582  
 
                               
Total other expense
    (5,765 )     (4,352 )     (21,688 )     (14,883 )
 
                               
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
    94,444       139,548       475,673       510,718  
INCOME TAX EXPENSE
    35,585       51,953       176,196       187,938  
 
                               
INCOME FROM CONTINUING OPERATIONS
    58,859       87,595       299,477       322,780  
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
                      (367 )
 
                               
NET INCOME
  $ 58,859     $ 87,595     $ 299,477     $ 322,413  
 
                               
BASIC INCOME (LOSS) PER COMMON SHARE:
                               
INCOME FROM CONTINUING OPERATIONS
  $ 0.40     $ 0.56     $ 1.96     $ 2.08  
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
  $ 0.00     $ 0.00     $ 0.00     $ 0.00  
NET INCOME
  $ 0.40     $ 0.56     $ 1.96     $ 2.08  
DILUTED INCOME (LOSS) PER COMMON SHARE:
                               
INCOME FROM CONTINUING OPERATIONS
  $ 0.40     $ 0.56     $ 1.96     $ 2.06  
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
  $ 0.00     $ 0.00     $ 0.00     $ 0.00  
NET INCOME
  $ 0.40     $ 0.56     $ 1.96     $ 2.06  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
                               
Basic
    146,895       154,493       151,144       153,871  
 
                               
Diluted
    147,515       155,268       151,699       155,304  
 
                               
CASH DIVIDENDS PER COMMON SHARE
  $ 0.05     $ 0.05     $ 0.20     $ 0.20  
 
                               

PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data (Unaudited)
(dollars in thousands)

                                 
    Three Months Ended   Year Ended
    December 31,   December 31,
    2012   2011   2012   2011
Contract Drilling:
                               
Revenues
  $ 425,247     $ 468,917     $ 1,821,713     $ 1,669,581  
Direct operating costs (excluding depreciation and impairment)
  $ 254,580     $ 270,907     $ 1,075,491     $ 972,778  
Selling, general and administrative
  $ 1,685     $ 1,575     $ 6,513     $ 6,408  
Depreciation and impairment
  $ 99,863     $ 101,714     $ 390,316     $ 344,312  
Operating income
  $ 69,119     $ 94,721     $ 349,393     $ 346,083  
Operating days – United States
    18,247       20,250       78,420       74,868  
Operating days – Canada
    683       1,086       2,413       3,890  
Total operating days
    18,930       21,336       80,833       78,758  
Average revenue per operating day – United States
  $ 21.99     $ 21.56     $ 22.22     $ 20.88  
Average direct operating costs per operating day – United States
  $ 13.11     $ 12.34     $ 13.03     $ 12.05  
Average rigs operating – United States
    198       220       214       205  
Average revenue per operating day – Canada
  $ 35.03     $ 29.83     $ 32.92     $ 27.38  
Average direct operating costs per operating day – Canada
  $ 22.58     $ 19.36     $ 22.29     $ 18.22  
Average rigs operating – Canada
    7       12       7       11  
Average revenue per operating day – Total
  $ 22.46     $ 21.98     $ 22.54     $ 21.20  
Average direct operating costs per operating day – Total
  $ 13.45     $ 12.70     $ 13.31     $ 12.35  
Average rigs operating – Total
    206       232       221       216  
Capital expenditures
  $ 179,597     $ 228,423     $ 744,949     $ 784,686  
Pressure Pumping:
                               
Revenues
  $ 211,913     $ 240,849     $ 841,771     $ 845,803  
Direct operating costs (excl deprec, amort & impairment)
  $ 146,831     $ 164,380     $ 580,878     $ 561,398  
Selling, general and administrative
  $ 4,226     $ 4,436     $ 17,036     $ 17,686  
Depreciation, amortization and impairment
  $ 26,703     $ 20,737     $ 111,062     $ 73,279  
Operating income
  $ 34,153     $ 51,296     $ 132,795     $ 193,440  
Fracturing jobs
    277       381       1,229       1,531  
Other jobs
    1,198       1,939       5,659       7,010  
Total jobs
    1,475       2,320       6,888       8,541  
Average revenue per fracturing job
  $ 675.44     $ 535.94     $ 590.70     $ 467.85  
Average revenue per other job
  $ 20.71     $ 18.91     $ 20.46     $ 18.48  
Total average revenue per job
  $ 143.67     $ 103.81     $ 122.21     $ 99.03  
Total average costs per job
  $ 99.55     $ 70.85     $ 84.33     $ 65.73  
Capital expenditures
  $ 41,585     $ 62,619     $ 194,117     $ 198,061  
Oil and Natural Gas Production and Exploration:
                               
Revenues – Oil
  $ 14,456     $ 13,327     $ 55,335     $ 44,495  
Revenues – Natural gas and liquids
  $ 1,134     $ 1,554     $ 4,595     $ 6,064  
Revenues – Total
  $ 15,590     $ 14,881     $ 59,930     $ 50,559  
Direct operating costs (excluding depletion and impairment)
  $ 3,286     $ 3,209     $ 11,303     $ 9,615  
Depletion
  $ 5,019     $ 4,259     $ 19,551     $ 13,986  
Impairment of oil and natural gas properties
  $ 252     $ 132     $ 1,866     $ 2,976  
Operating income
  $ 7,033     $ 7,281     $ 27,210     $ 23,982  
Capital expenditures
  $ 7,264     $ 7,671     $ 29,888     $ 22,884  
Corporate and Other:
                               
Selling, general and administrative
  $ 10,753     $ 9,579     $ 40,924     $ 40,177  
Depreciation
  $ 954     $ 760     $ 3,819     $ 2,726  
Net gain on asset disposals
  $ (1,111 )   $ (941 )   $ (33,806 )   $ (4,999 )
Provision for bad debts
  $ (500 )   $     $ 1,100     $  
Capital expenditures
  $ 1,194     $ 1,429     $ 5,034     $ 5,947  
Total capital expenditures
  $ 229,640     $ 300,142     $ 973,988     $ 1,011,578  
 
                  December 31,   December 31,
Selected Balance Sheet Data (Unaudited):
                    2012       2011  
 
                               
Cash and cash equivalents
                  $ 110,723     $ 23,946  
Current assets
                  $ 699,991     $ 764,950  
Current liabilities
                  $ 359,863     $ 418,712  
Working capital
                  $ 340,128     $ 346,238  
Current portion of long-term debt
                  $ 6,250     $ 10,000  
Borrowings outstanding under revolving credit facility
                  $     $ 110,000  
Other long-term debt
                  $ 692,500     $ 382,500  

PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures (Unaudited)
(dollars in thousands)

                                 
    Three Months Ended   Year Ended
    December 31,   December 31,
    2012   2011   2012   2011
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1):
                               
Net income
  $ 58,859     $ 87,595     $ 299,477     $ 322,413  
Income tax expense
    35,585       51,953       176,196       187,938  
Net interest expense
    5,738       4,362       22,196       15,465  
Depreciation, depletion, amortization and impairment
    132,791       127,602       526,614       437,279  
Results of discontinued operations:
                               
Income tax benefit
                      (209 )
 
                               
EBITDA
  $ 232,973     $ 271,512     $ 1,024,483     $ 962,886  
 
                               
Total revenue
  $ 652,750     $ 724,647     $ 2,723,414     $ 2,565,943  
EBITDA margin
    35.7 %     37.5 %     37.6 %     37.5 %
EBITDA by operating segment:
                               
Contract drilling
  $ 168,982     $ 196,435     $ 739,709     $ 690,395  
Pressure pumping
    60,856       72,033       243,857       266,719  
Oil and natural gas
    12,304       11,672       48,627       40,944  
Corporate and other
    (9,169 )     (8,628 )     (7,710 )     (35,172 )
 
                               
Consolidated EBITDA
  $ 232,973     $ 271,512     $ 1,024,483     $ 962,886  
 
                               
(1) EBITDA is not defined by generally accepted accounting principles (“GAAP”). We present EBITDA (a non-GAAP measure) because we believe it provides additional information with respect to both the performance of our fundamental business activities and our ability to meet our capital expenditures and working capital requirements. EBITDA should not be construed as an alternative to the GAAP measures of net income or operating cash flow.


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 7, 2013 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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Ticker: PTEN
CIK: 889900
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-054428
Submitted to the SEC: Wed Feb 13 2013 1:25:18 PM EST
Accepted by the SEC: Wed Feb 13 2013
Period: Monday, December 31, 2012
Industry: Drilling Oil And Gas Wells

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