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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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, 2015

HOUSTON, Texas – February 4, 2016 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three and twelve months ended December 31, 2015.  The Company reported a net loss of $58.7 million, or $0.40 per share, for the fourth quarter of 2015, compared to net income of $57.6 million, or $0.39 per share, for the quarter ended December 31, 2014.  Revenues for the fourth quarter of 2015 were $339 million, compared to $901 million for the fourth quarter of 2014.

For the twelve months ended December 31, 2015, including the charges discussed later in this release, the Company reported a net loss of $294 million, or $2.00 per share, compared to net income of $163 million, or $1.11 per share, for the twelve months ended December 31, 2014.  Revenues for the twelve months ended December 31, 2015, were $1.9 billion, compared to $3.2 billion for the same period in 2014.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “During the fourth quarter, our rig count averaged 88 rigs in the United States and three rigs in Canada, compared to the third quarter average of 105 rigs in the United States and four in Canada.”  

Mr. Hendricks added, “We recognized $9.2 million of revenues related to early contract terminations in contract drilling during the fourth quarter.  These early termination revenues positively impacted our total average rig revenue per day of $24,240 by $1,100.  Excluding early termination revenue from both the third and fourth quarters, total average rig revenue per day during the fourth quarter would have been unchanged from the third quarter at $23,140.

“Total average rig operating costs per day during the fourth quarter decreased $940 to $12,640 from $13,580 in the third quarter.  Approximately a third of this decrease is related to cost savings with the remainder due to a higher proportion of rigs on standby in the fourth quarter than the third quarter of 2015.  Total average rig margin per day, excluding the positive impact from early termination revenues in both the third and fourth quarters, increased to $10,500 during the fourth quarter, from $9,560 during the third quarter.

“At the end of the fourth quarter our rig fleet included 161 APEX® rigs.  We have no plans to build rigs in 2016.  As of December 31, 2015, we had term contracts for drilling rigs providing for approximately $710 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 59 rigs operating under term contracts during the first quarter, and an average of 46 rigs operating under term contracts during 2016.  

“In pressure pumping, activity decreased during the fourth quarter, but was better than we expected.  Pressure pumping revenue during the fourth quarter was $132 million compared to $154 million in the third quarter.  Gross margin as a percentage of revenues improved slightly during the fourth quarter to 10.4%, and pressure pumping Adjusted EBITDA was $10.9 million in the fourth quarter compared to $11.8 million during the third quarter,” he concluded.

Mark S. Siegel, Chairman of Patterson-UTI, stated, “2015 was a challenging year for the energy sector.  Geopolitics, combined with the resilience of U.S. crude oil production, weighed heavily on oil prices.  Low oil prices, combined with low natural gas prices, resulted in the U.S. land drilling rig count decreasing more than 60% during 2015, and it is now almost 70% lower than the peak in 2014.  

“In this market environment, we remain focused on operational execution and preserving the strength of our balance sheet.  During the downturn, we have consistently scaled our business to activity levels while maintaining high-quality operations.  Financially, our cash balance increased to $113 million as of December 31, 2015, and our $500 million revolving line of credit remains fully available.  

“While there is no visibility currently into a recovery, we remain confident in the long-term outlook for our company.  We are financially strong, and with 161 APEX® rigs and more than one million horsepower of pressure pumping equipment, we have the kind of high-quality equipment that we expect to be in greatest demand during a recovery," he concluded.

The financial results for the twelve months ended December 31, 2015 include pretax charges totaling $301 million, of which $288 million was non-cash and related to the impairment of all goodwill associated with the Company’s pressure pumping business, the write-down of equipment, and the impairment of certain oil and natural gas properties.  The financial results for the twelve months ended December 31, 2014, include pretax non-cash charges totaling $98.8 million related to the retirement of mechanical rigs, the write-off of excess spare rig components, and the impairment of certain oil and natural gas properties.


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 4, 2016 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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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
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Additional Information On Non-vested Restricted Stock (detail)
Additional Information With Respect To Non-vested Shares (detail)
Additional Information With Respect To Options Granted, Vested And Exercised (detail)
Asset Retirement Obligation
Asset Retirement Obligation (tables)
Business Acquisition Pro-forma Unaudited Financial Information (detail)
Business Segments
Business Segments (tables)
Business Segments - Additional Information (detail)
Business Segments - Assets (detail)
Business Segments - Capital Expenditures (detail)
Business Segments - Depreciation, Amortization And Improvement (detail)
Business Segments - Income (loss) From Continuing Operations Before Income Taxes (detail)
Business Segments - Revenues (detail)
Calculation Of Basic And Diluted Net Income (loss) Per Share (detail)
Cash Dividends (detail)
Changes To Company's Asset Retirement Obligations (detail)
Commitments Contingencies And Other Matters - Additional Information (detail)
Commitments, Contingencies And Other Matters
Company's Demand Deposits And Temporary Cash Investments (detail)
Company's Share-based Compensation Plans (detail)
Compensation Expense Associated With Stock-settled Performance Units (detail)
Components Of Income Tax Provision (detail)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (tables)
Concentrations Of Credit Risk - Additional Information (detail)
Depreciation, Depletion, Amortization And Impairment Expense Related To Property And Equipment And Intangible Assets (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)
Difference Between Statutory Federal Income Tax Rate And Effective Income Rate (detail)
Employee Benefits
Employee Benefits - Additional Information (detail)
Estimated Fair Value Of Outstanding Debt Balances (detail)
Estimated Useful Lives Of Property And Equipment (detail)
Fair Value Of Stock-settled Performance Units (detail)
Fair Values Of Financial Instruments
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Fair Values Of Financial Instruments - Additional Information (detail)
Goodwill And Intangible Assets
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Goodwill By Operating Segment (detail)
Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (detail)
Income Taxes
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Income Taxes - Additional Information (detail)
Leases
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Long Term Debt
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Long Term Debt - Senior Notes - Additional Information (detail)
Property And Equipment
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Quarterly Financial Information
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Quarterly Financial Information (tables)
Restricted Stock Activity (detail)
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Schedule Of Principal Repayment Requirements Of Long-term Debt (detail)
Stock Option Activity (detail)
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Stock-settled Performance Units, Total Shareholder Return Percentiles And Number Of Shares Issued (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Summary Of Accrued Expenses (detail)
Summary Of Future Minimum Rental Payments Under Operating Leases (detail)
Summary Of Purchase Price Allocation (detail)
Tax Effect Of Significant Temporary Differences Representing Deferred Tax Assets And Liabilities (detail)
Treasury Stock Acquisition (detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (detail)
Weighted-average Assumptions Used To Estimate Grant Date Fair Values For Stock Options Granted (detail)
Ticker: PTEN
CIK: 889900
Form Type: 10-K Annual Report
Accession Number: 0001564590-16-012604
Submitted to the SEC: Wed Feb 10 2016 4:53:13 PM EST
Accepted by the SEC: Wed Feb 10 2016
Period: Thursday, December 31, 2015
Industry: Drilling Oil And Gas Wells

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