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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Patterson Uti Energy Inc

CIK: 889900 Ticker: PTEN

Exhibit 99.1

Contact: Mike Drickamer

Vice President, Investor Relations

Patterson-UTI Energy, Inc.

(281) 765-7170

Patterson-UTI Energy Reports Financial Results for Three and Twelve Months Ended December 31, 2016

HOUSTON, Texas – February 9, 2017 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three and twelve months ended December 31, 2016.  The Company reported a net loss of $78.1 million, or $0.53 per share, for the fourth quarter of 2016, compared to a net loss of $58.7 million, or $0.40 per share, for the quarter ended December 31, 2015.  Revenues for the fourth quarter of 2016 were $247 million, compared to $339 million for the fourth quarter of 2015.

For the twelve months ended December 31, 2016, the Company reported a net loss of $319 million, or $2.18 per share, compared to a net loss of $294 million, or $2.00 per share, for the twelve months ended December 31, 2015.  Revenues for the twelve months ended December 31, 2016, were $916 million, compared to $1.9 billion for the same period in 2015.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Our rig count in the United States continues to improve.  For the fourth quarter, our average rig count in the United States increased to 66 rigs, up from 60 rigs during the third quarter.  Our average rig count in Canada was two rigs during the fourth quarter, unchanged from the prior quarter.  For the month of January, our average rig count was 76 rigs in the United States and two rigs in Canada.”  

Mr. Hendricks added, “Total average rig revenue per day for the fourth quarter was $21,640 compared to $21,870 during the third quarter.  As a result of a significant reduction in the proportion of rigs on standby, total average rig operating costs per day during the fourth quarter increased to $13,770 compared to $13,180 during the third quarter.  Without the decrease in the proportion of rigs on standby, total average rig operating cost per day would have decreased as a result of fixed costs being spread over more operating days.  As a result of these changes, total average rig margin per day decreased to $7,870 during the fourth quarter, from $8,690 during the third quarter.

“In response to strong customer demand for super-spec rigs and favorable economics we have signed contracts that provide for the completion of two new APEX® rigs, including one APEX-XK 1500® and one with our new APEX-XC™ rig design.  The new, proprietary APEX-XC™ is the next step in the evolution of our original APEX Walking® rig, and is complementary to our fast-moving APEX-XK 1500®.  The APEX-XC™ offers a pad-optimal design with greater clearance for walking over and around wellheads on a pad, larger drill pipe racking capacity for longer laterals, and includes a higher-torque top drive from our recently acquired technology company, Warrior.  A substantial amount of the spend related to the components for these rigs was committed prior to the downturn in 2014.

“As of December 31, 2016, we had term contracts for drilling rigs providing for approximately $417 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 44 rigs operating under term contracts during the first quarter, and an average of 37 rigs operating under term contracts during 2017.  


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 9, 2017 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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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 Expenses
Accrued Expenses (tables)
Acquisitions
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 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 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 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 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)
Goodwill By Operating Segment (detail)
Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Inventory
Inventory (detail)
Inventory (tables)
Leases
Leases (tables)
Leases - Additional Information (detail)
Long Term Debt
Long Term Debt (tables)
Long Term Debt - Credit Facilities - Additional Information (detail)
Long Term Debt - Senior Notes - Additional Information (detail)
Performance Units (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Quarterly Financial Information
Quarterly Financial Information (detail)
Quarterly Financial Information (tables)
Restricted Stock Activity (detail)
Restricted Stock Unit Activity (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)
Summary Of Accrued Expenses (detail)
Summary Of Future Minimum Rental Payments Under Operating Leases (detail)
Tax Effect Of Significant Temporary Differences Representing Deferred Tax Assets And Liabilities (detail)
Total Shareholder Return Percentiles And Number Of Shares Issued (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: 0001564590-17-001437
Submitted to the SEC: Mon Feb 13 2017 4:02:23 PM EST
Accepted by the SEC: Mon Feb 13 2017
Period: Saturday, December 31, 2016
Industry: Drilling Oil And Gas Wells

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