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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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, 2017

HOUSTON, Texas – February 8, 2018 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three and twelve months ended December 31, 2017.  The Company reported net income of $195 million, or $0.88 per share, for the fourth quarter of 2017, compared to a net loss of $78.1 million, or $0.53 per share, for the quarter ended December 31, 2016.  Revenues for the fourth quarter of 2017 were $787 million, compared to $247 million for the fourth quarter of 2016.  

For the year ended December 31, 2017, the Company reported net income of $5.9 million, or $0.03 per share, compared to a net loss of $319 million, or $2.18 per share, for the year ended December 31, 2016.  Revenues for the year ended December 31, 2017 were $2.4 billion, compared to $916 million for 2016.

The financial results for the fourth quarter of 2017 include net after-tax items of $218 million, or $0.98 per share.  These items include a benefit of $219 million, or $0.99 per share, related to a non-cash revaluation of deferred tax items arising from lower corporate tax rates as part of recent tax legislation, $8.7 million of pre-tax merger and integration expenses ($6.4 million after-tax, or $0.03 per share), and an $8.4 million pre-tax gain ($6.2 million after-tax, or $0.03 per share) related to the sale of certain oil and gas properties.  Excluding these items, the net loss per share for the quarter would have been $0.10.  Financial results for the year ended December 31, 2017 include the aforementioned adjustment to the deferred tax items, as well as merger and integration expenses totaling $74.4 million pre-tax, a non-cash impairment charge totaling $29.0 million and gains from the sale of certain real estate and oil and gas interests totaling $19.6 million.  Excluding these items, the net loss per share for the year ended December 31, 2017 would have been $0.80.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Before reviewing the financial results, I want to express again that all of us at Patterson-UTI are mourning those who lost their lives in the tragic accident in Oklahoma.  There is nothing more important to us than the safety of our employees and others we partner with in the field.”

Mr. Hendricks added, “Turning to the fourth quarter, despite widespread concerns for lower industry drilling activity, our rig count rebounded through the quarter.  Even with the typical holiday slowdown in Canada, our rig count at the end of the year was near the highest level of 2017.  Our average rig count for the fourth quarter was unchanged relative to the third quarter at 161 rigs.  For the month of January 2018 our average rig count was 165.    

“Average rig margin per day for the fourth quarter increased $280 sequentially to $8,010, as a $630 increase in average rig revenue per day offset a $350 increase in average rig operating costs per day.  Average rig revenue per day of $20,950 was better than expected, as the market for super-spec rigs remains tight.  Average rig operating costs per day increased, as expected, to $12,940 from an unusually low level in the third quarter.

“We completed all seven of the previously announced rig upgrades to APEX-XK®, and continue to see strong demand for super-spec rigs.  As such, we now have customer contracts to support the upgrade of five additional APEX® rigs - two to become APEX-XK® rigs and three to become APEX-PK™ rigs.  These five upgraded rigs are expected to be delivered in the first half of 2018.


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 8, 2018 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 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 Options (detail)
Additional Information With Respect To Options Granted, Vested And Exercised (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)
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 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)
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)
Portion Of Fair Value Consideration Transferred Provisionally Assigned To Identifiable Intangible Assets (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)
Remaining Amortization Expense Associated With Finite-lived Intangible Assets (detail)
Restricted Stock Activity (detail)
Restricted Stock Unit Activity (detail)
Schedule Of Principal Repayment Requirements Of Long-term Debt (detail)
Schedule Of Total Purchase Price Of Assets Acquired And Liabilities Assumed Based On Fair Value (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)
Summary Of Segment And Weighted Average Useful Life Of Intangible Assets (detail)
Summary Of Selected Financial Information Of The Company On A Pro Forma Basis (detail)
Tax Effect Of Significant Temporary Differences Representing Deferred Tax Assets And Liabilities (detail)
Total Fair Value Of Consideration Transferred (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: 0001564590-18-002481
Submitted to the SEC: Tue Feb 20 2018 4:42:20 PM EST
Accepted by the SEC: Tue Feb 20 2018
Period: Sunday, December 31, 2017
Industry: Drilling Oil And Gas Wells

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