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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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 Nine Months Ended September 30, 2018

Share Repurchases of $50 Million in Third Quarter

HOUSTON, Texas – October 25, 2018 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended September 30, 2018.  The Company reported a net loss of $75.0 million, or $0.34 per share, for the third quarter of 2018, compared to a net loss of $33.8 million, or $0.16 per share, for the quarter ended September 30, 2017.  The Company recorded $65.9 million of non-cash impairment charges in the third quarter.  Excluding the impairment charges discussed in more detail below, the net loss for the third quarter of 2018 would have been $21.1 million, or $0.10 per share.  Revenues for the third quarter of 2018 were $867 million, compared to $685 million for the third quarter of 2017.  

For the nine months ended September 30, 2018, the Company reported a net loss of $120 million, or $0.55 per share, compared to a net loss of $189 million, or $0.99 per share, for the nine months ended September 30, 2017.  Revenues for the nine months ended September 30, 2018 were $2.5 billion, compared to $1.6 billion for the same period in 2017.

Financial results for the third quarter include pre-tax impairment charges totaling $65.9 million ($54.0 million after-tax) of which $48.4 million is related to the retirement of 42 legacy non-APEX® rigs and related equipment, and $17.4 million is for pressure pumping equipment.  Based on the strong customer preference across the industry for super-spec drilling rigs, we believe the 42 rigs being retired have limited commercial opportunity.  The pressure pumping equipment is primarily obsolete sand handling equipment, which has been replaced with more efficient sand solutions.  

During the third quarter, the Company repurchased approximately 2.9 million of its outstanding shares for $50.0 million.  During the nine months ended September 30, 2018, the Company repurchased approximately 5.5 million of its outstanding shares for $100 million.  At September 30, 2018, the remaining amount under the Company’s share repurchase authorization was approximately $200 million.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “In contract drilling, our rig count averaged 178 rigs during the third quarter, an increase of two rigs from the second quarter.  Demand for super-spec rigs remains strong, and we expect our fourth quarter rig count will average 182.”

Mr. Hendricks added, “High utilization for super-spec rigs contributed to a $410 per day sequential increase in average rig revenue per day to $22,280.  Average rig operating costs per day for the third quarter were $13,810, resulting in an average rig margin per day for the third quarter of $8,470 – a sequential increase of $200.  

“Since the beginning of 2018, we have completed 12 major rig upgrades, including one thus far in the fourth quarter.  Our major upgrades primarily consist of turning lower-capacity rigs, which were originally intended for shallower wells, such as those in the Barnett Shale, into rigs with current super-spec capabilities.  Our major upgrades have similar components, specifications, and expected useful lives as newbuild rigs, but require a significantly lower capital investment.  We currently have customer contracts for two additional major upgrades to be completed later in the fourth quarter, and two in early-2019.  


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, October 25, 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-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 Statement Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Expenses
Accrued Expenses (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
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 - Assets (Detail)
Business Segments - Capital Expenditures (Detail)
Business Segments - Depreciation, Depletion, Amortization And Impairment (Detail)
Business Segments - Income (Loss) From Continuing Operations Before Income Taxes (Detail)
Business Segments - Revenues (Detail)
Cash Dividends (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Compensation Expense Associated With Performance Units (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 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 - 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)
Performance Units (Detail)
Portion Of Fair Value Consideration Transferred Assigned To Identifiable Intangible Assets (Detail)
Property And Equipment
Property And Equipment (Detail)
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Restricted Stock Activity (Detail)
Restricted Stock Unit Activity (Detail)
Revenues
Revenues - Additional Information (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 Selected Financial Information Of The Company On A Pro Forma Basis (Detail)
Total Fair Value Of Consideration Transferred (Detail)
Treasury Stock Acquisition (Detail)
Treasury Stock Acquisition (Parenthetical) (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: 0001564590-18-025401
Submitted to the SEC: Mon Oct 29 2018 12:04:02 PM EST
Accepted by the SEC: Mon Oct 29 2018
Period: Sunday, September 30, 2018
Industry: Drilling Oil And Gas Wells

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