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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 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 Twelve Months Ended December 31, 2018

Share Repurchases of $150 Million in 2018; Share Repurchase Authorization Increased to $250 Million

HOUSTON, Texas – February 7, 2019 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three and twelve months ended December 31, 2018.  The Company reported a net loss of $201 million, or $0.93 per share, for the fourth quarter of 2018, compared to a net profit of $195.4 million, or $0.88 per share, for the quarter ended December 31, 2017, which included the positive impact of the 2017 tax law change.  The Company recorded a non-cash goodwill impairment charge in the fourth quarter of 2018 of $211 million ($192 million after-tax or $0.89 per share).  Excluding the goodwill impairment charge, the net loss for the fourth quarter of 2018 would have been $9.0 million, or $0.04 per share.  Revenues for the fourth quarter of 2018 were $796 million, compared to $787 million for the fourth quarter of 2017.  

For the year ended December 31, 2018, the Company reported a net loss of $321 million, or $1.47 per share, compared to a net profit of $5.9 million, or $0.03 per share, for the year ended December 31, 2017.  Excluding non-cash impairment charges incurred during the third and fourth quarters of 2018, the net loss for 2018 would have been $74.7 million, or $0.34 per share.  Revenues for the year ended December 31, 2018 were $3.3 billion, compared to $2.4 billion for the same period in 2017.

During the fourth quarter, the Company repurchased approximately 3.8 million of its outstanding shares for $50.0 million.  During the year ended December 31, 2018, the Company repurchased 9.3 million shares on the open market, or 4.2% of its outstanding shares at the beginning of the year, for approximately $150 million.  At December 31, 2018, the remaining amount under the Company’s share repurchase authorization was approximately $150 million, and the Company’s Board has authorized an increase to bring the current authorization up to $250 million.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “In contract drilling, our rig count averaged 183 rigs during the fourth quarter, an increase of five rigs from the third quarter.  The sharp drop in oil prices in December resulted in some of our customers notifying us of their intent to release rigs.  Recently, with the sharp rebound in oil prices above $50, we have seen an improvement in operator sentiment.  We expect our rig count will average 174 rigs during the first quarter of 2019.”

Mr. Hendricks added, “We achieved an increase in average rig margin per day of $920 to $9,390.  Dayrates for super-spec rigs were strong during the fourth quarter, leading to an increase in average rig revenue per day of $690 to $22,970.  Average rig operating costs per day for the fourth quarter decreased $230 to $13,580.  Average rig revenue, costs and margin on a per day basis were all better than expected during the fourth quarter.      

“We completed 14 major upgrades throughout 2018 and one additional major upgrade in January 2019.  We currently have only one additional major rig upgrade contracted for delivery in 2019.  Given the significant capital investment for major upgrades, we require term contracts for a major upgrade.  We have not delivered any major drilling rig upgrades without a term contract, nor do we intend to do so.

“As of December 31, 2018, we had term contracts for drilling rigs providing for approximately $770 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 122 rigs operating under term contracts during the first quarter, and an average of 78 rigs operating under term contracts during 2019.  


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 7, 2019 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 On Non-Vested Restricted Stock Unit (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, Depletion, Amortization And Impairment (Detail)
Business Segments - Income (Loss) From Continuing Operations Before Income Taxes (Detail)
Business Segments - Revenues (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)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Net Income (Loss) Per Share (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 Assigned To Identifiable Intangible Assets (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)
Revenues
Revenues - Additional Information (Detail)
Revenues - Additional Information1 (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: 0001564590-19-002863
Submitted to the SEC: Wed Feb 13 2019 12:12:39 PM EST
Accepted by the SEC: Wed Feb 13 2019
Period: Monday, December 31, 2018
Industry: Drilling Oil And Gas Wells

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