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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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 Months Ended March 31, 2019

Share Repurchases of $75 Million in First Quarter

HOUSTON, Texas – April 25, 2019 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2019.  The Company reported a net loss of $28.6 million, or $0.14 per share, for the first quarter of 2019, compared to a net loss of $34.4 million, or $0.16 per share, for the quarter ended March 31, 2018.  Revenues for the first quarter of 2019 were $704 million, compared to $809 million for the first quarter of 2018.  

During the first quarter, the Company invested $75.1 million to repurchase 5.4 million shares, which represents 2.5% of the outstanding shares on December 31, 2018.  In total, over the past five quarters, the Company has spent $226 million on the repurchase of 14.7 million shares in the open market or 6.6% of the shares outstanding at December 31, 2017.  At March 31, 2019, the remaining amount under the Company’s share repurchase authorization was approximately $175 million.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Drilling and completion activity slowed during the first quarter as E&P companies reacted to the sharp drop in oil prices at the end of 2018.  In contract drilling, our rig count averaged 175 rigs during the first quarter, compared to an average of 183 during the fourth quarter.  While oil prices strengthened and operator cash flow expectations have improved, operators have remained fiscally conservative and demand levels remain subdued.  For the second quarter, we expect our rig count to average approximately 160 rigs.”

Mr. Hendricks added, “During the first quarter, average rig revenue per day increased $620 to $23,590, more than offsetting a $310 increase in average rig operating costs per day to $13,880.  Accordingly, the average rig margin per day increased $310 to $9,700.          

“As of March 31, 2019, we had term contracts for drilling rigs providing for approximately $650 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 104 rigs operating under term contracts during the second quarter, and an average of 59 rigs operating under term contracts during the 12 months ending March 31, 2020.  

“In pressure pumping, as expected, completion activity slowed in the first quarter.  We ended the first quarter with 16 active spreads compared to 20 at the end of the fourth quarter.  As we remain focused on reducing costs and improving cash flow, we took the proactive step of removing spreads from the market until we can redeploy them at attractive economics.  With the sequential decrease in activity, pressure pumping revenues for the first quarter declined to $248 million.  Gross margin of $44.9 million for the first quarter exceeded our expectation, as we were able to improve internal efficiencies during the quarter.  While we have reduced our spread count, we expect our second quarter activity to be similar to the first quarter.

“In directional drilling, gross margin improved to $7.4 million in the first quarter from $6.7 million in the fourth quarter, as we reduced expenses for repairs and maintenance and third-party rentals.  Revenues for the first quarter were $53.0 million compared to $56.4 million for the fourth quarter.”  

Mark S. Siegel, Chairman of Patterson-UTI, stated, “The industry backdrop improved during the first quarter as oil prices began to recover from the sharp drop in the fourth quarter.  Oil prices in the mid-$60s have historically been sufficient to support increasing activity levels.  While drilling and completion activity is currently subdued, we


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, April 25, 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-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 Statements Of Cash Flows (Parenthetical) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (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 - Additional Information (Detail)
Basis Of Presentation
Basis Of Presentation (Policies)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Capital Expenditures (Detail)
Business Segments - Depreciation, Depletion, Amortization And Impairment (Detail)
Business Segments - Identifiable Assets (Detail)
Business Segments - Income (Loss) 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)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail)
Leases - Summary Of Maturities Of Operating Lease Liabilities Previously Disclosed (Detail)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Detail)
Leases - Summary Of Supplemental Cashflow Information Related To Leases (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)
Restricted Stock Activity (Detail)
Restricted Stock Unit Activity (Detail)
Revenues
Revenues - Additional Information (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)
Treasury Stock Acquisition (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: 0001564590-19-013754
Submitted to the SEC: Mon Apr 29 2019 12:35:50 PM EST
Accepted by the SEC: Mon Apr 29 2019
Period: Sunday, March 31, 2019
Industry: Drilling Oil And Gas Wells

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