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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 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 the Three and Nine Months Ended September 30, 2019

HOUSTON, Texas – October 24, 2019 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and nine months ended September 30, 2019.  The Company reported a net loss of $262 million, or $1.31 per share, for the third quarter of 2019, compared to a net loss of $75.0 million, or $0.34 per share, for the quarter ended September 30, 2018.  Excluding charges discussed below, the majority of which were non-cash, the net loss for the third quarter of 2019 would have been $52.9 million, or $0.27 per share.  Revenues for the third quarter of 2019 were $598 million, compared to $867 million for the third quarter of 2018.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “We exceeded our expectation for cash flow generation during the third quarter.   We reduced our capital expenditures and, excluding charges discussed below, Adjusted EBITDA for the third quarter exceeded capital expenditures by $74.9 million.  During the third quarter, we also reduced debt by $150 million, repurchased $75 million of our shares, and paid dividends totaling $7.8 million.”

For the nine months ended September 30, 2019, the Company reported a net loss of $340 million, or $1.65 per share, compared to a net loss of $120 million, or $0.55 per share, for the nine months ended September 30, 2018.  Revenues for the nine months ended September 30, 2019, were $2.0 billion, compared to $2.5 billion for the same period in 2018.  

Financial results for the three and nine months ended September 30, 2019, include pre-tax charges totaling $260 million ($209 million after-tax or $1.05 per share).  These charges include asset impairment charges of $203 million primarily in our drilling and pressure pumping segments, $17.8 million of goodwill impairment charges at our Current Power and Great Plains Oilfield Rental businesses, $17.0 million primarily related to the write-off of inventory at MS Directional, $14.6 million related to inventory write-offs and severance at our Warrior Rig Technologies business, and $8.2 million related to the early repayment of debt.  The financial results for the nine months ended September 30, 2019 also include charges in the second quarter, which included a $12.7 million charge to reduce the carrying value on our balance sheet of a deposit placed in 2017 on future sand purchases and $3.6 million of bad debt expense.  

During the third quarter, the Company spent $75.0 million to repurchase 8.2 million shares, which brings the total repurchases through the first three quarters of 2019 to $225 million for 20.0 million shares under the Company’s share repurchase program.  At September 30, 2019, $175 million remained under the Company’s share repurchase authorization.  

Mr. Hendricks added, “As expected, operators slowed spending levels during the third quarter, which negatively impacted activity levels for both drilling and pressure pumping.  However, our rig count in the third quarter of 142 rigs was in line with our expectation.  We expect our rig count will stabilize near current levels and average 126 rigs for the fourth quarter, with some increase in the first quarter as operator budgets reset in 2020.

“Average rig revenue per operating day and average rig margin per day were $24,240 and $9,790, respectively, for the third quarter, both of which include the benefit of approximately $480 per operating day from $6.3 million of revenue from early contract terminations.  Average rig direct operating cost per operating day increased during the third quarter to $14,440 from $14,030 in the second quarter due to lower fixed cost absorption, and increases in items


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, October 24, 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 Liabilities
Accrued Liabilities (Tables)
Acquisitions
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 - 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)
Long Term Debt - Term Loan Agreement - Additional Information (Detail)
Performance Units (Detail)
Property And Equipment
Property And Equipment (Detail)
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Reconciliation Of Changes In Stockholders' Equity (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)
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 Liabilities (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: 0001564590-19-038800
Submitted to the SEC: Wed Oct 30 2019 12:19:20 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Drilling Oil And Gas Wells

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