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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 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 the Three Months and Year Ended December 31, 2019

HOUSTON, Texas – February 6, 2020 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three months and year ended December 31, 2019.  The Company reported a net loss of $85.9 million, or $0.44 per share, for the fourth quarter of 2019, compared to a net loss of $201 million, or $0.93 per share, for the fourth quarter of 2018.  Revenues for the fourth quarter of 2019 were $492 million, compared to $796 million for the fourth quarter of 2018.

For the year ended December 31, 2019, the Company reported a net loss of $426 million, or $2.10 per share, compared to a net loss of $321 million, or $1.47 per share, for the year ended December 31, 2018.  Revenues for the year ended December 31, 2019 were $2.5 billion, compared to $3.3 billion for the year ended December 31, 2018.  

During 2019, the Company spent $250 million to repurchase 22.6 million shares pursuant to the Company’s share repurchase program.  The Company also reduced its long-term debt by $150 million during 2019 and extended debt maturities.  During the fourth quarter, the Company issued $350 million of senior, unsecured notes due 2029 in order to refinance $300 million of notes due 2022 and to reduce outstanding borrowings under a bank term loan.  The early repayment of notes due 2022 resulted in a pre-tax charge of $15.8 million during the fourth quarter.      

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “We believe our rig count bottomed in the fourth quarter and will modestly increase in early-2020.  Lower than expected rig activity and higher than expected operating costs in the fourth quarter were the result of changes in our geographic mix and gaps in rig activity between jobs.  In the first quarter, increasing rig count in the Permian should more than offset lower activity in other markets.”

Mr. Hendricks continued, “In contract drilling, our rig count averaged 123 rigs in the fourth quarter, down from 142 rigs in the third quarter.  The decrease in activity primarily occurred early in the fourth quarter with our December rig count showing the first increase in a year.  For the first quarter, we expect activity will improve from December levels and result in an average rig count similar to the fourth quarter.  

“During the fourth quarter, the fluctuation in activity resulted in increased revenues and expenses associated with stacking rigs in some basins, while reactivating rigs in the Permian.  Additionally, gaps in the work schedule resulted in some rigs being stacked early in the quarter and being reactivated later in the quarter, which required us to carry extra labor while the rigs were not generating revenue or operating days.  Therefore, average rig revenue per operating day and average rig direct operating cost per day of $23,980 and $15,540, respectively, were both higher than expected.      

“As of December 31, 2019, we had term contracts for drilling rigs providing for approximately $605 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 77 rigs operating under term contracts during the first quarter and an average of 58 rigs operating under term contracts during 2020.  

“In pressure pumping, our gross profit was $21.9 million for the fourth quarter, which included the benefit of a $10.8 million sales tax refund that reduced direct operating costs.  We started the fourth quarter with 14 active spreads and stacked one spread in October and two spreads in November, as activity declined throughout the quarter.  We expect to average 10 active spreads for the first quarter and will be negatively impacted by the sudden operational stoppage of a major oil company customer, however, due to the actions we have taken and continue to take, we believe that pressure pumping results should improve later in the year.  


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 6, 2020 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 Liabilities
Accrued Liabilities (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 - 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 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)
Leases - Summary Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Operating Lease Liabilities (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)
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 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)
Ticker: PTEN
CIK: 889900
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-004584
Submitted to the SEC: Thu Feb 13 2020 4:03:59 PM EST
Accepted by the SEC: Thu Feb 13 2020
Period: Tuesday, December 31, 2019
Industry: Drilling Oil And Gas Wells

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