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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

PTEN Quarterly Reports

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 Ended March 31, 2020

HOUSTON, Texas – April 23, 2020 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2020.  The Company reported a net loss of $435 million, or $2.28 per share, for the first quarter of 2020, compared to a net loss of $28.6 million, or $0.14 per share, for the first quarter of 2019.  Revenues for the first quarter of 2020 were $446 million, compared to $704 million for the first quarter of 2019.

 

Financial results for the three months ended March 31, 2020 include pre-tax, non-cash charges totaling $406 million ($349 million after-tax or $1.83 per share).  These charges include a $395 million impairment charge for the remaining goodwill on the Company’s balance sheet and a $10.6 million impairment charge related to certain of the Company’s E&P assets.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “In response to the rapid decline in commodity prices, E&P companies acted swiftly to reduce drilling and completion activity starting late in the first quarter.  While the circumstances leading to this downturn may be different than prior downturns, our response will be guided by the same principles that have guided us through prior downturns.  We have taken decisive action to quickly scale down our expenses.  In addition to lowering our direct field level costs as activity slows, we have taken steps to structurally reduce our indirect support costs by what we estimate will be approximately $100 million annually, of which approximately two-thirds relates to our pressure pumping segment.  We expect to record a total of approximately $50 million of charges during the second quarter associated with these savings.”  

 

Mr. Hendricks continued, “For the first quarter, in contract drilling, our rig count averaged 123 rigs, unchanged from the fourth quarter and in line with our expectation.  Our rig count started to decline late in the first quarter and has accelerated since the end of the first quarter.  We expect our average rig count for the second quarter will decrease by approximately one-third from the first quarter average.    

 

“Profitability in contract drilling exceeded our expectation for the first quarter, as both revenues and direct operating costs were better than expected.  Average rig operating cost per day of $14,550 decreased $990 sequentially, as costs associated with higher than normal fluctuations in activity in the fourth quarter did not repeat in the first quarter.  Additionally, costs in the first quarter decreased due in part to initiatives to reduce rig repairs and maintenance expense.  Average rig revenue per operating day was $23,800, and the average rig margin per operating day increased to $9,250.        

 

“As of March 31, 2020, we had term contracts for drilling rigs providing for approximately $440 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 71 rigs operating under term contracts during the second quarter and an average of 50 rigs operating under term contracts during the four quarters ending March 31, 2021.  

 

“In pressure pumping, gross margin exceeded our expectation at $10.3 million, on revenue of $125 million.  We averaged 10 active spreads during the first quarter, in line with our expectation.    

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, April 23, 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-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)
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)
Credit Losses
Credit Losses (Tables)
Credit Losses - Summary Of Allowance For Credit Losses Related To Accounts Receivable And Changes (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)
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)
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)
Subsequent Events
Subsequent Events - 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: 0001564590-20-019254
Submitted to the SEC: Tue Apr 28 2020 4:38:52 PM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Tuesday, March 31, 2020
Industry: Drilling Oil And Gas Wells

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