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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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 Six Months Ended June 30, 2020

 

HOUSTON, Texas – July 23, 2020 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and six months ended June 30, 2020.  The Company reported a net loss of $150 million, or $0.81 per share, for the second quarter of 2020, compared to a net loss of $49.4 million, or $0.24 per share, for the second quarter of 2019.  Excluding items discussed below, the net loss for the second quarter would have been $105 million, or $0.56 per share.  Revenues for the second quarter of 2020 were $250 million, compared to $676 million for the second quarter of 2019.

 

For the six months ended June 30, 2020, the Company reported a net loss of $585 million, or $3.10 per share, compared to a net loss of $78.1 million, or $0.37 per share, for the six months ended June 30, 2019.  Revenues for the six months ended June 30, 2020 were $696 million, compared to $1.4 billion for the same period in 2019.

 

Financial results for the three and six months ended June 30, 2020 include second quarter, pre-tax charges totaling $55.8 million ($49.4 million after-tax, or $0.26 per share), consisting of $38.3 million of restructuring costs and impairment charges totaling $17.5 million.  The impairment charges include a $9.2 million charge in other operating expense to reduce the carrying value on our balance sheet of a deposit for future sand purchases and an $8.3 million impairment charge related to the closing of the Company’s Canadian drilling operations.  Partially offsetting these charges is a pre-tax gain of $4.2 million ($3.7 million after-tax or $0.02 per share) included in other operating income from the realization of insurance proceeds.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “We are very pleased with our performance during the second quarter in both contract drilling and pressure pumping.  With our largest business, contract drilling, we are especially pleased with our results, as we were able to act quickly to reduce costs and increase margins.  We greatly appreciate our strong customer base for their support, and we believe we have seen improvements in market share in active contract drilling rigs and in pressure pumping spreads as a result of the strength of our commercial relationships.  Additionally, we were able to increase our cash on hand at the end of the quarter by $95 million to $247 million.  

 

We have acted decisively to scale down our business in order to reduce indirect support costs by what we estimate will be approximately $100 million annually.  On a quarterly run rate basis, we expect to recognize substantially all of the cost savings in the third quarter.”    

 

Mr. Hendricks continued, “In contract drilling, our average rig count for the second quarter was 82 rigs, which was in line with our expectation.  Recently, the rate of decline in the industry rig count has slowed, and we believe our rig count has stabilized.  We expect that our rig count for the third quarter will average 59 rigs, in line with our current rig count.

 

“Profitability within our contract drilling segment exceeded our expectations during the second quarter.  Average rig revenue per day of $22,970 and average rig margin per day of $11,280 both include the benefit of $8.6 million of lump-sum early-termination revenue during the quarter.  

 

“Given our longer-term outlook for the western Canadian market, we closed our Canadian drilling operations during the second quarter.  We are currently marketing those assets for sale.    

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, July 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)
Restructuring Expenses
Restructuring Expenses (Tables)
Restructuring Expenses - Additional Information (Detail)
Restructuring Expenses - Restructuring Expenses By Reportable Segment (Detail)
Restructuring Expenses - Schedule Of Restructuring Accruals (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)
Stockholders' Equity - Schedule Of Reconciliation Of Changes In Stockholders' Equity (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Accrued Liabilities (Detail)
Treasury Stock Acquisition (Detail)
Ticker: PTEN
CIK: 889900
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-033874
Submitted to the SEC: Tue Jul 28 2020 4:01:08 PM EST
Accepted by the SEC: Tue Jul 28 2020
Period: Tuesday, June 30, 2020
Industry: Drilling Oil And Gas Wells

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