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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 Nine Months Ended September 30, 2020

 

HOUSTON, Texas – October 22, 2020 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and nine months ended September 30, 2020.  The Company reported a net loss of $112 million, or $0.60 per share, for the third quarter of 2020, compared to a net loss of $262 million, or $1.31 per share, for the third quarter of 2019.  Revenues for the third quarter of 2020 were $207 million, compared to $598 million for the third quarter of 2019.

 

For the nine months ended September 30, 2020, the Company reported a net loss of $697 million, or $3.70 per share, compared to a net loss of $340 million, or $1.65 per share, for the nine months ended September 30, 2019.  Revenues for the nine months ended September 30, 2020 were $903 million, compared to $2.0 billion for the same period in 2019.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Our financial results during the third quarter exceeded our expectations across all of our business segments, as drilling and completion activity stabilized during the third quarter.  We further strengthened our financial position during the third quarter as our cash position increased by $57 million to $304 million.  Based on our customer engagement, we expect activity will continue to improve through at least the first quarter of 2021.  Assuming commodity prices remain around current levels, we expect our profitability will be at or near an inflection point in the fourth quarter and move higher in early-2021.”

 

Mr. Hendricks continued, “In contract drilling, our average rig count for the third quarter of 60 rigs slightly exceeded our expectation.  For the fourth quarter, we expect that our rig count will average 61 rigs, with a lower proportion of idle but contracted rigs as customers reactivate rigs during the fourth quarter.  We expect the rig count at the end of the year to be 63 rigs, of which approximately 10% will be idle but contracted.  

 

“Average rig margin per day during the third quarter was $10,170, which included benefits from lump sum early termination revenue and a credit to operating costs for sales and use taxes.  Excluding these items, average rig margin per day would have been $8,990, which exceeded our expectation.    

 

“As of September 30, 2020, we had term contracts for drilling rigs providing for approximately $305 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 43 rigs operating under term contracts during the fourth quarter, and an average of 35 rigs operating under term contracts during the four quarters ending September 30, 2021.  

 

“In pressure pumping, activity levels improved as we averaged five active spreads during the third quarter compared to four active spreads in the second quarter.  With the higher than expected activity during the third quarter, pressure pumping revenues improved 21% sequentially to $72.0 million.  Adjusted EBITDA improved to $6.2 million during the third quarter and exceeded pressure pumping capital expenditures of $1.7 million.    

 

“In directional drilling, revenues were $10.3 million, and operating margin was $0.5 million.  Results improved during the quarter, as we were able to increase activity and gain market share in what was essentially a flat rig market during the quarter.  The market share increase was a result of the enhanced performance of our new technology, the Mercury™ measurement while drilling system and new Mpact® directional drilling motor sizes, which were introduced in the first quarter of the year.”    

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, October 22, 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)
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: 0001564590-20-047978
Submitted to the SEC: Tue Oct 27 2020 4:08:46 PM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Wednesday, September 30, 2020
Industry: Drilling Oil And Gas Wells

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