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Patterson Uti Energy Inc (PTEN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 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 Months and Year Ended December 31, 2020

 

HOUSTON, Texas – February 4, 2021 – PATTERSON-UTI ENERGY, INC.

(NASDAQ: PTEN) today reported financial results for the three months and year ended December 31, 2020.  The Company reported a net loss of $107 million, or $0.57 per share, for the fourth quarter of 2020, compared to a net loss of $85.9 million, or $0.44 per share, for the fourth quarter of 2019.  Revenues for the fourth quarter of 2020 were $221 million, compared to $492 million for the fourth quarter of 2019.

 

For the year ended December 31, 2020, the Company reported a net loss of $804 million, or $4.27 per share, compared to a net loss of $426 million, or $2.10 per share, for the year ended December 31, 2019.  Revenues for the year ended December 31, 2020 were $1.1 billion, compared to $2.5 billion for 2019.

 

Financial results for the year ended December 31, 2020, include pre-tax charges during the first two quarters of the year totaling $461 million, consisting of $423 million of non-cash impairment charges and $38.3 million of restructuring costs.  Partially offsetting these charges is a pre-tax gain in the second quarter of $4.2 million included in other operating income from the realization of insurance proceeds.  

 

The Company reduced gross debt by $66.2 million in the fourth quarter, including the repayment of $50.0 million of the Company’s bank term loan and open market purchases of $16.2 million of the Company’s senior notes.  The open market purchases were made at a discount to face value, resulting in a $3.6 million gain, which is reflected as an offset to interest expense.  

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Drilling and completion activity improved during the quarter, marking what we believe to be the beginning of a recovery.  Based on our customer engagement, we are confident that activity levels will continue to improve.  With increased confidence that a recovery has begun, we took advantage of our strong balance sheet by repurchasing a portion of our senior notes at a discount, and repaying half of our outstanding bank term loan, leaving only $50 million of total debt due before 2028.”

 

Mr. Hendricks continued, “In contract drilling, our average rig count for the fourth quarter improved to 62 rigs from 60 rigs in the third quarter.  The proportion of rigs that were idle but contracted decreased to 16% in the fourth quarter from 28% in the third quarter.  Our rig count at the end of 2020 was 65 rigs, of which five were idle but contracted.  For the first quarter, we expect our rig count will average 69 rigs, of which five are expected to be idle but contracted.    

 

“Average rig margin per day during the fourth quarter was $7,770, which exceeded our expectation.  Relative to the third quarter, average rig revenue per day of $20,210 was negatively impacted by lower dayrates and the absence of any lump-sum early termination revenues in the fourth quarter.  Average rig operating cost per day increased to $12,440 due to a smaller proportion of rigs that were idle but contracted, relative to the third quarter.      

 

“As of December 31, 2020, we had term contracts for drilling rigs providing for approximately $300 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 42 rigs operating under term contracts during the first quarter, and an average of 34 rigs operating under term contracts during 2021.  

 

“In pressure pumping, revenues increased to $79.5 million during the fourth quarter from $72.0 million during the third quarter, as we averaged seven active spreads in the fourth quarter, compared to five in the third quarter.  Gross margin for pressure pumping decreased to $4.1 million in the fourth quarter from $8.3 million in the third quarter.  


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, February 4, 2021 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
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)
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)
Credit Losses
Credit Losses (Tables)
Credit Losses - Summary Of Allowance For Credit Losses Related To Accounts Receivable And Changes (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 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)
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)
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)
Revenues - Additional Information1 (Detail)
Schedule Of Principal Repayment Requirements Of Long-Term Debt (Detail)
Share-Based Compensation Plans (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)
Tax Effect Of Temporary Differences And Tax Attributes Representing Deferred Tax Assets And Liabilities (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: 0001564590-21-005045
Submitted to the SEC: Tue Feb 09 2021 5:08:06 PM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Drilling Oil And Gas Wells

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