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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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 Ended March 31, 2021

HOUSTON, Texas – April 29, 2021 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2021.  The Company reported a net loss of $106 million, or $0.57 per share, for the first quarter of 2021, compared to a net loss of $435 million, or $2.28 per share, for the first quarter of 2020.  Revenues for the first quarter of 2021 were $241 million, compared to $446 million for the first quarter of 2020.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “First quarter financial results exceeded our expectations, as revenues and adjusted EBITDA improved sequentially, despite challenges from the extreme winter storm in the southwest.  Our contract drilling and directional drilling businesses posted better than expected results in the first quarter.  Excluding the impact of the winter storm, our pressure pumping results would have been consistent with our expectations.”

 

Mr. Hendricks continued, “In contract drilling, our average rig count for the first quarter improved to 69 rigs from 62 rigs in the fourth quarter.  Our rig count ended the first quarter at 71 rigs, and we have already activated two rigs in the second quarter.  Considering the timing of additional rig reactivations, as well as idle but contracted rigs rolling off contract, we expect to average 73 rigs for the second quarter.  We expect our rig count will reach approximately 80 rigs over the next three months, with a substantial portion of the rig count increase in June and July.    

 

“Average rig margin per day for the first quarter of $8,750, included a benefit of $6.0 million, or $960 per day, related to a sales and use tax refund, and a benefit of $2.3 million, or $370 per day, for revenue that was not recognized in 2020 due to concerns about collectability.  However, even after excluding both of these benefits, average rig margin per day exceeded our expectation due to a combination of both higher than expected revenues and lower than expected costs.  Both average rig revenue per day and operating cost per day increased sequentially, as the proportion of rigs that were idle but contracted decreased to 7% in the first quarter from 16% in the fourth quarter.    

 

“As of March 31, 2021, we had term contracts for drilling rigs providing for approximately $240 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 39 rigs operating under term contracts during the second quarter, and an average of 27 rigs operating under term contracts during the four quarters ending March 31, 2022.  

 

“In pressure pumping, first quarter results were significantly impacted by the winter storm.  Revenues decreased to $75.8 million during the first quarter and gross margin decreased to a loss of $0.7 million.  We averaged seven active spreads during the first quarter, with an effective utilization of 5.5 spreads.  Downtime was primarily associated with the winter storm and the mobilization of a spread from the northeast to Texas.  In the second quarter, we expect utilization to improve and we plan to reactivate an additional spread late in the quarter for dedicated work.  

 

“In directional drilling, revenues during the first quarter increased sequentially to $19.7 million from $16.9 million in the fourth quarter.  Gross margin improved in the first quarter to $3.0 million, or 15% of revenues, from $2.2 million, or 13% of revenues, in the fourth quarter, as the business continues to improve.”

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, April 29, 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-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 Changes In Stockholders' Equity (Unaudited) (Parenthetical)
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)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Compensation Expense Associated With Performance Units (Detail)
Credit Losses
Credit Losses - Additional Information (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)
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 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 - Additional Information (Detail)
Summary Of Accrued Liabilities (Detail)
Summary Of Long Term Debt (Detail)
Summary Of Long Term Debt (Parenthetical ) (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: 0001564590-21-023326
Submitted to the SEC: Tue May 04 2021 4:06:46 PM EST
Accepted by the SEC: Tue May 04 2021
Period: Wednesday, March 31, 2021
Industry: Drilling Oil And Gas Wells

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