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Patterson Uti Energy Inc (PTEN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 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 and Six Months Ended June 30, 2021

HOUSTON, Texas – July 29, 2021 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and six months ended June 30, 2021.  The Company reported a net loss of $103 million, or $0.55 per share, for the second quarter of 2021, compared to a net loss of $150 million, or $0.81 per share, for the second quarter of 2020.  Revenues for the second quarter of 2021 were $292 million, compared to $250 million for the second quarter of 2020.

 

For the six months ended June 30, 2021, the Company reported a net loss of $210 million, or $1.12 per share, compared to a net loss of $585 million, or $3.10 per share, for the six months ended June 30, 2020.  Revenues for the six months ended June 30, 2021 were $533 million, compared to $696 million for the same period in 2020.

 

The financial results for the three and six months ended June 30, 2021 include pretax acquisition-related expenses of $1.1 million ($1.0 million after-tax or $0.01 per share) related to the pending acquisition of Pioneer Energy Services.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Our financial results continue to improve, as drilling and completion activity rebounds from the severe downturn in 2020.  Our activity has steadily improved from the lows of last summer and based on continuing customer conversations about the second half of 2021 and into 2022, we expect increasing activity and pricing.”

 

Mr. Hendricks continued, “In contract drilling, our average rig count for the second quarter improved to 73 rigs from 69 rigs in the first quarter.  We expect to average approximately 81 rigs during the third quarter and end the quarter at 83 rigs.

 

“Average rig margin per day for the second quarter was $6,250.  Average rig operating cost per day increased relative to the first quarter due primarily to a sales and use tax refund in the first quarter that did not recur, a smaller proportion of rigs on low cost standby status, and higher rig reactivation expenses.  Average rig revenue per day for the second quarter was $21,310.  

 

“As of June 30, 2021, we had term contracts for drilling rigs providing for approximately $210 million of future dayrate drilling revenue.  Based on contracts currently in place, we expect an average of 37 rigs operating under term contracts during the third quarter, and an average of 24 rigs operating under term contracts during the four quarters ending June 30, 2022.

  

“In pressure pumping, both utilization and pricing improved during the second quarter.  As a result, gross profit improved to $9.7 million for the second quarter, and revenues increased to $112 million from $75.8 million in the first quarter.  Gross profit slightly exceeded our expectation despite higher than expected reactivation expenses as we activated two frac spreads in June.  Our average active frac spread count and effective utilization for the second quarter were both close to eight spreads.  In the third quarter, we expect to average nine active spreads.

 

“In directional drilling, revenues during the second quarter increased 26% to $24.9 million from $19.7 million in the first quarter due to higher activity levels as the number of rigs on which we offer directional drilling services increased by 70% during the quarter.  As a result of an increase in reactivation costs, gross margin for the second quarter decreased slightly to $2.5 million.”    

 


The following information was filed by Patterson Uti Energy Inc (PTEN) on Thursday, July 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)
Restructuring Expenses
Restructuring Expenses (Tables)
Restructuring Expenses - Additional Information (Detail)
Restructuring Expenses - Restructuring Expenses By Reportable Segment (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 Event
Subsequent Event - Additional Information (Detail)
Summary Of Accrued Liabilities (Detail)
Summary Of Long Term Debt (Detail)
Summary Of Long Term Debt (Parenthetical ) (Detail)
Treasury Stock Acquisition (Detail)
Ticker: PTEN
CIK: 889900
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-040232
Submitted to the SEC: Tue Aug 03 2021 4:11:28 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: Drilling Oil And Gas Wells

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