Patterson-Uti Energy Inc Stock Price, News & Analysis

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) will host a conference call on February 10, 2022, at 9:00 a.m. CT to discuss its fourth quarter results for the period ending December 31, 2021. Interested participants can join the call by dialing (646) 960-0676 or (888) 550-5422 using Conference ID 3822955. The call will also be available via webcast on the Company’s Investor Relations website. A replay will be accessible for two weeks following the event.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 106 drilling rigs operating in the U.S. for November 2021 and an average of 104 for the two months ending November 30, 2021. These figures represent rigs earning revenue under contract. The company will continue to provide monthly updates. However, it cautions that factors beyond average rig counts can affect operational results, indicating that this metric alone may not reflect financial performance.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 103 drilling rigs operating in the U.S. for October 2021. This figure reflects the average number of rigs earning revenue under contract. The company emphasized that various factors can influence its operating results and trends in rig numbers may not directly correlate with financial performance. Monthly updates on drilling activity will continue to be provided.

Patterson-UTI Energy reported a net loss of $83.0 million, or $0.44 per share, for Q3 2021, an improvement from $112 million in Q3 2020. Revenues reached $358 million, up from $207 million a year prior. For the first nine months, the company posted a net loss of $293 million on revenues of $891 million. Highlights include a 44% sequential increase in adjusted EBITDA to $51.1 million and an improvement in the average rig count to 80 rigs. Payout of a quarterly dividend of $0.02 per share is scheduled for December 16, 2021.

Patterson-UTI Energy (PTEN) has partnered with Corva to enhance drilling and completion services through advanced data analytics. This collaboration will provide oil & gas producers with digital tools to increase productivity and efficiency while achieving lower emissions. Patterson-UTI will leverage its Cortex® Key edge server for real-time data access, integrating it with Corva's suite of over 60 drilling apps. The goal is to drive digital transformation in drilling operations, optimize costs, and improve environmental performance.

Pioneer Energy Services LLC announced the accelerated mandatory conversion of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025. Following the acquisition by Patterson-UTI on October 1, 2021, the conversion rate changed, allowing holders to convert each $1,000 principal amount of Convertible Notes into shares of Patterson-UTI common stock. The accelerated conversion date is October 8, 2021, with interest ceasing on this date. Physical Settlement will be used, providing shares and cash for any fractional shares.

Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 83 drilling rigs operating in September 2021 and 80 rigs over the three months ending September 30, 2021. This average reflects the number of rigs earning revenue under contract. The company cautioned that this metric, while an indicator, may not fully represent financial performance due to various impacting factors. Future monthly updates on drilling rig operations will continue to be provided. Patterson-UTI is a leading provider of oilfield services in the U.S. and other countries.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) has completed its acquisition of Pioneer Energy Services Corp. The transaction, valued at approximately $278 million, involved issuing around 26.3 million shares of Patterson-UTI stock and paying $30 million in cash. Pioneer shareholders will receive 1.8692 shares of Patterson-UTI common stock for each share they own. CEO Andy Hendricks expressed enthusiasm about welcoming Pioneer employees, highlighting a shared commitment to safety and service quality.

Patterson-UTI Energy (NASDAQ: PTEN) will hold a conference call on October 28, 2021, at 9:00 a.m. Central Time to discuss its third-quarter results for the period ending September 30, 2021. Participants can join the call by dialing (646) 960-0676 or (888) 550-5422 using Conference ID 3822955. The call will also be available via webcast on the Company’s investors page, with a replay accessible for two weeks following the event.