Patterson-Uti Energy Inc Stock Price, News & Analysis

Patterson-UTI Energy reported an average of 78 drilling rigs operational in July 2021. This figure indicates the rigs that were generating revenue under contract, though the company cautioned that this number alone may not reflect overall financial performance. Patterson-UTI continues to monitor and provide updates on drilling activities. The company is a leader in oilfield services, servicing the oil and natural gas exploration sectors across the United States. For more details, visit www.patenergy.com.

Patterson-UTI Energy reported a net loss of $103 million, or $0.55 per share, for Q2 2021, improved from a loss of $150 million in Q2 2020. Revenues rose to $292 million from $250 million year-over-year. For the first half of 2021, net loss shrank to $210 million from $585 million in 2020, with revenues at $533 million compared to $696 million. The company anticipates averaging 81 rigs in Q3 and plans to increase 2021 capex to $165 million. A quarterly dividend of $0.02 per share will be paid on September 16, 2021.

Patterson-UTI Energy (NASDAQ: PTEN) announced an agreement to acquire Pioneer Energy Services Corp. for approximately $295 million. The deal includes retiring Pioneer’s debt and involves issuing up to 26,275,000 shares of Patterson-UTI stock, alongside $30 million in cash. The acquisition aims to enhance Patterson-UTI's fleet by adding 16 super-spec drilling rigs and expands its presence into Colombia. The transaction is anticipated to close in Q4 2021, contingent on regulatory approvals.

Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 75 drilling rigs operating in June 2021, with an average of 73 rigs for the quarter ending June 30, 2021. These figures reflect the number of rigs earning revenue under contract. The company noted that various factors, beyond just the rig count, can influence operating results, and it plans to provide monthly updates on its drilling activity.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) will host a conference call on July 29, 2021, at 9:00 a.m. CT to discuss its second-quarter results for the period ending June 30, 2021. Participants can join via phone at (647) 253-8640 or (844) 494-0002, using Conference ID 8255829. The call will also be available as a webcast on the Investors section of their website. A replay will be accessible for two weeks post-call. Patterson-UTI provides oilfield services, including contract drilling and pressure pumping across the U.S.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 72 drilling rigs operating in May 2021. This figure remains consistent for the two months ended May 31, 2021. The company emphasized that the average drilling rigs operating may not directly reflect its financial performance due to various influencing factors. Patterson-UTI is a key provider of oilfield services in the U.S., offering contract drilling, pressure pumping, and directional drilling services. Regular monthly updates on drilling activities are promised to stakeholders.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 72 drilling rigs operating in April 2021. This metric represents rigs earning revenue under a contract. The company cautioned that several factors can impact its operating results, and trends in drilling activity may not directly indicate financial performance. Patterson-UTI plans to provide monthly updates on its drilling operations as part of its financial reporting.

Patterson-UTI Energy reported a net loss of $106 million or $0.57 per share for Q1 2021, a reduction from a net loss of $435 million or $2.28 per share in Q1 2020. Revenues dropped to $241 million from $446 million year-over-year. Despite challenges from a winter storm, both the contract drilling and directional drilling segments saw improved performance. The average rig count rose from 62 to 69, with expectations to increase to 80 rigs by mid-year. The company declared a quarterly dividend of $0.02 per share.

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 70 drilling rigs operating in March 2021 and 69 for Q1 2021. The company emphasizes that these averages reflect rigs earning revenue under contract, but numerous factors can impact overall operating results. Despite providing monthly updates on drilling activity, the company cautions that trends in rig operations may not necessarily correlate with financial performance.