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Patterson-UTI Energy Inc. reports developments tied to drilling and completion services for oil and natural gas exploration and production companies. Recurring updates cover U.S. drilling rigs earning revenue under contract, quarterly financial results, segment performance in Drilling Services and Completion Services, and market conditions affecting U.S. land drilling and hydraulic fracturing activity.
The company also reports developments involving contract drilling, directional drilling, integrated well completion services, specialized drill bit solutions, and selected international activity. News may include customer agreements, fleet utilization commentary, technology and equipment investments, conference call notices, dividends, and operating trends across U.S. and other selected markets.
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.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) is set to hold a conference call on April 29, 2021, at 9:00 a.m. Central Time to discuss its first-quarter results for the period ending March 31, 2021. Participants can join by calling (647) 253-8640 or (844) 494-0002, using conference ID 7069802. The call will also be accessible via a webcast on the company's website. A replay will be available for two weeks following the event.
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Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 69 drilling rigs operating in February 2021, with an average of 68 drilling rigs for the two-month period ending February 28, 2021. The averages represent rigs earning revenue under contract. The company highlighted that various factors could impact operating results beyond the number of rigs operating. Patterson-UTI plans to continue monthly updates following each month-end.
Patterson-UTI Energy reported a net loss of $107 million ($0.57 per share) for Q4 2020, compared to a $85.9 million loss ($0.44 per share) in Q4 2019. Full-year net loss was $804 million ($4.27 per share), down from $426 million ($2.10 per share) in 2019. Revenue dropped to $221 million in Q4 2020 from $492 million in Q4 2019, and $1.1 billion for 2020 compared to $2.5 billion in 2019. The company is optimistic about recovery, increasing its average rig count and planning for $135 million in capital spending for 2021.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 67 drilling rigs operating for January 2021. This figure represents the average number of rigs earning revenue under contract. The company cautioned that multiple factors could influence operational results and that trends in rig numbers may not directly indicate financial performance. Patterson-UTI plans to provide ongoing monthly updates on drilling activity.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) is set to hold a conference call on February 4, 2021, at 9:00 a.m. Central Time to discuss its fourth quarter results for the period ending December 31, 2020. Investors can join the call by dialing (647) 253-8640 or (844) 494-0002 using Conference ID 3995753. The call will also be accessible via webcast on the company's website. A replay will be available for two weeks post the event.
Patterson-UTI is a top provider of oilfield services across the U.S., focusing on contract drilling, pressure pumping, and directional drilling.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 64 drilling rigs operating in December 2020, with an average of 62 for the three months ending December 31, 2020. These figures reflect the number of rigs earning revenue under contract. The company emphasized that various factors influence financial performance and that operational trends may not correlate with financial results. Patterson-UTI plans to provide monthly updates on drilling activity.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 61 drilling rigs operating for November 2020. This figure is consistent for the two months ending November 30, 2020. The company emphasizes that while this metric can provide insights, it does not solely determine financial performance due to various influencing factors. Monthly updates on drilling activity will continue to be provided.