Welcome to our dedicated page for Patterson-Uti Energy news (Ticker: PTEN), a resource for investors and traders seeking the latest updates and insights on Patterson-Uti Energy stock.
Patterson-UTI Energy Inc (NASDAQ: PTEN) delivers essential drilling services and completion solutions for North America's energy sector. This dedicated news hub provides investors and industry professionals with direct access to official corporate announcements, operational updates, and strategic developments.
Track critical updates including quarterly earnings reports, merger activity with NexTier, technological advancements in directional drilling equipment, and sustainability initiatives. Our curated collection ensures timely access to press releases covering contract awards, fleet expansions, and leadership changes.
Key focus areas include updates on the company's Tier-1 drilling rig operations, pressure pumping capabilities, and innovations in natural gas-powered equipment. Users will find verified information on shareholder communications, regulatory filings, and market expansion efforts across U.S. shale basins and international markets.
Bookmark this page for streamlined monitoring of PTEN's evolving position in oilfield services. Combine this resource with SEC filings and investor presentations for comprehensive analysis of the company's performance in dynamic energy markets.
Patterson-UTI Energy (NASDAQ:PTEN) reported its Q4 2024 financial results with total revenue of $1.2 billion and a net loss of $52 million ($0.13 per share). The company generated Adjusted EBITDA of $225 million and full-year 2024 cash from operations of $1.2 billion.
Key highlights include securing a new 5-year, $500 million unsecured revolving credit facility and returning $417 million to shareholders in 2024, including $290 million in share repurchases. The company maintains $759 million in remaining share repurchase authorization and declared a quarterly dividend of $0.08 per share.
For 2025, PTEN expects capital expenditures of approximately $600 million and anticipates stable U.S. shale drilling market conditions. The company operates over 155,000 Emerald™ horsepower in completion services and expects to surpass 200,000 horsepower by mid-2025.
Patterson-UTI Energy (NASDAQ:PTEN) has scheduled its fourth quarter 2024 earnings conference call for Thursday, February 6, 2025, at 9:00 a.m. Central Time. The company will discuss financial results for the quarter ended December 31, 2024.
Investors can participate through multiple channels: by phone using the numbers (800) 715-9871 for North America or (646) 307-1963 for international calls with Conference ID 3030069, or via webcast through the Investors section of the company's website. A replay of the conference call will remain accessible on the company's website for two weeks following the event.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for December 2024. The company maintained an average of 104 drilling rigs operating in the United States during December. For the fourth quarter ending December 31, 2024, the average was slightly higher at 105 drilling rigs.
The company notes that these figures represent only rigs actively earning revenue under drilling contracts. Patterson-UTI emphasizes that rig count trends may not directly correlate with financial performance, as multiple factors influence their operating results. The company confirms it will continue providing monthly updates on operational rig counts.
Patterson-UTI Energy (NASDAQ:PTEN) has reported its drilling activity for November 2024. The company maintained an average of 105 drilling rigs operating in the United States during November, consistent with the two-month average ending November 30, 2024. The company notes that while rig count is one metric, multiple factors influence their financial performance, and rig count trends may not directly correlate with financial results. Patterson-UTI confirms it will continue providing monthly updates on operational rig counts.
Patterson-UTI Energy reported its drilling activity for October 2024, maintaining an average of 105 drilling rigs operating under contract in the United States. The company emphasized that while it will continue providing monthly updates on drilling rig operations, the number of operating rigs alone may not fully indicate financial performance trends, as multiple factors influence overall operating results.
Patterson-UTI Energy reported Q3 2024 financial results with total revenue of $1.4 billion. The company posted a net loss of $979 million ($2.50 per share), including an $885 million goodwill impairment and a $114 million asset retirement charge. Adjusted net income was $2 million, with Adjusted EBITDA of $275 million. The company generated $860 million in cash from operations and $322 million in free cash flow year-to-date. Patterson-UTI returned $71 million to shareholders in Q3 and declared a quarterly dividend of $0.08 per share. The company expects Q4 capital expenditures below $700 million and projects steady rig activity into 2025.
Patterson-UTI Energy (NASDAQ:PTEN) has announced its upcoming third quarter earnings conference call and webcast, scheduled for Thursday, October 24, 2024, at 9:00 a.m. Central Time. The call will discuss the company's financial results for the quarter ended September 30, 2024.
Participants can join the call by dialing (800) 715-9871 in North America or (646) 307-1963 for international callers, using the Conference ID 1337733. Additionally, a webcast will be available through the Investors section of the company's website at investor.patenergy.com. For those unable to attend live, a replay of the conference call will be accessible on the company's website for two weeks following the event.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for September 2024. The company maintained an average of 107 drilling rigs operating in the United States during the month. This figure remained consistent for the entire third quarter of 2024, with an average of 107 rigs operating from July through September.
The company emphasizes that the number of drilling rigs operating is just one of many factors that can impact its financial performance. Patterson-UTI plans to continue providing monthly updates on its drilling rig operations shortly after the end of each month.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has announced that its subsidiary, Patterson-UTI TW Holdings , has signed a joint venture agreement with a subsidiary of ADNOC Drilling. The joint venture, named Turnwell Industries OPC, will be responsible for drilling and completing 144 unconventional wells for Abu Dhabi National Oil Company (ADNOC).
Key details of the agreement include:
- Patterson-UTI will hold a 15% minority equity interest in Turnwell
- ADNOC Drilling's subsidiary will hold a 55% majority stake
- SLB will hold a 30% interest
Patterson-UTI will contribute its unconventional drilling and completion expertise to Turnwell, along with a cash contribution for working capital. The company views this joint venture as an opportunity to expand its footprint in new markets efficiently and expects it to create significant value for customers, partners, and shareholders over time.
Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for August 2024. The company operated an average of 107 drilling rigs in the United States during the month. For the two-month period ending August 31, 2024, the average number of operating drilling rigs was 108.
Patterson-UTI defines 'average drilling rigs operating' as the average number of rigs earning revenue under drilling contracts in the U.S. The company emphasizes that this metric alone does not fully reflect its financial performance, as numerous other factors can impact operating results. Patterson-UTI plans to continue providing monthly updates on its drilling rig operations.
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