Patterson-Uti Energy Inc Stock Price, News & Analysis

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.

Patterson-UTI Energy (NASDAQ:PTEN) has released its drilling activity report for July 2024. The company maintained an average of 108 drilling rigs operating in the United States during the month. This figure represents the average number of rigs actively earning revenue under drilling contracts.

Patterson-UTI emphasizes that while the number of operating rigs is an important metric, it is not the sole indicator of the company's financial performance. Multiple factors can influence overall results. The company plans to continue providing monthly updates on its drilling rig operations shortly after each month's end.

Patterson-UTI Energy announced its financial results for Q2 2024, reporting $1.3 billion in total revenue and $11 million in net income attributable to common stockholders. The net income includes $11 million in merger and integration expenses. The company achieved an Adjusted EBITDA of $324 million and generated $563 million in cash from operations year-to-date. Patterson-UTI returned $164 million to shareholders in Q2 and $295 million in the first half of the year, with plans to return at least $400 million in 2024.

The company repurchased 12 million shares for $132 million in Q2. As of June 30, 2024, it had $819 million remaining in share repurchase authorization. Patterson-UTI declared a quarterly dividend of $0.08 per share, payable on September 16, 2024. CEO Andy Hendricks highlighted strong performance in U.S. Contract Drilling and electric frac technology. Despite weak natural gas prices, the outlook for U.S. shale drilling remains steady with growth anticipated in 2025.

Drilling Services reported $440 million in revenue, while Completion Services generated $805 million. The company emphasized its integrated drilling and completion offerings and expanding presence in natural gas fueling technology.

Patterson-UTI Energy (NASDAQ:PTEN) has announced its upcoming second quarter earnings conference call and webcast, scheduled for Thursday, July 25, 2024, at 9:00 a.m. Central Time. The call will discuss the company's financial results for the quarter ended June 30, 2024. Participants can join via phone by dialing (800) 715-9871 in North America or (646) 307-1963 internationally, using Conference ID 8671416. Alternatively, a webcast will be available through the Investors section of the company's website. A replay of the conference call will be accessible on the website for two weeks following the event.

Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 113 drilling rigs operating in the U.S. during June 2024. For Q2 2024, the monthly average was slightly higher at 114 rigs. These figures denote rigs under drilling contracts generating revenue. The company noted that while the number of operational rigs is a key metric, it alone does not fully determine financial performance. Patterson-UTI plans to continue issuing monthly updates on its drilling activities.