Patterson-Uti Energy Inc Stock Price, News & Analysis

Patterson-UTI Energy (NASDAQ:PTEN) will participate in the J.P. Morgan 2022 Energy, Power & Renewables Conference on June 23, 2022. Key executives, including CEO Andy Hendricks and CFO Andy Smith, will represent the company. Hendricks is scheduled for a fireside chat at 1:35 p.m. ET. Investors can access the webcast through the company's investor relations site. Patterson-UTI provides essential oilfield services, including contract drilling and pressure pumping, to the oil and natural gas industry in the U.S. and select countries.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 121 drilling rigs operating in the U.S. for May 2022, maintaining an average of 120 rigs for the two months ending May 31, 2022. The company emphasized that average rig numbers may not directly correlate with financial performance and will continue to provide monthly updates on drilling operations. The press release includes a cautionary statement regarding forward-looking statements, highlighting various risks affecting the company’s future operations and performance.

Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 118 drilling rigs operating in the U.S. for April 2022. This figure represents active rigs earning revenue under contract. The company cautioned that while rig count trends can provide insights, they do not directly correlate with overall financial performance. Patterson-UTI continues its monthly updates on drilling activity. The company is a prominent provider of oilfield services, including contract drilling and pressure pumping, with operations in the U.S. and select international markets.

Patterson-UTI Energy reported a net loss of $28.8 million, or $0.13 per share, for Q1 2022, an improvement from a $106 million loss in the same period last year. Revenues surged to $509 million, compared to $241 million in Q1 2021. The average rig count increased to 115 in the U.S., with a projected rise to 122 rigs in Q2. The company anticipates consolidated Adjusted EBITDA exceeding $500 million for 2022, driven by higher dayrates in contract drilling, which feature an average revenue of $23,130 per rig. The quarterly dividend has been declared at $0.04 per share.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 117 drilling rigs operating in the U.S. for March 2022, up from 115 in the preceding quarter. The company emphasizes that these figures represent rigs earning revenue under contract but cautions that they don't directly reflect overall financial performance. Patterson-UTI commits to monthly updates on drilling activity, which are key indicators for investors and stakeholders.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will host a conference call on April 28, 2022, at 9:00 a.m. CT to discuss its Q1 2022 results. Participants can join by dialing (646) 960-0676 or (888) 550-5422 with Conference ID 3822955. The call will also be webcast and accessible through the Investors section of the Company's website. A replay will be available for two weeks. Patterson-UTI is a top provider of oilfield services in the USA and select countries, focusing on contract drilling, pressure pumping, and directional drilling.

Patterson-UTI Energy (NASDAQ:PTEN) announced the appointment of Julie J. Robertson and Cesar Jaime to its Board of Directors, expanding its membership to eight. With over 40 years of experience, Robertson has held key roles in a major offshore drilling company, while Jaime brings 30 years of international oil field services expertise. The company anticipates that their backgrounds in executive management and international markets will greatly benefit the board, especially following recent acquisitions in Latin America.

Patterson-UTI Energy (NASDAQ: PTEN) announced a strategic investment in Criterion Energy Partners, a geothermal energy company, on March 8, 2022. The investment aims to fuel Criterion's pioneering geothermal project in Texas, leveraging existing oil and gas drilling technologies. Criterion targets industrial customers on the Texas Gulf Coast, focusing on decarbonization and reliable energy solutions. CEO Andy Hendricks expressed enthusiasm for the partnership, highlighting geothermal energy's role in the energy transition.