Patterson-UTI Energy Reports Financial Results for Three and Twelve Months Ended December 31, 2017

"As of December 31, 2017, we had term contracts for drilling rigs providing for approximately $540 million of future dayrate drilling revenue, an increase from $470 million at September 30, 2017.  Based on contracts currently in place, we expect an average of 96 rigs operating under term contracts during the first quarter, and an average of 67 rigs operating under term contracts during 2018. 

"In pressure pumping, revenues increased 12% sequentially to $407 million for the fourth quarter.  Gross margin as a percentage of revenues increased to 20.4% for the fourth quarter from 19.9% for the third quarter.

"Late in the fourth quarter we reactivated one additional frac spread, and ended the year with 1.25 million horsepower active, comprising 23 frac spreads.  For 2018 we have several initiatives underway by which to benefit from the expected strength in the pressure pumping market.  These initiatives include optimizing our average spread size to gain an extra active spread from already active equipment, relocating a couple spreads out of the Mid-Continent to more profitable markets, and reactivating additional idle frac spreads.

"On October 11, 2017, we completed the acquisition of MS Directional, a leading U.S. directional drilling services company.  As such, financial results for the fourth quarter include 81 days of post-acquisition contribution.  Directional drilling revenues totaled $45.6 million and gross margin as a percentage of revenues was 29.4%." 

Mark S. Siegel, Chairman of Patterson-UTI, stated, "Looking back on 2017, it was a transformational year for Patterson-UTI.  We both strengthened and diversified our company through strategic acquisitions that improved our scale in drilling and pressure pumping and added new services in directional drilling, oilfield rentals, and drilling technology.  Patterson-UTI is the only company in the U.S. unconventional market with significant scale in drilling, pressure pumping, and directional drilling." 

Mr. Siegel, continued, "Our thoughts and prayers go out to all those affected by the tragic accident in Oklahoma and their loved ones.  We would like to thank the first responders, emergency personnel, authorities and others for their tremendous courage and efforts as well as the local people in and around Quinton, Oklahoma, who dropped everything to offer support to those affected," he concluded.

The Company declared a quarterly dividend on its common stock of $0.02 per share, to be paid on March 22, 2018, to holders of record as of March 8, 2018.

All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.

The Company's quarterly conference call to discuss the operating results for the quarter ended December 31, 2017, is scheduled for today, February 8, 2018, at 9:00 a.m. Central Time. The dial-in information for participants is (844) 704-2496 (Domestic) and (647) 253-8661 (International).  The conference ID for both numbers is 1789305.  The call is also being webcast and can be accessed through the Investor Relations section at www.patenergy.com.  A replay of the conference call will be on the Company's website for two weeks. 

About Patterson-UTI

Patterson-UTI is a provider of oilfield services and products to oil and natural gas exploration and production companies in North America, including market leading positions in contract drilling, pressure pumping and directional drilling services.  For more information, visit www.patenergy.com.  

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events.  Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements.  The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws.  These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements.  These risks and uncertainties include, but are not limited to: volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Patterson-UTI's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of land drilling rigs and pressure pumping equipment, including as a result of low commodity prices, reactivation or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; governmental regulation; product liability; legal proceedings and actions by governmental or other regulatory agencies; political, economic and social instability risk; ability to effectively identify and enter new markets; cybersecurity risk; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; and anti-takeover measures in our charter documents.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings.  Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov.  Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.

PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2017				2016				2017				2016
REVENUES		$	787,334			$	246,887			$	2,356,684			$	915,866
COSTS AND EXPENSES
Direct operating costs			567,930				189,392				1,717,540				648,776
Depreciation, depletion, amortization and impairment			211,154				157,225				783,341				668,434
Selling, general and administrative			34,700				17,534				105,847				69,205
Merger and integration expenses			8,653				—				74,451				—
Other operating income, net			(13,456)				(4,038)				(31,957)				(14,323)
Total costs and expenses			808,981				360,113				2,649,222				1,372,092
OPERATING LOSS			(21,647)				(113,226)				(292,538)				(456,226)
OTHER INCOME (EXPENSE)
Interest income			717				54				1,866				327
Interest expense			(10,543)				(8,644)				(37,472)				(40,366)
Other			117				17				343				69
Total other expense			(9,709)				(8,573)				(35,263) Werbung Mehr Nachrichten zur Patterson UTI Energy Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 25.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Accrol Group Holdings plc 25.04.24 - PR Newswire Everest Global Plc - Result of AGM 25.04.24 - PR Newswire Kasei Digital Assets Plc - Launch of New Interactive Investor Hub SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59