Core Viewpoint - Patterson-UTI Energy reported a wider-than-expected loss in Q4 2024, with significant declines in revenue and operating income across its segments, raising concerns about its future performance [2][3][6][7]. Financial Performance - The adjusted net loss for Q4 2024 was 12 cents per share, worse than the expected 10-cent loss, and a decline from a profit of 19 cents in the same quarter last year [2]. - Total revenues were $1.2 billion, missing the Zacks Consensus Estimate by 4.2% and down 26.6% year-over-year [3]. - Adjusted EBITDA for the quarter was $225 million, excluding certain charges [3]. Segmental Performances - **Drilling Services**: Revenues totaled $408 million, down 12% from $463.6 million a year ago, but exceeded estimates of $364.4 million. Operating income was $73 million, down from $92.7 million [6]. - **Completion Services**: Revenues dropped 35.8% to $651 million from $1,014.4 million year-over-year, missing estimates of $736.5 million. The segment reported an operating loss of $50.2 million compared to a profit of $70.3 million in Q4 2023 [7]. - **Drilling Products**: Revenues were $86.5 million, a decline of 1.8% from $88.1 million a year ago, missing estimates of $89.4 million. Operating profit was $0.3 million, down 23% year-over-year [8]. - **Other Services**: Revenues were $16.4 million, down 10.4% from $18.3 million year-over-year, but exceeded estimates of $15.1 million. Operating income was $2.1 million, up from $1 million in Q4 2023 [9]. Capital Expenditure & Financial Position - Capital expenditures in the reported quarter were $140.4 million, down from $205.3 million in the prior year [11]. - As of December 31, 2024, the company had cash and cash equivalents of $241 million and long-term debt of $1,219 million, with a debt-to-capitalization ratio of 26% [11]. - The company generated $1.2 billion in cash from operations and $525 million in free cash flow [11]. Shareholder Returns - The board declared a quarterly dividend of 8 cents per share, unchanged from the previous quarter, to be paid on March 20 [4]. - In Q4, the company returned $52 million to shareholders, with $20 million used for share repurchases [5]. Outlook - There has been an upward trend in estimates revisions, with a consensus shift of 34.54% [12]. - Patterson-UTI holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [14].

Oil and Gas Prices - Average oil price per barrel in Q4 2024 was $70.73, with a closing price of $73.52 on February 3, 2025[27] - Oil prices averaged $70.73 per barrel in Q4 2024 and closed at $73.52 per barrel on February 3, 2025[103] - Natural gas prices averaged $2.45 per MMBtu in Q4 2024 and closed at $3.30 per MMBtu on February 3, 2025[103] - The company expects oil and natural gas prices to remain unpredictable, affecting financial condition and operations[104] - A decline in demand for oil and natural gas could lead to reduced capital expenditures by customers, adversely impacting the company's operating results[105] Rig Activity and Operations - Average active rig count in the U.S. for Q4 2024 was 105 rigs, down from 107 rigs in Q3 2024[28] - The company expects an average of 106 rigs operating in the U.S. in Q1 2025, with 64 rigs under term contracts[28] - Average rigs operating per day in the U.S. decreased from 124 in 2023 to 112 in 2024, while the number of wells drilled also declined from 2,530 in 2023 to 2,376 in 2024[48] - A total of 40,899 operating days were recorded in the U.S. for 2024, down from 45,270 in 2023[48] - The contract drilling backlog in the U.S. decreased from approximately $700 million in 2023 to $426 million in 2024, with only 7.1% expected to remain after 2025[73] Mergers and Acquisitions - The company completed a merger with NexTier Oilfield Solutions valued at approximately $2.8 billion, including debt assumption[34] - The acquisition of Ulterra Drilling Technologies was valued at approximately $894 million, including cash payment of $373 million[35] - The company expanded its completions business significantly through the NexTier merger and added a specialized drill bit solutions business via the Ulterra acquisition in 2023[136] Financial Performance and Expenditures - Capital expenditure forecast for 2025 is approximately $600 million[31] - The company spent approximately $265 million, $335 million, and $272 million on capital expenditures in its Drilling Services operations for fiscal years 2024, 2023, and 2022, respectively[43] - The company recognized impairment charges of $3.8 million, $7.0 million, and $4.5 million in 2024, 2023, and 2022, respectively[115] - Approximately 53% of consolidated operating revenues in 2024 came from the ten largest customers, with one customer accounting for about $605 million, or 11% of total revenues[72] - The company may incur substantial indebtedness to finance future acquisitions and technology development, affecting cash available for operations[138] Technology and Innovation - The company continues to enhance its technology offerings, including the Cortex® operating system and EcoCell® lithium battery hybrid energy management system, aimed at reducing fuel consumption and emissions[50][77] - The company has invested in natural gas-powered equipment, including the Emerald™ line of hydraulic fracturing equipment, to meet evolving customer preferences for emissions-reducing technology[56] - Development and acquisition of new technology is critical for maintaining competitiveness, with risks of obsolescence affecting business and financial condition[126] - The company is investing in natural gas-powered equipment to replace legacy diesel completion services equipment[125] Environmental and Regulatory Compliance - The company maintains a rigorous focus on environmental sustainability, utilizing technologies that reduce carbon emissions compared to traditional diesel-only equipment[76] - The company’s operations are subject to environmental regulations that could materially affect operating results[87] - The company faces potential increased operating and capital costs due to climate change regulations, which could limit oil and natural gas production areas and reduce demand for services[144] - The Glasgow Climate Pact aims to reduce methane emissions by 30% by 2030, which may impact the company's operations[147] - Compliance with environmental laws and regulations could result in substantial costs, including civil, criminal, or administrative penalties[152] Employee Relations and Corporate Governance - The company employs approximately 9,200 full-time employees as of January 31, 2025, with employee relations considered satisfactory[79] - The company is committed to diversity and inclusion, focusing on recruiting and retaining high-caliber talent[82] - The company has implemented robust safety training programs for all U.S. field-based employees, requiring annual safety education[81] Cybersecurity and Operational Risks - Cybersecurity risks are growing, with potential material adverse effects on business and financial condition due to evolving threats[134] - The company has implemented a cybersecurity program aligned with the NIST Framework to manage risks from cybersecurity threats[195] - The Audit Committee oversees cybersecurity matters and receives regular reports from senior leadership regarding information security risks[196] - The company has adopted a cybersecurity incident reporting process to standardize responses to threats or incidents[200] Market and Economic Conditions - Global economic conditions, including inflation and geopolitical issues, may contribute to increased economic uncertainty and affect demand for services[106] - The company faces a highly competitive oil service industry, which may affect utilization and profit margins[107] - The company may not be able to maintain or increase service prices due to competitive pressures, which could adversely affect financial performance[113] - The company’s ability to access capital markets may be limited by various external factors, including oil prices and market perceptions[180] Legal and Compliance Issues - The company is involved in legal proceedings related to a breach of a license agreement, which could materially impact financial results if resolved unfavorably[210] - Intellectual property disputes could negatively impact the company's operations and competitiveness, potentially leading to significant legal costs[161] - The company is susceptible to legal proceedings and governmental investigations, which could materially adversely affect its business and financial condition[165] Stockholder Returns and Financial Flexibility - The Board of Directors approved a cash dividend of $0.08 per share, to be paid on March 17, 2025, subject to future business conditions and financial flexibility[220] - The company’s return of capital to stockholders, including dividends and stock repurchases, is at the discretion of the Board of Directors and may vary[184] - The market price of the company's common stock may be highly volatile, influenced by various factors including investor perception and changes in capital structure[190]

Financial Data and Key Metrics Changes - Total reported revenue for Q4 2024 was $1.162 billion, with a net loss attributable to common shareholders of $52 million or $0.13 per share [37] - Adjusted EBITDA for the quarter totaled $225 million, and the company generated $523 million of adjusted free cash flow during 2024 [37][38] - The company returned $52 million to shareholders in Q4, including a $0.08 per share dividend and $20 million used for share repurchases [38] - Net debt, including leases, was reduced by nearly $100 million during the year [38] Business Line Data and Key Metrics Changes - In the drilling services segment, Q4 revenue was $408 million with an adjusted gross profit of $163 million [39] - The US contract drilling segment had 9,617 operating days, with average rig revenue per day at $35,300 and average rig operating cost per day at $19,600 [39] - Completion services segment revenue totaled $651 million with an adjusted gross profit of $95 million, showing a slowdown in completion activities [42] - Drilling products revenue for Q4 was $87 million with an adjusted gross profit of $37 million, outperforming the overall rig count [46] Market Data and Key Metrics Changes - The company operated 107 rigs in the US, with activity expected to remain steady across oil and natural gas basins [24] - The drilling product segment saw revenue improve year-over-year in international markets, despite a decline in the US industry rig count [31] - The company expects natural gas activity to potentially increase late this year and into 2026 due to growing demand [20] Company Strategy and Development Direction - The company aims to differentiate itself by providing value-accretive solutions rather than just competing on price [10] - The long-term strategy focuses on three pillars: monetizing value-based solutions, managing cost structures, and capital allocation [12] - The company is transitioning to more integrated and performance-based agreements to enhance margins [18] - The strategy includes expanding the Emerald line of natural gas-powered equipment and investing in next-generation upgrades [51][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver industry-leading performance and improving returns for shareholders, even with steady US onshore activity [10] - The macro environment is expected to remain supportive, with steady drilling activity anticipated through most of 2025 [18] - There is a bullish outlook on natural gas production growth, with estimates suggesting a need for an increase of 28 Bcf per day by 2030 [72] Other Important Information - The company closed Q4 with $241 million in cash and has no senior note maturities until 2028 [52] - Capital expenditures for 2025 are expected to be approximately $600 million, lower than 2024 [51] - The company is exploring opportunities in the off-grid power market, particularly in the Permian [68] Q&A Session Summary Question: Can you provide insight on performance-based contracts and their financial benefits? - Management noted that performance-based contracts have been gaining traction and could represent 10-20% of operations in the coming years, with potential for improved profitability and service pull-through [111] Question: What is the outlook for natural gas activity and customer engagement? - Management indicated that while 2025 is expected to be steady, there is potential for upside in natural gas demand driven by LNG and midstream companies [90] Question: How will capital expenditures be allocated across business lines in 2025? - Approximately 35% of CapEx is expected to go to drilling, 50% to completions, with the remainder allocated to products and other areas [94] Question: What are the expectations for pricing in the completions business? - Pricing is currently under pressure, but with equipment sold out in the second and third quarters, any uptick in activity could lead to improved pricing later in the year [128] Question: What is the company's approach to the mobile power market? - The company is taking a cautious approach to capital deployment in the power market, focusing on returns and exploring organic investments rather than acquisitions [130]

分组1 - Patterson-UTI reported a quarterly loss of $0.12 per share, missing the Zacks Consensus Estimate of a loss of $0.10, and compared to earnings of $0.19 per share a year ago, representing an earnings surprise of -20% [1] - The company posted revenues of $1.16 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 4.19%, and down from $1.58 billion year-over-year [2] - Over the last four quarters, Patterson-UTI has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] 分组2 - The stock has lost about 0.6% since the beginning of the year, while the S&P 500 has gained 2.7% [3] - The current consensus EPS estimate for the coming quarter is -$0.08 on $1.24 billion in revenues, and -$0.17 on $5.1 billion in revenues for the current fiscal year [7] - The Oil and Gas - Drilling industry is currently in the bottom 42% of the Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Total revenue for Q4 2024 was $1.2 billion, with a net loss of $52 million, or $0.13 per share[4] - Adjusted EBITDA for Q4 2024 was $225 million, excluding merger and integration expenses[4] - Full year 2024 cash from operations was $1.2 billion, with adjusted free cash flow of $523 million[4] - Total revenues for the twelve months ended December 31, 2024, were $5,377,911, an increase of 30% compared to $4,146,456 for the same period in 2023[28] - Net loss attributable to common stockholders for the twelve months ended December 31, 2024, was $968,031, compared to a net income of $246,292 for the same period in 2023[28] - Operating income for the twelve months ended December 31, 2024, was a loss of $889,737, compared to an operating income of $351,954 for the same period in 2023[28] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $1.199 billion, compared to $1.183 billion for the same period in 2023, reflecting a slight increase of 1.4%[34] - The company reported a net loss of $51.392 million in Q4 2024, compared to a net loss of $978.334 million in Q3 2024[34] Revenue Breakdown - U.S. Contract Drilling revenue in Q4 2024 was $339 million, with adjusted gross profit of $151 million and average rig revenue per operating day of $35,290[6] - Completion Services revenue for Q4 2024 totaled $651 million, with adjusted gross profit of $95 million[9] - Revenues for Drilling Services decreased to $408.385 million in Q4 2024 from $463.598 million in Q4 2023, a decline of 11.9%[32] - Completion Services revenues increased significantly to $650.848 million in Q4 2024 from $1.014 billion in Q4 2023, a decrease of 35.8%[32] - Total revenues for the twelve months ended December 31, 2024, were $1.73 billion, a decrease of 10% compared to $1.92 billion for the same period in 2023[38] Cash Flow and Capital Expenditures - The company expects capital expenditures of approximately $600 million for 2025, focusing on strategic investments in technology[3] - Cash flows from operating activities for the twelve months ended December 31, 2024, were $1,175,536, an increase from $1,005,914 in 2023[30] - Total capital expenditures for the twelve months ended December 31, 2024, were $678.386 million, compared to $615.690 million in 2023, an increase of 10.2%[36] Shareholder Returns - The company returned $52 million to shareholders in Q4 2024 and $417 million for the full year, including $290 million for share repurchases[4] - The company paid cash dividends of $0.32 per common share for the twelve months ended December 31, 2024, consistent with the previous year[28] Asset and Liability Management - Total assets decreased to $5,833,466 as of December 31, 2024, down from $7,420,031 as of December 31, 2023[26] - Total liabilities decreased to $2,357,622 as of December 31, 2024, compared to $2,599,350 as of December 31, 2023[26] - Cash, cash equivalents, and restricted cash at the end of the period increased to $241,293 from $192,680 at the beginning of the period[30] Operational Insights - The company anticipates an average of 64 rigs operating under term contracts in Q1 2025, with future dayrate drilling revenue of approximately $426 million[7] - The company expects first quarter Completion Services adjusted gross profit of approximately $100 million, with a seasonal uptick in activity[16] - The company plans to continue expanding its 100% natural gas-powered Emerald™ line of completion equipment, expecting to surpass 200,000 horsepower by mid-2025[11] - Operating days for U.S. Contract Drilling in Q4 2024 were 9,617, down from 9,870 in Q3 2024[40] Impairments and Losses - The company incurred an impairment of goodwill of $885,240 during the twelve months ended December 31, 2024[28] - Basic net income (loss) per common share for the twelve months ended December 31, 2024, was $(2.44), compared to $0.88 for the same period in 2023[28]

Core Viewpoint - Patterson-UTI reported mixed results in its Q3 2024 earnings, with breakeven earnings per share that missed estimates, while total revenues exceeded expectations, indicating a complex performance landscape for the company [2][3]. Financial Performance - The company reported total revenues of $1,357 million, surpassing the Zacks Consensus Estimate of $1,289 million, and reflecting a year-over-year increase of 34.2% [3]. - Adjusted EBITDA for the quarter was $275 million, excluding certain charges [3]. - Patterson-UTI returned $71 million to shareholders in Q3, including $40 million used for share repurchases [4]. Segment Performance - **Drilling Services**: Revenues were $422 million, down 13.7% from the previous year but above projections [6]. - **Completion Services**: Revenues increased by 81% year-over-year to $832 million, exceeding expectations [7]. - **Drilling Products**: Revenues rose by 91% to $89 million, slightly beating projections [8]. - **Other Services**: Revenues decreased by 13.2% to $15 million, missing projections [10]. Capital Expenditure and Financial Position - Capital expenditures for the quarter were $181 million, up from $160.4 million in the prior year [12]. - As of September 30, 2024, the company had cash and cash equivalents of $115 million and long-term debt of $1.2 billion, with a debt-to-capitalization ratio of 25% [12]. - The company generated $860 million in cash from operations and $321.7 million in free cash flow [13]. Market Position and Outlook - Following the Ulterra acquisition, Patterson-UTI increased its market share in U.S. Contract Drilling by over 10% [9]. - The consensus estimates for the company have trended downward, leading to a Zacks Rank of 4 (Sell) [17]. - The overall VGM Score for Patterson-UTI is A, indicating strong value but lagging in momentum [16].

Financial Performance - For Q3 2024, the company reported a net loss attributable to common shareholders of $979 million, or $2.50 per share, with adjusted net income of $2 million, or $0.00 per share [140]. - The company recorded an $885 million impairment charge to goodwill for the completion services reporting unit during Q3 2024 [138]. - The company reported an adjusted net loss of $978.3 million for the three months ended September 30, 2024 [223]. - For the three months ended September 30, 2024, the net income attributable to common stockholders was a loss of $978,761 thousand, compared to a profit of $11,077 thousand for the previous quarter [224]. - Adjusted net income attributable to common stockholders (Non-GAAP) for the nine months ended September 30, 2024, was $82,241 thousand, down from $249,926 thousand for the same period in 2023 [225]. Revenue and Segment Performance - Drilling services segment revenues decreased by 4.3% sequentially to $421,563,000, while adjusted gross profit fell by 4.5% to $170,686,000 [153]. - Completion services revenues increased by 3.3% sequentially to $831,567,000, but adjusted gross profit decreased by 16.0% to $127,758,000 due to disproportionately higher direct operating costs [159]. - Revenues for the completion services segment increased to $2,581,937 thousand for the nine months ended September 30, 2024, compared to $1,003,083 thousand for the same period in 2023, representing a 157.4% increase [177]. - Revenues for the drilling products segment surged to $265,129 thousand for the nine months ended September 30, 2024, a 469.3% increase from $46,570 thousand in the same period of 2023 [181]. - Revenues in the other segment decreased to $49,285 thousand, down 12.5% from 56,325 thousand for the nine months ended September 30, 2023 [184]. Capital Expenditures and Financial Position - The company expects total capital expenditures of approximately $150 million for Q4 2024 [137]. - Capital expenditures for drilling services increased by 18.3% sequentially to $69,127,000, while completion services capital expenditures surged by 78.0% to $86,755,000 [153][159]. - The company reported cash flow from operating activities of $860 million for the nine months ended September 30, 2024, with capital expenditures of $538 million during the same period [211]. - As of September 30, 2024, the company had approximately $444 million in working capital, including $115 million in cash and cash equivalents [193]. - The company had outstanding long-term debt of $1.2 billion, which included $483 million of 2028 Notes, $345 million of 2029 Notes, $400 million of 2033 Notes, and $9.5 million of Equipment Loans [205]. Market Conditions and Price Trends - Oil prices averaged $76.43 per barrel in Q3 2024, down from $81.81 per barrel in Q2 2024 [244]. - Natural gas prices averaged $2.11 per MMBtu in Q3 2024, slightly up from $2.07 per MMBtu in Q2 2024 [244]. - The company expects continued volatility in oil and natural gas prices, impacting financial condition and operations [245]. - A decline in demand for oil and natural gas could lead to reduced capital expenditures by customers, adversely affecting the company's operating results [245]. Mergers and Acquisitions - The company completed the merger with NexTier Oilfield Solutions Inc. on September 1, 2023, valued at approximately $2.8 billion [142]. - The acquisition of Ulterra Drilling Technologies was completed on August 14, 2023, valued at approximately $894 million [144]. Impairments and Charges - The company recorded an impairment charge of $885 million related to goodwill in the completion services reporting unit [162]. - A goodwill impairment charge of $885 million was recorded for the completion services reporting unit during the third quarter of 2024 due to a decline in fair value [238]. - The company identified 42 legacy, non-Tier-1 super-spec drilling rigs for abandonment, resulting in a $114 million abandonment charge during Q3 2024 [139]. Operational Metrics - The average active rig count in the United States for Q3 2024 was 107 rigs, down from 114 in Q2 2024, with an expected average of 106 rigs in Q4 2024 [134]. - The company experienced a 9.1% decrease in operating days in the U.S. for drilling services, reflecting industry-wide activity declines [173]. - Average revenue per operating day in the U.S. for drilling services was $36.04, a slight decrease of 1.1% from the previous quarter [153]. Tax and Compliance - The effective income tax rate for the nine months ended September 30, 2024, was (0.8)%, compared to 13.9% for the same period in 2023 [191]. - The company maintained compliance with its credit agreement covenants, including a total debt to capitalization ratio not exceeding 50% as of September 30, 2024 [199]. Shareholder Returns - The company paid cash dividends totaling $95.6 million during the nine months ended September 30, 2024, with a dividend of $0.08 per share approved for December 16, 2024 [212]. - The company had remaining authorization to purchase approximately $780 million of its outstanding common stock under the stock buyback program as of September 30, 2024 [214].

Financial Data and Key Metrics Changes - Total reported revenue for Q3 2024 was $1,357 million, with a net loss attributable to common shareholders of $979 million or $2.50 per share, including an $885 million impairment of goodwill [20][21] - Adjusted EBITDA for the quarter totaled $275 million, excluding special items [20] - Free cash flow generated in the first nine months of the year was $322 million, with over $100 million generated in Q3 [23] Business Line Data and Key Metrics Changes - In the Drilling Services segment, Q3 revenue was $422 million, with an adjusted gross profit of $171 million [24] - Completion Services segment revenue totaled $832 million, with an adjusted gross profit of $128 million, reflecting a slight increase due to a shift towards more integrated services [26] - Drilling Products revenue was $89 million, a 4% sequential increase, with adjusted gross profit of $42 million [27] Market Data and Key Metrics Changes - The company expects a steady rig count for Tier 1 high-spec drilling rigs through the rest of the year and into 2025, while the overall industry rig count may fluctuate [11] - Natural gas prices have stabilized recently, reinforcing optimism about long-term natural gas activity [11] - The company anticipates average activity in 2025 to be slightly below 2024 levels, with a stable rig count [13] Company Strategy and Development Direction - The company aims to unlock further value through operational integration and commercial synergies following the acquisitions of NexTier and Ulterra [7] - A focus on capital-efficient profitable growth is emphasized, with a commitment to returning cash to shareholders [8] - The company is taking a leadership role in reducing the supply of older, uncompetitive equipment in the market [35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging macro environment but expresses confidence in the company's resilience and ability to generate free cash flow [6][13] - The company expects a seasonal slowdown in Q4 but does not view it as indicative of the overall market for 2025 [33] - Management believes that the completions dynamic in Q4 does not reflect the demand setup for 2025, anticipating tighter demand for high-end frac fleets [33] Other Important Information - The company has returned $366 million to shareholders year-to-date, including $270 million for share repurchases and $96 million for dividends [32] - The company has lowered its 2024 CapEx expectations while increasing electric horsepower to 155,000 in Q4 [16][30] - A joint venture agreement in the UAE with ADNOC Drilling and SLB has been signed, allowing the company to gain a valuable presence in the region [19] Q&A Session Summary Question: Thoughts on Completion Margins for Next Year - Management expects margins to improve in the first half of next year, with a return to mid-year profit levels anticipated [39] Question: Participation in Turnwell Joint Venture - Initial participation will be advisory, with potential for future rig contributions depending on capital deployment considerations [40][43] Question: Supply/Demand Dynamics for Pressure Pumping - The company is taking a leadership role in retiring older equipment, expecting a tighter market in 2025 due to reduced investment in older assets [44][47] Question: Integration of Services Post-NexTier Merger - Integration efforts have been progressing well, with increased service offerings and operational synergies being realized [49]

Company Performance - Patterson-UTI reported break-even quarterly earnings per share, compared to the Zacks Consensus Estimate of $0.01, and earnings of $0.20 per share a year ago, indicating a -100% earnings surprise [1] - The company posted revenues of $1.36 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 5.32%, and up from $1.01 billion year-over-year [1] - Over the last four quarters, Patterson-UTI has surpassed consensus revenue estimates three times [1] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0.02 on revenues of $1.28 billion, and $0.18 on revenues of $5.37 billion for the current fiscal year [4] - The estimate revisions trend for Patterson-UTI is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] Industry Context - The Oil and Gas - Drilling industry, to which Patterson-UTI belongs, is currently in the bottom 19% of over 250 Zacks industries, suggesting a challenging environment [5] - Precision Drilling, another company in the same industry, is expected to report quarterly earnings of $1.55 per share, reflecting a year-over-year change of +43.5%, with revenues expected to be $367.26 million, up 10.3% from the year-ago quarter [5]

Exhibit 99.1 Contact: Michael Sabella Vice President, Investor Relations (281) 885-7589 Patterson-UTI Energy Reports Financial Results for the Quarter Ended September 30, 2024 HOUSTON, Texas – October 23, 2024 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the quarter ended September 30, 2024. Third Quarter 2024 Financial Results • Total revenue of $1.4 billion • Net loss attributable to common stockholders of $979 million, or $2.50 per share ◦ Includes an $885 million good ...