Exhibit 99.1 Contact: Michael Sabella Vice President, Investor Relations (281) 885-7589 Patterson-UTI Energy Reports Financial Results for the Quarter Ended March 31, 2024 HOUSTON, Texas – May 1, 2024 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the quarter ended March 31, 2024. First Quarter 2024 Financial Results and Other Key Items Management Commentary "The first quarter was another strong quarter for Patterson-UTI, and we met our adjusted gross profit guidance at eac ...

Commission File Number 1-39270 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Patterson-UTI Energy, Inc. (Exact name of registrant as specified in its charter) | Delaware | 75-2504748 | | --- | --- | | (Stat ...

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q4 2023 Earnings Conference Call February 15, 2024 10:00 AM ET Company Participants Mike Sabella - VP, IR Andy Hendricks - President & CEO Andrew Smith - CFO & EVP Conference Call Participants Arun Jayaram - JPMorgan Scott Gruber - Citi Derek Podhaizer - Barclays Capital Sean Mitchell - Daniel Energy Partners Jim Rollyson - Raymond James Keith MacKey - RBC Capital Markets Dan Kutz - Morgan Stanley & Co. Ati Modak - Goldman Sachs Saurabh Pant - Bank of America Merrill ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-39270 Patterson-UTI Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 75-2504748 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Adjusted net income attributable to common shareholders was $55 million or $0.20 per share, excluding merger and integration expenses [15] - Adjusted EBITDA totaled $277 million, also excluding merger and integration expenses [15] - Total reported revenue for the quarter was just over $1 billion, with a small net income essentially breakeven on a per share basis [28] Business Line Data and Key Metrics Changes - Drilling Services revenue was $489 million, including $29 million in previously deferred revenue, with a gross margin of $209 million [48] - Completion Services segment revenue totaled $460 million, with an adjusted gross margin of $91 million, impacted by lower customer activity and pricing [31] - Drilling Products revenue totaled $47 million with an adjusted gross margin of $14 million [53] Market Data and Key Metrics Changes - U.S. drilling activity averaged 120 rigs, with an improvement to 118 active rigs by the end of the quarter [24] - Average rig revenue per day increased to $38,110, with average rig operating costs per day at $19,870 [49] - The average adjusted rig margin per day was $18,240, a $1,330 increase from the previous quarter [30] Company Strategy and Development Direction - The company aims to maximize potential through the NexTier and Ulterra transactions, expecting at least $200 million in annualized synergies by Q1 2025 [20][35] - A commitment to capital discipline and returning at least 50% of free cash flow to shareholders annually is emphasized [23][36] - The company is focused on integrating operations and enhancing service quality to differentiate itself in a bifurcated market [5][10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the drilling and completion markets, expecting a modest increase in U.S. shale oil and natural gas production over the next several years [25][26] - The company anticipates continued positive momentum into 2024, with super-spec rig utilization remaining high [11] - Management acknowledges the need for U.S. shale production to grow modestly to meet global demand, particularly in light of OPEC supply cuts [25] Other Important Information - The company has returned over $1.2 billion to shareholders in the past decade and has $281 million remaining on its share repurchase authorization [23][29] - Total CapEx for Q3 was $160 million, with expectations of $190 million for Q4 [33] - The company has maintained an investment-grade credit rating from all three major rating agencies [34] Q&A Session Summary Question: What is the current horsepower and rig count? - The company has 3.3 million horsepower, with some parked for maintenance as they prepare for increased activity in 2024 [62] Question: What are the expectations for rig market recovery? - Management expects margins to bottom around Q1 or Q2, with an anticipated increase in rig count as commodity prices stabilize [65] Question: Can you elaborate on the synergies from the recent mergers? - The company is confident in achieving over $100 million in annualized synergies, with a significant portion coming from SG&A and procurement efficiencies [73] Question: What is the outlook for the Pressure Pumping side? - Management sees a stable outlook for activity and pricing, with expectations for steady performance through the end of the year [52] Question: How is the company managing labor and scaling up? - The company is focused on maintaining a strong workforce and is optimistic about scaling up operations as activity increases in 2024 [100]

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-39270 Patterson-UTI Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 75-2504748 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - The company reported a net income of $84.6 million or $0.40 per share for the second quarter, which included $7.9 million of merger and integration expenses and $3.8 million of impairment expenses in the E&P business [73] - Average adjusted rig margin per day in the U.S. increased by $1,030 sequentially to $16,910, driven by a $1,190 increase in average rig revenue per day to $35,940 [49] - The company expects to lower its 2023 CapEx forecast to $485 million, which includes approximately $280 million for contract drilling, $140 million for pressure pumping, $20 million for directional drilling, and $45 million for other businesses and general corporate purposes [74] Business Line Data and Key Metrics Changes - In contract drilling, the average rig count is expected to be 119 rigs for the third quarter, with average rig revenue per day expected to be approximately $35,500 and average rig operating cost per day expected to be $19,400 [37] - Pressure pumping revenues for the second quarter were $250 million with an adjusted gross margin of $53.8 million, while for the third quarter, revenues are expected to be approximately $230 million with an adjusted gross margin of $37 million [75] - Directional drilling revenues were $55.1 million in the second quarter with an adjusted gross margin of $7.8 million, and for the third quarter, revenues are expected to decrease to $52 million [50] Market Data and Key Metrics Changes - The company noted that the Northeast gas market has experienced some stress, but the overall U.S. onshore market is expected to remain steady and strong [40][66] - The company anticipates that the rig count and frac activity will improve later in the year and into 2024, driven by recent strength in oil prices and natural gas futures [33][52] - The company expects that some operators will increase their activity in drilling and completions by year-end and into 2024, particularly in gas basins due to upcoming LNG export capacity [77] Company Strategy and Development Direction - The merger with NexTier is expected to strengthen the company's position as a leading provider of drilling and completion services, creating a platform at the forefront of innovation [40] - The company continues to prioritize margins over activity, focusing on maintaining pricing where possible [81] - The company plans to convert its Tier 2 diesel spreads to Tier 4 dual fuel to better position itself for increasing completion activity later in the year and in 2024 [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall U.S. onshore market, with expectations for improved well economics for E&P operators due to favorable commodity prices [52] - The company believes that pressure pumping activity has already reached a trough and expects additional work to begin later in the quarter [34] - Management indicated that while there is some softness in the market, they expect improvements in rig count and activity levels as commodity prices stabilize [81] Other Important Information - The company has returned approximately $126 million of cash to shareholders through the first half of 2023, including $33.5 million in dividends [48] - The company has $281 million remaining under its share repurchase authorization, although repurchases may be limited due to the pending merger with NexTier [36] Q&A Session Summary Question: What is the outlook for day rates in 2024? - Management is focused on maintaining day rates and margins, expecting improvements later in the year and into next year [81] Question: How many oil rigs could be recovered next year? - Management indicated that a recovery in gas could push the rig count over 700 rigs in the first quarter next year [82] Question: What are the pricing dynamics in the drilling market? - Management noted that pricing dynamics have stabilized, with day rates in the low to mid-30s, and they expect steady pricing moving forward [85] Question: How should we think about frac revenue progression into the fourth quarter? - Management explained that while there was significant white space in the calendar, they expect more dedicated work to layer in towards the end of the third quarter, justifying the increase in spreads for the fourth quarter [87] Question: What is the expected CapEx distribution for the second half of the year? - Management stated that the remaining CapEx is spread out over the back half of the year, with maintenance CapEx returning as activities pick up [100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-39270 Patterson-UTI Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 75-2504748 (State or other jurisdiction of i ...

Financial Data and Key Metrics Changes - The company reported a net income of $99.7 million or $0.46 per share for the first quarter [32] - Adjusted EBITDA improved to $256 million for the first quarter from $239 million in the fourth quarter of 2022 [32] - Average adjusted rig margin per day in the U.S. increased by $2,430 to $15,880, driven by higher average rig revenue per day [32] Business Line Data and Key Metrics Changes - In contract drilling, revenues from Colombia were $10.6 million with an adjusted gross margin of $2.1 million for the first quarter [33] - Pressure pumping revenues were $293 million with an adjusted gross margin of $73.2 million, expected to decline to approximately $277 million with a gross margin of $61 million in the second quarter due to increased white space in the calendar [30][32] - Directional drilling revenues were $56.3 million with an adjusted gross margin of $8.2 million, expected to increase by approximately $1 million in the second quarter [34] Market Data and Key Metrics Changes - The overall rig count has declined, primarily affecting lower-spec rigs, while demand for Tier 1 super-spec rigs remains strong [17][18] - The company expects a modest reduction in rig count due to current natural gas prices but anticipates an increase in the second half of the year driven by activity in oil basins [21][22] Company Strategy and Development Direction - The company aims to capitalize on its position as a leading provider of Tier 1 super-spec rigs, focusing on profitability and cash flow over activity levels [19][40] - The strategy includes maintaining capital discipline and prioritizing cash flow and margin over activity levels, with a target to return 50% of free cash flow to shareholders [41] - The company plans to continue upgrading rigs to dual fuel capabilities, with expectations to have 9 out of 12 frac spreads dual fuel capable by the end of the year [23][76] Management's Comments on Operating Environment and Future Outlook - Management noted a transitory pause in activity due to softness in natural gas prices but expects stability in rig counts for Tier 1 super-spec rigs [17][21] - The company anticipates that improving market fundamentals for oil will positively impact drilling activity levels, despite near-term challenges in natural gas basins [19][22] - Management expressed confidence in the ability to improve drilling economics through operational excellence and technology integration [20][39] Other Important Information - The company repurchased 5.6 million shares for $73.6 million and $9 million of long-term debt for $7.8 million, indicating a strong belief in the undervaluation of its shares [16] - The effective tax rate for 2023 is expected to be approximately 17%, with no significant U.S. federal cash taxes anticipated [36] Q&A Session Summary Question: Can you speak to the timing and cost of bringing rigs back out when the market recovers? - Management indicated that the timing is relatively short and costs are low, with minimal budget growth CapEx required for rigs down for only a few months [8][12] Question: What are the dynamics in different basins? - Management noted stability in the Northeast and long-term growth in the Permian, with near-term challenges in Mid-Con and South Texas [48][70] Question: How does the company view pricing dynamics in the current market? - Management stated that they do not see a need to reduce rates on rigs, emphasizing the quality of their rigs and the ongoing demand in oil basins [56][75] Question: What is the company's outlook for rig count in the second half of the year? - Management expressed confidence in an increase in rig count driven by customer discussions and expected demand in oil basins [81][94] Question: Are there any changes in cost inputs like steel or labor? - Management noted that while labor remains tight, there are some cost savings in materials like sand, but no significant changes in service rates [92][100]

Operational Overview - As of December 31, 2022, the company operated a fleet of 192 marketed land-based drilling rigs in the U.S. and 8 in Colombia, with 172 of these being super-spec rigs[34]. - The average number of rigs operating per day in the U.S. was 131, an increase from 128 in Q3 2022[21][22]. - The company expects an average of 130 rigs operating in the U.S. in Q1 2023, with a projected average of 87 rigs under term contracts during the same period[21][22]. - The average active spread count was 12 in Q4 2022, with expectations to activate a 13th spread towards the end of 2023[23]. - Average rigs operating per day in the U.S. increased to 124 in 2022 from 82 in both 2021 and 2020, with a total of 2,489 wells drilled in 2022 compared to 1,662 in 2021 and 1,324 in 2020[42]. Financial Performance - Capital expenditures for 2023 are forecasted to be approximately $550 million[26]. - The company recorded gains on the extinguishment of debt totaling $2.4 million during Q4 2022[33]. - The contract drilling backlog in the U.S. was approximately $830 million as of December 31, 2022, up from $325 million in 2021, with 32% expected to remain after 2023[56]. - Approximately 49% of consolidated operating revenues in 2022 came from the company's ten largest customers, with one customer accounting for approximately $476 million, or 18% of total revenues[55]. Capital Expenditures and Investments - The company spent approximately $471 million on capital expenditures over the last three years to modify, upgrade, and extend the lives of its drilling fleet, with $256 million in 2022, $110 million in 2021, and $105 million in 2020[36]. - The acquisition of Pioneer Energy Services Corp. was completed on October 1, 2021, valued at approximately $278 million, enhancing the company's service capabilities[27][28]. Market Conditions - The average oil price per barrel in Q4 2022 was $82.79[21][22]. - Pricing for drilling and completion services increased in 2022 due to limited supply of high-quality equipment[25]. - The company experienced general oilfield cost inflation across segments due to supply chain disruptions and labor market challenges[24]. Employee and Operational Management - The company has approximately 6,500 full-time employees as of January 31, 2023, with employee relations considered satisfactory[62]. - The company prioritizes employee safety with robust training programs, ensuring compliance with applicable laws and industry standards[64]. - The company emphasizes diversity and inclusion, requiring annual training for all employees and biannual training for supervisors and managers[66]. Environmental and Regulatory Compliance - The company maintains a rigorous focus on environmental sustainability, utilizing technologies to reduce carbon emissions and improve air quality[59]. - The company has not incurred significant capital expenditures for environmental compliance and does not anticipate material costs in the foreseeable future[69]. - Legislative and regulatory changes could increase operational costs and impact oil and gas production activities, potentially affecting the company's financial condition[70]. - The company is subject to strict liability under various environmental laws, which could lead to significant remediation costs if regulations change[73]. - The company monitors greenhouse gas emissions regulations and climate change policies, which may impose additional costs and operational limitations[85]. Risk Management - The company faces inherent operational hazards that could result in substantial liabilities, including personal injury and environmental damage[86]. - Indemnification agreements with customers may not fully protect the company from liabilities, potentially impacting its financial condition[87]. - The company maintains various types of insurance coverage, including a $1.5 million deductible for workers' compensation and a $10 million deductible for general liability[88]. - The company self-insures several risks, including loss of earnings and most cybersecurity risks[88]. - The company retains the risk for any loss in excess of insurance limits or exclusions, which could materially affect its financial condition[89]. Financial Position and Borrowing - The company had no borrowings outstanding under its revolving credit facility as of December 31, 2022, with available borrowing capacity of $600 million[32]. - As of December 31, 2022, the applicable margin on SOFR rate loans was 1.75% and on base rate loans was 0.75%[284]. - The company has no outstanding borrowings or letters of credit under the Credit Agreement as of December 31, 2022[284]. - The company is obligated to pay Scotiabank interest at the LIBOR rate plus 2.25% per annum for any amounts not paid on demand under the Reimbursement Agreement[285]. - The company has exposure to interest rate market risk associated with outstanding borrowings and letters of credit under the Credit Agreement[283]. Operational Trends - Seasonality has not significantly impacted overall operations, although there is slower activity toward the end of the calendar year[91]. - The carrying values of cash and cash equivalents, trade receivables, and accounts payable approximate fair value due to their short-term maturity[286]. - The company utilizes numerous independent subcontractors and suppliers for raw materials and services, with no assurance of continued favorable terms[92].