Financial Data and Key Metrics Changes - Total reported revenue for Q2 2024 was $1.348 billion, with a net income attributable to common shareholders of $11 million or $0.03 per share, which included $11 million in merger and integration expenses [22][23] - Free cash flow for the first half of the year was $206 million, with $164 million returned to shareholders, including an $0.08 per share dividend and $132 million used to repurchase 12 million shares [23][51] - Adjusted EBITDA for the quarter totaled $324 million, excluding merger and integration expenses [50] Business Line Data and Key Metrics Changes - In the Drilling Services segment, Q2 revenue was $440 million, with an adjusted gross profit of $179 million. The average rig revenue per day was $36,430, and the average adjusted rig gross profit per day was $16,190, showing a slight increase from the prior quarter [24] - Completion Services segment revenue totaled $805 million with an adjusted gross profit of $152 million [77] - Drilling Products segment revenue was $86 million, down 4% sequentially, with an adjusted gross profit of $40 million [27] Market Data and Key Metrics Changes - Approximately 80% of the active fleets are capable of being powered by natural gas, with a strong rollout of electric frac equipment [19] - International revenues are expected to be up mid-teens percent year-over-year, particularly in Saudi Arabia [48] - The company began Q3 operating 111 rigs and is currently operating 107 rigs, with expectations for a modest improvement in rig count as larger customers prepare for 2025 [45] Company Strategy and Development Direction - The company is focused on a capital-efficient operating strategy to maximize returns through the cycle and is excited about growth opportunities in integrated drilling and completion offerings [4][10] - There is a strong emphasis on power services, with discussions around increasing demand for power in the oil and gas industry and other sectors [11][39] - The company aims to leverage its unique operational footprint and integrated service offerings to enhance competitive positioning and drive growth [31][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects for the industry, anticipating a modest recovery in U.S. shale activity in 2025 with steady oil markets and growth in natural gas markets [44] - The company remains disciplined in capital deployment and expects to generate strong free cash flow in the second half of the year [44][80] - Management noted that while the overall market is steady, they are selectively choosing projects to protect pricing and margins [68][95] Other Important Information - The company has committed to returning at least $400 million to shareholders in 2024, evaluating the best use for the remainder of the free cash flow [43][56] - The company closed Q2 with no amounts drawn on its $615 million revolving credit facility and $75 million in cash on hand [80] Q&A Session Summary Question: What is the magnitude of the power services business today? - The power services business is a significant revenue generator, exceeding $100 million, and is expected to grow as the company expands its electric frac fleets and enters new markets like data centers [61][85] Question: How is the performance of electric fleets compared to dual fuel fleets? - Initial reactions to electric fleets have been positive, with efficiencies observed, but the industry is expected to continue relying on dual fuel for the foreseeable future [63] Question: Can you elaborate on the integrated drilling and completion offering? - The integrated offering aims to provide services across the spectrum to improve efficiency and productivity, with a focus on sharing value with E&P customers rather than simply bundling services [92][94] Question: What are the expectations for pricing and competition in the market? - Pricing is stabilizing, but there is pressure from older diesel assets. The company is not competing at lower pricing levels and is focused on maintaining stable pricing for its services [133]

Management Commentary • Total revenue of $1.3 billion Within the Drilling Services segment for the second quarter, U.S. Contract Drilling revenue was $378 million, and adjusted gross profit was $168 million, with the segment beating our expectations on a slight increase in revenue per day and adjusted gross profit per operating day. U.S. operating days totaled 10,388, with activity in line with our expectation. The average rig revenue per operating day in U.S. Contract Drilling was $36,430 in the quarter, a ...

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 24. On the other hand, if they miss, the stock may move lower. This provider of onshore contract drilling services is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of -79.6%. The consensus EPS estimate for the quarter has been revised 8.04% lower over the last 30 days to the current level. This is ...

Highlights of Q1 Earnings The Zacks Consensus Estimate for second-quarter 2024 earnings has witnessed no upward revision and one downward movement in the past 30 days. The estimated figure indicates a 79.55% year-over-year decline. The Zacks Consensus Estimate for revenues indicates an increase of 86.6% from the year-ago period. What Does Our Model Say? Stocks to Consider TechnipFMC (FTI) has an Earnings ESP of +4.17% and a Zacks Rank #3. The firm is scheduled to release earnings on Jul 25. Baker Hughes is ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ Form 10-Q ______________________ þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or o 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 regist ...

Financial Data and Key Metrics Changes - Total reported revenue for Q1 2024 was $1.510 billion, with net income attributable to common shareholders of $51 million or $0.13 per share, including $12 million in merger and integration expenses [8][9] - Adjusted net income attributable to common shareholders, excluding merger and integration expenses, was $61 million or $0.15 per share [8] - Free cash flow for the first quarter was $139 million, with $130 million returned to shareholders, including an $0.08 per share dividend and $98 million used to repurchase 9 million shares [25][26] Business Line Data and Key Metrics Changes - In the Drilling Services segment, Q1 revenue was $458 million with adjusted gross profit of $186 million [10] - Completion Services revenue totaled $945 million with an adjusted gross profit of $199 million, impacted by lower activity and a shift away from higher revenue jobs in the Haynesville [49] - Drilling Products revenue was $90 million, up 2% sequentially, with adjusted gross profit of $41 million [12] Market Data and Key Metrics Changes - The company expects to average 114 active rigs in Q2 compared to 121 in Q1, with adjusted gross profit per day expected to decrease by roughly $300 [11] - International revenue improved sequentially, with growth primarily from operations in the Middle East, showing over 15% growth compared to Q1 last year [23] Company Strategy and Development Direction - The company is focused on investing in technologies that enhance efficiency in U.S. shale drilling, aiming to improve returns and free cash flow [3][18] - The operational integration with Nextier is largely complete, achieving over $200 million in annualized synergies faster than expected [14][22] - The company is committed to returning at least $400 million to shareholders through dividends and share repurchases in 2024, exceeding the targeted return of more than 50% of free cash flow [26][73] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for the industry in 2024, citing strong demand for technology and stable oil prices [30] - Weak natural gas prices are impacting activity, but long-term positive views on natural gas remain unchanged due to increasing LNG exports and demand for power in the U.S. [19] - The company anticipates modest demand upside in all basins starting later this year, despite current challenges in natural gas markets [19] Other Important Information - The company is advancing its transition to natural gas-powered frac equipment, with plans to grow electric frac horsepower to 140,000 by mid-year [7][12] - Total CapEx for Q1 was $227 million, with expectations of approximately $180 million for Q2 [51][52] Q&A Session Summary Question: Can you discuss the integration of well site services? - Management highlighted the successful integration of wireline systems and logistics to ensure efficient operations without delays [32][33] Question: What are the expectations for frac activity in Q3? - Management indicated that Q3 is expected to see increased activity as customers resume normal operations, with a potential return to Q1 levels [36][80] Question: How is the company addressing the current soft gas market? - Management noted that while the gas market is soft, structural changes and increasing LNG exports are expected to improve the situation in 2025 and beyond [61] Question: What is the outlook for capital returns and share repurchases? - The company remains committed to returning at least $400 million this year through dividends and buybacks, with a focus on maintaining flexibility in capital allocation [72][74] Question: Can you provide an update on the e-frac program? - Management confirmed that the e-frac program is progressing well, with long-term agreements in place and positive early results from the new fleet [81][82]

[Patterson-UTI Energy Q1 2024 Financial Results](index=1&type=section&id=Patterson-UTI%20Energy%20Reports%20Financial%20Results%20for%20the%20Quarter%20Ended%20March%2031%2C%202024) [Q1 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results%20and%20Other%20Key%20Items) The company reported strong Q1 2024 results with $1.5 billion in revenue and significant shareholder returns Q1 2024 Key Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Total Revenue | $1.5 billion | | Net Income (attributable to common stockholders) | $51 million ($0.13/share) | | Adjusted Net Income | $61 million ($0.15/share) | | Adjusted EBITDA | $375 million | | Cash from Operations | $366 million | | Free Cash Flow | $139 million | - Achieved the **annualized synergy target of $200 million** from the NexTier merger[5](index=5&type=chunk) - Returned **$130 million to shareholders** in Q1 and confirmed its plan to return at least **$400 million in 2024**[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted strong Q1 performance despite market headwinds and reaffirmed its commitment to shareholder returns - The near-term outlook is cautious due to low natural gas prices, but **oil basin activity is expected to improve** in Q3[3](index=3&type=chunk) - The company is ahead of its goal to return at least **$400 million to shareholders in 2024**[3](index=3&type=chunk) - Since recent mergers, the company has retired **4% of its post-transaction outstanding shares**[3](index=3&type=chunk) - The company expects to convert at least **40% of its adjusted EBITDA to free cash flow** in 2024[3](index=3&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) [Drilling Services](index=1&type=section&id=Drilling%20Services) The Drilling Services segment reported stable Q1 results with $458 million in revenue and holds $527 million in future contracts Drilling Services Q1 2024 Performance | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Total Revenue | $458 million | $464 million | | Adjusted Gross Profit | $186 million | $187 million | | U.S. Contract Drilling Revenue | $393 million | $393 million | | U.S. Operating Days | 11,024 | 10,841 | | Avg. Rig Revenue per Day (U.S.) | $35,680 | $36,280 | | Avg. Adj. Gross Profit per Day (U.S.) | $16,170 | $16,330 | - Future dayrate drilling revenue from U.S. term contracts was approximately **$527 million** as of March 31, 2024[7](index=7&type=chunk) - The company expects an average of **70 rigs operating under term contracts in Q2 2024**, and an average of 41 rigs for the four quarters ending March 31, 2025[7](index=7&type=chunk) [Completion Services](index=3&type=section&id=Completion%20Services) The segment generated $945 million in revenue, with strong cost controls offsetting lower natural gas basin activity Completion Services Q1 2024 Performance | Metric | Value (USD) | | :--- | :--- | | Revenue | $945 million | | Adjusted Gross Profit | $199 million | - The sequential decline in revenue was driven by **lower activity**, especially in natural gas basins like the Haynesville[9](index=9&type=chunk)[10](index=10&type=chunk) - Financial performance has been relatively steady, reflecting progress in capturing **synergy value** from the NexTier merger[10](index=10&type=chunk) [Drilling Products](index=3&type=section&id=Drilling%20Products) The segment reported revenue of $90 million, driven by international growth and strong U.S. market penetration Drilling Products Q1 2024 Performance | Metric | Value (USD) | | :--- | :--- | | Revenue | $90 million | | Adjusted Gross Profit | $41 million | - Revenue **increased 2% sequentially**, driven by Ulterra's International operations[12](index=12&type=chunk) - Purchase price accounting for the Ulterra acquisition temporarily **increased reported segment direct operating costs by $2 million** and depreciation by $6 million in Q1[13](index=13&type=chunk) [Other](index=3&type=section&id=Other) The 'Other' segment recorded revenue of $18 million and an adjusted gross profit of $7 million during Q1 2024 Other Segment Q1 2024 Performance | Metric | Value (USD) | | :--- | :--- | | Revenue | $18 million | | Adjusted Gross Profit | $7 million | [Outlook](index=3&type=section&id=Outlook) The company anticipates steady oil basin activity and projects key financial metrics for Q2 across its segments - **Drilling Services (Q2 Outlook):** Expects to operate an average of **114 U.S. rigs**, with adjusted gross profit per operating day down roughly $300 from Q1[17](index=17&type=chunk) - **Completion Services (Q2 Outlook):** Revenue expected to be approximately **$860 million** with an adjusted gross profit of around **$170 million**, with an improvement in activity expected in Q3[18](index=18&type=chunk) - **Drilling Products (Q2 Outlook):** Results are expected to be **relatively in line with Q1**[19](index=19&type=chunk) - **Corporate (Q2 Outlook):** SG&A expense is expected to be approximately **$65 million**, and D&A expense is expected to be approximately **$265 million**[20](index=20&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported Q1 2024 total revenues of $1.51 billion and net income of $51.2 million, or $0.13 per share Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Revenues | $1,510,360 | $1,584,317 | $791,802 | | Operating Income | $86,999 | $111,705 | $125,963 | | Net Income Attributable to Common Stockholders | $51,235 | $61,950 | $99,678 | | Diluted EPS | $0.13 | $0.15 | $0.46 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated $365.9 million in cash from operations, resulting in a net cash decrease of $22.4 million Cash Flow Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $365,891 | $234,349 | | Net cash used in investing activities | ($227,485) | ($116,345) | | Net cash used in financing activities | ($161,589) | ($98,339) | | Net (decrease) increase in cash | ($22,433) | $19,665 | [Additional Financial and Operating Data](index=8&type=section&id=Additional%20Financial%20and%20Operating%20Data) This section details segment performance and key balance sheet items, including $1.22 billion in long-term debt Segment Revenue and Adjusted Gross Profit - Q1 2024 (in thousands) | Segment | Revenues | Adjusted Gross Profit | | :--- | :--- | :--- | | Drilling Services | $457,573 | $185,836 | | Completion Services | $944,997 | $199,403 | | Drilling Products | $89,973 | $41,343 | | Other | $17,817 | $6,639 | Selected Balance Sheet Data (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash, cash equivalents and restricted cash | $170,247 | $192,680 | | Working capital | $437,801 | $435,263 | | Long-term debt | $1,221,058 | $1,224,941 | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) [Adjusted EBITDA](index=9&type=section&id=Adjusted%20EBITDA) Q1 2024 Adjusted EBITDA was $375.0 million, calculated by adjusting net income for interest, taxes, D&A, and merger costs Adjusted EBITDA Reconciliation (in thousands) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net income | $51,706 | $61,938 | $99,678 | | Income tax expense | $19,997 | $31,332 | $20,185 | | Net interest expense | $16,146 | $17,142 | $7,586 | | D&A and impairment | $274,956 | $278,787 | $128,180 | | Merger and integration expense | $12,233 | $19,949 | — | | **Adjusted EBITDA** | **$375,038** | **$409,148** | **$255,629** | [Free Cash Flow](index=10&type=section&id=Free%20Cash%20Flow) The company generated $139.0 million in free cash flow in Q1 2024, an increase from $116.7 million year-over-year Free Cash Flow Calculation (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $365,891 | $234,349 | | Less capital expenditures | ($226,941) | ($117,601) | | **Free cash flow** | **$138,950** | **$116,748** | [Adjusted Gross Profit](index=11&type=section&id=Adjusted%20Gross%20Profit) This section reconciles GAAP gross profit to adjusted gross profit by adding back D&A for each operating segment Adjusted Gross Profit by Segment - Q1 2024 (in thousands) | Segment | GAAP Gross Profit | D&A Add-back | Adjusted Gross Profit | | :--- | :--- | :--- | :--- | | Drilling Services | $93,491 | $92,345 | $185,836 | | Completion Services | $50,723 | $148,680 | $199,403 | | Drilling Products | $14,161 | $27,182 | $41,343 | | Other | $1,228 | $5,411 | $6,639 | [Adjusted Net Income and Adjusted Earnings Per Share](index=13&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20Per%20Share) Q1 2024 adjusted net income was $60.9 million, or $0.15 per share, after excluding merger and integration expenses Adjusted Net Income Reconciliation - Q1 2024 (in thousands, except per share) | Metric | Total | Per Share | | :--- | :--- | :--- | | Net income as reported | $51,235 | $0.13 | | Merger and integration expense | $12,233 | | | Income tax benefit | ($2,569) | | | **Adjusted net income** | **$60,899** | **$0.15** |

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 ...