Financial Data and Key Metrics Changes - For Q1 2021, the company reported a net loss of $106 million or $0.50 per share, while adjusted EBITDA grew 20% sequentially to $35.4 million on a 9% sequential increase in revenues [14][6] - Average rig revenue per day for Q1 was $21,590, benefiting from a $2.3 million revenue recognition from the previous downturn [15][14] - Average rig margin per day exceeded expectations due to higher-than-expected revenue and lower-than-expected operating costs [16] Business Line Data and Key Metrics Changes - In contract drilling, average rig count improved to 69 rigs from 62 in the previous quarter, with expectations to increase to 73 rigs in Q2 [14][18] - Pressure pumping revenues decreased to $75.8 million in Q1, with a gross margin loss of $700,000, but expected to improve to $120 million in Q2 with a gross margin of $9 million [20][23] - Directional drilling revenues improved to $19.7 million in Q1, with expectations to rise to $22.5 million in Q2 [21][23] - Other operations revenues improved to $11.9 million in Q1, with expectations to reach approximately $13 million in Q2 [22][23] Market Data and Key Metrics Changes - The U.S. land rig count has nearly doubled over the past nine months, with private operators increasing their rig count by over 150% [25] - The company noted a shift towards capital discipline among operators, which is expected to support further increases in activity throughout the year [26][28] Company Strategy and Development Direction - The company is positioned as a premium service provider, focusing on integrating directional drilling operations into drilling rigs to improve wellbore quality [30] - The company is leveraging technology to reduce costs and emissions, including the use of alternative fuels and a lithium battery hybrid energy management system [31][32] - The outlook for 2021 is positive, with expectations of steadily increasing activity driven by both private and public operators [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in further improvements in drilling and completion activity, with expectations for rig count to reach approximately 80 rigs in the coming months [8] - The company anticipates that Q2 will be the low point for margins in the current cycle, with opportunities for pricing increases as more rigs are activated [37][49] - Management highlighted the importance of capital discipline among operators, which is expected to lead to increased activity funded within cash flow [28][54] Other Important Information - The company expects depreciation, depletion, amortization, and impairment expense of approximately $145 million for Q2, with a quarterly cash dividend of $0.02 per share [23] Q&A Session Summary Question: Margin guidance for Q2 - The margin guidance for drilling in Q2 is expected to be $6,200 per day [36] Question: Pricing outlook and efficiency improvements in pressure pumping - Management indicated that the pressure pumping sector is becoming structurally better, with opportunities for pricing to move up as activity increases [44][47] Question: Incremental demand sources for drilling and pumping - Demand is coming from a mix of private and public operators, with larger public operators also discussing increasing rig activity [52][54] Question: LNG-related rig activity opportunities - Activity in the LNG area is steady and slightly increasing, with potential for improved economics over the year [59] Question: Utilization and pricing for super-spec rigs - Utilization for super-spec rigs is currently high, and as these rigs start to work, pricing is expected to move up [60][61]

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, 2020 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) Securities Registered Pursuant to Section 12(b) ...

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q4 2020 Earnings Conference Call February 4, 2021 10:00 AM ET Company Participants Mike Drickamer – Vice President-Investor Relations Andy Hendricks – Chief Executive Officer Andy Smith – Chief Financial Officer Conference Call Participants Sean Meakim – JP Morgan Ian MacPherson – Company of Simmons Chris Voie – Wells Fargo Mike Sabella – Bank of America Scott Gruber – Citigroup Taylor Zurcher – Tudor Pickering Connor Lynagh – Morgan Stanley Vebs Vaishnav – Coker Pal ...

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q3 2020 Earnings Conference Call October 22, 2020 10:00 AM ET Operator | --- | |---------------------------------------| | | | Company Participants | | Mike Drickamer - Vice President of IR | | Andy Hendricks - CEO | | Andy Smith - CFO | | Conference Call Participants | | Sean Meakim - JP Morgan | | Chris Voie - Wells Fargo | | Taylor Zurcher - Tudor Pickering | | Scott Gruber - Citigroup | | Kurt Hallead - RBC | | Jacob Lundberg - Credit Suisse | | Blake Gendron - W ...

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q2 2020 Earnings Conference Call July 23, 2020 10:00 AM ET Company Participants Mike Drickamer - VP-IR Andy Smith - CFO Andy Hendricks - CEO Conference Call Participants Sean Meakim - JPMorgan Tommy Moll - Stephens Taylor Zurcher - Tudor Pickering Holt Chris Voie - Wells Fargo Kurt Hallead - RBC Mark Bianchi - Cowen Jacob Lundberg - Credit Suisse Chase Mulvehill - Bank of America Blake Gendron - Wolfe Research Waqar Syed - ATB Capital Markets Operator Ladies and gent ...

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q1 2020 Earnings Conference Call April 23, 2020 10:00 AM ET Company Participants Mike Drickamer - Vice President-Investor Relations Mark Siegel - Chairman Andy Smith - Chief Financial Officer Andy Hendricks - President & Chief Executive Officer Conference Call Participants Sean Meakim - JPMorgan Chase Mulvehill - Bank of America Kurt Hallead - RBC Scott Gruber - Citigroup Taylor Zurcher - Tudor Pickering Jeffrey Campbell - Tuohy Brothers John Daniel - Daniel Energy P ...

Financial Data and Key Metrics Changes - For Q4 2019, the company reported a net loss of $85.9 million or $0.44 per share on revenue of $492 million and adjusted EBITDA of $97.3 million [8][9] - The company generated strong cash flow in 2019, returning $283 million to shareholders through share repurchases and dividends, while net debt decreased by $79 million to $801 million at year-end [8][9][36] - Capital expenditures (CapEx) for 2019 were $348 million, a 46% reduction compared to 2018, with an expected CapEx of approximately $250 million for 2020 [10][36] Business Line Data and Key Metrics Changes Contract Drilling - The average rig count for Q4 fell to 123 rigs, with a net decrease of 10 rigs during the quarter [14][15] - Average rig revenue per operating day was $23,980, and average rig direct cost per operating day was $15,540, leading to lower than expected average rig margin per day [18] - The company expects the first quarter rig count to be similar to Q4, with average revenue per operating day projected between $23,200 and $23,500 [20] Pressure Pumping - Pressure pumping activity decreased throughout Q4, with a gross margin of $21.9 million, including a $10.8 million sales tax refund [24][25] - For Q1, pressure pumping revenues are expected to be approximately $130 million, with a gross margin of low 5% [31] - The company plans to average 10 active spreads for Q1, with no current plans to activate additional spreads due to market oversupply [51] Directional Drilling - Directional drilling revenues were $38.6 million with a gross margin of $3.8 million in Q4, negatively impacted by lower rig count [32] - For Q1, directional drilling revenues are expected to be $34 million with a gross profit margin of $2 million [33] Other Operations - Revenues from other operations, including rental, technology, and E&P businesses, were $21.5 million with a gross margin of $7.7 million in Q4 [34] Market Data and Key Metrics Changes - Geographically, the Permian Basin showed relative strength, partially offsetting weakness in other markets [17] - The company noted that super-spec utilization in the Permian is starting to tighten, with all APEX-XKs currently working [22] Company Strategy and Development Direction - The company is focusing on maintenance capital to maintain equipment quality and service levels, with strategic investments in automation and performance technologies planned for 2020 [10][36] - The company is positioned to benefit from the increasing demand for natural gas dual fuel capabilities and high line powered electric rigs [21][22][30] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about both contract drilling and pressure pumping businesses through 2020, despite challenges in the operating environment [13][30] - The supply side of the market is improving, but demand remains challenged, with modest improvements in industry activity expected [30] Other Important Information - The company declared a quarterly cash dividend of $0.04 per share to be paid on March 19, 2020 [37] - The company successfully extended near-term debt maturities and issued $350 million of notes due in 2029 [9] Q&A Session Summary Question: What is a normal level for OpEx by the end of the year? - Management indicated that normalized OpEx should be closer to $14,000 to $14,500 per day as rig counts stabilize [42][43] Question: Is 10 spreads the right size for pressure pumping? - Management confirmed that 10 spreads is the current plan, with no immediate plans to activate more due to market conditions [51] Question: How much additional frac capacity needs to come out of the market for balance? - Management estimated that approximately 5 million horsepower needs to be retired from the market to achieve balance [106] Question: What is the profitability of performance-based contracts? - Performance components in contracts provide an additional uplift of $400 to $500 per day compared to traditional contracts [114] Question: What is the outlook for dual fuel and electric frac technologies? - Management noted increasing demand for dual fuel capabilities and is conducting studies on emissions for both drilling and pressure pumping operations [85][89]

Financial Data and Key Metrics Changes - For Q3 2019, the company reported a net loss of $262 million or $1.31 per share, which included charges totaling $260 million pretax or $209 million after tax. Excluding these charges, the net loss would have been $52.9 million or $0.27 per share [8][9] - Capital expenditures totaled $68 million, a 30% reduction from the second quarter, with full year 2019 CapEx expected to be approximately $350 million, down from previous expectations of $400 million [13][16] - The outstanding gross debt balance was $975 million, a $150 million reduction from the end of the prior quarter, with a net debt-to-capital ratio of 21.6% at September 30, 2019 [15] Business Line Data and Key Metrics Changes - In contract drilling, the average rig count during Q3 was 142 rigs, with average rig revenue per day increasing to $24,240 from $24,200 in Q2. Average rig operating cost per day increased to $14,440 due to lower fixed cost absorption [21][23] - Pressure pumping gross margin was $32.3 million on revenues of $209 million, lower than expected due to decreased activity. The company ended the quarter with 14 active spreads and expects Q4 pressure pumping margin to be approximately $8 million with revenues of approximately $150 million [28][30] - Directional drilling gross margin was $7.8 million with revenues of $47 million in Q3, with expectations of $39 million in revenues and $8 million in gross profit margin for Q4 [33] Market Data and Key Metrics Changes - The overall decrease in U.S. industry rig count was noted, with Patterson-UTI's rig count decrease in line with expectations. The company anticipates further declines in drilling and pressure pumping activity in Q4 [18][19] - The company has retired 36 non-APEX rigs and expects rig count to average 126 rigs in Q4, stabilizing near current levels [24][25] - The pressure pumping market is oversupplied, with pricing at unsustainably low levels, leading to equipment rationalization [30][32] Company Strategy and Development Direction - The company remains capital disciplined and focused on optimizing its fleet, having permanently retired 300,000 horsepower of pressure pumping equipment to improve utilization and returns [31][32] - The company is adjusting its business according to market conditions, with a focus on debt reduction and share buybacks, having repurchased 8.2 million shares in Q3 [39] - The company is investing in technology to enhance operational efficiency, with a focus on capital-light investments [77][78] Management's Comments on Operating Environment and Future Outlook - Management indicated limited visibility for 2020 activity, with operators currently working on their budgets. There is potential for a modest increase in rig activity in early 2020 [19][20] - The company expects Q4 to be challenging due to seasonality and budget constraints, but anticipates some improvement in Q1 as operators finalize their budgets [95][96] - Management expressed confidence that supply-side adjustments, including equipment retirements, will help address underutilization in the market over time [50] Other Important Information - The company declared a quarterly cash dividend of $0.04 per share to be paid on December 19, 2019 [40] - The company published its corporate sustainability report, highlighting various initiatives [40] Q&A Session Summary Question: Customer actions in the first half of next year for pumping and drilling activity - Management noted that visibility for 2020 is limited, but discussions with operators suggest potential rig activity increases towards the end of December and into early Q1 [44] Question: Confidence level regarding supply-driven solutions to underutilization - Management believes that supply-side adjustments will help improve utilization, but it will take time [50] Question: CapEx needed to reactivate retired horsepower - Management indicated that the decision to retire 300,000 horsepower was based on market needs and the oversupply situation [52] Question: Pricing environment in land drilling - Management acknowledged pressure on leading-edge dayrates but emphasized the value of super-spec rigs [57] Question: Potential for incremental rig activity - Management indicated that there is potential for a modest increase in rig activity, but specifics are uncertain [65] Question: Impact of retired frac pumps on CapEx - Management noted that the use of components from retired equipment could provide some savings, but it would be relatively small [67] Question: Maintenance CapEx expectations - Management stated that it is too early to determine maintenance CapEx levels for 2020 due to uncertainty in rig counts and schedules [85]

| --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Patterson-UTI Energy, Inc. | | | | | | | | Barclays CEO Energy-Power Conference September 3-4, 2019 | | | | | | | | | | | | | | | Forward-Looking Statements This material and any oral statements made in connection with this material include "forwardlooking statements" within t ...

Financial Data and Key Metrics Changes - The company reported a net loss of $49.4 million, or $0.24 per share, for Q2 2019, which included charges totaling $16.3 million pre-tax [7] - Excluding these charges, the adjusted net loss would have been $35.9 million, or $0.17 per share [7] - Adjusted EBITDA for the second quarter would have been $177 million, with $150 million of stock repurchased in the first half of 2019, representing 5.5% of shares outstanding at the beginning of the year [9][10] - Cash capital expenditures for Q2 totaled $96.9 million, down from $118 million in Q1, with a revised forecast of $400 million for 2019 [11] Business Line Data and Key Metrics Changes Contract Drilling - Average rig count during Q2 was 158 rigs, down from 175 in Q1, with average rig revenue per day increasing to $24,200 [16] - Average rig margin per day increased to $10,170, including $280 per day from early termination revenue [16] - Expected average rig count for Q3 is 142 rigs, with average rig revenue per operating day projected at approximately $23,700 [17] Pressure Pumping - Pressure pumping gross margin remained unchanged at $44.9 million, while revenues increased to $251 million from $248 million in Q1 [18] - EBITDA per spread increased by 18% over Q1, with expectations of Q3 pressure pumping revenues at $225 million and gross margin of approximately $35 million [20] Directional Drilling - Gross margin for Q2 improved to $8.1 million from $7.4 million, with expected revenues of $49 million for Q3 [21] Other Operations - Revenues in other operations decreased to $26.4 million from $31.2 million in Q1, with gross margin percentage increasing to 33% [21] Market Data and Key Metrics Changes - Oil prices began Q2 in the mid $60 range but fell to the low $50 range due to concerns about trade and inventory levels [14] - E&P companies are being more disciplined with budgets, leading to a slowdown in drilling and completion activity [15] Company Strategy and Development Direction - The company is focused on cash flow generation, having generated adjusted EBITDA of $368 million in the first half of 2019, exceeding CapEx by $153 million [24] - Plans to use cash flow for stock buybacks and debt repayment, with a cash balance of $256 million at the end of Q2 [28] - The company aims to maintain operational efficiency while restraining spending and generating cash [27] Management Comments on Operating Environment and Future Outlook - Management noted that E&P companies are slowing spending earlier in the year to avoid budget exhaustion, which may lead to lower drilling activity in Q3 [15] - The company expects a mix shift to more single well pads in pressure pumping, impacting overall activity and efficiency [20] - There is uncertainty regarding Q4 activity levels, but management believes rig count may not drop as much as previously anticipated [47] Other Important Information - The company declared a quarterly cash dividend of $0.04 per share to be paid on September 19, 2019 [29] - The board of directors increased the share repurchase authorization to $250 million [9] Q&A Session Summary Question: Can you provide insights on Q3 rig count guidance and customer indications for 2020? - Management noted that major international oil companies are holding steady, while public independents are managing budgets more tightly, leading to a downward shift in rig count [35][36] Question: What are your views on dayrates for super-spec rigs? - Management indicated that while there is pressure on pricing due to rig count declines, utilization for super-spec rigs remains relatively high [38] Question: How do you see the rig count and frac activity evolving in Q4? - Management expressed uncertainty but noted that E&P companies are managing budgets earlier, which may stabilize rig counts [47] Question: What is the competitive landscape for pressure pumping? - Management stated that most frac spreads work under dedicated agreements, and while there is pressure on pricing, operational efficiencies are being improved [80][81] Question: Are there any plans for dual fuel tier four fleets? - Management confirmed they have dual fuel capabilities and are adding tier four engines as needed, but do not see immediate economic sense in expanding electric frac capacity [118][119]