Patterson-UTI Energy(PTEN) - 2024 Q4 - Annual Results

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]