Financial Performance - Total revenue for the first quarter of 2025 was $1.3 billion, with a net income attributable to common stockholders of $1 million[7]. - Revenues for the three months ended March 31, 2025, were $1,280,537, an increase of 10.2% compared to $1,162,135 for the same period in 2024[28]. - Operating income for the same period was $16,945, a significant recovery from a loss of $31,335 in the previous quarter[28]. - Net income attributable to common stockholders was $1,005 for Q1 2025, compared to a loss of $51,582 in Q1 2024[28]. - Adjusted EBITDA for Q1 2025 was $251,211, up from $225,391 in Q4 2024, but down from $375,038 in Q1 2024[34]. - Cash flows from operating activities decreased to $208,141 in Q1 2025 from $365,891 in Q1 2024[30]. - Adjusted free cash flow for Q1 2025 was $50,652, down from $141,339 in Q1 2024[36]. - Total capital expenditures for Q1 2025 were $161,831, compared to $226,941 in Q1 2024[32]. - The company experienced a net income of $1.29 million in Q1 2025, a significant recovery from a net loss of $966.40 million in Q4 2024[43]. Revenue Breakdown - Drilling Services revenue reached $413 million, with adjusted gross profit of $165 million, showing a slight increase from $163 million in the previous quarter[4]. - Completion Services revenue totaled $766 million, with adjusted gross profit of $108 million, reflecting strong customer demand in oil and natural gas basins[9]. - Revenues from Drilling Services were $412,860 in Q1 2025, slightly up from $408,385 in Q4 2024[32]. - Completion Services revenues increased to $766,080 in Q1 2025 from $650,848 in Q4 2024[32]. - Drilling Services revenues for Q1 2025 were $412.86 million, a slight increase from $408.39 million in Q4 2024 but a decrease from $457.57 million in Q1 2024[38]. - Completion Services revenues increased significantly to $766.08 million in Q1 2025 from $650.85 million in Q4 2024, but decreased from $944.99 million in Q1 2024[38]. - U.S. Contract Drilling revenues were $341.99 million in Q1 2025, up from $339.36 million in Q4 2024[40]. Shareholder Returns - The company returned $51 million to shareholders in the first quarter, including $20 million in share repurchases and a declared quarterly dividend of $0.08 per share[7]. - The company paid cash dividends of $0.08 per common share for both Q1 2025 and Q1 2024[28]. Future Expectations - The company expects adjusted gross profit in the Drilling Services segment to decline slightly in the second quarter due to reduced average contracted revenue as legacy contracts roll[14]. - The company anticipates selling, general and administrative expenses of approximately $65 million and depreciation, depletion, amortization, and impairment expenses of approximately $230 million for the second quarter[18]. - Following the first quarter, the company absorbed a portion of the Great Plains Oilfield Rental business into other units, expecting a proportional decline in adjusted gross profit for Other businesses in the second quarter[17]. Operational Metrics - The average rig revenue per operating day in U.S. Contract Drilling was $35,720, with adjusted gross profit per operating day at $16,170, benefiting from APEX rig technology[5]. - Average revenue per operating day in the U.S. increased to $35.72 in Q1 2025 from $35.29 in Q4 2024[40]. - Approximately 80% of the active fleet is capable of being powered by natural gas, with expectations for this proportion to increase in 2025[10]. Debt Metrics - The company reported a Debt-to-Adjusted EBITDA ratio of 1.21x and a Net Debt-to-Adjusted EBITDA ratio of 1.00x as of March 31, 2025[43]. Other Financial Metrics - Adjusted gross profit for Drilling Services was $165.23 million in Q1 2025, compared to $162.91 million in Q4 2024 and $185.84 million in Q1 2024[38]. - Adjusted gross profit for Other Drilling Services was $10.41 million in Q1 2025, down from $11.76 million in Q4 2024[40]. - Total revenues for Drilling Products were $85.66 million in Q1 2025, slightly down from $86.52 million in Q4 2024[38].
Patterson-UTI Energy(PTEN) - 2025 Q1 - Quarterly Results