Patterson-UTI Energy(US:PTEN)2025-10-22 22:53Financial Performance - Total revenue for the third quarter of 2025 was $1.2 billion, with a net loss attributable to common stockholders of $36 million[7]. - Revenues for the three months ended September 30, 2025, were $1,175,954, a decrease of 13.3% compared to $1,357,222 for the same period in 2024[27]. - Total revenues for the nine months ended September 30, 2025, were $3.68 billion, down 12.7% from $4.22 billion in the same period of 2024[33]. - The company reported a net loss attributable to common stockholders of $36.4 million for Q3 2025, unchanged from the reported figure[39]. - Net income (loss) for Q3 2025 was $(36.5) million, an improvement from $(48.7) million in Q2 2025 but a significant decline from $(978.3) million in Q3 2024[33]. Segment Performance - Drilling Services segment revenue totaled $380 million, with adjusted gross profit of $134 million and 8,737 operating days[4]. - Completion Services revenue reached $705 million, with adjusted gross profit of $111 million, maintaining steady pricing per horsepower hour[6]. - Revenues for Drilling Services in Q3 2025 were $380.2 million, a decrease of 5.5% from $403.8 million in Q2 2025 and a decrease of 10.0% from $421.6 million in Q3 2024[31]. - Completion Services revenues for Q3 2025 were $705.3 million, down 15.2% from $831.6 million in Q3 2024[37]. - Adjusted gross profit for Drilling Services in Q3 2025 was $133.8 million, compared to $170.7 million in Q3 2024, reflecting a decline of 21.6%[37]. - Adjusted gross profit for Completion Services in Q3 2025 was $111.2 million, a decrease of 13.0% from $127.8 million in Q3 2024[37]. Cash Flow and Expenses - Cash flows from operating activities for the nine months ended September 30, 2025, were $563,693, a decrease from $859,702 in the same period of 2024[29]. - The company reported a net cash used in investing activities of $436,841 for the nine months ended September 30, 2025, compared to $524,815 in the same period of 2024[29]. - Capital expenditures for the nine months ended September 30, 2025, totaled $450.5 million, down from $538.0 million in the same period of 2024[35]. - Total capital expenditures for Q3 2025 were $144.5 million, consistent with $144.2 million in Q2 2025 but down from $180.6 million in Q3 2024[31]. - The company incurred $90 in merger and integration expenses for the three months ended September 30, 2025, compared to $6,699 in the same period of 2024[27]. Shareholder Returns - Adjusted EBITDA for the quarter was $219 million, and the company returned $64 million to shareholders through dividends and share repurchases[7]. - Cash dividends per common share remained consistent at $0.08 for both the three months ended September 30, 2025, and 2024[27]. Future Projections - The company expects adjusted gross profit in the Drilling Services segment to decrease by approximately 5% in the fourth quarter[15]. - For the fourth quarter, Completion Services adjusted gross profit is projected to be around $85 million, with less seasonality compared to the previous year[16]. - Capital expenditures for the fourth quarter are expected to be approximately $140 million, with full-year 2025 expenditures anticipated to be below $600 million[18]. Operational Efficiency - The Vertex™ Automated Controls are being deployed across all pumping fleets, aiming for full deployment by year-end to enhance operational efficiency[9]. - The company achieved a record for U.S. revenue per U.S. industry rig, improving by approximately 40% since acquiring Ulterra in 2023[11]. - The company is focusing on improving operational performance by excluding merger and integration expenses and legal accruals from its adjusted net income calculations[39].