Patterson-UTI Energy

Patterson-UTI Energy, Inc. engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping Services segment offers pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Directional Drilling Services segment consists of downhole performance motors and equipment to provide services including directional drilling, downhole performance motors, motor rentals, directional surveying, measurement-while-drilling, and wireline steering tools, in most major onshore oil and natural gas basins. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.

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Patterson-UTI Energy (PTEN) posts strong Q4 results, eyes growth

Patterson-UTI Energy (PTEN) reported a robust Q4 2022 performance, anticipating significant growth in 2023 driven by strong demand for rigs and pressure pumping services, supported by stable oil prices and operational efficiencies.
Despite cost and inflation challenges, PTEN's strategic initiatives around reactivating rigs, repricing contracts, and technology innovation position the company well for future profitability and market leadership.
With a focus on financial discipline, shareholder returns, and operational excellence, PTEN is poised to navigate industry dynamics, capitalize on growth opportunities, and drive sustainable value creation for stakeholders.
Proactive measures to address challenges, explore new markets, and invest in technology underscore PTEN's commitment to innovation, efficiency, and long-term success in the energy sector.

Patterson-UTI Energy posts strong Q1 results, eyes operational efficiency

Patterson-UTI Energy's Q1 performance reflects financial strength and strategic operational decisions.
While facing challenges in certain segments, the company is well-positioned to capitalize on growth opportunities.
Maintaining a focus on shareholder returns and operational efficiency, PTEN aims to navigate market dynamics effectively.
Strategic initiatives and cost-effective measures position Patterson-UTI Energy for sustainable growth and profitability.

Patterson-UTI Energy reports Q2 net income of $84.6 million

Patterson-UTI Energy remains positive about future prospects, expressing confidence in maintaining dayrates, pricing dynamics, and rig count recovery. They see more upside in gas activity compared to oil, especially in regions like South Texas and broader basins connected to Henry Hub.

Patterson-UTI Energy (PTEN) reports steady performance and growth opportunities

Patterson-UTI Energy (PTEN) is navigating challenges in drilling activity and completion services revenue while focusing on maximizing synergies from recent mergers. The company remains optimistic about positive momentum into 2024 and sees growth opportunities in international markets. PTEN is committed to enhancing shareholder value and maintaining operational efficiencies.

Patterson-UTI Energy (PTEN) posts robust Q4 results, eyes international growth

PTEN's strong Q4 performance post-merger showcases profitability and FCF strength. Strategic investments in technology and acquisitions position the company for growth. Challenges include cost increases and natural gas basin softness, offset by opportunities in international markets and e-fleet expansion.

Patterson-UTI Energy (PTEN) reports robust Q1 results and eyes shareholder returns

Patterson-UTI Energy (PTEN) showcased strong financial performance in Q1 2024, driven by robust free cash flow and successful segment operations. While facing challenges from weak natural gas prices, the company is focused on enhancing shareholder value through capital returns and strategic growth initiatives. Opportunities lie in market improvements, shareholder returns, and technological advancements.

Patterson-UTI Energy (PTEN) reports strong Q2 results, eyes growth opportunities

PTEN's Q2 performance reflects solid financial results, with a focus on shareholder value and operational efficiency across its business segments.
While facing challenges in managing CapEx and market uncertainties, the company remains optimistic about growth opportunities and is committed to maximizing free cash flow.
By prioritizing capital-efficient growth, rewarding shareholders, and pursuing strategic initiatives, PTEN aims to navigate industry challenges and drive sustainable value creation.

PTEN reports strong Q3 earnings, eyes growth amid market challenges

Patterson-UTI Energy (PTEN) delivered solid financial results in Q3 2024, focusing on operational excellence, shareholder value, and debt reduction. Despite challenges in completion activity and market dynamics, PTEN remains optimistic about the natural gas market stabilization and long-term outlook. The company's strategic acquisitions and commitment to enhancing shareholder value position it for future growth and profitability.

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Patterson-UTI Energy, Inc. engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Drilling Services, Completion Services, and Drilling Products. The Drilling Services segment represents contract drilling, directional drilling, oilfield technology, and electrical controls and automation businesses. The Completion Services segment offers hydraulic fracturing, wireline and pumping, completion support, cementing, and pressure pumping business. The Drilling Products segment focuses on manufacturing and distribution of drill bits business. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.

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According to current portfolio statistics, a Premium feature of GuruFocus, the top-performing stocks in Kahn Brothers (Trades, Portfolio)' portfolio during 2021 included IDT Corp. ( IDT , Financial), MBIA Inc. ( MBI , Financial), Patterson-UTI Energy Inc. ( PTEN , Financial), Assured Guaranty Ltd. ( AGO , Financial) and Pfizer Inc. ( PFE , Financial).

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An increase in contracting activity and supportive dynamics should help the Zacks Oil and Gas - Drilling industry operators like Helmerich & Payne (HP), Transocean (RIG), Patterson-UTI Energy (PTEN) and Nabors Industries (NBR) enjoy some upside momentum.

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HOUSTON, TX / ACCESSWIRE / January 6, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of December 2021, the Company had an average of 110 drilling rigs operating in the United States.

Patterson-UTI Reports Drilling Activity for December 2021

HOUSTON, TX / ACCESSWIRE / January 3, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that it has sold to Clearwell Dynamics, LLC the well service rig business and wireline business that it acquired as part of its acquisition of Pioneer Energy Services Corp. The sale transaction was completed on December 31, 2021, and Patterson-UTI received $43 million in cash consideration, subject to customary purchase price adjustments at closing for cash and working capital.

Patterson-UTI Energy Announces Sale of Pioneer Well Service Rig and Wireline Businesses

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HOUSTON, Dec. 3, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of November 2021, the Company had an average of 106 drilling rigs operating in the United States.

Patterson-UTI Reports Drilling Activity for November 2021

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In third-quarter 2021, Patterson-UTI (PTEN) spends $34.3 million on capital programs compared with $13.4 million invested a year ago.

Patterson-UTI (PTEN) Suffers Loss in Q3, Beats on Sales

HOUSTON, Nov. 3, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of October 2021, the Company had an average of 103 drilling rigs operating in the United States.

Patterson-UTI Reports Drilling Activity for October 2021

Patterson-UTI Energy, Inc. (PTEN) CEO Andy Hendricks on Q3 2021 Results - Earnings Call Transcript

Patterson-UTI (PTEN) delivered earnings and revenue surprises of 0.00% and 0.56%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?

Patterson-UTI (PTEN) Reports Q3 Loss, Tops Revenue Estimates

HOUSTON, Oct. 28, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and nine months ended September 30, 2021.

Patterson-UTI Energy Reports Financial Results for the Three and Nine Months Ended September 30, 2021

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Patterson-UTI (PTEN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Will Patterson-UTI (PTEN) Report Negative Earnings Next Week? What You Should Know

HOUSTON, Oct. 21, 2021 /PRNewswire/ -- Corva, the leader in real time drilling and completions analytics, and Patterson-UTI Energy, Inc. (NASDAQ: PTEN), a leading provider of drilling and completion services, today announced a strategic data analytics and visualization collaboration plan that will equip oil & gas producers with the digital tools to drill and complete more productive and profitable wells while hitting lower emissions targets.  This collaboration is intended to leverage Patterson-UTI's advanced wellsite and cloud-based data capabilities to further enhance Corva's extensive suite of cloud-based drilling analytics.

Patterson-UTI and Corva Announce Strategic Data Analytics and Visualization Collaboration

HOUSTON, Oct. 8, 2021 /PRNewswire/ -- Pioneer Energy Services LLC (the "Company" or "Pioneer"), the successor to Pioneer Energy Services Corp. ("PES") and a wholly owned subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PTEN) ("Patterson-UTI"), today announced the accelerated mandatory conversion of all outstanding principal amount of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025 (the "Convertible Notes"). The previously announced consummation of the acquisition by Patterson-UTI of PES on October 1, 2021 constituted a Share Exchange Event under the terms of the Convertible Notes Indenture, dated May 29, 2020.

Pioneer Energy Services Announces the Accelerated Mandatory Conversion of 5.00% Convertible Senior Unsecured PIK Notes Due 2025

Patterson-UTI (PTEN) Is Up 9.51% in One Week: What You Should Know

With the Pioneer buyout, Patterson-UTI (PTEN) owns 166 super-spec rigs in the United States with nearly half the specimens being outfitted with alternative power sources to curb toxic emissions.

Patterson-UTI (PTEN) Closes Buyout Deal With Pioneer Energy

HOUSTON, Oct. 5, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of September 2021, the Company had an average of 83 drilling rigs operating.

Patterson-UTI Reports Drilling Activity for September 2021

HOUSTON, Oct. 4, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that it has closed its previously announced acquisition of Pioneer Energy Services Corp.  Total consideration for the acquisition included the issuance of approximately 26.3 million shares of Patterson-UTI common stock and payment of $30 million of cash, which based on the most recent closing price for Patterson-UTI of $9.44 valued the transaction at approximately $278 million, including the retirement of all Pioneer Energy Services' debt.

Patterson-UTI Completes Acquisition of Pioneer Energy Services

Sound cost control and stronger operating efficiencies should enable the Zacks Oil and Gas - Drilling industry operators like Helmerich & Payne (HP), Transocean (RIG), Patterson-UTI Energy (PTEN) and Nabors Industries (NBR) navigate the challenging times with relative ease.

News for Patterson-UTI Energy Stock (PTEN)