Patterson-UTI Energy, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Patterson-UTI Energy, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operational activities.</b>

AI Summary

PATTERSON UTI ENERGY INC (PTEN) filed a Annual Report (10-K) with the SEC on February 27, 2024. Patterson-UTI Energy, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's operations in the oil and gas drilling sector. Key financial data and operational details for 2023 are presented. The report includes information on various financial instruments and agreements. It details the company's business address in Houston, Texas.

Why It Matters

For investors and stakeholders tracking PATTERSON UTI ENERGY INC, this filing contains several important signals. This 10-K filing provides investors and analysts with a detailed overview of Patterson-UTI's financial health, operational strategies, and risk factors for the fiscal year 2023. The information contained within this report is crucial for understanding the company's position within the oil and gas drilling industry and its outlook for the upcoming periods.

Risk Assessment

Risk Level: medium — PATTERSON UTI ENERGY INC shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code for Drilling Oil & Gas Wells and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Patterson-UTI's performance and future prospects in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-27 — Filing Date (Date of submission)
• 131 — Public Document Count (Number of documents in the filing)
• 752504748 — IRS Number (Company's IRS identification number)

Key Players & Entities

• PATTERSON UTI ENERGY INC (company) — Filer name
• PTEN (company) — Ticker symbol
• 10-K (document) — Filing type
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• Houston, TX (location) — Business address
• DRILLING OIL & GAS WELLS (industry) — Standard Industrial Classification
• Nextier Oilfield Solutions Inc (company) — Mentioned entity

FAQ

Risk Factors

• Market Conditions [high — market]: The company's financial performance is significantly influenced by the cyclical nature of the oil and gas industry, including fluctuations in commodity prices and demand for drilling services.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive environmental, health, and safety regulations, which can impact costs and operational flexibility.
• Operational Risks [medium — operational]: Risks include equipment failures, labor shortages, and the ability to effectively manage a large fleet of drilling and completion equipment.
• Debt Obligations [medium — financial]: The company has significant debt obligations, including senior notes, which require substantial interest payments and pose refinancing risks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value PTEN The Nasdaq Global Se
• $11.97 — ed by reference to the closing price of $11.97 for the common stock on the Nasdaq Glob
• $78.53 — on capital returns. Oil prices averaged $78.53 per barrel in the fourth quarter of 202
• $78.72 — he fourth quarter of 2023 and closed at $78.72 per barrel on February 20, 2024. Natura
• $2.74 — e Henry Hub Spot Market Price) averaged $2.74 per MMBtu in the fourth quarter of 2023
• $1.50 — he fourth quarter of 2023 and closed at $1.50 per MMBtu on February 20, 2024. Our a
• $740 million — l expenditure forecast is approximately $740 million. Recent Developments in Business Comb
• $14.91 — he closing price of our common stock of $14.91 on September 1, 2023, valued the transa
• $2.8 b — valued the transaction at approximately $2.8 billion, including the assumption of debt
• $376 million — mmon stock and payment of approximately $376 million cash, which based on the closing price
• $14.94 — sing price of 4 our common stock of $14.94 on August 14, 2023, valued the transact
• $897 million — transaction at closing at approximately $897 million. Ulterra is a global provider of specia
• $400 million — 13, 2023, we completed the offering of $400 million in aggregate principal amount of our 7.
• $396 m — re offering expenses were approximately $396 million, which we used to repay amounts o
• $2.5 million — erra acquisition) with a face amount of $2.5 million to have been issued under the Credit Ag

Filing Documents

• pten-20231231.htm (10-K) — 4480KB
• pten-ex4_1.htm (EX-4.1) — 18KB
• pten-ex10_23.htm (EX-10.23) — 22KB
• pten-ex21_1.htm (EX-21.1) — 53KB
• pten-ex23_1.htm (EX-23.1) — 7KB
• pten-ex31_1.htm (EX-31.1) — 11KB
• pten-ex31_2.htm (EX-31.2) — 11KB
• pten-ex32_1.htm (EX-32.1) — 10KB
• pten-ex97.htm (EX-97) — 14KB
• img151015902_0.jpg (GRAPHIC) — 32KB
• 0000950170-24-020661.txt (&nbsp;) — 19024KB
• pten-20231231.xsd (EX-101.SCH) — 2668KB
• pten-20231231_htm.xml (XML) — 3742KB

Business

Item 1. Business Available Information This Report, along with our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge through our internet website ( www.patenergy.com ) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The information contained on our website is not part of this Report or other filings that we make with the SEC. The SEC maintains an internet site ( www.sec.gov ) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Overview We are a Houston, Texas-based leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. We operate under three reportable business segments: (i) drilling services, (ii) completion services, and (iii) drilling products. Drilling Services Our contract drilling business operates in the continental United States and internationally in Colombia and, from time to time, we pursue contract drilling opportunities in other select markets. We also provide a comprehensive suite of directional drilling services in most major producing onshore oil and natural gas basins in the United States, and we provide services that improve the statistical accuracy of wellbore placement for directional and horizontal wells. We also service and re-certify equipment for drilling contractors, and we provide electrical controls and automation to the energy, marine and mining industries, in North America and other select markets.

View Full Filing

View this 10-K filing on SEC EDGAR