Patterson UTI Energy Files 2024 10-K

TL;DR

PTEN 2024 10-K filed. Full year financials out.

AI Summary

Patterson UTI Energy Inc. filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, operating in the drilling oil & gas wells sector, is headquartered in Houston, Texas. Key financial and operational details for the fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Patterson UTI Energy's financial performance and operational status for the 2024 fiscal year, crucial for understanding the company's position in the oil and gas industry.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and regulatory changes, which can impact Patterson UTI Energy's operations and financial results.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K filing.)
• 2023 — Prior Year (Comparison period for financial data.)
• 2022 — Prior Year (Comparison period for financial data.)

Key Players & Entities

• PATTERSON UTI ENERGY INC (company) — Filer
• 2024-12-31 (date) — Fiscal Year End
• 2025-02-11 (date) — Filing Date
• HOUSTON (location) — Business Address City
• Robert Drummond Jr (person) — Member

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value PTEN The Nasdaq Global Select
• $10.36 — ed by reference to the closing price of $10.36 for the common stock on the Nasdaq Glob
• $70.73 — on capital returns. Oil prices averaged $70.73 per barrel in the fourth quarter of 202
• $73.52 — he fourth quarter of 2024 and closed at $73.52 per barrel on February 3, 2025. Natural
• $2.45 — e Henry Hub Spot Market Price) averaged $2.45 per MMBtu in the fourth quarter of 2024
• $3.30 — he fourth quarter of 2024 and closed at $3.30 per MMBtu on February 3, 2025. In our
• $600 million — l expenditure forecast is approximately $600 million. Recent Developments in Joint Ventures
• $14.91 — 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
• $373 million — mmon stock and payment of approximately $373 million of cash (after purchase price adjustmen
• $14.94 — he closing price of our common stock of $14.94 on August 14, 2023, valued the transact
• $894 million — transaction at closing at approximately $894 million. On September 13, 2023, we completed t
• $400 million — 13, 2023, we completed the offering of $400 million in aggregate principal amount of 7.15%
• $396 m — re offering expenses were approximately $396 million, which we used to repay amounts o
• $500 m — mitments under the Credit Agreement are $500 million, and the loans and commitments un

Filing Documents

• pten-20241231.htm (10-K) — 2444KB
• ex108formofnon-employeedir.htm (EX-10.8) — 34KB
• ex1034scotiabankusamendmen.htm (EX-10.34) — 26KB
• ex191insidertradingcomplia.htm (EX-19.1) — 37KB
• ex192-pteninsidertradingco.htm (EX-19.2) — 54KB
• ex211subsidiariesoftheregi.htm (EX-21.1) — 40KB
• ex231-consentofindependent.htm (EX-23.1) — 3KB
• ex-311.htm (EX-31.1) — 10KB
• ex-312.htm (EX-31.2) — 10KB
• ex-321.htm (EX-32.1) — 7KB
• pten-20241231_g1.jpg (GRAPHIC) — 192KB
• 0000889900-25-000034.txt ( ) — 13671KB
• pten-20241231.xsd (EX-101.SCH) — 88KB
• pten-20241231_cal.xml (EX-101.CAL) — 142KB
• pten-20241231_def.xml (EX-101.DEF) — 449KB
• pten-20241231_lab.xml (EX-101.LAB) — 1045KB
• pten-20241231_pre.xml (EX-101.PRE) — 773KB
• pten-20241231_htm.xml (XML) — 1998KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 12 ITEM 1B. Unresolved Staff Comments 29 ITEM 1C. Cybersecurity 29 ITEM 2.

Properties

Properties 30 ITEM 3.

Legal Proceedings

Legal Proceedings 31 ITEM 4. Mine Safety Disclosures 31 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 ITEM 6. RESERVED 33 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50 ITEM 9A.

Controls and Procedures

Controls and Procedures 50 ITEM 9B. Other Information 51 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 51 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 52 ITEM 11.

Executive Compensation

Executive Compensation 52 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 52 ITEM 14. Principal Accounting Fees and Services 52 PART IV ITEM 15. Exhibits and Financial Statement Schedule 53 ITEM 16. Form 10-K Summary 57

SIGNATURES

SIGNATURES S- 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") and other public filings, press releases and presentations by us contain "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995, as amended. As used in this Report, "we," "us," "our," "ours" and like terms refer collectively to Patterson-UTI Energy, Inc. and its consolidated subsidiaries. Patterson-UTI Energy, Inc. conducts its operations through its wholly-owned subsidiaries and has no employees or independent business operations. These forward-looking statements involve risk and uncertainty. These forward-looking statements include, without limitation, statements relating to: liquidity; revenue, cost and margin expectations and backlog; financing of operations; oil and natural gas prices; rig counts and frac spreads; source and sufficiency of funds required for building new equipment, upgrading existing equipment and acquisitions (if opportunities arise); demand and pricing for our services; competition; equipment availability; government regulation; legal proceedings; debt service obligations; impact of inflation and economic downturns; and other matters. Our forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "pursue," "should," "strategy," "target," or "will," or the negative thereof and other words and expressions of similar meaning. The forward-looking statements are based on certain assumptions and analyses we make in light of our experience and our perception of historical trends, current conditions, expect

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 Ecuador 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 mar

View Full Filing

View this 10-K filing on SEC EDGAR