Patterson-UTI Energy, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Patterson-UTI Energy, Inc. filed its Q1 2024 10-Q, detailing financial performance and operational segments.</b>

AI Summary

PATTERSON UTI ENERGY INC (PTEN) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Patterson-UTI Energy, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's primary business is in Drilling Wells. Key segments include Drilling Services, Completion Services, and Drilling Products. The report details financial information as of March 31, 2024, and comparative periods.

Why It Matters

For investors and stakeholders tracking PATTERSON UTI ENERGY INC, this filing contains several important signals. This filing provides investors with the latest financial health and operational status of Patterson-UTI Energy, Inc. for the first quarter of 2024. Understanding the segment performance (Drilling Services, Completion Services, Drilling Products) is crucial for assessing the company's revenue streams and market position in the oil and gas sector.

Risk Assessment

Risk Level: medium — PATTERSON UTI ENERGY INC shows moderate risk based on this filing. The company operates in the cyclical oil and gas industry, which is subject to significant price volatility and demand fluctuations, impacting its financial performance and operational activity.

Analyst Insight

Monitor the performance of the Drilling Services segment, as it represents the core business and is most sensitive to market conditions.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (10-Q Filing)
• 2024-05-06 — Filing Date (10-Q Filing)
• 1381 — SIC Code (Drilling Oil & Gas Wells)
• 001-39270 — SEC File Number (Patterson-UTI Energy Inc.)

Key Players & Entities

• PATTERSON UTI ENERGY INC (company) — Filer
• PTEN (company) — Ticker Symbol
• 2024-03-31 (date) — Period of Report
• 2024-05-06 (date) — Filed As Of Date
• 10-Q (filing) — Form Type
• Drilling Oil & Gas Wells (industry) — Standard Industrial Classification
• HOUSTON (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Risk Factors

• Cyclical Nature of the Oil and Gas Industry [high — market]: The company's operations are subject to the cyclical nature of the oil and gas industry, which can lead to significant fluctuations in demand for its services and products, impacting revenue and profitability.
• Commodity Price Volatility [high — market]: Fluctuations in the prices of crude oil and natural gas can significantly affect drilling activity and the demand for the company's services, leading to unpredictable revenue streams.
• Operational Risks and Equipment Failures [medium — operational]: The company's operations involve complex machinery and equipment, and failures or unexpected downtime can lead to significant costs and disruptions.
• Environmental and Regulatory Compliance [medium — regulatory]: The company must comply with numerous environmental and safety regulations, and failure to do so could result in fines, penalties, and operational shutdowns.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value PTEN The Nasdaq Global Select

Filing Documents

• pten-20240331.htm (10-Q) — 1301KB
• ex101commitmentincreaseagr.htm (EX-10.1) — 86KB
• ex311302certificationofceo.htm (EX-31.1) — 10KB
• ex312302certificationofcfo.htm (EX-31.2) — 10KB
• ex321906certification2024q1.htm (EX-32.1) — 7KB
• 0001628280-24-020701.txt (&nbsp;) — 7790KB
• pten-20240331.xsd (EX-101.SCH) — 57KB
• pten-20240331_cal.xml (EX-101.CAL) — 97KB
• pten-20240331_def.xml (EX-101.DEF) — 320KB
• pten-20240331_lab.xml (EX-101.LAB) — 701KB
• pten-20240331_pre.xml (EX-101.PRE) — 536KB
• pten-20240331_htm.xml (XML) — 974KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Page ITEM 1.

Financial Statements

Financial Statements Unaudited condensed consolidated balance sheets 3 Unaudited condensed consolidated statements of operations 4 Unaudited condensed consolidated statements of comprehensive income (loss) 5 Unaudited condensed consolidated statements of changes in stockholders' equity 6 Unaudited condensed consolidated statements of cash flows 7 Notes to unaudited condensed consolidated financial statements 8 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 ITEM 4.

Controls and Procedures

Controls and Procedures 40

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 5. Other Information 41 ITEM 6. Exhibits 42 Signature Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements The following unaudited condensed consolidated financial statements include all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. PATTERSON-UTI ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 170,247 $ 192,680 Accounts receivable, net of allowance for credit losses of $ 12,866 and $ 3,490 at March 31, 2024 and December 31, 2023, respectively 872,773 971,091 Inventory 183,178 180,805 Other current assets 128,504 141,122 Total current assets 1,354,702 1,485,698 Property and equipment, net 3,319,345 3,340,412 Operating lease right of use asset 51,272 47,599 Finance lease right of use asset 32,888 63,228 Goodwill 1,379,741 1,379,741 Intangible assets, net 1,023,004 1,051,697 Deposits on equipment purchases 41,857 28,305 Other assets 18,595 19,424 Deferred tax assets, net 4,784 3,927 Total assets $ 7,226,188 $ 7,420,031 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 544,864 $ 534,420 Accrued liabilities 323,984 446,268 Operating lease liability 13,914 13,541 Finance lease liability 21,733 43,980 Current maturities of long-term debt 12,406 12,226 Total current liabilities 916,901 1,050,435 Long-term operating lease liability 40,227 37,848 Long-term finance lease liability 11,550 12,953 Long-term debt, net of debt discount and issuance costs of $ 8,597 and $ 8,919 at March 31, 2024 and December 31, 2023, respectively 1,221,058 1,224,941 Deferred tax liabilities, net 268,421 248,107 Other liabilities 16,174 25,066 Total liabilities $ 2,474,331 2,599,350 Commitments and contingencies (see Note 10) Stockholders' equity: Preferred stock, par value $ 0.01 ; authorized 1,000,000 shares, no shares issued — — Common stock, par value

View Full Filing

View this 10-Q filing on SEC EDGAR