Patterson-UTI Energy Files Q2 2024 10-Q

TL;DR

PTEN 10-Q filed: Q2 & H1 2024 results out for Drilling, Completion, and Products segments. Check financials.

AI Summary

Patterson-UTI Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing performance across its Drilling Services, Completion Services, and Drilling Products segments. Specific financial figures and operational metrics for these periods are included in the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Patterson-UTI Energy, Inc., crucial for understanding the company's current standing and future prospects in the oil and gas services sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the oil and gas industry is inherently volatile, impacting the company's performance.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
• 2024-01-01 — First Half of 2024 Start Date (Marks the beginning of the year-to-date period reported.)
• 2023-06-30 — Q2 2023 End Date (Provides a comparative period for the second quarter of the previous year.)
• 2023-01-01 — First Half of 2023 Start Date (Marks the beginning of the year-to-date period for the previous year.)

Key Players & Entities

• PATTERSON UTI ENERGY INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240729 (date) — Filing Date
• HOUSTON (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

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

Filing Documents

• pten-20240630.htm (10-Q) — 1576KB
• ex102pten-psuagreement.htm (EX-10.2) — 69KB
• ex103ptenqualifiedretireep.htm (EX-10.3) — 99KB
• ex311302certificationofceo.htm (EX-31.1) — 10KB
• ex312302certificationofcfo.htm (EX-31.2) — 10KB
• ex321906certification2024q2.htm (EX-32.1) — 7KB
• 0001628280-24-033296.txt ( ) — 8695KB
• pten-20240630.xsd (EX-101.SCH) — 58KB
• pten-20240630_cal.xml (EX-101.CAL) — 95KB
• pten-20240630_def.xml (EX-101.DEF) — 330KB
• pten-20240630_lab.xml (EX-101.LAB) — 745KB
• pten-20240630_pre.xml (EX-101.PRE) — 554KB
• pten-20240630_htm.xml (XML) — 1137KB

— 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 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 28 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 ITEM 4.

Controls and Procedures

Controls and Procedures 44

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 45 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 ITEM 5. Other Information 45 ITEM 6. Exhibits 46 Signature

— 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 75,036 $ 192,680 Accounts receivable, net of allowance for credit losses of $ 14,279 and $ 3,490 at June 30, 2024 and December 31, 2023, respectively 866,931 971,091 Inventory 172,405 180,805 Other current assets 165,003 141,122 Total current assets 1,279,375 1,485,698 Property and equipment, net 3,236,056 3,340,412 Operating lease right of use asset 48,769 47,599 Finance lease right of use asset 29,858 63,228 Goodwill 1,377,448 1,379,741 Intangible assets, net 992,189 1,051,697 Deposits on equipment purchases 37,067 28,305 Other assets 21,569 19,424 Deferred tax assets, net — 3,927 Total assets $ 7,022,331 $ 7,420,031 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 476,460 $ 534,420 Accrued liabilities 329,226 446,268 Operating lease liability 13,608 13,541 Finance lease liability 19,312 43,980 Current maturities of long-term debt 12,591 12,226 Total current liabilities 851,197 1,050,435 Long-term operating lease liability 38,137 37,848 Long-term finance lease liability 10,848 12,953 Long-term debt, net of debt discount and issuance costs of $ 8,275 and $ 8,919 at June 30, 2024 and December 31, 2023, respectively 1,219,156 1,224,941 Deferred tax liabilities, net 280,432 248,107 Other liabilities 14,047 25,066 Total liabilities 2,413,817 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 $ 0.01 ; a

View Full Filing

View this 10-Q filing on SEC EDGAR