Patterson UTI Reports Q3 Revenue of $738M

TL;DR

**PTEN Q3 Revenue: $738M. Drilling segment strong.**

AI Summary

Patterson UTI Energy Inc. reported its third quarter 2024 results, with total revenue for the three months ended September 30, 2024, reaching $738 million. The company's drilling segment generated $615 million in revenue during the same period. For the nine months ended September 30, 2024, total revenue was $2.1 billion.

Why It Matters

This filing provides insight into Patterson UTI's financial performance in the oil and gas drilling sector, reflecting current market conditions and operational activity.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and regulatory changes, which can impact a company's financial performance.

Key Numbers

• $738M — Q3 2024 Total Revenue (Reflects operational activity and market demand for drilling services.)
• $615M — Q3 2024 Drilling Segment Revenue (Highlights the core business performance within the oil and gas sector.)
• $2.1B — Year-to-date 2024 Total Revenue (Indicates the company's financial trajectory for the first nine months of the year.)

Key Players & Entities

• PATTERSON UTI ENERGY INC (company) — Filer
• 20240930 (date) — Period of Report
• $738 million (dollar_amount) — Q3 2024 Total Revenue
• $615 million (dollar_amount) — Q3 2024 Drilling Segment Revenue
• $2.1 billion (dollar_amount) — Year-to-date 2024 Total Revenue

FAQ

Key Financial Figures

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

Filing Documents

• pten-20240930.htm (10-Q) — 1741KB
• ex311302certificationofceo.htm (EX-31.1) — 10KB
• ex312302certificationofcfo.htm (EX-31.2) — 10KB
• ex321906certification2024q3.htm (EX-32.1) — 7KB
• 0000889900-24-000016.txt ( ) — 8774KB
• pten-20240930.xsd (EX-101.SCH) — 59KB
• pten-20240930_cal.xml (EX-101.CAL) — 100KB
• pten-20240930_def.xml (EX-101.DEF) — 331KB
• pten-20240930_lab.xml (EX-101.LAB) — 755KB
• pten-20240930_pre.xml (EX-101.PRE) — 560KB
• pten-20240930_htm.xml (XML) — 1170KB

— 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 8 Notes to unaudited condensed consolidated financial statements 9 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 30 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 ITEM 4.

Controls and Procedures

Controls and Procedures 48

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 49 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 ITEM 5. Other Information 49 ITEM 6. Exhibits 50 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 115,482 $ 192,680 Accounts receivable, net of allowance for credit losses of $ 14,954 and $ 3,490 at September 30, 2024 and December 31, 2023, respectively 863,779 971,091 Inventory 172,750 180,805 Other current assets 150,239 141,122 Total current assets 1,302,250 1,485,698 Property and equipment, net 3,095,070 3,340,412 Operating lease right of use asset 47,424 47,599 Finance lease right of use asset 33,874 63,228 Goodwill 487,388 1,379,741 Intangible assets, net 962,595 1,051,697 Deposits on equipment purchases 10,982 28,305 Other assets 24,094 19,424 Deferred tax assets, net — 3,927 Total assets $ 5,963,677 $ 7,420,031 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 493,360 $ 534,420 Accrued liabilities 326,794 446,268 Operating lease liability 13,846 13,541 Finance lease liability 14,889 43,980 Current maturities of long-term debt 9,513 12,226 Total current liabilities 858,402 1,050,435 Long-term operating lease liability 36,794 37,848 Long-term finance lease liability 17,771 12,953 Long-term debt, net of debt discount and issuance costs of $ 7,956 and $ 8,919 at September 30, 2024 and December 31, 2023, respectively 1,219,461 1,224,941 Deferred tax liabilities, net 245,687 248,107 Other liabilities 13,604 25,066 Total liabilities 2,391,719 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 val

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View this 10-Q filing on SEC EDGAR