HOUSTON, Oct. 27, 2016 /PRNewswire/ -- PATTERSON-UTI
ENERGY, INC. (NASDAQ: PTEN) today reported financial results
for the three and nine months ended September 30, 2016. The Company reported a
net loss of $84.1 million, or
$0.58 per share, for the third
quarter of 2016, compared to a net loss of $226 million, or $1.54 per share, for the quarter ended
September 30, 2015. Revenues
for the third quarter of 2016 were $206
million, compared to $422
million for the third quarter of 2015.
For the nine months ended September 30,
2016, the Company reported a net loss of $241 million, or $1.65 per share, compared to a net loss of
$236 million, or $1.61 per share, for the nine months ended
September 30, 2015. Revenues
for the nine months ended September 30,
2016, were $669 million,
compared to $1.6 billion for the same
period in 2015.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "Our rig count in the United States has steadily improved on a
monthly basis since May. For the third quarter, our average
rig count improved to 60 rigs in the
United States and two rigs in Canada, up from the second quarter average of
55 rigs in the United States and
less than one rig in Canada. For the month of October 2016, we expect our average rig count
will be 63 rigs in the United
States and two rigs in Canada."
Mr. Hendricks added, "We recognized $1.1
million of revenues related to early contract terminations
in our drilling business during the third quarter. These
early termination revenues positively impacted our total average
rig revenue per day of $21,870 by
$200. Excluding early
termination revenue, total average rig revenue per day during the
third quarter would have been $21,670
compared to $21,980 in the second
quarter.
"Total average rig operating costs per day during the third
quarter increased to $13,180 from
$12,770 in the second quarter due to
a decrease in the proportion of rigs on standby. Total
average rig margin per day, excluding the positive impact from
early termination revenues in both the second and third quarters,
decreased to $8,490 during the third
quarter, from $9,210 during the
second quarter.
"As of September 30, 2016, we had
term contracts for drilling rigs providing for approximately
$464 million of future dayrate
drilling revenue. Based on contracts currently in place, we
expect an average of 43 rigs operating under term contracts during
the fourth quarter, and an average of 32 rigs operating under term
contracts during 2017.
"In pressure pumping, revenues increased 5.7% sequentially to
$78.2 million in the third quarter
from $74.0 million due to increased
product sales and higher activity levels. The increase in
product sales was related primarily to a shift in our activity as
we supplied the proppant for a higher proportion of our total
activity. Pressure pumping gross margin as a percentage of
revenues decreased to 1.2% during the third quarter from 6.0% in
the second quarter due primarily to higher than expected costs
associated with equipment maintenance.
"During the third quarter we closed the previously announced
acquisition of Warrior Rig Ltd., a company known in the industry
for developing innovative solutions in drilling rig
technology. This acquisition enhances our technology
portfolio and engineering capabilities, especially in the area of
high-torque top drives and other pipe handling equipment. We
will expand the Warrior top drive service center in the United States, increasing their capacity
to service top drives manufactured by both Warrior and third
parties. This expansion provides a platform to service and
recertify top drives in order to more efficiently and cost
effectively maintain our existing fleet," he concluded.
Mark S. Siegel, Chairman of
Patterson-UTI, stated, "We believe our industry has begun the
initial stages of the recovery process, which began with smaller
operators picking up rigs to drill less service intensive
wells. We believe the market has transitioned in favor of
higher-spec rigs, and we are encouraged by the recent increase in
demand that is increasing utilization for this class of rig,
especially in markets such as the Permian Basin. Overall, we
believe the market for higher-spec rigs has appreciably
tightened."
Mr. Siegel added, "I would like to welcome the highly talented
group of people from Warrior into the Patterson-UTI family.
We are very excited to have expanded our drilling technology
position with the many innovative technologies that the Warrior
team has in their portfolio," he concluded.
The Company declared a quarterly dividend on its common stock of
$0.02 per share, to be paid on
December 22, 2016, to holders of
record as of December 8, 2016.
The financial results for the three months ended September 30, 2015 include non-cash pretax
charges totaling $280 million related
to the impairment of all goodwill associated with the Company's
pressure pumping business, the write-down of equipment, and the
impairment of certain oil and natural gas properties. For the
nine months ended September 30, 2015,
the financial results also include pretax charges of $19.7 million related to a legal settlement and
the impairment of certain oil and gas properties during the first
six months of 2015.
All references to "per share" in this press release are diluted
earnings per common share as defined within Accounting Standards
Codification Topic 260.
The Company's quarterly conference call to discuss the operating
results for the quarter ended September 30,
2016, is scheduled for today, October
27, 2016, at 9:00 a.m. Central
Time. The dial-in information for participants is
866-841-7265 (Domestic) and 704-908-0463 (International). The
passcode for both numbers is 72622600. The call is also being
webcast and can be accessed through the Investor Relations section
at www.patenergy.com. A replay of the conference call will be
on the Company's website for two weeks.
About Patterson-UTI
Patterson-UTI Energy, Inc. subsidiaries provide onshore contract
drilling and pressure pumping services to exploration and
production companies in North America. Patterson-UTI Drilling
Company LLC and its subsidiaries operate land-based drilling rigs
in oil and natural gas producing regions of the continental
United States and western
Canada. Universal Pressure Pumping, Inc. and Universal Well
Services, Inc. provide pressure pumping services primarily in
Texas and the Appalachian
region.
Location information about the Company's drilling rigs and their
individual inventories is available through the Company's website
at www.patenergy.com.
Statements made in this press release which state the
Company's or management's intentions, beliefs, expectations or
predictions for the future are forward-looking statements. It is
important to note that actual results could differ materially from
those discussed in such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, volatility in customer spending
and in oil and natural gas prices, which could adversely affect
demand for our services and their associated effect on rates,
utilization, margins and planned capital expenditures; global
economic conditions; excess availability of land drilling rigs and
pressure pumping equipment, including as a result of low commodity
prices, reactivation or construction; liabilities from operations;
decline in, and ability to realize, backlog; equipment
specialization and new technologies; adverse industry conditions;
adverse credit and equity market conditions; difficulty in building
and deploying new equipment; difficulty in integrating
acquisitions; shortages, delays in delivery and interruptions of
supply of equipment, supplies and materials; weather; loss of, or
reduction in business with, key customers; legal proceedings;
ability to effectively identify and enter new markets; governmental
regulation; and ability to retain management and field personnel.
Additional information concerning factors that could cause actual
results to differ materially from those in the forward-looking
statements is contained from time to time in the Company's SEC
filings, which may be obtained by contacting the Company or the
SEC. These filings are also available through the Company's web
site at http://www.patenergy.com or through the SEC's
Electronic Data Gathering and Analysis Retrieval System (EDGAR)
at http://www.sec.gov. We undertake no obligation to
publicly update or revise any forward-looking statement.
PATTERSON-UTI
ENERGY, INC.
|
Condensed
Consolidated Statements of Operations
|
(unaudited, in
thousands, except per share data)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
REVENUES
|
|
$
|
206,133
|
|
|
$
|
422,251
|
|
|
$
|
668,979
|
|
|
$
|
1,552,711
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
costs
|
|
|
153,584
|
|
|
|
277,834
|
|
|
|
459,384
|
|
|
|
1,005,550
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
163,464
|
|
|
|
332,151
|
|
|
|
511,209
|
|
|
|
689,457
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
124,561
|
|
|
|
—
|
|
|
|
124,561
|
|
Selling, general and
administrative
|
|
|
16,612
|
|
|
|
18,582
|
|
|
|
51,671
|
|
|
|
58,335
|
|
Other operating
(income) expense, net
|
|
|
(4,118)
|
|
|
|
(1,362)
|
|
|
|
(10,285)
|
|
|
|
4,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
|
329,542
|
|
|
|
751,766
|
|
|
|
1,011,979
|
|
|
|
1,882,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS
|
|
|
(123,409)
|
|
|
|
(329,515)
|
|
|
|
(343,000)
|
|
|
|
(330,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
63
|
|
|
|
323
|
|
|
|
273
|
|
|
|
924
|
|
Interest
expense
|
|
|
(10,244)
|
|
|
|
(9,254)
|
|
|
|
(31,722)
|
|
|
|
(27,044)
|
|
Other
|
|
|
19
|
|
|
|
16
|
|
|
|
52
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expense
|
|
|
(10,162)
|
|
|
|
(8,915)
|
|
|
|
(31,397)
|
|
|
|
(26,104)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
|
|
(133,571)
|
|
|
|
(338,430)
|
|
|
|
(374,397)
|
|
|
|
(356,280)
|
|
INCOME TAX
BENEFIT
|
|
|
(49,428)
|
|
|
|
(112,452)
|
|
|
|
(133,885)
|
|
|
|
(120,452)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(84,143)
|
|
|
$
|
(225,978)
|
|
|
$
|
(240,512)
|
|
|
$
|
(235,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.58)
|
|
|
$
|
(1.54)
|
|
|
$
|
(1.65)
|
|
|
$
|
(1.61)
|
|
Diluted
|
|
$
|
(0.58)
|
|
|
$
|
(1.54)
|
|
|
$
|
(1.65)
|
|
|
$
|
(1.61)
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
146,326
|
|
|
|
145,662
|
|
|
|
146,014
|
|
|
|
145,317
|
|
Diluted
|
|
|
146,326
|
|
|
|
145,662
|
|
|
|
146,014
|
|
|
|
145,317
|
|
CASH DIVIDENDS PER
COMMON SHARE
|
|
$
|
0.02
|
|
|
$
|
0.10
|
|
|
$
|
0.14
|
|
|
$
|
0.30
|
|
PATTERSON-UTI
ENERGY, INC.
|
Additional Financial
and Operating Data
|
(unaudited, dollars
in thousands)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Contract
Drilling:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
123,684
|
|
|
$
|
261,817
|
|
|
$
|
407,578
|
|
|
$
|
951,616
|
|
Direct operating
costs
|
|
$
|
74,517
|
|
|
$
|
136,718
|
|
|
$
|
219,218
|
|
|
$
|
503,376
|
|
Margin (1)
|
|
$
|
49,167
|
|
|
$
|
125,099
|
|
|
$
|
188,360
|
|
|
$
|
448,240
|
|
Selling, general and
administrative
|
|
$
|
1,301
|
|
|
$
|
1,599
|
|
|
$
|
4,538
|
|
|
$
|
4,457
|
|
Depreciation,
amortization and impairment
|
|
$
|
115,652
|
|
|
$
|
254,756
|
|
|
$
|
357,153
|
|
|
$
|
497,215
|
|
Operating income
(loss)
|
|
$
|
(67,786)
|
|
|
$
|
(131,256)
|
|
|
$
|
(173,331)
|
|
|
$
|
(53,432)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating days –
United States
|
|
|
5,477
|
|
|
|
9,702
|
|
|
|
16,862
|
|
|
|
35,593
|
|
Operating days –
Canada
|
|
|
178
|
|
|
|
365
|
|
|
|
446
|
|
|
|
1,205
|
|
Operating days –
Total
|
|
|
5,655
|
|
|
|
10,067
|
|
|
|
17,308
|
|
|
|
36,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – United States
|
|
$
|
21.75
|
|
|
$
|
25.99
|
|
|
$
|
23.46
|
|
|
$
|
25.88
|
|
Average direct
operating costs per operating day – United States
|
|
$
|
13.10
|
|
|
$
|
13.38
|
|
|
$
|
12.43
|
|
|
$
|
13.46
|
|
Average margin per
operating day – United States (1)
|
|
$
|
8.65
|
|
|
$
|
12.60
|
|
|
$
|
11.04
|
|
|
$
|
12.41
|
|
Average rigs operating
– United States
|
|
|
60
|
|
|
|
105
|
|
|
|
62
|
|
|
|
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Canada
|
|
$
|
25.74
|
|
|
$
|
26.60
|
|
|
$
|
26.73
|
|
|
$
|
25.40
|
|
Average direct
operating costs per operating day – Canada
|
|
$
|
15.57
|
|
|
$
|
18.86
|
|
|
$
|
21.74
|
|
|
$
|
20.03
|
|
Average margin per
operating day – Canada (1)
|
|
$
|
10.17
|
|
|
$
|
7.74
|
|
|
$
|
4.99
|
|
|
$
|
5.36
|
|
Average rigs operating
– Canada
|
|
|
2
|
|
|
|
4
|
|
|
|
2
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Total
|
|
$
|
21.87
|
|
|
$
|
26.01
|
|
|
$
|
23.55
|
|
|
$
|
25.86
|
|
Average direct
operating costs per operating day – Total
|
|
$
|
13.18
|
|
|
$
|
13.58
|
|
|
$
|
12.67
|
|
|
$
|
13.68
|
|
Average margin per
operating day – Total (1)
|
|
$
|
8.69
|
|
|
$
|
12.43
|
|
|
$
|
10.88
|
|
|
$
|
12.18
|
|
Average rigs operating
– Total
|
|
|
61
|
|
|
|
109
|
|
|
|
63
|
|
|
|
135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
17,551
|
|
|
$
|
111,514
|
|
|
$
|
46,001
|
|
|
$
|
422,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pressure
Pumping:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
78,165
|
|
|
$
|
154,407
|
|
|
$
|
248,428
|
|
|
$
|
580,752
|
|
Direct operating
costs
|
|
$
|
77,221
|
|
|
$
|
138,597
|
|
|
$
|
234,580
|
|
|
$
|
494,078
|
|
Margin (2)
|
|
$
|
944
|
|
|
$
|
15,810
|
|
|
$
|
13,848
|
|
|
$
|
86,674
|
|
Selling, general and
administrative
|
|
$
|
2,926
|
|
|
$
|
4,019
|
|
|
$
|
8,844
|
|
|
$
|
13,463
|
|
Depreciation,
amortization and impairment
|
|
$
|
44,587
|
|
|
$
|
70,694
|
|
|
$
|
141,557
|
|
|
$
|
165,874
|
|
Goodwill
impairment
|
|
$
|
—
|
|
|
$
|
124,561
|
|
|
$
|
—
|
|
|
$
|
124,561
|
|
Operating
loss
|
|
$
|
(46,569)
|
|
|
$
|
(183,464)
|
|
|
$
|
(136,553)
|
|
|
$
|
(217,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fracturing
jobs
|
|
|
84
|
|
|
|
137
|
|
|
|
241
|
|
|
|
501
|
|
Other jobs
|
|
|
226
|
|
|
|
517
|
|
|
|
556
|
|
|
|
1,670
|
|
Total jobs
|
|
|
310
|
|
|
|
654
|
|
|
|
797
|
|
|
|
2,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
fracturing job
|
|
$
|
906.42
|
|
|
$
|
1,081.14
|
|
|
$
|
1,005.81
|
|
|
$
|
1,108.22
|
|
Average revenue per
other job
|
|
$
|
8.96
|
|
|
$
|
12.17
|
|
|
$
|
10.84
|
|
|
$
|
15.29
|
|
Average revenue per
total job
|
|
$
|
252.15
|
|
|
$
|
236.10
|
|
|
$
|
311.70
|
|
|
$
|
267.50
|
|
Average costs per
total job
|
|
$
|
249.10
|
|
|
$
|
211.92
|
|
|
$
|
294.33
|
|
|
$
|
227.58
|
|
Average margin per
total job (2)
|
|
$
|
3.05
|
|
|
$
|
24.17
|
|
|
$
|
17.38
|
|
|
$
|
39.92
|
|
Margin as a percentage
of revenues (2)
|
|
|
1.2
|
%
|
|
|
10.2
|
%
|
|
|
5.6
|
%
|
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and acquisitions
|
|
$
|
8,330
|
|
|
$
|
29,409
|
|
|
$
|
27,662
|
|
|
$
|
169,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Natural Gas
Production and Exploration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues –
Oil
|
|
$
|
3,519
|
|
|
$
|
5,278
|
|
|
$
|
10,932
|
|
|
$
|
18,233
|
|
Revenues – Natural gas
and liquids
|
|
$
|
765
|
|
|
$
|
749
|
|
|
$
|
2,041
|
|
|
$
|
2,110
|
|
Revenues –
Total
|
|
$
|
4,284
|
|
|
$
|
6,027
|
|
|
$
|
12,973
|
|
|
$
|
20,343
|
|
Direct operating
costs
|
|
$
|
1,846
|
|
|
$
|
2,519
|
|
|
$
|
5,586
|
|
|
$
|
8,096
|
|
Margin (3)
|
|
$
|
2,438
|
|
|
$
|
3,508
|
|
|
$
|
7,387
|
|
|
$
|
12,247
|
|
Depletion
|
|
$
|
1,651
|
|
|
$
|
3,434
|
|
|
$
|
5,987
|
|
|
$
|
12,941
|
|
Impairment of oil and
natural gas properties
|
|
$
|
205
|
|
|
$
|
1,898
|
|
|
$
|
2,406
|
|
|
$
|
9,323
|
|
Operating income
(loss)
|
|
$
|
582
|
|
|
$
|
(1,824)
|
|
|
$
|
(1,006)
|
|
|
$
|
(10,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
2,401
|
|
|
$
|
2,890
|
|
|
$
|
5,621
|
|
|
$
|
14,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
$
|
12,385
|
|
|
$
|
12,964
|
|
|
$
|
38,289
|
|
|
$
|
40,415
|
|
Depreciation
|
|
$
|
1,369
|
|
|
$
|
1,369
|
|
|
$
|
4,106
|
|
|
$
|
4,104
|
|
Other operating
(income) expense, net
|
|
$
|
(4,118)
|
|
|
$
|
(1,362)
|
|
|
$
|
(10,285)
|
|
|
$
|
4,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
395
|
|
|
$
|
774
|
|
|
$
|
1,227
|
|
|
$
|
2,022
|
|
Total capital
expenditures
|
|
$
|
28,677
|
|
|
$
|
144,587
|
|
|
$
|
80,511
|
|
|
$
|
608,220
|
|
|
|
(1)
|
For Contract
Drilling, margin is defined as revenues less direct operating costs
and excludes depreciation, amortization and impairment and selling,
general and administrative expenses. Average margin per operating
day is defined as margin divided by operating days.
|
(2)
|
For Pressure Pumping,
margin is defined as revenues less direct operating costs and
excludes depreciation, amortization and impairment and selling,
general and administrative expenses. Total average margin per job
is defined as margin divided by total jobs. Margin as a percentage
of revenues is defined as margin divided by revenues.
|
(3)
|
For Oil and Natural
Gas Production and Exploration, margin is defined as revenues less
direct operating costs and excludes depletion and
impairment.
|
|
|
September
30,
|
|
|
December
31,
|
|
Selected Balance
Sheet Data (unaudited, dollars in thousands):
|
|
2016
|
|
|
2015
|
|
Cash and cash
equivalents
|
|
$
|
36,972
|
|
|
$
|
113,346
|
|
Current
assets
|
|
$
|
280,293
|
|
|
$
|
486,536
|
|
Current
liabilities
|
|
$
|
236,391
|
|
|
$
|
307,649
|
|
Working
capital
|
|
$
|
43,902
|
|
|
$
|
178,887
|
|
Current portion of
long-term debt
|
|
$
|
—
|
|
|
$
|
63,267
|
|
Borrowings under
revolving credit facility
|
|
$
|
15,000
|
|
|
$
|
—
|
|
Other long-term
debt
|
|
$
|
598,351
|
|
|
$
|
787,900
|
|
PATTERSON-UTI
ENERGY, INC.
|
Non-U.S. GAAP
Financial Measures
|
(unaudited, dollars
in thousands)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(84,143)
|
|
|
$
|
(225,978)
|
|
|
$
|
(240,512)
|
|
|
$
|
(235,828)
|
|
Income tax
benefit
|
|
|
(49,428)
|
|
|
|
(112,452)
|
|
|
|
(133,885)
|
|
|
|
(120,452)
|
|
Net interest
expense
|
|
|
10,181
|
|
|
|
8,931
|
|
|
|
31,449
|
|
|
|
26,120
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
163,464
|
|
|
|
332,151
|
|
|
|
511,209
|
|
|
|
689,457
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
124,561
|
|
|
|
—
|
|
|
|
124,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
40,074
|
|
|
$
|
127,213
|
|
|
$
|
168,261
|
|
|
$
|
483,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
$
|
206,133
|
|
|
$
|
422,251
|
|
|
$
|
668,979
|
|
|
$
|
1,552,711
|
|
Adjusted EBITDA
margin
|
|
|
19.4
|
%
|
|
|
30.1
|
%
|
|
|
25.2
|
%
|
|
|
31.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
operating segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling
|
|
$
|
47,866
|
|
|
$
|
123,500
|
|
|
$
|
183,822
|
|
|
$
|
443,783
|
|
Pressure
pumping
|
|
|
(1,982)
|
|
|
|
11,791
|
|
|
|
5,004
|
|
|
|
73,211
|
|
Oil and natural
gas
|
|
|
2,438
|
|
|
|
3,508
|
|
|
|
7,387
|
|
|
|
12,247
|
|
Corporate and
other
|
|
|
(8,248)
|
|
|
|
(11,586)
|
|
|
|
(27,952)
|
|
|
|
(45,383)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
|
$
|
40,074
|
|
|
$
|
127,213
|
|
|
$
|
168,261
|
|
|
$
|
483,858
|
|
|
|
(1)
|
Adjusted EBITDA is
not defined by accounting principles generally accepted in the
United States of America ("U.S. GAAP"). We present Adjusted EBITDA
(a non-U.S. GAAP measure) because we believe it provides additional
information with respect to both the performance of our fundamental
business activities and our ability to meet our capital
expenditures and working capital requirements. Adjusted EBITDA
should not be construed as an alternative to the U.S. GAAP measure
of net income (loss).
|
PATTERSON-UTI
ENERGY, INC.
|
Impact of Early
Termination Revenues
|
(unaudited, dollars
in thousands)
|
|
|
|
2016
|
|
|
|
Third
|
|
|
Second
|
|
|
|
Quarter
|
|
|
Quarter
|
|
Contract drilling
revenues
|
|
$
|
123,684
|
|
|
$
|
115,235
|
|
Operating days -
Total
|
|
|
5,655
|
|
|
|
4,996
|
|
Average revenue per
operating day - Total
|
|
$
|
21.87
|
|
|
$
|
23.07
|
|
Early termination
revenues - Total
|
|
$
|
1,139
|
|
|
$
|
5,419
|
|
Early termination
revenues per operating day - Total
|
|
$
|
0.20
|
|
|
$
|
1.08
|
|
Average revenue per
operating day excluding early termination revenues -
Total
|
|
$
|
21.67
|
|
|
$
|
21.98
|
|
Direct operating
costs - Total
|
|
$
|
74,517
|
|
|
$
|
63,803
|
|
Average direct
operating costs per operating day - Total
|
|
$
|
13.18
|
|
|
$
|
12.77
|
|
Average margin per
operating day excluding early termination revenues -
Total
|
|
$
|
8.49
|
|
|
$
|
9.21
|
|
PATTERSON-UTI
ENERGY, INC.
|
Pressure Pumping
Margin and Adjusted EBITDA
|
(unaudited, dollars
in thousands)
|
|
|
|
2016
|
|
|
|
Third
|
|
|
Second
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
Pressure pumping
revenues
|
|
$
|
78,165
|
|
|
$
|
73,950
|
|
Direct operating
costs
|
|
|
77,221
|
|
|
|
69,546
|
|
Margin
|
|
|
944
|
|
|
|
4,404
|
|
Selling, general and
administrative
|
|
|
2,926
|
|
|
|
3,029
|
|
Adjusted
EBITDA
|
|
$
|
(1,982)
|
|
|
$
|
1,375
|
|
Margin as a
percentage of revenues
|
|
|
1.2
|
%
|
|
|
6.0
|
%
|
PATTERSON-UTI
ENERGY, INC.
|
Impact of Deferred
Financing Costs Write-Off
|
(unaudited, in
thousands, except per share data)
|
|
|
Three Months
Ended
|
|
|
|
September 30,
2016
|
|
|
|
|
|
|
|
Net loss as
reported
|
$
|
(84,143)
|
|
|
|
|
|
|
|
Write-off of deferred
financing costs - before taxes
|
|
1,375
|
|
|
Effective tax
rate
|
|
37.0
|
%
|
|
After-tax
amount
|
|
866
|
|
|
Pro-forma net loss
without charge
|
$
|
(83,277)
|
|
|
|
|
|
|
|
Weighted average
number of common share outstanding
|
|
146,326
|
|
|
Pro-forma net loss
per share - diluted
|
$
|
(0.57)
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/patterson-uti-energy-reports-financial-results-for-three-and-nine-months-ended-september-30-2016-300352150.html
SOURCE PATTERSON-UTI ENERGY, INC.