UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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July 23, 2015
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Patterson-UTI Energy, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
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Delaware
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0-22664
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75-2504748
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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450 Gears Road, Suite 500, Houston, Texas
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77067
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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281-765-7100
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Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 23, 2015, Patterson-UTI Energy, Inc. (the "Company") announced financial results for the three and six months ended June 30, 2015. The press release, dated July 23, 2015, is furnished as Exhibit 99.1 to this report and incorporated by reference herein.
The information furnished pursuant to Item 2.02, including Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, shall not otherwise be subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished herewith:
99.1 Press Release dated July 23, 2015 announcing financial results for the three and six months ended June 30, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Patterson-UTI Energy, Inc.
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July 23, 2015
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By:
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/s/John E. Vollmer III
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Name: John E. Vollmer III
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Title: Senior Vice President - Corporate Development, Chief Financial Officer and Treasurer
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press Release dated July 23, 2015 announcing financial results for the three and six months ended June 30, 2015.
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Exhibit 99.1
Contact: Mike Drickamer
Director, Investor Relations
Patterson-UTI Energy, Inc.
(281) 765-7170
Patterson-UTI Energy Reports Financial Results for Three and Six
Months Ended June 30, 2015
HOUSTON, Texas July 23, 2015 PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported
financial results for the three and six months ended June 30, 2015. The Company reported a net
loss of $19.0 million, or $0.13 per share, for the second quarter of 2015, compared to net income
of $54.3 million, or $0.37 per share, for the quarter ended June 30, 2014. Revenues for the second
quarter of 2015 were $473 million, compared to $757 million for the second quarter of 2014.
For the six months ended June 30, 2015 the Company reported a net loss of $9.9 million, or $0.07
per share, compared to net income of $89.1 million, or $0.61 per share, for the six months ended
June 30, 2014. Revenues for the six months ended June 30, 2015, were $1.1 billion, compared to
$1.4 billion for the same period in 2014.
Andy Hendricks, Patterson-UTIs Chief Executive Officer, stated, Market conditions were difficult
during the second quarter as the rapid decline in the industry rig count created many challenges.
We managed through these challenges with a focus on scaling our business and reducing our cost
structure. I am pleased with our ongoing cost cutting efforts in contract drilling, and especially
within our pressure pumping segment where cost reductions resulted in better than expected margins.
Mr. Hendricks added, During the second quarter, our rig count averaged 122 rigs in the United
States and two rigs in Canada, compared to the first quarter average of 165 rigs in the United
States and eight in Canada. The rig count appears to be stabilizing in the United States, and as
such we expect our average rig count in July will be consistent with our second quarter exit rate
of 110 rigs in the United States. In Canada, we expect our average rig count in July will increase
to three rigs, which represents a limited seasonal recovery.
We recognized $15.6 million of revenues related to early contract terminations in contract
drilling during the second quarter. These early termination revenues positively impacted our total
average rig revenue per day of $25,720 by $1,390. Excluding early termination revenue, total
average rig revenue per day during the second quarter would have been $24,330, compared to $24,850
per day in the first quarter.
Total average rig operating costs per day during the second quarter were essentially flat at
$13,720 compared to the first quarter. Excluding the positive impact from early termination
revenues in both the first and second quarters, total average rig margin per day was $10,600 during
the second quarter, compared to $11,140 during the first quarter.
We completed seven new APEX® rigs during the second quarter, bringing our
APEX® rig fleet to 158 rigs at the end of the quarter. We plan to complete three
additional APEX® rigs in the second half of 2015, all of which are under contract.
As of June 30, 2015, we had term contracts for drilling rigs providing for approximately $1.0
billion of future dayrate drilling revenue. Based on contracts currently in place, we expect an
average of 85 rigs operating under term contracts during the third quarter, and an average of 77
rigs operating under term contracts during the second half of 2015.
In pressure pumping, during the second quarter we realized the benefit of our efforts to reduce
input costs. Pressure pumping EBITDA was $29.5 million compared to $31.9 million in the first
quarter, but was better than expected as lower input costs largely offset reduced pricing and
utilization. As a percentage of revenues, pressure pumping EBITDA margins increased to 16.7% from
12.8% in the first quarter, he concluded.
Mark S. Siegel, Chairman of Patterson-UTI, stated, I am pleased with the promptness by which we
responded to the downturn in our industry, the effort put forth to reduce our cost structure, and
the degree by which we were able to scale our business for the lower level of activity in both
drilling and pressure pumping.
Although we have no visibility into a recovery at this time, we believe that our rig count appears
to be stabilizing. We will remain vigilant in ensuring that our cost structure and business are
appropriately scaled. Financially, we believe our strong balance sheet and expected cash flow
position us to take advantage of future opportunities, he concluded.
The financial results for the quarter ended June 30, 2015 include a pretax non-cash impairment
charge of $4.1 million related to the impairment of certain oil and natural gas properties. For
the six months ended June 30, 2015, financial results include the aforementioned charge plus a $3.4
million pretax non-cash charge in the first quarter related to the impairment of certain oil and
natural gas properties, and a $12.3 million charge in the first quarter, which is included in
selling, general and administrative expenses and is related to a previously disclosed legal
settlement.
The Company declared a quarterly dividend on its common stock of $0.10 per share, to be paid on
September 24, 2015 to holders of record as of September 10, 2015.
All references to net income per share in this press release are diluted earnings per common
share as defined within Accounting Standards Codification Topic 260.
The Companys quarterly conference call to discuss the operating results for the quarter ended June
30, 2015 is scheduled for today, July 23, 2015 at 9:00 a.m. Central Time. The dial-in information
for participants is 866-372-0638 (Domestic) and 678-509-7533 (International). The Conference ID
for both numbers is 44091420. 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
Companys website for two weeks. A telephonic replay will be available through July 27, 2015 at
855-859-2056 (Domestic) and 404-537-3406 (International) with the Conference ID 44091420.
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 Companys drilling rigs and their individual inventories is
available through the Companys website at www.patenergy.com.
Statements made in this press release which state the Companys or managements 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 reactivation or construction;
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; liabilities
from operations; ability to effectively identify and enter new markets; governmental regulation;
ability to realize backlog; 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 Companys SEC filings, which
may be obtained by contacting the Company or the SEC. These filings are also available through the
Companys web site at http://www.patenergy.com or through the SECs 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.
Consolidated Condensed Statements of Operations
(unaudited, in thousands, except per share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
REVENUES |
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$ |
472,761 |
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$ |
757,276 |
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$ |
1,130,460 |
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$ |
1,435,444 |
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COSTS AND EXPENSES |
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Direct operating costs |
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299,383 |
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500,167 |
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727,716 |
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954,308 |
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Depreciation, depletion, amortization and impairment |
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181,924 |
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153,426 |
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357,306 |
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300,748 |
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Selling, general and administrative |
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19,216 |
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19,548 |
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52,013 |
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39,221 |
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Net gain on asset disposals |
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(2,998 |
) |
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(3,091 |
) |
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(5,914 |
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(4,835 |
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Total costs and expenses |
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497,525 |
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670,050 |
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1,131,121 |
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1,289,442 |
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OPERATING INCOME |
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(24,764 |
) |
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87,226 |
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(661 |
) |
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146,002 |
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OTHER INCOME (EXPENSE) |
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Interest income |
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318 |
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208 |
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601 |
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384 |
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Interest expense |
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(9,249 |
) |
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(7,249 |
) |
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(17,790 |
) |
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(14,437 |
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Other |
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3 |
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3 |
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Total other expense |
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(8,931 |
) |
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(7,038 |
) |
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(17,189 |
) |
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(14,050 |
) |
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INCOME BEFORE INCOME TAXES |
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(33,695 |
) |
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80,188 |
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(17,850 |
) |
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131,952 |
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INCOME TAX EXPENSE (BENEFIT) |
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(14,720 |
) |
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25,905 |
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(8,000 |
) |
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42,847 |
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NET INCOME (LOSS) |
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$ |
(18,975 |
) |
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$ |
54,283 |
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$ |
(9,850 |
) |
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$ |
89,105 |
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NET INCOME (LOSS) PER COMMON SHARE |
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Basic |
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$ |
(0.13 |
) |
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$ |
0.37 |
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$ |
(0.07 |
) |
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$ |
0.62 |
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Diluted |
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$ |
(0.13 |
) |
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$ |
0.37 |
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$ |
(0.07 |
) |
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$ |
0.61 |
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
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Basic |
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145,300 |
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143,622 |
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|
145,142 |
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143,259 |
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Diluted |
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145,984 |
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|
146,029 |
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145,712 |
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145,586 |
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CASH DIVIDENDS PER COMMON SHARE |
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$ |
0.10 |
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$ |
0.10 |
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$ |
0.20 |
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$ |
0.20 |
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PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Contract Drilling: |
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Revenues |
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$ |
288,321 |
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$ |
438,583 |
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$ |
689,799 |
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$ |
864,486 |
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Direct operating costs |
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$ |
153,848 |
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$ |
255,318 |
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$ |
366,658 |
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$ |
506,377 |
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Margin (1) |
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$ |
134,473 |
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$ |
183,265 |
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$ |
323,141 |
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$ |
358,109 |
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Selling, general and administrative |
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$ |
1,420 |
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$ |
1,591 |
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$ |
15,118 |
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$ |
3,239 |
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Depreciation, amortization and impairment |
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$ |
123,627 |
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$ |
112,057 |
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$ |
242,459 |
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$ |
218,176 |
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Operating income |
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$ |
9,426 |
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$ |
69,617 |
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$ |
65,564 |
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$ |
136,694 |
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Operating days United States |
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11,064 |
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|
18,296 |
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25,891 |
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35,621 |
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Operating days Canada |
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147 |
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267 |
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|
840 |
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|
1,156 |
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Operating days Total |
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11,211 |
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18,563 |
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26,731 |
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|
36,777 |
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Average revenue per operating day United States |
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$ |
25.78 |
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$ |
23.49 |
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$ |
25.84 |
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$ |
23.25 |
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Average direct operating costs per operating day United States |
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$ |
13.48 |
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$ |
13.59 |
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$ |
13.50 |
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$ |
13.53 |
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Average margin per operating day United States (1) |
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$ |
12.30 |
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$ |
9.90 |
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$ |
12.34 |
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$ |
9.72 |
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Average rigs operating United States |
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|
122 |
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|
201 |
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|
143 |
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|
197 |
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Average revenue per operating day Canada |
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$ |
20.72 |
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$ |
32.87 |
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$ |
24.88 |
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$ |
31.31 |
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Average direct operating costs per operating day Canada |
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$ |
31.69 |
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$ |
25.05 |
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$ |
20.54 |
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$ |
21.15 |
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Average margin per operating day Canada (1) |
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$ |
(10.97 |
) |
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$ |
7.82 |
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$ |
4.33 |
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$ |
10.16 |
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Average rigs operating Canada |
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|
2 |
|
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|
3 |
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|
5 |
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|
6 |
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Average revenue per operating day Total |
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$ |
25.72 |
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|
$ |
23.63 |
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|
$ |
25.81 |
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|
$ |
23.51 |
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Average direct operating costs per operating day Total |
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$ |
13.72 |
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|
$ |
13.75 |
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|
$ |
13.72 |
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|
$ |
13.77 |
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Average margin per operating day Total (1) |
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$ |
11.99 |
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|
$ |
9.87 |
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|
$ |
12.09 |
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|
$ |
9.74 |
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Average rigs operating Total |
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123 |
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|
|
204 |
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|
|
148 |
|
|
|
203 |
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Capital expenditures |
|
$ |
153,940 |
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$ |
211,917 |
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$ |
311,362 |
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$ |
336,840 |
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Pressure Pumping: |
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Revenues |
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$ |
176,624 |
|
|
$ |
306,577 |
|
|
$ |
426,345 |
|
|
$ |
546,838 |
|
Direct operating costs |
|
$ |
142,756 |
|
|
$ |
241,977 |
|
|
$ |
355,481 |
|
|
$ |
441,785 |
|
Margin (2) |
|
$ |
33,868 |
|
|
$ |
64,600 |
|
|
$ |
70,864 |
|
|
$ |
105,053 |
|
Selling, general and administrative |
|
$ |
4,351 |
|
|
$ |
5,067 |
|
|
$ |
9,444 |
|
|
$ |
9,935 |
|
Depreciation, amortization and impairment |
|
$ |
48,261 |
|
|
$ |
34,623 |
|
|
$ |
95,180 |
|
|
$ |
68,665 |
|
Operating income (loss) |
|
$ |
(18,744 |
) |
|
$ |
24,910 |
|
|
$ |
(33,760 |
) |
|
$ |
26,453 |
|
Fracturing jobs |
|
|
148 |
|
|
|
271 |
|
|
|
364 |
|
|
|
514 |
|
Other jobs |
|
|
535 |
|
|
|
1,058 |
|
|
|
1,153 |
|
|
|
1,938 |
|
Total jobs |
|
|
683 |
|
|
|
1,329 |
|
|
|
1,517 |
|
|
|
2,452 |
|
Average revenue per fracturing job |
|
$ |
1,148.39 |
|
|
$ |
1,063.28 |
|
|
$ |
1,118.41 |
|
|
$ |
993.05 |
|
Average revenue per other job |
|
$ |
12.45 |
|
|
$ |
17.42 |
|
|
$ |
16.69 |
|
|
$ |
18.79 |
|
Total average revenue per job |
|
$ |
258.60 |
|
|
$ |
230.68 |
|
|
$ |
281.04 |
|
|
$ |
223.02 |
|
Total average costs per job |
|
$ |
209.01 |
|
|
$ |
182.07 |
|
|
$ |
234.33 |
|
|
$ |
180.17 |
|
Total average margin per job (2) |
|
$ |
49.59 |
|
|
$ |
48.61 |
|
|
$ |
46.71 |
|
|
$ |
42.84 |
|
Margin as a percentage of revenues (2) |
|
|
19.2 |
% |
|
|
21.1 |
% |
|
|
16.6 |
% |
|
|
19.2 |
% |
Capital expenditures and acquisitions |
|
$ |
64,009 |
|
|
$ |
96,186 |
|
|
$ |
139,819 |
|
|
$ |
132,483 |
|
Oil and Natural Gas Production and Exploration: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues Oil |
|
$ |
7,091 |
|
|
$ |
10,747 |
|
|
$ |
12,955 |
|
|
$ |
21,078 |
|
Revenues Natural gas and liquids |
|
$ |
725 |
|
|
$ |
1,369 |
|
|
$ |
1,361 |
|
|
$ |
3,042 |
|
Revenues Total |
|
$ |
7,816 |
|
|
$ |
12,116 |
|
|
$ |
14,316 |
|
|
$ |
24,120 |
|
Direct operating costs |
|
$ |
2,779 |
|
|
$ |
2,872 |
|
|
$ |
5,577 |
|
|
$ |
6,146 |
|
Margin (3) |
|
$ |
5,037 |
|
|
$ |
9,244 |
|
|
$ |
8,739 |
|
|
$ |
17,974 |
|
Depletion |
|
$ |
4,607 |
|
|
$ |
4,814 |
|
|
$ |
9,507 |
|
|
$ |
9,808 |
|
Impairment of oil and natural gas properties |
|
$ |
4,061 |
|
|
$ |
798 |
|
|
$ |
7,425 |
|
|
$ |
1,831 |
|
Operating income (loss) |
|
$ |
(3,631 |
) |
|
$ |
3,632 |
|
|
$ |
(8,193 |
) |
|
$ |
6,335 |
|
Capital expenditures |
|
$ |
3,612 |
|
|
$ |
8,742 |
|
|
$ |
11,204 |
|
|
$ |
17,426 |
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
$ |
13,445 |
|
|
$ |
12,890 |
|
|
$ |
27,451 |
|
|
$ |
26,047 |
|
Depreciation |
|
$ |
1,368 |
|
|
$ |
1,134 |
|
|
$ |
2,735 |
|
|
$ |
2,268 |
|
Net gain on asset disposals |
|
$ |
(2,998 |
) |
|
$ |
(3,091 |
) |
|
$ |
(5,914 |
) |
|
$ |
(4,835 |
) |
Capital expenditures |
|
$ |
606 |
|
|
$ |
821 |
|
|
$ |
1,248 |
|
|
$ |
1,289 |
|
Total capital expenditures and acquisitions |
|
$ |
222,167 |
|
|
$ |
317,666 |
|
|
$ |
463,633 |
|
|
$ |
488,038 |
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
Selected Balance Sheet Data (unaudited, dollars in thousands): |
|
2015 |
|
2014 |
Cash and cash equivalents |
|
$ |
76,506 |
|
|
$ |
43,012 |
|
Current assets |
|
$ |
515,794 |
|
|
$ |
909,092 |
|
Current liabilities |
|
$ |
448,107 |
|
|
$ |
568,404 |
|
Working capital |
|
$ |
67,687 |
|
|
$ |
340,688 |
|
Current portion of long-term debt |
|
$ |
42,500 |
|
|
$ |
12,500 |
|
Borrowings under revolving credit facility |
|
$ |
|
|
|
$ |
303,000 |
|
Other long-term debt |
|
$ |
830,000 |
|
|
$ |
670,000 |
|
PATTERSON-UTI ENERGY, INC.
Non-U.S. GAAP Financial Measures
(unaudited, dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (Adjusted EBITDA)(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(18,975 |
) |
|
$ |
54,283 |
|
|
$ |
(9,850 |
) |
|
$ |
89,105 |
|
Income tax expense (benefit) |
|
|
(14,720 |
) |
|
|
25,905 |
|
|
|
(8,000 |
) |
|
|
42,847 |
|
Net interest expense |
|
|
8,931 |
|
|
|
7,041 |
|
|
|
17,189 |
|
|
|
14,053 |
|
Depreciation, depletion, amortization and impairment |
|
|
181,924 |
|
|
|
153,426 |
|
|
|
357,306 |
|
|
|
300,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
157,160 |
|
|
$ |
240,655 |
|
|
$ |
356,645 |
|
|
$ |
446,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
472,761 |
|
|
$ |
757,276 |
|
|
$ |
1,130,460 |
|
|
$ |
1,435,444 |
|
Adjusted EBITDA margin |
|
|
33.2 |
% |
|
|
31.8 |
% |
|
|
31.5 |
% |
|
|
31.1 |
% |
Adjusted EBITDA by operating segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling |
|
$ |
133,053 |
|
|
$ |
181,674 |
|
|
$ |
308,023 |
|
|
$ |
354,870 |
|
Pressure pumping |
|
|
29,517 |
|
|
|
59,533 |
|
|
|
61,420 |
|
|
|
95,118 |
|
Oil and natural gas |
|
|
5,037 |
|
|
|
9,244 |
|
|
|
8,739 |
|
|
|
17,974 |
|
Corporate and other |
|
|
(10,447 |
) |
|
|
(9,796 |
) |
|
|
(21,537 |
) |
|
|
(21,209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted EBITDA |
|
$ |
157,160 |
|
|
$ |
240,655 |
|
|
$ |
356,645 |
|
|
$ |
446,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 measures of net income (loss) or operating cash flow.
|
PATTERSON-UTI ENERGY, INC.
Impact of Early Termination Revenues
(unaudited, dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
Second |
|
First |
|
|
Quarter |
|
Quarter |
Contract drilling revenues |
|
$ |
288,321 |
|
|
$ |
401,478 |
|
Operating days Total |
|
|
11,211 |
|
|
|
15,520 |
|
Average revenue per operating day Total |
|
$ |
25.72 |
|
|
$ |
25.87 |
|
Early termination revenues Total |
|
$ |
15,591 |
|
|
$ |
15,794 |
|
Early termination revenues per operating day Total |
|
$ |
1.39 |
|
|
$ |
1.02 |
|
Average revenue per operating day excluding early
termination revenues Total |
|
$ |
24.33 |
|
|
$ |
24.85 |
|
Direct operating costs- Total |
|
$ |
153,848 |
|
|
$ |
212,810 |
|
Average direct operating costs per operating day Total |
|
$ |
13.72 |
|
|
$ |
13.71 |
|
Average margin per operating day excluding early
termination revenues Total |
|
$ |
10.60 |
|
|
$ |
11.14 |
|
PATTERSON-UTI ENERGY, INC.
Pressure Pumping Adjusted EBITDA and Adjusted EBITDA Margin
(unaudited, dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
Second |
|
First |
|
|
Quarter |
|
Quarter |
Pressure Pumping: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
176,624 |
|
|
$ |
249,721 |
|
Direct operating costs |
|
|
142,756 |
|
|
|
212,725 |
|
Selling, general and administrative |
|
|
4,351 |
|
|
|
5,093 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
29,517 |
|
|
$ |
31,903 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA as a percentage of revenues |
|
|
16.7 |
% |
|
|
12.8 |
% |
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