HOUSTON, Oct. 22, 2015 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported financial results for the three and nine months ended
September 30, 2015. Including
the non-cash charges discussed below, the Company reported a net
loss of $226 million, or $1.54 per share, for the third quarter of 2015,
compared to net income of $16.0
million, or $0.11 per share,
for the quarter ended September 30,
2014. Revenues for the third quarter of 2015 were
$422 million, compared to
$846 million for the third quarter of
2014.
For the nine months ended September 30,
2015, the Company reported a net loss of $236 million, or $1.61 per share, compared to net income of
$105 million, or $0.71 per share, for the nine months ended
September 30, 2014. Revenues
for the nine months ended September 30,
2015, were $1.6 billion,
compared to $2.3 billion for the same
period in 2014.
The financial results for the three months ended September 30, 2015 include pretax non-cash
charges totaling $280 million
($187 million after-tax, or
$1.28 per share). These charges
include $125 million from the
impairment of all goodwill associated with the Company's pressure
pumping business, $131 million from
the write-down of drilling equipment primarily related to
mechanical rigs and spare rig components, $22.0 million from the write-down of pressure
pumping equipment and closed facilities and $1.9 million related to 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 $19.8
million related to a legal settlement and the impairment of
certain oil and natural gas properties during the first six months
of 2015.
Last year's financial results for the three and nine months
ended September 30, 2014, include a
pretax non-cash charge of $77.9
million related to the retirement of mechanical rigs and the
write-off of excess spare rig components.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "During the third quarter, our rig
count averaged 105 rigs in the United
States and four rigs in Canada, compared to the second quarter average
of 122 rigs in the United States
and two in Canada. Current commodity prices are, of course,
negatively impacting drilling activity. For the month of
October, we expect our average rig count will be 92 in the United States and four in Canada."
Mr. Hendricks added, "We recognized $28.9
million of revenues related to early contract terminations
in contract drilling during the third quarter. These early
termination revenues positively impacted our total average rig
revenue per day of $26,010 by
$2,870. Excluding early
termination revenue, total average rig revenue per day during the
third quarter would have been $23,140, compared to $24,330 per day in the second quarter.
"Total average rig operating costs per day during the third
quarter decreased $140 to
$13,580 from $13,720 in the second quarter. Excluding
the positive impact from early termination revenues in both the
second and third quarters, total average rig margin per day was
$9,560 during the third quarter,
compared to $10,600 during the second
quarter.
"At the end of the third quarter our rig fleet included 160
APEX® rigs. During the fourth quarter we expect to
add one additional new APEX® rig under contract to our
fleet. We currently have no plans for additional newbuild
rigs in 2016.
"As of September 30, 2015, we had
term contracts for drilling rigs providing for more than
$800 million of future dayrate
drilling revenue. Based on contracts currently in place, we
expect an average of 71 rigs operating under term contracts during
the fourth quarter, and an average of 45 rigs operating under term
contracts during 2016.
"We have reduced our mechanical rig fleet to 19 rigs with a
combined net book value of $13.1
million. We currently believe there is value to
keeping these rigs in our fleet, although we do not expect these
rigs to generate meaningful future cash flow.
"In pressure pumping, activity and pricing were lower than we
expected during the third quarter. Pressure pumping revenue
during the third quarter was $154
million compared to $177
million in the second quarter. Importantly, while
pressure pumping Adjusted EBITDA declined in the third quarter to
$11.8 million from $29.5 million in the second quarter, we generated
positive Adjusted EBITDA," he concluded.
Mark S. Siegel, Chairman of
Patterson-UTI, stated, "Industry conditions remain
challenging. Low commodity prices are impacting E&P
spending, thereby reducing demand and pricing for drilling and
pressure pumping services. We believe that pricing in the
pressure pumping industry has deteriorated to levels that are not
sustainable. At current pricing levels, we believe many
companies are not generating sufficient cash flow to cover
maintenance capital. Under these circumstances, we believe
some pressure pumping companies are deferring maintenance, and
their equipment is being cannibalized.
"Falling demand and low pricing is leading to a rebalancing in
the industry. This rebalancing process in drilling and
pressure pumping is painful, but we are well positioned. We
have demonstrated our strength in terms of quality equipment,
superior execution, and importantly, financial stability," he
concluded.
The Company declared a quarterly dividend on its common stock of
$0.10 per share, to be paid on
December 24, 2015 to holders of
record as of December 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 Company's quarterly conference call to discuss the operating
results for the quarter ended September 30,
2015 is scheduled for today, October
22, 2015 at 9:00 a.m. Central
Time. The dial-in information for participants is
866-841-7265 (Domestic) and 704-908-0463 (International). The
Conference ID for both numbers is 14156609. 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. A telephonic
replay will be available through October 26,
2015 at 855-859-2056 (Domestic) and 404-537-3406
(International) with the Conference ID 14156609.
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 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
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,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
REVENUES
|
|
$
|
422,251
|
|
|
$
|
845,628
|
|
|
$
|
1,552,711
|
|
|
$
|
2,281,072
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
costs
|
|
|
277,834
|
|
|
|
562,486
|
|
|
|
1,005,550
|
|
|
|
1,516,794
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
332,151
|
|
|
|
237,825
|
|
|
|
689,457
|
|
|
|
538,573
|
|
Impairment of
goodwill
|
|
|
124,561
|
|
|
|
--
|
|
|
|
124,561
|
|
|
|
--
|
|
Selling, general and
administrative
|
|
|
18,582
|
|
|
|
18,896
|
|
|
|
70,595
|
|
|
|
58,117
|
|
Net gain on asset
disposals
|
|
|
(1,362)
|
|
|
|
(3,870)
|
|
|
|
(7,276)
|
|
|
|
(8,705)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
|
751,766
|
|
|
|
815,337
|
|
|
|
1,882,887
|
|
|
|
2,104,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
|
(329,515)
|
|
|
|
30,291
|
|
|
|
(330,176)
|
|
|
|
176,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
323
|
|
|
|
234
|
|
|
|
924
|
|
|
|
618
|
|
Interest
expense
|
|
|
(9,254)
|
|
|
|
(6,993)
|
|
|
|
(27,044)
|
|
|
|
(21,430)
|
|
Other
|
|
|
16
|
|
|
|
—
|
|
|
|
16
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expense
|
|
|
(8,915)
|
|
|
|
(6,759)
|
|
|
|
(26,104)
|
|
|
|
(20,809)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
|
(338,430)
|
|
|
|
23,532
|
|
|
|
(356,280)
|
|
|
|
155,484
|
|
INCOME TAX EXPENSE
(BENEFIT)
|
|
|
(112,452)
|
|
|
|
7,556
|
|
|
|
(120,452)
|
|
|
|
50,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
|
(225,978)
|
|
|
$
|
15,976
|
|
|
$
|
(235,828)
|
|
|
$
|
105,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER
COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.54)
|
|
|
$
|
0.11
|
|
|
$
|
(1.61)
|
|
|
$
|
0.72
|
|
Diluted
|
|
$
|
(1.54)
|
|
|
$
|
0.11
|
|
|
$
|
(1.61)
|
|
|
$
|
0.71
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
145,662
|
|
|
|
144,798
|
|
|
|
145,317
|
|
|
|
143,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
145,662
|
|
|
|
146,991
|
|
|
|
145,317
|
|
|
|
146,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH DIVIDENDS PER
COMMON SHARE
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
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,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Contract
Drilling:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
261,817
|
|
|
$
|
482,212
|
|
|
$
|
951,616
|
|
|
$
|
1,346,698
|
|
Direct operating
costs
|
|
$
|
136,718
|
|
|
$
|
278,195
|
|
|
$
|
503,376
|
|
|
$
|
784,572
|
|
Margin (1)
|
|
$
|
125,099
|
|
|
$
|
204,017
|
|
|
$
|
448,240
|
|
|
$
|
562,126
|
|
Selling, general and
administrative
|
|
$
|
1,599
|
|
|
$
|
1,213
|
|
|
$
|
16,717
|
|
|
$
|
4,452
|
|
Depreciation,
amortization and impairment
|
|
$
|
254,756
|
|
|
$
|
190,657
|
|
|
$
|
497,215
|
|
|
$
|
408,833
|
|
Operating
income
|
|
$
|
(131,256)
|
|
|
$
|
12,147
|
|
|
$
|
(65,692)
|
|
|
$
|
148,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating days –
United States
|
|
|
9,702
|
|
|
|
19,197
|
|
|
|
35,593
|
|
|
|
54,818
|
|
Operating days –
Canada
|
|
|
365
|
|
|
|
887
|
|
|
|
1,205
|
|
|
|
2,043
|
|
Operating days –
Total
|
|
|
10,067
|
|
|
|
20,084
|
|
|
|
36,798
|
|
|
|
56,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – United States
|
|
$
|
25.99
|
|
|
$
|
23.76
|
|
|
$
|
25.88
|
|
|
$
|
23.43
|
|
Average direct
operating costs per operating day – United States
|
|
$
|
13.38
|
|
|
$
|
13.66
|
|
|
$
|
13.46
|
|
|
$
|
13.58
|
|
Average margin per
operating day – United States (1)
|
|
$
|
12.60
|
|
|
$
|
10.10
|
|
|
$
|
12.41
|
|
|
$
|
9.85
|
|
Average rigs operating
– United States
|
|
|
105
|
|
|
|
209
|
|
|
|
130
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Canada
|
|
$
|
26.60
|
|
|
$
|
29.44
|
|
|
$
|
25.40
|
|
|
$
|
30.50
|
|
Average direct
operating costs per operating day – Canada
|
|
$
|
18.86
|
|
|
$
|
17.93
|
|
|
$
|
20.03
|
|
|
$
|
19.75
|
|
Average margin per
operating day – Canada (1)
|
|
$
|
7.74
|
|
|
$
|
11.51
|
|
|
$
|
5.36
|
|
|
$
|
10.74
|
|
Average rigs operating
– Canada
|
|
|
4
|
|
|
|
10
|
|
|
|
4
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Total
|
|
$
|
26.01
|
|
|
$
|
24.01
|
|
|
$
|
25.86
|
|
|
$
|
23.68
|
|
Average direct
operating costs per operating day – Total
|
|
$
|
13.58
|
|
|
$
|
13.85
|
|
|
$
|
13.68
|
|
|
$
|
13.80
|
|
Average margin per
operating day – Total (1)
|
|
$
|
12.43
|
|
|
$
|
10.16
|
|
|
$
|
12.18
|
|
|
$
|
9.89
|
|
Average rigs operating
– Total
|
|
|
109
|
|
|
|
218
|
|
|
|
135
|
|
|
|
208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
111,514
|
|
|
$
|
209,769
|
|
|
$
|
422,876
|
|
|
$
|
546,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pressure
Pumping:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
154,407
|
|
|
$
|
348,692
|
|
|
$
|
580,752
|
|
|
$
|
895,530
|
|
Direct operating
costs
|
|
$
|
138,597
|
|
|
$
|
281,016
|
|
|
$
|
494,078
|
|
|
$
|
722,801
|
|
Margin (2)
|
|
$
|
15,810
|
|
|
$
|
67,676
|
|
|
$
|
86,674
|
|
|
$
|
172,729
|
|
Selling, general and
administrative
|
|
$
|
4,019
|
|
|
$
|
4,881
|
|
|
$
|
13,463
|
|
|
$
|
14,816
|
|
Depreciation,
amortization and impairment
|
|
$
|
70,694
|
|
|
$
|
37,587
|
|
|
$
|
165,874
|
|
|
$
|
106,252
|
|
Impairment of
goodwill
|
|
$
|
124,561
|
|
|
$
|
—
|
|
|
$
|
124,561
|
|
|
$
|
—
|
|
Operating income
(loss)
|
|
$
|
(183,464)
|
|
|
$
|
25,208
|
|
|
$
|
(217,224)
|
|
|
$
|
51,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fracturing
jobs
|
|
|
137
|
|
|
|
358
|
|
|
|
501
|
|
|
|
872
|
|
Other jobs
|
|
|
517
|
|
|
|
1,228
|
|
|
|
1,670
|
|
|
|
3,166
|
|
Total jobs
|
|
|
654
|
|
|
|
1,586
|
|
|
|
2,171
|
|
|
|
4,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
fracturing job
|
|
$
|
1,081.14
|
|
|
$
|
913.88
|
|
|
$
|
1,108.22
|
|
|
$
|
960.55
|
|
Average revenue per
other job
|
|
$
|
12.17
|
|
|
$
|
17.53
|
|
|
$
|
15.29
|
|
|
$
|
18.30
|
|
Average revenue per
total job
|
|
$
|
236.10
|
|
|
$
|
219.86
|
|
|
$
|
267.50
|
|
|
$
|
221.78
|
|
Average costs per
total job
|
|
$
|
211.92
|
|
|
$
|
177.19
|
|
|
$
|
227.58
|
|
|
$
|
179.00
|
|
Average margin per
total job (2)
|
|
$
|
24.17
|
|
|
$
|
42.67
|
|
|
$
|
39.92
|
|
|
$
|
42.78
|
|
Margin as a percentage
of revenues (2)
|
|
|
10.2
|
%
|
|
|
19.4
|
%
|
|
|
14.9
|
%
|
|
|
19.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and acquisitions
|
|
$
|
29,409
|
|
|
$
|
65,620
|
|
|
$
|
169,228
|
|
|
$
|
198,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Natural Gas
Production and Exploration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues –
Oil
|
|
$
|
5,278
|
|
|
$
|
13,299
|
|
|
$
|
18,233
|
|
|
$
|
34,377
|
|
Revenues – Natural gas
and liquids
|
|
$
|
749
|
|
|
$
|
1,425
|
|
|
$
|
2,110
|
|
|
$
|
4,467
|
|
Revenues –
Total
|
|
$
|
6,027
|
|
|
$
|
14,724
|
|
|
$
|
20,343
|
|
|
$
|
38,844
|
|
Direct operating
costs
|
|
$
|
2,519
|
|
|
$
|
3,275
|
|
|
$
|
8,096
|
|
|
$
|
9,421
|
|
Margin (3)
|
|
$
|
3,508
|
|
|
$
|
11,449
|
|
|
$
|
12,247
|
|
|
$
|
29,423
|
|
Depletion
|
|
$
|
3,434
|
|
|
$
|
6,218
|
|
|
$
|
12,941
|
|
|
$
|
16,026
|
|
Impairment of oil and
natural gas properties
|
|
$
|
1,898
|
|
|
$
|
2,229
|
|
|
$
|
9,323
|
|
|
$
|
4,060
|
|
Operating income
(loss)
|
|
$
|
(1,824)
|
|
|
$
|
3,002
|
|
|
$
|
(10,017)
|
|
|
$
|
9,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
2,890
|
|
|
$
|
9,489
|
|
|
$
|
14,094
|
|
|
$
|
26,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
$
|
12,964
|
|
|
$
|
12,802
|
|
|
$
|
40,415
|
|
|
$
|
38,849
|
|
Depreciation
|
|
$
|
1,369
|
|
|
$
|
1,134
|
|
|
$
|
4,104
|
|
|
$
|
3,402
|
|
Net gain on asset
disposals
|
|
$
|
(1,362)
|
|
|
$
|
(3,870)
|
|
|
$
|
(7,276)
|
|
|
$
|
(8,705)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
774
|
|
|
$
|
875
|
|
|
$
|
2,022
|
|
|
$
|
2,164
|
|
Total capital
expenditures and acquisitions
|
|
$
|
144,587
|
|
|
$
|
285,753
|
|
|
$
|
608,220
|
|
|
$
|
773,791
|
|
|
|
(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):
|
|
2015
|
|
|
2014
|
|
Cash and cash
equivalents
|
|
$
|
76,465
|
|
|
$
|
43,012
|
|
Current
assets
|
|
$
|
505,741
|
|
|
$
|
909,092
|
|
Current
liabilities
|
|
$
|
396,077
|
|
|
$
|
568,404
|
|
Working
capital
|
|
$
|
109,664
|
|
|
$
|
340,688
|
|
Current portion of
long-term debt
|
|
$
|
50,000
|
|
|
$
|
12,500
|
|
Borrowings under
revolving credit facility
|
|
$
|
—
|
|
|
$
|
303,000
|
|
Other long-term
debt
|
|
$
|
815,000
|
|
|
$
|
670,000
|
|
PATTERSON-UTI
ENERGY, INC.
|
Non-U.S. GAAP
Financial Measures
|
(unaudited, dollars
in thousands)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(225,978)
|
|
|
$
|
15,976
|
|
|
$
|
(235,828)
|
|
|
$
|
105,081
|
|
Income tax expense
(benefit)
|
|
|
(112,452)
|
|
|
|
7,556
|
|
|
|
(120,452)
|
|
|
|
50,403
|
|
Net interest
expense
|
|
|
8,931
|
|
|
|
6,759
|
|
|
|
26,120
|
|
|
|
20,812
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
332,151
|
|
|
|
237,825
|
|
|
|
689,457
|
|
|
|
538,573
|
|
Impairment of
goodwill
|
|
$
|
124,561
|
|
|
$
|
—
|
|
|
$
|
124,561
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
127,213
|
|
|
$
|
268,116
|
|
|
$
|
483,858
|
|
|
$
|
714,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
$
|
422,251
|
|
|
$
|
845,628
|
|
|
$
|
1,552,711
|
|
|
$
|
2,281,072
|
|
Adjusted EBITDA
margin
|
|
|
30.1
|
%
|
|
|
31.7
|
%
|
|
|
31.2
|
%
|
|
|
31.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
operating segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling
|
|
$
|
123,500
|
|
|
$
|
202,804
|
|
|
$
|
431,523
|
|
|
$
|
557,674
|
|
Pressure
pumping
|
|
|
11,791
|
|
|
|
62,795
|
|
|
|
73,211
|
|
|
|
157,913
|
|
Oil and natural
gas
|
|
|
3,508
|
|
|
|
11,449
|
|
|
|
12,247
|
|
|
|
29,423
|
|
Corporate and
other
|
|
|
(11,586)
|
|
|
|
(8,932)
|
|
|
|
(33,123)
|
|
|
|
(30,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
|
$
|
127,213
|
|
|
$
|
268,116
|
|
|
$
|
483,858
|
|
|
$
|
714,869
|
|
|
|
(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 Non-Cash
Charges
|
Three Months Ended
September 30, 2015
|
(unaudited, dollars
in thousands, except per share amounts)
|
|
|
|
|
|
|
Impairment of
goodwill
|
|
$
|
(124,561)
|
|
Write-down of
drilling equipment
|
|
|
(131,062)
|
|
Write-down of
pressure pumping equipment and closed facilities
|
|
|
(22,048)
|
|
Impairment of oil and
natural gas properties
|
|
|
(1,898)
|
|
Total non-cash
charges before income taxes
|
|
$
|
(279,569)
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
33.2
|
%
|
|
|
|
|
|
After-tax
amount
|
|
$
|
(186,675)
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding - diluted
|
|
|
145,662
|
|
|
|
|
|
|
Non-cash charges per
share - diluted
|
|
$
|
(1.28)
|
|
Patterson-UTI
Energy, Inc.
|
Impact of Early
Termination Revenues
|
(unaudited, dollars
in thousands)
|
|
|
|
2015
|
|
|
|
Third
|
|
|
Second
|
|
|
|
Quarter
|
|
|
Quarter
|
|
Contract drilling
revenues
|
|
$
|
261,817
|
|
|
$
|
288,321
|
|
Operating days -
Total
|
|
|
10,067
|
|
|
|
11,211
|
|
Average revenue per
operating day - Total
|
|
$
|
26.01
|
|
|
$
|
25.72
|
|
Early termination
revenues - Total
|
|
$
|
28,869
|
|
|
$
|
15,591
|
|
Early termination
revenues per operating day - Total
|
|
$
|
2.87
|
|
|
$
|
1.39
|
|
Average revenue per
operating day excluding early termination revenues -
Total
|
|
$
|
23.14
|
|
|
$
|
24.33
|
|
Direct operating
costs - Total
|
|
$
|
136,718
|
|
|
$
|
153,848
|
|
Average direct
operating costs per operating day - Total
|
|
$
|
13.58
|
|
|
$
|
13.72
|
|
Average margin per
operating day excluding early termination revenues -
Total
|
|
$
|
9.56
|
|
|
$
|
10.60
|
|
Patterson-UTI
Energy, Inc.
|
Pressure Pumping
Adjusted EBITDA and Adjusted EBITDA Margin
|
(unaudited, dollars
in thousands)
|
|
|
|
2015
|
|
|
|
Third
|
|
|
Second
|
|
|
|
Quarter
|
|
|
Quarter
|
|
Pressure
Pumping:
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
154,407
|
|
|
$
|
176,624
|
|
Direct operating
costs
|
|
|
138,597
|
|
|
|
142,756
|
|
Selling, general and
administrative
|
|
|
4,019
|
|
|
|
4,351
|
|
Adjusted
EBITDA
|
|
$
|
11,791
|
|
|
$
|
29,517
|
|
Adjusted EBITDA as a
percentage of revenues
|
|
|
7.6
|
%
|
|
|
16.7
|
%
|
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-30-2015-300164390.html
SOURCE PATTERSON-UTI ENERGY, INC.