HOUSTON, Feb. 4, 2016 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported financial results for the three and twelve months ended
December 31, 2015. The Company
reported a net loss of $58.7 million,
or $0.40 per share, for the fourth
quarter of 2015, compared to net income of $57.6 million, or $0.39 per share, for the quarter ended
December 31, 2014. Revenues for
the fourth quarter of 2015 were $339
million, compared to $901
million for the fourth quarter of 2014.
For the twelve months ended December 31,
2015, including the charges discussed later in this release,
the Company reported a net loss of $294
million, or $2.00 per share,
compared to net income of $163
million, or $1.11 per share,
for the twelve months ended December
31, 2014. Revenues for the twelve months ended
December 31, 2015, were $1.9 billion, compared to $3.2 billion for the same period in 2014.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "During the fourth quarter, our
rig count averaged 88 rigs in the United
States and three rigs in Canada, compared to the third quarter average
of 105 rigs in the United States
and four in Canada."
Mr. Hendricks added, "We recognized $9.2
million of revenues related to early contract terminations
in contract drilling during the fourth quarter. These early
termination revenues positively impacted our total average rig
revenue per day of $24,240 by
$1,100. Excluding early
termination revenue from both the third and fourth quarters, total
average rig revenue per day during the fourth quarter would have
been unchanged from the third quarter at $23,140.
"Total average rig operating costs per day during the fourth
quarter decreased $940 to
$12,640 from $13,580 in the third quarter. Approximately
a third of this decrease is related to cost savings with the
remainder due to a higher proportion of rigs on standby in the
fourth quarter than the third quarter of 2015. Total average
rig margin per day, excluding the positive impact from early
termination revenues in both the third and fourth quarters,
increased to $10,500 during the
fourth quarter, from $9,560 during
the third quarter.
"At the end of the fourth quarter our rig fleet included 161
APEX® rigs. We have no plans to build rigs in
2016. As of December 31, 2015,
we had term contracts for drilling rigs providing for approximately
$710 million of future dayrate
drilling revenue. Based on contracts currently in place, we
expect an average of 59 rigs operating under term contracts during
the first quarter, and an average of 46 rigs operating under term
contracts during 2016.
"In pressure pumping, activity decreased during the fourth
quarter, but was better than we expected. Pressure pumping
revenue during the fourth quarter was $132
million compared to $154
million in the third quarter. Gross margin as a
percentage of revenues improved slightly during the fourth quarter
to 10.4%, and pressure pumping Adjusted EBITDA was $10.9 million in the fourth quarter compared to
$11.8 million during the third
quarter," he concluded.
Mark S. Siegel, Chairman of
Patterson-UTI, stated, "2015 was a challenging year for the energy
sector. Geopolitics, combined with the resilience of U.S.
crude oil production, weighed heavily on oil prices. Low oil
prices, combined with low natural gas prices, resulted in the U.S.
land drilling rig count decreasing more than 60% during 2015, and
it is now almost 70% lower than the peak in 2014.
"In this market environment, we remain focused on operational
execution and preserving the strength of our balance sheet.
During the downturn, we have consistently scaled our business to
activity levels while maintaining high-quality operations.
Financially, our cash balance increased to $113 million as of December 31, 2015, and our $500 million revolving line of credit remains
fully available.
"While there is no visibility currently into a recovery, we
remain confident in the long-term outlook for our company. We
are financially strong, and with 161 APEX® rigs and more than one
million horsepower of pressure pumping equipment, we have the kind
of high-quality equipment that we expect to be in greatest demand
during a recovery," he concluded.
The financial results for the twelve months ended December 31, 2015 include pretax charges totaling
$301 million, of which $288 million was non-cash and 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. The financial
results for the twelve months ended December
31, 2014, include pretax non-cash charges totaling
$98.8 million related to the
retirement of mechanical rigs, the write-off of excess spare rig
components, and the impairment of certain oil and natural gas
properties.
The Company declared a quarterly dividend on its common stock of
$0.10 per share, to be paid on
March 24, 2016, to holders of record
as of March 10, 2016.
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 December 31,
2015, is scheduled for today, February 4, 2016, 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 76307856. 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
February 8, 2016, at 855-859-2056
(Domestic) and 404-537-3406 (International) with the Conference ID
76307856.
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
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
REVENUES
|
|
$
|
338,566
|
|
|
$
|
901,219
|
|
|
$
|
1,891,277
|
|
|
$
|
3,182,291
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
costs
|
|
|
226,819
|
|
|
|
599,277
|
|
|
|
1,232,369
|
|
|
|
2,116,071
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
175,302
|
|
|
|
180,157
|
|
|
|
864,759
|
|
|
|
718,730
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
124,561
|
|
|
|
—
|
|
Selling, general and
administrative
|
|
|
16,578
|
|
|
|
22,028
|
|
|
|
87,173
|
|
|
|
80,145
|
|
Net gain on asset
disposals
|
|
|
(3,337)
|
|
|
|
(7,076)
|
|
|
|
(10,613)
|
|
|
|
(15,781)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
|
415,362
|
|
|
|
794,386
|
|
|
|
2,298,249
|
|
|
|
2,899,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
|
(76,796)
|
|
|
|
106,833
|
|
|
|
(406,972)
|
|
|
|
283,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
40
|
|
|
|
361
|
|
|
|
964
|
|
|
|
979
|
|
Interest
expense
|
|
|
(9,431)
|
|
|
|
(8,395)
|
|
|
|
(36,475)
|
|
|
|
(29,825)
|
|
Other
|
|
|
18
|
|
|
|
—
|
|
|
|
34
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expense
|
|
|
(9,373)
|
|
|
|
(8,034)
|
|
|
|
(35,477)
|
|
|
|
(28,843)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
|
(86,169)
|
|
|
|
98,799
|
|
|
|
(442,449)
|
|
|
|
254,283
|
|
INCOME TAX EXPENSE
(BENEFIT)
|
|
|
(27,511)
|
|
|
|
41,216
|
|
|
|
(147,963)
|
|
|
|
91,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
|
(58,658)
|
|
|
$
|
57,583
|
|
|
$
|
(294,486)
|
|
|
$
|
162,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER
COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.40)
|
|
|
$
|
0.39
|
|
|
$
|
(2.00)
|
|
|
$
|
1.12
|
|
Diluted
|
|
$
|
(0.40)
|
|
|
$
|
0.39
|
|
|
$
|
(2.00)
|
|
|
$
|
1.11
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
145,709
|
|
|
|
144,922
|
|
|
|
145,416
|
|
|
|
144,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
145,709
|
|
|
|
145,593
|
|
|
|
145,416
|
|
|
|
145,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH DIVIDENDS PER
COMMON SHARE
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
PATTERSON-UTI
ENERGY, INC.
|
Additional Financial
and Operating Data
|
(unaudited, dollars
in thousands)
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Contract
Drilling:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
202,276
|
|
|
$
|
492,132
|
|
|
$
|
1,153,892
|
|
|
$
|
1,838,830
|
|
Direct operating
costs
|
|
$
|
105,472
|
|
|
$
|
282,087
|
|
|
$
|
608,848
|
|
|
$
|
1,066,659
|
|
Margin (1)
|
|
$
|
96,804
|
|
|
$
|
210,045
|
|
|
$
|
545,044
|
|
|
$
|
772,171
|
|
Selling, general and
administrative
|
|
$
|
1,123
|
|
|
$
|
1,845
|
|
|
$
|
17,840
|
|
|
$
|
6,297
|
|
Depreciation,
amortization and impairment
|
|
$
|
121,219
|
|
|
$
|
115,190
|
|
|
$
|
618,434
|
|
|
$
|
524,023
|
|
Operating income
(loss)
|
|
$
|
(25,538)
|
|
|
$
|
93,010
|
|
|
$
|
(91,230)
|
|
|
$
|
241,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating days –
United States
|
|
|
8,092
|
|
|
|
19,281
|
|
|
|
43,685
|
|
|
|
74,099
|
|
Operating days –
Canada
|
|
|
252
|
|
|
|
858
|
|
|
|
1,457
|
|
|
|
2,901
|
|
Operating days –
Total
|
|
|
8,344
|
|
|
|
20,139
|
|
|
|
45,142
|
|
|
|
77,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – United States
|
|
$
|
24.14
|
|
|
$
|
24.22
|
|
|
$
|
25.55
|
|
|
$
|
23.64
|
|
Average direct
operating costs per operating day – United States
|
|
$
|
12.42
|
|
|
$
|
13.81
|
|
|
$
|
13.27
|
|
|
$
|
13.64
|
|
Average margin per
operating day – United States (1)
|
|
$
|
11.72
|
|
|
$
|
10.41
|
|
|
$
|
12.28
|
|
|
$
|
10.00
|
|
Average rigs operating
– United States
|
|
|
88
|
|
|
|
210
|
|
|
|
120
|
|
|
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Canada
|
|
$
|
27.45
|
|
|
$
|
29.35
|
|
|
$
|
25.75
|
|
|
$
|
30.16
|
|
Average direct
operating costs per operating day – Canada
|
|
$
|
19.75
|
|
|
$
|
18.46
|
|
|
$
|
19.98
|
|
|
$
|
19.37
|
|
Average margin per
operating day – Canada (1)
|
|
$
|
7.70
|
|
|
$
|
10.89
|
|
|
$
|
5.77
|
|
|
$
|
10.79
|
|
Average rigs operating
– Canada
|
|
|
3
|
|
|
|
9
|
|
|
|
4
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Total
|
|
$
|
24.24
|
|
|
$
|
24.44
|
|
|
$
|
25.56
|
|
|
$
|
23.88
|
|
Average direct
operating costs per operating day – Total
|
|
$
|
12.64
|
|
|
$
|
14.01
|
|
|
$
|
13.49
|
|
|
$
|
13.85
|
|
Average margin per
operating day – Total (1)
|
|
$
|
11.60
|
|
|
$
|
10.43
|
|
|
$
|
12.07
|
|
|
$
|
10.03
|
|
Average rigs operating
– Total
|
|
|
91
|
|
|
|
219
|
|
|
|
124
|
|
|
|
211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
104,178
|
|
|
$
|
224,984
|
|
|
$
|
527,054
|
|
|
$
|
771,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pressure
Pumping:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
131,702
|
|
|
$
|
397,735
|
|
|
$
|
712,454
|
|
|
$
|
1,293,265
|
|
Direct operating
costs
|
|
$
|
117,943
|
|
|
$
|
313,509
|
|
|
$
|
612,021
|
|
|
$
|
1,036,310
|
|
Margin (2)
|
|
$
|
13,759
|
|
|
$
|
84,226
|
|
|
$
|
100,433
|
|
|
$
|
256,955
|
|
Selling, general and
administrative
|
|
$
|
2,855
|
|
|
$
|
5,463
|
|
|
$
|
16,318
|
|
|
$
|
20,279
|
|
Depreciation,
amortization and impairment
|
|
$
|
48,678
|
|
|
$
|
41,343
|
|
|
$
|
214,552
|
|
|
$
|
147,595
|
|
Impairment of
goodwill
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
124,561
|
|
|
$
|
—
|
|
Operating income
(loss)
|
|
$
|
(37,774)
|
|
|
$
|
37,420
|
|
|
$
|
(254,998)
|
|
|
$
|
89,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fracturing
jobs
|
|
|
109
|
|
|
|
352
|
|
|
|
610
|
|
|
|
1,224
|
|
Other jobs
|
|
|
410
|
|
|
|
1,087
|
|
|
|
2,080
|
|
|
|
4,253
|
|
Total jobs
|
|
|
519
|
|
|
|
1,439
|
|
|
|
2,690
|
|
|
|
5,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
fracturing job
|
|
$
|
1,162.70
|
|
|
$
|
1,069.53
|
|
|
$
|
1,117.95
|
|
|
$
|
991.89
|
|
Average revenue per
other job
|
|
$
|
12.12
|
|
|
$
|
19.56
|
|
|
$
|
14.66
|
|
|
$
|
18.62
|
|
Average revenue per
total job
|
|
$
|
253.76
|
|
|
$
|
276.40
|
|
|
$
|
264.85
|
|
|
$
|
236.13
|
|
Average costs per
total job
|
|
$
|
227.25
|
|
|
$
|
217.87
|
|
|
$
|
227.52
|
|
|
$
|
189.21
|
|
Average margin per
total job (2)
|
|
$
|
26.51
|
|
|
$
|
58.53
|
|
|
$
|
37.34
|
|
|
$
|
46.92
|
|
Margin as a percentage
of revenues (2)
|
|
|
10.4
|
%
|
|
|
21.2
|
%
|
|
|
14.1
|
%
|
|
|
19.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and acquisitions
|
|
$
|
28,349
|
|
|
$
|
79,257
|
|
|
$
|
197,577
|
|
|
$
|
241,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Natural Gas
Production and Exploration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues –
Oil
|
|
$
|
4,085
|
|
|
$
|
10,059
|
|
|
$
|
22,318
|
|
|
$
|
44,436
|
|
Revenues – Natural gas
and liquids
|
|
$
|
503
|
|
|
$
|
1,293
|
|
|
$
|
2,613
|
|
|
$
|
5,760
|
|
Revenues –
Total
|
|
$
|
4,588
|
|
|
$
|
11,352
|
|
|
$
|
24,931
|
|
|
$
|
50,196
|
|
Direct operating
costs
|
|
$
|
3,404
|
|
|
$
|
3,681
|
|
|
$
|
11,500
|
|
|
$
|
13,102
|
|
Margin (3)
|
|
$
|
1,184
|
|
|
$
|
7,671
|
|
|
$
|
13,431
|
|
|
$
|
37,094
|
|
Depletion
|
|
$
|
2,632
|
|
|
$
|
5,671
|
|
|
$
|
15,573
|
|
|
$
|
21,697
|
|
Impairment of oil and
natural gas properties
|
|
$
|
1,405
|
|
|
$
|
16,819
|
|
|
$
|
10,728
|
|
|
$
|
20,879
|
|
Operating income
(loss)
|
|
$
|
(2,853)
|
|
|
$
|
(14,819)
|
|
|
$
|
(12,870)
|
|
|
$
|
(5,482)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
2,531
|
|
|
$
|
9,768
|
|
|
$
|
16,625
|
|
|
$
|
36,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
$
|
12,600
|
|
|
$
|
14,720
|
|
|
$
|
53,015
|
|
|
$
|
53,569
|
|
Depreciation
|
|
$
|
1,368
|
|
|
$
|
1,134
|
|
|
$
|
5,472
|
|
|
$
|
4,536
|
|
Net gain on asset
disposals
|
|
$
|
(3,337)
|
|
|
$
|
(7,076)
|
|
|
$
|
(10,613)
|
|
|
$
|
(15,781)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
498
|
|
|
$
|
542
|
|
|
$
|
2,520
|
|
|
$
|
2,706
|
|
Total capital
expenditures
|
|
$
|
135,556
|
|
|
$
|
314,551
|
|
|
$
|
743,776
|
|
|
$
|
1,052,341
|
|
|
|
(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.
|
Selected Balance
Sheet Data (unaudited, dollars in thousands):
|
|
December
31,
|
|
|
December
31,
|
|
|
2015
|
|
|
2014
|
|
Cash and cash
equivalents
|
|
$
|
113,346
|
|
|
$
|
43,012
|
|
Current
assets
|
|
$
|
486,536
|
|
|
$
|
909,092
|
|
Current
liabilities
|
|
$
|
308,132
|
|
|
$
|
568,404
|
|
Working
capital
|
|
$
|
178,404
|
|
|
$
|
340,688
|
|
Current portion of
long-term debt
|
|
$
|
63,750
|
|
|
$
|
12,500
|
|
Borrowings under
revolving credit facility
|
|
$
|
—
|
|
|
$
|
303,000
|
|
Other long-term
debt
|
|
$
|
791,250
|
|
|
$
|
670,000
|
|
PATTERSON-UTI
ENERGY, INC.
|
Non-U.S. GAAP
Financial Measures
|
(unaudited, dollars
in thousands)
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(58,658)
|
|
|
$
|
57,583
|
|
|
$
|
(294,486)
|
|
|
$
|
162,664
|
|
Income tax expense
(benefit)
|
|
|
(27,511)
|
|
|
|
41,216
|
|
|
|
(147,963)
|
|
|
|
91,619
|
|
Net interest
expense
|
|
|
9,391
|
|
|
|
8,034
|
|
|
|
35,511
|
|
|
|
28,846
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
175,302
|
|
|
|
180,157
|
|
|
|
864,759
|
|
|
|
718,730
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
124,561
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
98,524
|
|
|
$
|
286,990
|
|
|
$
|
582,382
|
|
|
$
|
1,001,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
$
|
338,566
|
|
|
$
|
901,219
|
|
|
$
|
1,891,277
|
|
|
$
|
3,182,291
|
|
Adjusted EBITDA
margin
|
|
|
29.1
|
%
|
|
|
31.8
|
%
|
|
|
30.8
|
%
|
|
|
31.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
operating segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling
|
|
$
|
95,681
|
|
|
$
|
208,200
|
|
|
$
|
527,204
|
|
|
$
|
765,874
|
|
Pressure
pumping
|
|
|
10,904
|
|
|
|
78,763
|
|
|
|
84,115
|
|
|
|
236,676
|
|
Oil and natural
gas
|
|
|
1,184
|
|
|
|
7,671
|
|
|
|
13,431
|
|
|
|
37,094
|
|
Corporate and
other
|
|
|
(9,245)
|
|
|
|
(7,644)
|
|
|
|
(42,368)
|
|
|
|
(37,785)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
|
$
|
98,524
|
|
|
$
|
286,990
|
|
|
$
|
582,382
|
|
|
$
|
1,001,859
|
|
|
|
(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
|
|
|
|
Fourth
|
|
|
Third
|
|
|
|
Quarter
|
|
|
Quarter
|
|
Contract drilling
revenues
|
|
$
|
202,276
|
|
|
$
|
261,817
|
|
Operating days -
Total
|
|
|
8,344
|
|
|
|
10,067
|
|
Average revenue per
operating day - Total
|
|
$
|
24.24
|
|
|
$
|
26.01
|
|
Early termination
revenues - Total
|
|
$
|
9,173
|
|
|
$
|
28,869
|
|
Early termination
revenues per operating day - Total
|
|
$
|
1.10
|
|
|
$
|
2.87
|
|
Average revenue per
operating day excluding early termination revenues -
Total
|
|
$
|
23.14
|
|
|
$
|
23.14
|
|
Direct operating
costs - Total
|
|
$
|
105,472
|
|
|
$
|
136,718
|
|
Average direct
operating costs per operating day - Total
|
|
$
|
12.64
|
|
|
$
|
13.58
|
|
Average margin per
operating day excluding early termination revenues -
Total
|
|
$
|
10.50
|
|
|
$
|
9.56
|
|
PATTERSON-UTI
ENERGY, INC.
|
Pressure Pumping
Margin and Adjusted EBITDA
|
(unaudited, dollars
in thousands)
|
|
|
|
2015
|
|
|
|
Fourth
|
|
|
Third
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
Pressure pumping
revenues
|
|
$
|
131,702
|
|
|
$
|
154,407
|
|
Direct operating
costs
|
|
|
117,943
|
|
|
|
138,597
|
|
Margin
|
|
|
13,759
|
|
|
|
15,810
|
|
Selling, general and
administrative
|
|
|
2,855
|
|
|
|
4,019
|
|
Adjusted
EBITDA
|
|
$
|
10,904
|
|
|
$
|
11,791
|
|
Margin as a
percentage of revenues
|
|
|
10.4
|
%
|
|
|
10.2
|
%
|
PATTERSON-UTI
ENERGY, INC.
Pretax
Charges
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
|
Impairment of
goodwill
|
|
$
|
124,561
|
|
|
$
|
—
|
|
Write-down of
drilling equipment
|
|
|
131,062
|
|
|
|
77,879
|
|
Write-down of
pressure pumping equipment and closed facilities
|
|
|
22,048
|
|
|
|
—
|
|
Impairment of oil and
natural gas properties
|
|
|
10,728
|
|
|
|
20,879
|
|
Total non-cash pretax
charges
|
|
|
288,399
|
|
|
|
98,758
|
|
Legal
settlement
|
|
|
12,260
|
|
|
|
—
|
|
Total pretax
charges
|
|
$
|
300,659
|
|
|
$
|
98,758
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/patterson-uti-energy-reports-financial-results-for-three-and-twelve-months-ended-december-31-2015-300214981.html
SOURCE PATTERSON-UTI ENERGY, INC.