HOUSTON, July 28, 2016 /PRNewswire/
-- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today
reported financial results for the three and six months ended
June 30, 2016. The Company
reported a net loss of $85.9 million,
or $0.58 per share, for the second
quarter of 2016, compared to a net loss of $19.0 million, or $0.13 per share, for the quarter ended
June 30, 2015. Revenues for the
second quarter of 2016 were $194
million, compared to $473
million for the second quarter of 2015.
For the six months ended June 30,
2016, the Company reported a net loss of $156 million, or $1.06 per share, compared to a net loss of
$9.9 million, or $0.07 per share, for the six months ended
June 30, 2015. Revenues for the
six months ended June 30, 2016, were
$463 million, compared to
$1.1 billion for the same period in
2015.
Andy Hendricks, Patterson-UTI's
Chief Executive Officer, stated, "In contract drilling, our rig
count during the second quarter averaged 55 rigs in the United States and less than one rig in
Canada, compared to the first
quarter average of 71 rigs in the United
States and three rigs in Canada. Activity levels
stabilized for both our drilling and pressure pumping businesses
during the second quarter. Since reaching a bottom in
late-April of 52 rigs, our rig count in the United States has improved to 58 rigs.
For the month of July, we expect our average rig count will
be 56 rigs in the United States
and two rigs in Canada."
Mr. Hendricks added, "We recognized $5.4
million of revenues related to early contract terminations
in our drilling business during the second quarter. These
early termination revenues positively impacted our total average
rig revenue per day of $23,070 by
$1,080. Excluding early
termination revenue from both the first and second quarters, total
average rig revenue per day during the second quarter would have
been $21,980 compared to $22,820 in the first quarter.
"Total average rig operating costs per day during the second
quarter increased to $12,770 from
$12,150 in the first quarter.
Costs associated with preparing rigs for reactivation contributed
to this increase. Total average rig margin per day, excluding
the positive impact from early termination revenues in both the
first and second quarters, decreased to $9,210 during the second quarter, from
$10,660 during the first quarter.
"As of June 30, 2016, we had term
contracts for drilling rigs providing for approximately
$507 million of future dayrate
drilling revenue. Based on contracts currently in place, we
expect an average of 45 rigs operating under term contracts during
the third quarter, and an average of 42 rigs operating under term
contracts during the second half of 2016.
"In pressure pumping, activity stabilized during the second
quarter, but pricing remains unsustainably low. In this low
price environment, we continue to be disciplined in the use of our
assets, and we have not activated idle spreads. With the
lower activity, pressure pumping revenues decreased by 23% to
$74.0 million from $96.3 million in the first quarter. Gross
margin as a percentage of revenues decreased to 6.0% during the
second quarter from 8.8% in the first quarter. Pressure
pumping Adjusted EBITDA was $1.4
million in the second quarter compared to $5.6 million in the first quarter," he
concluded.
Mark S. Siegel, Chairman of
Patterson-UTI, stated, "During the second quarter, activity
stabilized in both our drilling and pressure pumping businesses as
commodity prices improved. We are encouraged by the recent
increase in our rig count and optimistic about a continued recovery
in the U.S. rig count, assuming commodity prices remain at or above
recent levels.
"During a recovery, our operational focus shifts as we scale the
Company to higher activity levels, but our priorities remain the
same – operational execution, maximizing margins, and maintaining
financial flexibility. We are well positioned for a cyclical
recovery with both high quality drilling rigs and pressure pumping
equipment that are ready to be reactivated, as well as the
financial position necessary to cover reactivation costs and
increases in working capital.
"As previously announced, to further solidify our financial
position, we recently amended our bank credit agreement to, among
other things, extend the maturity of our revolving credit facility
by 18 months to March 2019. Additionally, we repaid the
entire $230 million of bank term
loans outstanding as of June 30, 2016
using cash on hand and $70 million
drawn from the revolving credit facility. As a result, we
believe we have ample liquidity to finance working capital
requirements during a recovery. Additionally, we have reduced
our pro forma debt to total capital ratio at June 30, 2016 to 22%, reduced future interest
expense, effectively eased our ability to pay future dividends, and
we no longer have any term debt maturities until October 2020," he concluded.
The Company declared a quarterly dividend on its common stock of
$0.02 per share, to be paid on
September 22, 2016, to holders of
record as of September 8, 2016.
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 June 30,
2016, is scheduled for today, July
28, 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 13110301. 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
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
REVENUES
|
|
$
|
193,907
|
|
|
$
|
472,761
|
|
|
$
|
462,846
|
|
|
$
|
1,130,460
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating
costs
|
|
|
134,999
|
|
|
|
299,383
|
|
|
|
305,800
|
|
|
|
727,716
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
170,975
|
|
|
|
181,924
|
|
|
|
347,745
|
|
|
|
357,306
|
|
Selling, general and
administrative
|
|
|
17,087
|
|
|
|
19,216
|
|
|
|
35,059
|
|
|
|
39,753
|
|
Other operating
(income) expense, net
|
|
|
(4,822)
|
|
|
|
(2,998)
|
|
|
|
(6,167)
|
|
|
|
6,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
|
|
318,239
|
|
|
|
497,525
|
|
|
|
682,437
|
|
|
|
1,131,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS
|
|
|
(124,332)
|
|
|
|
(24,764)
|
|
|
|
(219,591)
|
|
|
|
(661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
100
|
|
|
|
318
|
|
|
|
210
|
|
|
|
601
|
|
Interest
expense
|
|
|
(10,678)
|
|
|
|
(9,249)
|
|
|
|
(21,478)
|
|
|
|
(17,790)
|
|
Other
|
|
|
17
|
|
|
|
—
|
|
|
|
33
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expense
|
|
|
(10,561)
|
|
|
|
(8,931)
|
|
|
|
(21,235)
|
|
|
|
(17,189)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
|
|
(134,893)
|
|
|
|
(33,695)
|
|
|
|
(240,826)
|
|
|
|
(17,850)
|
|
INCOME TAX
BENEFIT
|
|
|
(49,027)
|
|
|
|
(14,720)
|
|
|
|
(84,457)
|
|
|
|
(8,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(85,866)
|
|
|
$
|
(18,975)
|
|
|
$
|
(156,369)
|
|
|
$
|
(9,850)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.58)
|
|
|
$
|
(0.13)
|
|
|
$
|
(1.06)
|
|
|
$
|
(0.07)
|
|
Diluted
|
|
$
|
(0.58)
|
|
|
$
|
(0.13)
|
|
|
$
|
(1.06)
|
|
|
$
|
(0.07)
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
145,944
|
|
|
|
145,300
|
|
|
|
145,857
|
|
|
|
145,142
|
|
Diluted
|
|
|
145,944
|
|
|
|
145,300
|
|
|
|
145,857
|
|
|
|
145,142
|
|
CASH DIVIDENDS PER
COMMON SHARE
|
|
$
|
0.02
|
|
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
$
|
0.20
|
|
PATTERSON-UTI
ENERGY, INC.
|
Additional Financial
and Operating Data
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Contract
Drilling:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
115,235
|
|
|
$
|
288,321
|
|
|
$
|
283,894
|
|
|
$
|
689,799
|
|
Direct operating
costs
|
|
$
|
63,803
|
|
|
$
|
153,848
|
|
|
$
|
144,701
|
|
|
$
|
366,658
|
|
Margin (1)
|
|
$
|
51,432
|
|
|
$
|
134,473
|
|
|
$
|
139,193
|
|
|
$
|
323,141
|
|
Selling, general and
administrative
|
|
$
|
1,479
|
|
|
$
|
1,420
|
|
|
$
|
3,237
|
|
|
$
|
2,858
|
|
Depreciation,
amortization and impairment
|
|
$
|
120,402
|
|
|
$
|
123,627
|
|
|
$
|
241,501
|
|
|
$
|
242,459
|
|
Operating income
(loss)
|
|
$
|
(70,449)
|
|
|
$
|
9,426
|
|
|
$
|
(105,545)
|
|
|
$
|
77,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating days –
United States
|
|
|
4,960
|
|
|
|
11,064
|
|
|
|
11,385
|
|
|
|
25,891
|
|
Operating days –
Canada
|
|
|
36
|
|
|
|
147
|
|
|
|
268
|
|
|
|
840
|
|
Operating days –
Total
|
|
|
4,996
|
|
|
|
11,211
|
|
|
|
11,653
|
|
|
|
26,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – United States
|
|
$
|
23.02
|
|
|
$
|
25.78
|
|
|
$
|
24.29
|
|
|
$
|
25.84
|
|
Average direct
operating costs per operating day – United States
|
|
$
|
12.43
|
|
|
$
|
13.48
|
|
|
$
|
12.10
|
|
|
$
|
13.50
|
|
Average margin per
operating day – United States (1)
|
|
$
|
10.59
|
|
|
$
|
12.30
|
|
|
$
|
12.19
|
|
|
$
|
12.34
|
|
Average rigs operating
– United States
|
|
|
55
|
|
|
|
122
|
|
|
|
63
|
|
|
|
143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Canada
|
|
$
|
28.92
|
|
|
$
|
20.72
|
|
|
$
|
27.39
|
|
|
$
|
24.88
|
|
Average direct
operating costs per operating day – Canada
|
|
$
|
59.44
|
|
|
$
|
31.69
|
|
|
$
|
25.84
|
|
|
$
|
20.54
|
|
Average margin per
operating day – Canada (1)
|
|
$
|
(30.53)
|
|
|
$
|
(10.97)
|
|
|
$
|
1.55
|
|
|
$
|
4.33
|
|
Average rigs operating
– Canada
|
|
|
0
|
|
|
|
2
|
|
|
|
1
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
operating day – Total
|
|
$
|
23.07
|
|
|
$
|
25.72
|
|
|
$
|
24.36
|
|
|
$
|
25.81
|
|
Average direct
operating costs per operating day – Total
|
|
$
|
12.77
|
|
|
$
|
13.72
|
|
|
$
|
12.42
|
|
|
$
|
13.72
|
|
Average margin per
operating day – Total (1)
|
|
$
|
10.29
|
|
|
$
|
11.99
|
|
|
$
|
11.94
|
|
|
$
|
12.09
|
|
Average rigs operating
– Total
|
|
|
55
|
|
|
|
123
|
|
|
|
64
|
|
|
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
16,570
|
|
|
$
|
153,940
|
|
|
$
|
28,450
|
|
|
$
|
311,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pressure
Pumping:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
73,950
|
|
|
$
|
176,624
|
|
|
$
|
170,263
|
|
|
$
|
426,345
|
|
Direct operating
costs
|
|
$
|
69,546
|
|
|
$
|
142,756
|
|
|
$
|
157,359
|
|
|
$
|
355,481
|
|
Margin (2)
|
|
$
|
4,404
|
|
|
$
|
33,868
|
|
|
$
|
12,904
|
|
|
$
|
70,864
|
|
Selling, general and
administrative
|
|
$
|
3,029
|
|
|
$
|
4,351
|
|
|
$
|
5,918
|
|
|
$
|
9,444
|
|
Depreciation,
amortization and impairment
|
|
$
|
47,400
|
|
|
$
|
48,261
|
|
|
$
|
96,970
|
|
|
$
|
95,180
|
|
Operating
loss
|
|
$
|
(46,025)
|
|
|
$
|
(18,744)
|
|
|
$
|
(89,984)
|
|
|
$
|
(33,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fracturing
jobs
|
|
|
74
|
|
|
|
148
|
|
|
|
157
|
|
|
|
364
|
|
Other jobs
|
|
|
172
|
|
|
|
535
|
|
|
|
330
|
|
|
|
1,153
|
|
Total jobs
|
|
|
246
|
|
|
|
683
|
|
|
|
487
|
|
|
|
1,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per
fracturing job
|
|
$
|
976.30
|
|
|
$
|
1,148.39
|
|
|
$
|
1,058.99
|
|
|
$
|
1,118.41
|
|
Average revenue per
other job
|
|
$
|
9.91
|
|
|
$
|
12.45
|
|
|
$
|
12.13
|
|
|
$
|
16.69
|
|
Average revenue per
total job
|
|
$
|
300.61
|
|
|
$
|
258.60
|
|
|
$
|
349.62
|
|
|
$
|
281.04
|
|
Average costs per
total job
|
|
$
|
282.71
|
|
|
$
|
209.01
|
|
|
$
|
323.12
|
|
|
$
|
234.33
|
|
Average margin per
total job (2)
|
|
$
|
17.90
|
|
|
$
|
49.59
|
|
|
$
|
26.50
|
|
|
$
|
46.71
|
|
Margin as a percentage
of revenues (2)
|
|
|
6.0
|
%
|
|
|
19.2
|
%
|
|
|
7.6
|
%
|
|
|
16.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
and acquisitions
|
|
$
|
11,780
|
|
|
$
|
64,009
|
|
|
$
|
19,332
|
|
|
$
|
139,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and Natural Gas
Production and Exploration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues –
Oil
|
|
$
|
4,056
|
|
|
$
|
7,091
|
|
|
$
|
7,413
|
|
|
$
|
12,955
|
|
Revenues – Natural gas
and liquids
|
|
$
|
666
|
|
|
$
|
725
|
|
|
$
|
1,276
|
|
|
$
|
1,361
|
|
Revenues –
Total
|
|
$
|
4,722
|
|
|
$
|
7,816
|
|
|
$
|
8,689
|
|
|
$
|
14,316
|
|
Direct operating
costs
|
|
$
|
1,650
|
|
|
$
|
2,779
|
|
|
$
|
3,740
|
|
|
$
|
5,577
|
|
Margin (3)
|
|
$
|
3,072
|
|
|
$
|
5,037
|
|
|
$
|
4,949
|
|
|
$
|
8,739
|
|
Depletion
|
|
$
|
1,805
|
|
|
$
|
4,607
|
|
|
$
|
4,336
|
|
|
$
|
9,507
|
|
Impairment of oil and
natural gas properties
|
|
$
|
—
|
|
|
$
|
4,061
|
|
|
$
|
2,201
|
|
|
$
|
7,425
|
|
Operating income
(loss)
|
|
$
|
1,267
|
|
|
$
|
(3,631)
|
|
|
$
|
(1,588)
|
|
|
$
|
(8,193)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
1,692
|
|
|
$
|
3,612
|
|
|
$
|
3,220
|
|
|
$
|
11,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
$
|
12,579
|
|
|
$
|
13,445
|
|
|
$
|
25,904
|
|
|
$
|
27,451
|
|
Depreciation
|
|
$
|
1,368
|
|
|
$
|
1,368
|
|
|
$
|
2,737
|
|
|
$
|
2,735
|
|
Other operating
(income) expense, net
|
|
$
|
(4,822)
|
|
|
$
|
(2,998)
|
|
|
$
|
(6,167)
|
|
|
$
|
6,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
491
|
|
|
$
|
606
|
|
|
$
|
832
|
|
|
$
|
1,248
|
|
Total capital
expenditures
|
|
$
|
30,533
|
|
|
$
|
222,167
|
|
|
$
|
51,834
|
|
|
$
|
463,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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):
|
|
June 30,
2016
|
|
|
December
31,
2015 |
|
Cash and cash
equivalents
|
|
$
|
209,627
|
|
|
$
|
113,346
|
|
Current
assets
|
|
$
|
455,723
|
|
|
$
|
486,536
|
|
Current
liabilities
|
|
$
|
291,986
|
|
|
$
|
307,649
|
|
Working
capital
|
|
$
|
163,737
|
|
|
$
|
178,887
|
|
Current portion of
long-term debt
|
|
$
|
85,721
|
|
|
$
|
63,267
|
|
Borrowings under
revolving credit facility
|
|
$
|
—
|
|
|
$
|
—
|
|
Other long-term
debt
|
|
$
|
741,169
|
|
|
$
|
787,900
|
|
PATTERSON-UTI
ENERGY, INC.
|
Non-U.S. GAAP
Financial Measures
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization (Adjusted
EBITDA)(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(85,866)
|
|
|
$
|
(18,975)
|
|
|
$
|
(156,369)
|
|
|
$
|
(9,850)
|
|
Income tax
benefit
|
|
|
(49,027)
|
|
|
|
(14,720)
|
|
|
|
(84,457)
|
|
|
|
(8,000)
|
|
Net interest
expense
|
|
|
10,578
|
|
|
|
8,931
|
|
|
|
21,268
|
|
|
|
17,189
|
|
Depreciation,
depletion, amortization and impairment
|
|
|
170,975
|
|
|
|
181,924
|
|
|
|
347,745
|
|
|
|
357,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
46,660
|
|
|
$
|
157,160
|
|
|
$
|
128,187
|
|
|
$
|
356,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
$
|
193,907
|
|
|
$
|
472,761
|
|
|
$
|
462,846
|
|
|
$
|
1,130,460
|
|
Adjusted EBITDA
margin
|
|
|
24.1
|
%
|
|
|
33.2
|
%
|
|
|
27.7
|
%
|
|
|
31.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA by
operating segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling
|
|
$
|
49,953
|
|
|
$
|
133,053
|
|
|
$
|
135,956
|
|
|
$
|
320,283
|
|
Pressure
pumping
|
|
|
1,375
|
|
|
|
29,517
|
|
|
|
6,986
|
|
|
|
61,420
|
|
Oil and natural
gas
|
|
|
3,072
|
|
|
|
5,037
|
|
|
|
4,949
|
|
|
|
8,739
|
|
Corporate and
other
|
|
|
(7,740)
|
|
|
|
(10,447)
|
|
|
|
(19,704)
|
|
|
|
(33,797)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted
EBITDA
|
|
$
|
46,660
|
|
|
$
|
157,160
|
|
|
$
|
128,187
|
|
|
$
|
356,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
Second
|
|
|
First
|
|
|
|
Quarter
|
|
|
Quarter
|
|
Contract drilling
revenues
|
|
$
|
115,235
|
|
|
$
|
168,659
|
|
Operating days -
Total
|
|
|
4,996
|
|
|
|
6,657
|
|
Average revenue per
operating day - Total
|
|
$
|
23.07
|
|
|
$
|
25.34
|
|
Early termination
revenues - Total
|
|
$
|
5,419
|
|
|
$
|
16,776
|
|
Early termination
revenues per operating day - Total
|
|
$
|
1.08
|
|
|
$
|
2.52
|
|
Average revenue per
operating day excluding early termination revenues -
Total
|
|
$
|
21.98
|
|
|
$
|
22.82
|
|
Direct operating
costs - Total
|
|
$
|
63,803
|
|
|
$
|
80,898
|
|
Average direct
operating costs per operating day - Total
|
|
$
|
12.77
|
|
|
$
|
12.15
|
|
Average margin per
operating day excluding early termination revenues -
Total
|
|
$
|
9.21
|
|
|
$
|
10.66
|
|
PATTERSON-UTI
ENERGY, INC.
|
Pressure Pumping
Margin and Adjusted EBITDA
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2016
|
|
|
|
Second
|
|
|
First
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
Pressure pumping
revenues
|
|
$
|
73,950
|
|
|
$
|
96,313
|
|
Direct operating
costs
|
|
|
69,546
|
|
|
|
87,813
|
|
Margin
|
|
|
4,404
|
|
|
|
8,500
|
|
Selling, general and
administrative
|
|
|
3,029
|
|
|
|
2,889
|
|
Adjusted
EBITDA
|
|
$
|
1,375
|
|
|
$
|
5,611
|
|
Margin as a
percentage of revenues
|
|
|
6.0
|
%
|
|
|
8.8
|
%
|
PATTERSON-UTI
ENERGY, INC.
|
Pro Forma Debt to
Total Capital Ratio
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
Repayment
of
Term
Loans
|
|
|
Revolver
Borrowing
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt (excluding debt issuance cost)
|
$
|
86,250
|
|
|
$
|
(86,250)
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Long-term debt
(excluding debt issuance cost)
|
|
743,750
|
|
|
|
(143,750)
|
|
|
|
70,000
|
|
|
|
670,000
|
|
Total debt
|
|
830,000
|
|
|
|
(230,000)
|
|
|
|
70,000
|
|
|
|
670,000
|
|
Total stockholders'
equity
|
|
2,401,830
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,401,830
|
|
Total
capital
|
$
|
3,231,830
|
|
|
$
|
(230,000)
|
|
|
$
|
70,000
|
|
|
$
|
3,071,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt to total capital
ratio
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
22
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/patterson-uti-energy-reports-financial-results-for-three-and-six-months-ended-june-30-2016-300305239.html
SOURCE PATTERSON-UTI ENERGY, INC.