Patterson-UTI Energy

Patterson-UTI Energy, Inc. engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping Services segment offers pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Directional Drilling Services segment consists of downhole performance motors and equipment to provide services including directional drilling, downhole performance motors, motor rentals, directional surveying, measurement-while-drilling, and wireline steering tools, in most major onshore oil and natural gas basins. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.

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Patterson-UTI Energy (PTEN) posts strong Q4 results, eyes growth

Patterson-UTI Energy (PTEN) reported a robust Q4 2022 performance, anticipating significant growth in 2023 driven by strong demand for rigs and pressure pumping services, supported by stable oil prices and operational efficiencies.
Despite cost and inflation challenges, PTEN's strategic initiatives around reactivating rigs, repricing contracts, and technology innovation position the company well for future profitability and market leadership.
With a focus on financial discipline, shareholder returns, and operational excellence, PTEN is poised to navigate industry dynamics, capitalize on growth opportunities, and drive sustainable value creation for stakeholders.
Proactive measures to address challenges, explore new markets, and invest in technology underscore PTEN's commitment to innovation, efficiency, and long-term success in the energy sector.

Patterson-UTI Energy posts strong Q1 results, eyes operational efficiency

Patterson-UTI Energy's Q1 performance reflects financial strength and strategic operational decisions.
While facing challenges in certain segments, the company is well-positioned to capitalize on growth opportunities.
Maintaining a focus on shareholder returns and operational efficiency, PTEN aims to navigate market dynamics effectively.
Strategic initiatives and cost-effective measures position Patterson-UTI Energy for sustainable growth and profitability.

Patterson-UTI Energy reports Q2 net income of $84.6 million

Patterson-UTI Energy remains positive about future prospects, expressing confidence in maintaining dayrates, pricing dynamics, and rig count recovery. They see more upside in gas activity compared to oil, especially in regions like South Texas and broader basins connected to Henry Hub.

Patterson-UTI Energy (PTEN) reports steady performance and growth opportunities

Patterson-UTI Energy (PTEN) is navigating challenges in drilling activity and completion services revenue while focusing on maximizing synergies from recent mergers. The company remains optimistic about positive momentum into 2024 and sees growth opportunities in international markets. PTEN is committed to enhancing shareholder value and maintaining operational efficiencies.

Patterson-UTI Energy (PTEN) posts robust Q4 results, eyes international growth

PTEN's strong Q4 performance post-merger showcases profitability and FCF strength. Strategic investments in technology and acquisitions position the company for growth. Challenges include cost increases and natural gas basin softness, offset by opportunities in international markets and e-fleet expansion.

Patterson-UTI Energy (PTEN) reports robust Q1 results and eyes shareholder returns

Patterson-UTI Energy (PTEN) showcased strong financial performance in Q1 2024, driven by robust free cash flow and successful segment operations. While facing challenges from weak natural gas prices, the company is focused on enhancing shareholder value through capital returns and strategic growth initiatives. Opportunities lie in market improvements, shareholder returns, and technological advancements.

Patterson-UTI Energy (PTEN) reports strong Q2 results, eyes growth opportunities

PTEN's Q2 performance reflects solid financial results, with a focus on shareholder value and operational efficiency across its business segments.
While facing challenges in managing CapEx and market uncertainties, the company remains optimistic about growth opportunities and is committed to maximizing free cash flow.
By prioritizing capital-efficient growth, rewarding shareholders, and pursuing strategic initiatives, PTEN aims to navigate industry challenges and drive sustainable value creation.

PTEN reports strong Q3 earnings, eyes growth amid market challenges

Patterson-UTI Energy (PTEN) delivered solid financial results in Q3 2024, focusing on operational excellence, shareholder value, and debt reduction. Despite challenges in completion activity and market dynamics, PTEN remains optimistic about the natural gas market stabilization and long-term outlook. The company's strategic acquisitions and commitment to enhancing shareholder value position it for future growth and profitability.

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Patterson-UTI Energy, Inc. engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Drilling Services, Completion Services, and Drilling Products. The Drilling Services segment represents contract drilling, directional drilling, oilfield technology, and electrical controls and automation businesses. The Completion Services segment offers hydraulic fracturing, wireline and pumping, completion support, cementing, and pressure pumping business. The Drilling Products segment focuses on manufacturing and distribution of drill bits business. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.

Precision Drilling

Seadrill Ltd

With the Zacks Oil and Gas - Drilling market holding up pretty well, we prioritize companies like SDRL, PTEN and PDS over others.

3 Stocks in the Oil & Gas Drilling Industry With Steady Growth Paths

HOUSTON, TX / ACCESSWIRE / August 14, 2023 / Patterson-UTI Energy, Inc. (NASDAQ:PTEN) ("Patterson-UTI"), a leading provider of drilling and completions services in the United States, today announced it has completed the acquisition of Ulterra Drilling Technologies, L.P. ("Ulterra"), a global provider of specialized drill bit solutions.

Patterson-UTI Energy Completes Acquisition of Ulterra Drilling Technologies

NexTier Oilfield Solutions Inc

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of NexTier Oilfield Solutions Inc. (NYSE: NEX) to Patterson-UTI Energy, Inc. (NASDAQ: PTEN). Under the terms of the proposed transaction, shareholders of NexTier will receive 0.7520 shares of Patterson for each share of NexTier that they own. KSF is seeking to determine whether this consideration and the process.

NEXTIER OILFIELD INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of NexTier Oilfield Solutions Inc. - NEX

Patterson-UTI (PTEN) reduces capex to $485 million for second-half 2023, targeting $280 million for contract drilling, $140 million for pressure pumping and $20 million for directional drilling in Q3.

Patterson-UTI (PTEN) Q2 Earnings In Line, Revenues Rise Y/Y

HOUSTON, TX / ACCESSWIRE / August 3, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of July 2023, the Company had an average of 123 drilling rigs operating in the United States.

Patterson-UTI Reports Drilling Activity for July 2023

HOUSTON, TX / ACCESSWIRE / July 28, 2023 / Patterson-UTI Energy, Inc. (NASDAQ:PTEN) ("Patterson-UTI") and NexTier Oilfield Solutions Inc. (NYSE:NEX) ("NexTier") today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act"), in connection with the previously announced all-stock merger of equals transaction. The expiration of the waiting period under the HSR Act satisfies one condition needed to close the merger, which remains on track to occur this year.

Patterson-UTI and NexTier Oilfield Solutions Announce Expiration of Hart-Scott Rodino Waiting Period for Pending Merger

Patterson-UTI Energy, Inc. (NASDAQ:PTEN ) Q2 2023 Results Conference Call July 27, 2023 10:00 AM ET Company Participants Mike Drickamer - VP, IR Andy Hendricks - President, CEO & Director Andrew Smith - EVP & CFO Mike Holcomb - Chief Operating Officer Conference Call Participants Arun Jayaram - JPMorgan Kurt Hallead - Benchmark Derek Podhaizer - Barclays Keith MacKey - RBC Capital Markets Saurabh Pant - Bank of America Jim Rollyson - Raymond James John Daniel - Daniel Energy Partners Dan Kutz - Morgan Stanley Operator Thank you for standing by. At this time, I would like to welcome everyone to the Patterson-UTI Energy Second Quarter 2023 Earnings Conference Call.

Patterson-UTI Energy, Inc. (PTEN) Q2 2023 Earnings Call Transcript

The headline numbers for Patterson-UTI (PTEN) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Patterson-UTI (PTEN) Reports Q2 Earnings: What Key Metrics Have to Say

Patterson-UTI (PTEN) came out with quarterly earnings of $0.44 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.05 per share a year ago.

Patterson-UTI (PTEN) Q2 Earnings Meet Estimates

HOUSTON, TX / ACCESSWIRE / July 26, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2023.

Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2023

Patterson-UTI (PTEN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Patterson-UTI (PTEN) Earnings Expected to Grow: Should You Buy?

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The acquisition of Ulterra will expand Patterson-UTI's (PTEN) operational and technology portfolio, strengthening its market presence in drilling and completions.

Patterson-UTI (PTEN) to Buy Ulterra, Strengthen Portfolio

HOUSTON, TX / ACCESSWIRE / July 6, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of June 2023, the Company had an average of 126 drilling rigs operating in the United States.

Patterson-UTI Reports Drilling Activity for June 2023

Ulterra is a Leading Provider of Highly Engineered Polycrystalline Diamond Compact ("PDC") Drill Bits in North America with a Growing International Presence Consideration Comprised of $370 Million of Cash and 34.9 Million Shares of Patterson-UTI Common Stock Ulterra's Data-Centric Approach Expands Patterson-UTI's Drilling and Completions Related Data Analytics Technology for Improved Performance Patterson-UTI to Host Conference Call Today at 7:30 a.m. CT (8:30 a.m.

Patterson-UTI Energy Announces Agreement to Acquire Global Drill Bit Company, Ulterra

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Energy Select Sector SPDR Fund

It's sometimes said that markets can turn on a dime. That seemed to have happened with the energy sector, which was the huge 2022 winner, but the Energy Select Sector SPDR Fund NYSEARCA: XLE is down 7.56% so far in 2023, lagging behind all other sectors.

Oilfield Services Growing Faster Than Wider Energy Sector

The current stockholders of Patterson-UTI Energy (PTEN) will own approximately 55% of the combined company, with NexTier Oilfield Solutions (NEX) shareholders owning the rest.

Patterson-UTI, NexTier Combine to Create Oil Services Giant

HOUSTON, TX / ACCESSWIRE / June 20, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that the Company will participate in the J.P.

Patterson-UTI Energy to Participate in the J.P. Morgan 2023 Energy, Power and Renewables Conference

Patterson-UTI (PTEN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions could translate into further price increase in the near term.

Strength Seen in Patterson-UTI (PTEN): Can Its 12.1% Jump Turn into More Strength?

Shares of Patterson UTI Energy Inc. NASDAQ: PTEN and NexTier Oilfield Solutions NYSE: NEX were both trading higher on June 15 following news that the companies agreed to combine in a merger of equals.

Is NexTier-Patterson UTI Deal A Sign Of More Consolidation Ahead?

NEW YORK , June 15, 2023 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by NexTier Oilfield Solutions Inc. (NYSE: NEX) and its board of directors concerning the proposed merger of the company with Patterson-UTI Energy, Inc. (NASDAQ: PTEN). Stockholders will receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier stock that they hold and will own approximately 45% of the combined company.

ALERT: Rowley Law PLLC is Investigating Proposed Merger of NexTier Oilfield Solutions Inc.

Patterson-UTI Energy (NASDAQ:PTEN) and NexTier Oilfield Solutions have agreed to an all-stock merger, according to reports, creating a $5.4 billion oil services company.  The deal will see NexTier shareholders receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned.

Patterson-UTI Energy and NexTier merge to create $5.4B oilfield giant

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Patterson-UTI Energy, Inc. (NASDAQ: PTEN) and NexTier Oilfield Solutions Inc. is fair to Patterson-UTI shareholders. Under the terms of the agreement, NexTier shareholders will receive 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned. Upon closing of the transaction, Patterson-UTI shareholders will own approximately 55% of the combined company.

PTEN Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of Patterson-UTI Energy, Inc. Is Fair to Shareholders

Comprehensive U.S. Oilfield Services Franchise to Enhance Drilling and Completions Value Creation Potential and Maximize Returns for Shareholders Combined $5.4 Billion Total Enterprise Value Drives Improved Free Cash Flow Generation and Strong Balance Sheet to Deliver Long Term Value to Shareholders, Including Continued Commitment to Shareholder Return Program Expected to be Accretive to Earnings per Share and Free Cash Flow per Share in 2024  Expected to Generate Approximately $200 Million of Annual Cost Savings and Operational Synergies Within 18 Months Following Close Curtis Huff to Serve as Chair of the Board; Robert Drummond to Serve as Vice Chair of the Board; Andy Hendricks to Serve as CEO Companies to Host Conference Call Today at 7:30 a.m. CT (8:30 a.m.

Patterson-UTI Energy and NexTier Oilfield Solutions to Combine in Merger of Equals, Creating Industry Leading Drilling and Completions Services Provider

NexTier Oilfield Solutions and Patterson-UTI Energy are discussing a deal that would create a bigger player in a consolidating industry.

News for Patterson-UTI Energy Stock (PTEN)