Patterson-UTI Earnings Reports

Patterson-UTI Energy reported Q4 2024 financial results with total revenue of $1.2 billion and a net loss attributable to common stockholders of $52 million, or $0.13 per share, which includes $3 million in merger and integration expenses. Adjusted EBITDA was $225 million, excluding merger and integration expenses. The company finalized a new 5-year, $500 million unsecured revolving credit facility and returned $52 million to shareholders in the fourth quarter.

Patterson-UTI Energy reported a total revenue of $1.4 billion for the third quarter of 2024. The company experienced a net loss attributable to common stockholders of $979 million, or $2.50 per share, which included an $885 million goodwill impairment, a $114 million asset retirement charge, and $7 million in merger and integration expenses. Adjusted net income attributable to common stockholders was $2 million, or $0.00 per share. Adjusted EBITDA was $275 million.

Patterson-UTI Energy reported a total revenue of $1.3 billion and a net income attributable to common stockholders of $11 million, or $0.03 per share, for the second quarter of 2024. The results include $11 million in merger and integration expenses. The company returned $164 million to shareholders during the quarter and confirmed its expectation to return at least $400 million in 2024.

Patterson-UTI Energy reported a strong first quarter with total revenue of $1.5 billion and net income attributable to common stockholders of $51 million, or $0.13 per share. The company achieved its annualized synergy target of $200 million from the NexTier merger and returned $130 million to shareholders. The near-term outlook for U.S. shale activity is cautious, but activity in oil basins remains steady.