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Dec 31, 2024
Patterson-UTI Q4 2024 Earnings Report
Patterson-UTI Energy reported its financial results for the fourth quarter ended December 31, 2024, showing a net loss and decreased revenue compared to the previous year.
Key Takeaways
Patterson-UTI Energy reported a total revenue of $1.2 billion and a net loss attributable to common stockholders of $52 million, or $0.13 per share, for the fourth quarter of 2024. The company's Adjusted EBITDA for the quarter was $225 million.
Total revenue for Q4 2024 was $1.2 billion.
Net loss attributable to common stockholders was $52 million, or $0.13 per share.
Adjusted EBITDA for Q4 2024 was $225 million.
The company returned $52 million to shareholders in the fourth quarter, including $20 million for share repurchases.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q1 2025, Patterson-UTI expects U.S. Contract Drilling to operate an average of 106 rigs with an adjusted gross profit per operating day of approximately $15,250. Completion Services are expected to see a seasonal uptick in activity, with adjusted gross profit of approximately $100 million. Capital expenditures for 2025 are projected to be around $600 million.
Positive Outlook
- U.S. shale drilling market expected to remain relatively steady.
- Natural gas market showing signs of balancing, with anticipated increase in natural gas-directed drilling and completion activity later in 2025.
- Expect to achieve another year of strong free cash flow in 2025.
- Commitment to return at least 50% of adjusted free cash flow to investors through dividends and share repurchases.
- International revenue for drill bits and downhole tools expected to increase in 2025.
Challenges Ahead
- Completion Services recovery in Q1 2025 will be partially offset by inefficiencies early in the quarter.
- Capital expenditures for 2025 are approximately $600 million, which is a significant investment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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