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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.
Patterson-UTI
Patterson-UTI
Patterson-UTI Revenue by Segment
Patterson-UTI Revenue by Geographic Location
Revenue by Segment
Drilling Services Revenue
CapyFin.comCompletion Services Revenue
CapyFin.comDrilling Products Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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.
- U.S. onshore activity may remain steady near current levels, limiting significant growth.
- Selling, general and administrative expense expected to be approximately $67 million in Q1 2025.
- Depreciation, depletion, amortization, and impairment expense expected to be approximately $235 million in Q1 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income