Form 8-K PATTERSON UTI ENERGY For: Jul 27

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2022

 

Patterson-UTI Energy, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware	1-39270	75-2504748
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
10713 W. Sam Houston Pkwy N, Suite 800, Houston, Texas		77064
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 281-765-7100

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.01 Par Value		PTEN		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02 Results of Operations and Financial Condition.

On July 27, 2022, Patterson-UTI Energy, Inc. (the "Company") announced financial results for the three and six months ended June 30, 2022. The press release, dated July 27, 2022, is furnished as Exhibit 99.1 to this report and incorporated by reference herein.

The information furnished pursuant to Item 2.02, including Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, shall not otherwise be subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 8.01 Other Events.

To the extent required, the information included in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibit is furnished herewith:

 

99.1		Press Release dated July 27, 2022 announcing financial results for the three and six months ended June 30, 2022.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		Patterson-UTI Energy, Inc.
July 27, 2022		By:		/s/ C. Andrew Smith
				Name: C. Andrew Smith
				Title: Executive Vice President and Chief Financial Officer

 

 

 

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Exhibit 99.1

Contact: Mike Drickamer

Vice President, Investor Relations

(281) 765-7170

Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2022

 

HOUSTON, Texas – July 27, 2022 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the quarter ended June 30, 2022. The Company reported net income of $21.9 million, or $0.10 per share, for the second quarter of 2022, compared to a net loss of $28.8 million, or $0.13 per share, for the first quarter of 2022. Revenues for the second quarter of 2022 were $622 million, compared to $509 million for the first quarter of 2022.

 

The financial results for the quarter ended June 30, 2022 include a non-cash, pretax gain of $11.5 million ($11.5 million after-tax, or $0.05 per share) related to the release of a foreign currency cumulative translation adjustment associated with the substantial completion of our exit from Canadian operations.

 

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “I am pleased with our outstanding second quarter results, as we achieved strong increases in activity and pricing. I am proud of the solid execution at each of our businesses, as we continued to provide the high level of service quality that our customers have come to expect from Patterson-UTI.

 

“Market fundamentals are strong, as demand is increasing for drilling and completions equipment and services, and industry supply remains constrained. We expect the strong demand for our services to continue, and we anticipate further improvements in pricing and activity. As such, we are increasing our forecast for 2022 consolidated Adjusted EBITDA, which we now expect will exceed $600 million. We are also increasing our 2022 capex forecast to $390 million due to increasing activity, including long-lead time items for rigs to return to work in 2023, and cost inflation.”

 

Mr. Hendricks continued, “For the second quarter, our average rig count in the United States increased by six rigs to 121 rigs from 115 rigs in the first quarter. We expect our rig count in the United States will average 128 rigs for the third quarter as drilling activity continues to improve.

 

“Contract drilling revenues and margins increased significantly in the second quarter due to continued dayrate pricing momentum, contract renewals and rig reactivations. In the United States, average rig revenue per day increased during the second quarter by $2,770 to $25,900 and average rig operating cost per day increased by $550 to $16,500. Average adjusted rig margin per day in the United States increased by $2,220 to $9,390 for the second quarter.

 

“As of June 30, 2022, we had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $440 million. Based on contracts currently in place in the United States, we expect an average of 71 rigs operating under term contracts during the third quarter, and an average of 46 rigs operating under term contracts during the four quarters ending June 30, 2023.

 

“In pressure pumping, revenues and margins improved during the second quarter due to better pricing, higher utilization and more favorable contract terms. Pressure pumping revenues were $238 million for the second quarter, an increase of $48.8 million, or 26%, compared to revenues for the first quarter. Adjusted gross margin for the second quarter was $46.9 million, an increase of $14.8 million, or 46%, compared to the first quarter.

 

“In directional drilling, during the second quarter, we were able to achieve better pricing with higher activity levels resulting in increased revenues and margins. Second quarter directional drilling revenues increased 27% to $54.8 million, and the adjusted gross margin increased by 47% to $9.4 million.”

 

Mr. Hendricks concluded, “Our results this quarter further demonstrate how tight the market is for high-quality, drilling and completion equipment and services, and the strong pricing environment that we are in. As the only company in the United States that offers contract drilling, pressure pumping, and directional drilling services, we are uniquely positioned to benefit from the concurrent strength across the U.S. oilfield services market. As well, the breadth of our services has allowed us to build relationships with a broad customer base of both public and private E&Ps that we will continue to leverage to increase activity. Again, I am proud of our teams’ execution across each of our businesses and their ability to react quickly and efficiently to take advantage of this market to further improve our financial performance.”

 

The Company declared a quarterly dividend on its common stock of $0.04 per share, payable on September 15, 2022, to holders of record as of September 1, 2022.

 

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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, 2022, is scheduled for tomorrow, July 28, 2022, at 9:00 a.m. Central Time. The dial-in information for participants is (888) 550-5422 (Domestic) and (646) 960-0676 (International). The conference ID for both numbers is 3822955. The call is also being webcast and can be accessed through the Investor Relations section of the Company’s website at investor.patenergy.com. A replay of the conference call will be on the Company’s website for two weeks.

 

About Patterson-UTI

 

Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions, including as a result of economic repercussions from the COVID-19 pandemic; global economic conditions; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI’s services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI’s services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; the ultimate timing, outcome and results of integrating the operations of Pioneer Energy Services into Patterson-UTI; the effects of the acquisition on Patterson-UTI, including Patterson-UTI’s future financial condition, results of operations, strategy and plans; potential adverse reactions or changes to business relationships resulting from the acquisition; the failure to realize expected synergies and other benefits from the acquisition; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; stock price volatility; and compliance with covenants under Patterson-UTI’s debt agreements.

 

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 Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.

 

 

 

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PATTERSON-UTI ENERGY, INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share data)

 

		Three Months Ended								Six Months Ended								Three Months Ended
		June 30,								June 30,								March 31,
		2022				2021				2022				2021				2022
REVENUES		$	622,238			$	291,774			$	1,131,613			$	532,703			$	509,375
COSTS AND EXPENSES:
Direct operating costs			446,900				235,233				830,112				417,984				383,212
Depreciation, depletion, amortization and impairment			121,553				144,037				238,491				296,919				116,938
Selling, general and administrative			26,079				23,555				53,540				46,113				27,461
Merger and integration expense			182				1,148				2,045				1,148				1,863
Other operating (income) expense, net			(9,238	)			(2,789	)			(10,456	)			(2,524	)			(1,218	)
Total costs and expenses			585,476				401,184				1,113,732				759,640				528,256
OPERATING INCOME (LOSS)			36,762				(109,410	)			17,881				(226,937	)			(18,881	)
OTHER INCOME (EXPENSE):
Interest income			14				20				29				159				15
Interest expense, net of amount capitalized			(10,658	)			(10,704	)			(21,223	)			(20,713	)			(10,565	)
Other			(2,452	)			812				(870	)			826				1,582
Total other expense			(13,096	)			(9,872	)			(22,064	)			(19,728	)			(8,968	)
INCOME (LOSS) BEFORE INCOME TAXES			23,666				(119,282	)			(4,183	)			(246,665	)			(27,849	)
INCOME TAX EXPENSE (BENEFIT)			1,780				(15,973	)			2,708				(36,943	)			928
NET INCOME (LOSS)		$	21,886			$	(103,309	)		$	(6,891	)		$	(209,722	)		$	(28,777	)
NET INCOME (LOSS) PER COMMON SHARE:
Basic		$	0.10			$	(0.55	)		$	(0.03	)		$	(1.12	)		$	(0.13	)
Diluted		$	0.10			$	(0.55	)		$	(0.03	)		$	(1.12	)		$	(0.13	)
WEIGHTED AVERAGE NUMBER OF COMMON    SHARES OUTSTANDING:
Basic			216,165				188,408				215,718				188,044				215,267
Diluted			219,676				188,408				215,718				188,044				215,267
CASH DIVIDENDS PER COMMON SHARE		$	0.04			$	0.02			$	0.08			$	0.04			$	0.04

 

 

 

 

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PATTERSON-UTI ENERGY, INC.

Additional Financial and Operating Data

(unaudited, dollars in thousands)

 

	Three Months Ended								Six Months Ended								Three Months Ended
	June 30,								June 30,								March 31,
	2022				2021				2022				2021				2022
Contract Drilling:
Revenues	$	304,586			$	141,732			$	561,226			$	275,233			$	256,640
Direct operating costs	$	196,269			$	100,134			$	372,975			$	179,512			$	176,706
Adjusted gross margin (1)	$	108,317			$	41,598			$	188,251			$	95,721			$	79,934
Other operating (income) expenses, net	$	(2	)		$	33			$	2			$	45			$	4
Selling, general and administrative	$	1,694			$	1,202			$	2,765			$	2,260			$	1,071
Depreciation, amortization and impairment	$	84,905			$	98,592			$	166,928			$	200,266			$	82,023
Operating income (loss)	$	21,720			$	(58,229	)		$	18,556			$	(106,850	)		$	(3,164	)
Operating days - U.S. (2)		11,015				6,652				21,377				12,835				10,362
Average revenue per operating day - U.S.	$	25.90			$	21.31			$	24.56			$	21.44			$	23.13
Average direct operating costs per operating day - U.S.	$	16.50			$	15.04			$	16.24			$	13.98			$	15.96
Average adjusted gross margin per operating day - U.S. (3)	$	9.39			$	6.26			$	8.32			$	7.47			$	7.17
Average rigs operating - U.S. (2)		121				73				118				71				115
Capital expenditures	$	50,165			$	24,042			$	101,875			$	35,469			$	51,710
Pressure Pumping:
Revenues	$	238,376			$	111,991			$	427,966			$	187,830			$	189,590
Direct operating costs	$	191,455			$	102,320			$	348,923			$	178,830			$	157,468
Adjusted gross margin (1)	$	46,921			$	9,671			$	79,043			$	9,000			$	32,122
Selling, general and administrative	$	2,117			$	1,852			$	4,033			$	3,535			$	1,916
Depreciation, amortization and impairment	$	24,713			$	31,740			$	48,498			$	69,125			$	23,785
Operating income (loss)	$	20,091			$	(23,921	)		$	26,512			$	(63,660	)		$	6,421
Average active spreads (4)		11				8				11				7				11
Fracturing jobs		142				105				270				176				128
Other jobs		146				206				323				406				177
Total jobs		288				311				593				582				305
Average revenue per fracturing job	$	1,654.75			$	1,006.36			$	1,557.35			$	994.88			$	1,449.30
Average revenue per other job	$	23.30			$	30.69			$	23.16			$	31.36			$	23.05
Average revenue per total job	$	827.69			$	360.10			$	721.70			$	322.73			$	621.61
Average costs per total job	$	664.77			$	329.00			$	588.40			$	307.27			$	516.29
Average adjusted gross margin per total job (5)	$	162.92			$	31.10			$	133.29			$	15.46			$	105.32
Adjusted gross margin as a percentage of revenues (5)		19.7	%			8.6	%			18.5	%			4.8	%			16.9	%
Capital expenditures	$	34,554			$	8,921			$	68,016			$	12,989			$	33,462
Directional Drilling:
Revenues	$	54,825			$	24,869			$	98,159			$	44,539			$	43,334
Direct operating costs	$	45,438			$	22,370			$	82,392			$	39,007			$	36,954
Adjusted gross margin (1)	$	9,387			$	2,499			$	15,767			$	5,532			$	6,380
Selling, general and administrative	$	1,500			$	1,015			$	2,748			$	2,474			$	1,248
Depreciation, amortization and impairment	$	3,859			$	6,594			$	7,203			$	13,091			$	3,344
Operating income (loss)	$	4,028			$	(5,110	)		$	5,816			$	(10,033	)		$	1,788
Adjusted gross margin as a percentage of revenues (6)		17.1	%			10.0	%			16.1	%			12.4	%			14.7	%
Capital expenditures	$	4,036			$	1,219			$	7,002			$	1,323			$	2,966

 

 

 

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PATTERSON-UTI ENERGY, INC.

Additional Financial and Operating Data

(unaudited, dollars in thousands)

 

	Three Months Ended								Six Months Ended								Three Months Ended
	June 30,								June 30,								March 31,
	2022				2021				2022				2021				2022
Other Operations:
Revenues	$	24,451			$	13,182			$	44,262			$	25,101			$	19,811
Direct operating costs	$	13,738			$	10,409			$	25,822			$	20,635			$	12,084
Adjusted gross margin (1)	$	10,713			$	2,773			$	18,440			$	4,466			$	7,727
Selling, general and administrative	$	610			$	441			$	1,199			$	866			$	589
Depreciation, depletion, amortization and impairment	$	6,803			$	5,619			$	13,200			$	11,443			$	6,397
Operating income (loss)	$	3,300			$	(3,287	)		$	4,041			$	(7,843	)		$	741
Capital expenditures	$	7,189			$	3,429			$	13,391			$	6,173			$	6,202
Corporate:
Selling, general and administrative	$	20,158			$	19,045			$	42,795			$	36,978			$	22,637
Depreciation	$	1,273			$	1,492			$	2,662			$	2,994			$	1,389
Merger and integration expense	$	182			$	1,148			$	2,045			$	1,148			$	1,863
Other operating income, net	$	(9,236	)		$	(2,822	)		$	(10,458	)		$	(2,569	)		$	(1,222	)
Capital expenditures	$	426			$	439			$	914			$	619			$	488
Total Capital Expenditures	$	96,370			$	38,050			$	191,198			$	56,573			$	94,828

 

 

 

 

		June 30,					December 31,
Selected Balance Sheet Data (unaudited, in thousands):		2022					2021
Cash and cash equivalents		$		19,636			$		117,524
Current assets		$		621,218			$		583,653
Current liabilities		$		448,421			$		435,853
Working capital		$		172,797			$		147,800
Long-term debt		$		877,739			$		852,323

 

 

 

 

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PATTERSON-UTI ENERGY, INC.

Non-U.S. GAAP Financial Measures

Adjusted EBITDA

(unaudited, dollars in thousands)

 

	Three Months Ended								Six Months Ended								Three Months Ended
	June 30,								June 30,								March 31,
	2022				2021				2022				2021				2022
Adjusted Earnings Before Interest, Taxes, Depreciation    and Amortization (Adjusted EBITDA)(1):
Net income (loss)	$	21,886			$	(103,309	)		$	(6,891	)		$	(209,722	)		$	(28,777	)
Income tax expense (benefit)		1,780				(15,973	)			2,708				(36,943	)			928
Net interest expense		10,644				10,684				21,194				20,554				10,550
Depreciation, depletion, amortization and impairment		121,553				144,037				238,491				296,919				116,938
Adjusted EBITDA	$	155,863			$	35,439			$	255,502			$	70,808			$	99,639
Total revenues	$	622,238			$	291,774			$	1,131,613			$	532,703			$	509,375
Adjusted EBITDA margin		25.0	%			12.1	%			22.6	%			13.3	%			19.6	%
Adjusted EBITDA by operating segment:
Contract drilling	$	106,625			$	40,363			$	185,484			$	93,416			$	78,859
Pressure pumping		44,804				7,819				75,010				5,465				30,206
Directional drilling		7,887				1,484				13,019				3,058				5,132
Other operations		10,103				2,332				17,241				3,600				7,138
Corporate		(13,556	)			(16,559	)			(35,252	)			(34,731	)			(21,696	)
Consolidated Adjusted EBITDA	$	155,863			$	35,439			$	255,502			$	70,808			$	99,639

 

 

 

 

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PATTERSON-UTI ENERGY, INC.

Non-U.S. GAAP Financial Measures

Adjusted Gross Margin

(unaudited, dollars in thousands)

 

	Three Months Ended								Six Months Ended								Three Months Ended
	June 30,								June 30,								March 31,
	2022				2021				2022				2021				2022
Contract Drilling:
Revenues	$	304,586			$	141,732			$	561,226			$	275,233			$	256,640
Less direct operating costs		(196,269	)			(100,134	)			(372,975	)			(179,512	)			(176,706	)
Less depreciation, amortization and impairment		(84,905	)			(98,592	)			(166,928	)			(200,266	)			(82,023	)
GAAP gross margin		23,412				(56,994	)			21,323				(104,545	)			(2,089	)
Depreciation, amortization and impairment		84,905				98,592				166,928				200,266				82,023
Adjusted gross margin (1)	$	108,317			$	41,598			$	188,251			$	95,721			$	79,934
Pressure Pumping:
Revenues	$	238,376			$	111,991			$	427,966			$	187,830			$	189,590
Less direct operating costs		(191,455	)			(102,320	)			(348,923	)			(178,830	)			(157,468	)
Less depreciation, amortization and impairment		(24,713	)			(31,740	)			(48,498	)			(69,125	)			(23,785	)
GAAP gross margin		22,208				(22,069	)			30,545				(60,125	)			8,337
Depreciation, amortization and impairment		24,713				31,740				48,498				69,125				23,785
Adjusted gross margin (1)	$	46,921			$	9,671			$	79,043			$	9,000			$	32,122
Directional Drilling:
Revenues	$	54,825			$	24,869			$	98,159			$	44,539			$	43,334
Less direct operating costs		(45,438	)			(22,370	)			(82,392	)			(39,007	)			(36,954	)
Less depreciation, amortization and impairment		(3,859	)			(6,594	)			(7,203	)			(13,091	)			(3,344	)
GAAP gross margin		5,528				(4,095	)			8,564				(7,559	)			3,036
Depreciation, amortization and impairment		3,859				6,594				7,203				13,091				3,344
Adjusted gross margin (1)	$	9,387			$	2,499			$	15,767			$	5,532			$	6,380
Other Operations:
Revenues	$	24,451			$	13,182			$	44,262			$	25,101			$	19,811
Less direct operating costs		(13,738	)			(10,409	)			(25,822	)			(20,635	)			(12,084	)
Less depreciation, depletion, amortization and impairment		(6,803	)			(5,619	)			(13,200	)			(11,443	)			(6,397	)
GAAP gross margin		3,910				(2,846	)			5,240				(6,977	)			1,330
Depreciation, depletion, amortization and impairment		6,803				5,619				13,200				11,443				6,397
Adjusted gross margin (1)	$	10,713			$	2,773			$	18,440			$	4,466			$	7,727

 

 

 

 

 

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PATTERSON-UTI ENERGY, INC.

Non-U.S. GAAP Financial Measures

Minimum Forecasted Adjusted EBITDA

(unaudited, dollars in thousands)

 

The following table sets forth a reconciliation of minimum forecasted Adjusted EBITDA to forecasted net income, which is the most directly comparable measure of financial performance calculated under U.S. GAAP:

 

Minimum Forecasted Adjusted EBITDA:		2022
Net income		> $80,000
Income tax expense		> $0
Net interest expense		> $40,000
Depreciation, depletion, amortization and impairment		> $480,000
Minimum Forecasted Adjusted EBITDA		> $600,000

 

 

PATTERSON-UTI ENERGY, INC.

Non-Cash Gain

Three Months Ended June 30, 2022

(unaudited, in thousands, except per share data)

 

	Total				Per Share
Release of cumulative translation adjustment	$	11,478			$	0.05
Weighted average number of diluted common shares outstanding		219,676

 

 

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