NASDAQ$PTEN
Patterson-UTI Energy Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Patterson-UTI reported strong first quarter results, navigated a challenging market, and achieved synergy targets.
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.
- Total revenue was $1.5 billion.
- Net income attributable to common stockholders was $51 million, or $0.13 per share, including $12 million in merger and integration expenses.
- Adjusted EBITDA was $375 million, excluding merger and integration expenses.
- The company returned $130 million to shareholders and expects to return at least $400 million in 2024.
Headline financials
Revenue & EPS history
Patterson-UTI · Revenue · Quarterly
$1.51B
Revenue by segment
Patterson-UTI · $1.01B total across 4 segments · Q3 2023
- Drilling Services$489M+16.9%48.3%
- Completion Services$460M+59.8%45.4%
- Drilling Products$46.6M—4.6%
- Other$16.5M-24.2%1.6%
Forward guidance
The company expects steady drilling and completion activity in oil basins and anticipates activity in natural gas basins to remain steady with second quarter levels through year-end. U.S. Contract Drilling is expected to operate an average of 114 U.S. rigs, with adjusted gross profit per operating day down roughly $300 from the prior quarter. Completion Services revenue for the second quarter is expected to be approximately $860 million, with approximately $690 million in direct operating costs and an adjusted gross profit of around $170 million.
Tailwinds
- Steady drilling and completion activity in oil basins is expected.
- A few operators may add drilling rigs later this year based on current oil prices.
- Activity in natural gas basins has been more resilient than previously anticipated.
- Continued growth in International operations is expected to largely offset seasonal activity declines from Canadian spring breakup.
- Second quarter results in the Drilling Products segment are expected to be relatively in line with the first quarter.
Headwinds
- Activity in natural gas basins is expected to remain steady with second quarter levels through year-end.
- Adjusted gross profit per operating day for U.S. Contract Drilling is expected to decrease by roughly $300 from the prior quarter.
- Completion Services activity has declined slightly to start the second quarter, mostly in natural gas basins.
- A few dedicated fleets are expected to operate in the second quarter with planned gaps in the schedule.
- Other Drilling Services adjusted gross profit will be down slightly in the second quarter compared to the prior quarter.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.1%
Avg return
Earnings day
+3.4%
Avg return
5 days after
+2.8%
Avg return
30 days after
47%
34 / 73 earnings
Positive
+16.1%
Q3 2018
Best reaction
-17.4%
Q4 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.1% | +9.3% | +13.9% | |
| Q4 2025 | +2.8% | +4.0% | +12.8% | |
| Q3 2025 | +11.2% | +3.0% | -9.0% | |
| Q2 2025 | -4.1% | -5.7% | -1.2% | |
| Q1 2025 | +3.7% | +1.2% | -2.7% | |
| Q4 2024 | +0.0% | +10.1% | -10.4% | |
| Q3 2024 | +1.4% | +1.5% | +10.4% | |
| Q2 2024 | +2.6% | -0.1% | -8.5% | |
| Q1 2024 | -2.1% | +1.4% | +1.8% | |
| Q4 2023 | +13.7% | +16.7% | +11.7% | |
| Q3 2023 | -2.2% | -2.3% | -13.4% | |
| Q2 2023 | +1.2% | +3.1% | -8.8% | |
| Q1 2023 | -2.8% | -4.3% | -10.2% | |
| Q4 2022 | -11.3% | -6.9% | -19.0% | |
| Q3 2022 | +15.4% | +20.9% | +20.4% | |
| Q2 2022 | +11.8% | +16.0% | +11.0% | |
| Q1 2022 | +9.7% | +2.1% | +24.6% | |
| Q4 2021 | +16.1% | +23.7% | +46.9% | |
| Q3 2021 | -5.8% | -0.9% | -21.2% | |
| Q2 2021 | -2.6% | -1.7% | -3.8% | |
| Q1 2021 | -0.7% | +11.0% | +22.9% | |
| Q4 2020 | -6.7% | -7.2% | +39.2% | |
| Q3 2020 | +10.7% | +1.5% | +56.7% | |
| Q2 2020 | +7.1% | +9.3% | +1.4% | |
| Q1 2020 | +12.6% | +22.6% | +54.3% | |
| Q4 2019 | -12.5% | -11.4% | -49.0% | |
| Q3 2019 | +6.5% | +6.5% | +4.5% | |
| Q2 2019 | -5.8% | +2.8% | -29.7% | |
| Q1 2019 | -5.7% | -10.2% | -27.1% | |
| Q4 2018 | -0.4% | +5.8% | +0.2% | |
| Q3 2018 | +16.1% | +16.4% | +1.0% | |
| Q2 2018 | +4.8% | +6.2% | +8.0% | |
| Q1 2018 | +6.4% | +8.3% | +5.7% | |
| Q4 2017 | -17.4% | -18.5% | -8.7% | |
| Q3 2017 | +10.0% | +10.1% | +14.0% | |
| Q2 2017 | -1.2% | -2.4% | -19.7% | |
| Q1 2017 | -5.9% | -6.1% | -6.4% | |
| Q4 2016 | +2.2% | +8.0% | -7.5% | |
| Q3 2016 | -3.1% | -5.3% | +3.5% | |
| Q2 2016 | -1.3% | -4.3% | +4.7% | |
| Q1 2016 | +3.5% | — | — | |
| Q4 2015 | +5.3% | — | — | |
| Q3 2015 | +5.2% | — | — | |
| Q2 2015 | -3.5% | — | — | |
| Q1 2015 | +0.7% | — | — | |
| Q4 2014 | +6.3% | — | — | |
| Q3 2014 | -2.2% | — | — | |
| Q2 2014 | +2.8% | — | — | |
| Q1 2014 | -3.8% | — | — | |
| Q4 2013 | +14.5% | — | — | |
| Q3 2013 | -0.2% | — | — | |
| Q2 2013 | -6.0% | — | — | |
| Q1 2013 | -9.3% | — | — | |
| Q4 2012 | +12.8% | — | — | |
| Q3 2012 | -2.2% | — | — | |
| Q2 2012 | +8.7% | — | — | |
| Q1 2012 | -3.1% | — | — | |
| Q4 2011 | -3.4% | — | — | |
| Q3 2011 | -10.5% | — | — | |
| Q2 2011 | -6.2% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | -1.7% | — | — | |
| Q3 2010 | -1.0% | — | — | |
| Q2 2010 | -1.2% | — | — | |
| Q1 2009 | -3.7% | — | — | |
| Q1 2010 | +0.9% | — | — | |
| Q4 2007 | -3.3% | — | — | |
| Q4 2009 | -3.3% | — | — | |
| Q3 2009 | +1.7% | — | — | |
| Q3 2008 | +1.7% | — | — | |
| Q4 2008 | +0.0% | — | — | |
| Q2 2008 | +0.0% | — | — | |
| Q2 2009 | +0.0% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro