Patterson-UTI Energy ( (PTEN) ) has released its Q4 earnings. Here is a breakdown of the information Patterson-UTI Energy presented to its investors.
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Patterson-UTI Energy is a prominent provider of drilling and completion services for oil and natural gas exploration and production companies, offering services such as contract drilling, integrated well completions, and directional drilling across the United States and other regions globally.
In the fourth quarter of 2024, Patterson-UTI Energy reported total revenues of $1.2 billion, with a net loss attributable to common stockholders of $52 million, or $0.13 per share. The company recorded an adjusted EBITDA of $225 million, excluding merger and integration expenses.
Key financial highlights include full-year 2024 cash from operations of $1.2 billion and an adjusted free cash flow of $523 million. The company also finalized a new five-year, $500 million unsecured revolving credit facility. Throughout the year, Patterson-UTI returned $417 million to shareholders, including $52 million in the fourth quarter alone, with ongoing share repurchase authorization of $759 million.
Looking forward, the company anticipates a stable U.S. shale drilling market in 2025, supported by steady oil activity and a balancing natural gas market. Patterson-UTI aims to focus on integrating operations and managing costs to maintain strong free cash flow. The company plans to invest approximately $600 million in capital expenditures for 2025, with an emphasis on technology advancements.
Patterson-UTI Energy’s management remains optimistic about leveraging its operational strengths to deliver robust financial returns, even if U.S. onshore activity remains at current levels. The company is committed to a balanced approach to capital allocation, strategic investments, and returning value to shareholders.
