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Announces Earnings Conference Call and Webcast
SNYDER, Texas, October 3, 2002--Patterson-UTI Energy, Inc. (Nasdaq: PTEN) will hold its conference call to discuss third quarter results on Tuesday, October 22, 2002, at 10:30 a.m. Eastern Time (9:30 a.m. Central Time and 7:30 a.m. Pacific Time). This call is being webcast and can be accessed through Patterson's web site at www.patenergy.com or at www.streetevents.com in the Individual Investor Center. Webcast participants should go to one of the web addresses above 10-15 minutes prior to the scheduled start time. Replay of the conference call webcast will be available at these sites through Tuesday, November 5, 2002. Patterson-UTI Energy, Inc. is the second-largest provider of onshore contract drilling services to exploration and production companies in North America. The Company owns 324 land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of pressure pumping services and drilling and completion fluid services. Announces Second Quarter Results
SNYDER, Texas, July 18, 2002 -- PATTERSON-UTI ENERGY, INC. (Nasdaq: PTEN), the second-largest operator of land-based oil and natural gas drilling rigs in North America, today announced financial results for the second quarter ended June 30, 2002. The Company reported, excluding certain charges described below, a net loss for the quarter of $1.0 million, or $0.01 per share, versus net income of $56.6 million, or $0.71 per share for the three months ended June 30, 2001. Revenue for the quarter was $125.4 million, compared to $287.6 million for the comparable three-month period in 2001. Excluding certain charges described below, net income for the six-month period was $2.9 million, or $0.04 per share, versus net income of $93.2 million, or $1.18 per share for the six months ended June 30, 2001. Revenue for the six months was $253.6 million, compared to $526.2 million for the comparable six-month period in 2001. The Company said that it is taking a pretax charge of $4.7 million ($2.8 million after tax) in the second quarter of 2002 due to the recent financial failure of a workers' compensation insurance carrier that had provided coverage for the Company between 1992 and March of 2001. As a result of the financial failure of the insurance carrier, the Company expects to incur additional costs related to workers' compensation claims involving incidents that occurred during the coverage period. This charge is excluded from the financial results above. The company said that its net loss for the quarter, including the charge, was $3.8 million, or $0.05 per share, and its net income for the six-month period, including the charge, was $90,000 or $0.00 per share. During the second quarter of 2001, the Company incurred $13.1 million of pretax charges ($8.1 million after tax) in connection with the UTI Energy Corp. merger. This amount is also excluded from the financial results above. Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented, "The decline in drilling activity that began in August 2001 continued into the first quarter of this year until early March when our U.S. working rig count bottomed at 90 rigs. Our activity level then increased, and in the second quarter we averaged 115 rigs working in the U.S. and 4 in Canada. For the week ended July 12, we averaged 123 rigs working, including 116 rigs in the U.S. and 7 rigs in Canada." Mr. Talbott added, "As we have previously stated, we are continuing to retain our most experienced field personnel and improve our equipment in anticipation of further increases in demand for our drilling services. Although this continues to have the effect of increasing our costs and reducing our margins, we are confident that our operations will benefit as the industry improves." Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "From mid-May through June, the second quarter in the contract drilling industry was marked by relative stability in activity levels and pricing. Although we are no longer operating in a declining market for rig utilization, we believe that the current level of drilling activity will be inadequate to overcome the reported decreases in natural gas production arising from depletion. "Although supply decreases have been noted by many industry observers, above-average natural gas storage levels raise concerns about the direction of natural gas prices, and the concerns are heightened by the changes in the reporting of such storage levels. We expect the current activity level to continue throughout the summer months, until the effect of declining supply becomes ever more apparent as we approach the winter months. We believe that significantly increased drilling will ultimately be necessary to offset the decreasing supply of natural gas," Mr. Siegel added. The Company will hold its quarterly conference call to discuss second quarter results today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time and 8:00 a.m. Pacific Time). This call is being Webcast and can be accessed through Patterson-UTI's Web site at www.patenergy.com or at www.streetevents.com in the Individual Investor Center. Replay of the conference call webcast will be available at these same websites through August 1, 2002. All references to "earnings per share" set forth in this press release are diluted earnings per share as defined within the Statement of Financial Accounting Standards No. 128. About Patterson-UTI Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, and ability to retain management and field personnel. 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 the Company's SEC filings, including but not limited to, the report on Form 10-K for the year ended December 31, 2001 and Form 10-Q for the 2002 reporting periods. Copies of this filing may be obtained by contacting the Company or the SEC. Announces Earnings Conference Call and Webcast Thursday, July 18, 2002
SNYDER, Texas, June 26, 2002--Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will hold its conference call to discuss second quarter results on Thursday, July 18, 2002, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time and 8:00 a.m. Pacific Time). This call is being webcast and can be accessed through Patterson's web site at www.patenergy.com or at www.streetevents.com in the Individual Investor Center. Webcast participants should go to one of the web addresses above 10-15 minutes prior to the scheduled start time. Replay of the conference call webcast will be available at these sites through Thursday, August 1, 2002. Patterson-UTI Energy, Inc. is the second-largest provider of onshore contract drilling services to exploration and production companies in North America. The Company owns 324 land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of pressure pumping services and drilling and completion fluid services." To Acquire Shares of TMBR/Sharp Drilling, Inc
SNYDER, Texas, June 12, 2002 -- Patterson-UTI Energy, Inc. (NASDAQ:PTEN), today announced that it has entered into an agreement to acquire up to 957,597 common shares of TMBR/Sharp Drilling, Inc. for $16.60 per share. These shares, which are to be acquired from certain shareholders, represent approximately 18% of shares outstanding. This agreement is subject to customary closing conditions. Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "We are pleased to have the opportunity for Patterson-UTI to acquire an interest in a company for which we have always had a high regard. We believe this is a very attractive strategic investment in its own right and is not intended to pressure the management or board of directors of TMBR/Sharp to take any actions whatsoever. At the same time we continue to remain interested in pursuing with TMBR/Sharp other cooperative strategic opportunities on a friendly basis." About Patterson-UTI The statement made in this press release which states the Company's beliefs is a forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statement. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for drilling rigs, and their associated effect on day rates and rig utilization, adverse industry conditions, demand for oil and natural gas, and ability to retain management and field personnel. Additional information concerning factors that could adversely affect the drilling services business and companies engaged therein, that in turn could cause actual results to differ materially from those in the forward-looking statement is contained from time to time in the Company's SEC filings, including but not limited to, the Patterson Energy's and UTI Energy's reports on Form 10-K for the year ended December 31, 2001 and Forms 10-Q for fiscal 2002 reporting periods. Copies of these filings may be obtained by contacting the Companies or the SEC. Announces First Quarter Results
SNYDER, Texas, April 24, 2002 -- PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of land-based oil and natural gas drilling rigs in North America, today announced financial results for the first quarter ended March 31, 2002. Consolidated net income for the quarter totaled $3.9 million, or $0.05 per share, versus net income of $36.6 million, or $0.46 per share for the three months ended March 31, 2001. Revenue for the quarter was $128.2 million, compared to $238.6 million for the comparable three month period in 2001. EBITDA for the quarter was $28.6 million, versus EBITDA of $78.5 million for the first quarter of 2001. Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "Various industry reports show that despite record gas drilling in 2001, U.S. natural gas production declined on a sequential basis in the third and fourth quarters of 2001. The production decline rate is also expected to have increased in the first quarter of 2002 due to depletion and the sharp decrease in rigs working. While supply appears to be contracting, demand for natural gas is expected to increase this year as a result of improved industrial demand and a strengthening economy. Prices for natural gas have returned to levels at which it makes sense for our customers to begin increasing their drilling activities, and we have experienced -- over the last few weeks -- an increase in the number of our working rigs." Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented, "The decline in drilling activity that began in August 2001 continued into the first quarter of this year. Our working U.S. rig count, which declined to 90 rigs in early March, has since rebounded to average approximately 105 rigs over the last week. As usual, drilling activity in Canada is declining due to the annual spring breakup. We have averaged 5 rigs running in Canada over the last week. Mr. Talbott added, "In anticipation of the expected increase in demand for our drilling services, we have continued to improve our equipment and retain our most experienced field personnel. Although this has had the effect of increasing our costs and reducing our margins, we are confident that our operations will benefit as the industry improves. During the first quarter of 2002 our average margin per operating day was $2,700, compared to $3,660 for the first quarter of 2001, and we had an average of 117 rigs operating during the quarter, compared to an average 231 rigs operating during the first quarter of 2001. "During the quarter we acquired five SCR Electric land drilling rigs with an average depth rating of 17,600 feet, giving us a total of more than 80 rigs capable of drilling in the 15,000 to 30,000 foot depth range," Mr. Talbott concluded. The Company will hold its quarterly conference call to discuss first quarter results today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time and 8:00 a.m. Pacific Time). This call is being webcast and can be accessed through Patterson-UTI's Web site at www.patenergy.com in the Investor Relations section or at www.streetevents.com in the Individual Investor Center. Replay of the conference call webcast will be available at these same websites through May 8, 2002. All references to "earnings per share" set forth in this press release are diluted earnings per share as defined within the Statement of Financial Accounting Standards No. 128. About Patterson-UTI Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, and ability to retain management and field personnel. 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 the Company's SEC filings, including but not limited to, the report on Form 10-K for the year ended December 31, 2001. Copies of this filing may be obtained by contacting the Company or the SEC. Announces Earnings Conference Call and Webcast
SNYDER, Texas, April 15, 2002--Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will hold its conference call to discuss first quarter results on Wednesday, April 24, 2002, at 11:00 a.m. Eastern Time (10:00 a.m. Central Time and 8:00 a.m. Pacific Time). This call is being webcast and can be accessed through Patterson-UTI's web site at www.patenergy.com in the Investor Relations section or at www.streetevents.com in the Individual Investor Center. Webcast participants should go to one of the web addresses above 10-15 minutes prior to the scheduled start time. Replay of the conference call webcast will be available at these sites through Wednesday, May 8, 2002. Patterson-UTI Energy, Inc. is the second-largest provider of onshore contract drilling services to exploration and production companies in North America. The Company owns 324 land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Utah, Louisiana, Mississippi and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of drilling and completion fluid services and pressure pumping services. To Acquire Five Additional Drilling Rigs
SNYDER, Texas, March 12, 2002 -- PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), today announced that it has entered into an agreement to acquire privately-held Odin Drilling, Inc. for 650,000 shares of Patterson-UTI Energy, Inc. common stock. Patterson-UTI is acquiring Odins' five SCR Electric land drilling rigs with an average depth rating of 17,600 feet, drawworks ratings ranging from 1,000 to 2,000 horsepower and averaging 1,300 horsepower. With the addition of these rigs, Patterson-UTI has more than 80 rigs capable of drilling in the 15,000 to 30,000 foot depth range. About Patterson-UTI Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, and ability to retain management and field personnel. 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 the Company's SEC filings, including but not limited to, the Patterson Energy's and UTI Energy's reports on Form 10-K for the year ended December 31, 2000 and Forms 10-Q for fiscal 2001 reporting periods. Copies of these filings may be obtained by contacting the Companies or the SEC.
Announces Fourth Quarter and Record Year-End Results
SNYDER, Texas, January 31, 2002 -- PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN), the second-largest operator of land-based oil and natural gas drilling rigs in North America, today announced financial results for the fourth quarter and year ended December 31, 2001. Consolidated net income for the quarter totaled $18.7 million, or $0.24 per share, versus net income of $21.2 million, or $0.27 per share for the three months ended December 31, 2000. Revenue for the quarter was $174.7 million, compared to $197.2 million for the three months ended December 31, 2000. EBITDA for the fourth quarter was $54.1 million, versus EBITDA of $52.2 million for the fourth quarter of 2000. Revenue for the year ended December 31, 2001 totaled $990 million and consolidated net income was $164.2 million, or $2.17 per share, compared to revenue of $582.3 million and consolidated net income of $37.2 million, or $0.50 per share for the twelve months ended December 31, 2000. EBITDA for the year was $366.5 million, versus EBITDA of $130.0 million for 2000. The merger of Patterson Energy, Inc. and UTI Energy Corp. was treated as a pooling-of-interests for accounting purposes. The historical results shown above have been restated to reflect the combined results of the companies. The Company incurred $13.1 million in charges in the second quarter of 2001 in connection with the merger, and this amount is excluded from the year ended December 31, 2001 results presented above. Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented, "The decline in drilling activity that began in August continued throughout the quarter, as commodity prices, especially the price for natural gas, remained at low levels. We have taken advantage of this downturn to service our equipment and maintain our rigs in good working order so that we can respond quickly and efficiently to the anticipated improvement in the market. We have been through these cycles in the past, and have always found that the most prudent course of action is to retain our most experienced people. While this practice has the short-term effect of increasing our average drilling costs, we are convinced that it is the best course of action in the long-run. "Our average margin per operating day was $3,880, compared to $5,673 for the previous quarter, and we had an average 140 rigs operating during the fourth quarter, compared to an average 225 rigs operating during the previous quarter. In January we averaged approximately 125 rigs operating, including 11 rigs in Canada. "We are very pleased with the record-setting results achieved by our pressure pumping division in 2001 as well as the continued strong performance of the drilling and completion fluids business," Mr. Talbott added. Mark S. Siegel, Chairman of Patterson-UTI Energy, stated, "The record results achieved in 2001 have begun to demonstrate the financial and operational benefits that we sought to achieve through the merger. The predecessor companies have seamlessly come together, building upon each other's core strengths to create a solid management team and an operational platform to support future growth and expansion. Mr. Siegel added, "We ended the year with a strong balance sheet that includes $33.6 million in available cash, no debt, and we have a $100 million undrawn line of credit. "We achieved a milestone in November, when, in recognition of our industry position, financial stature and growth our stock was added to the S&P MidCap 400 Index. "During the quarter we also completed the acquisition of 17 land-based drilling rigs from Cleere Drilling Company, providing us with 319 land-based rigs. The acquisition also included 28 rig-moving trucks as well as other equipment and inventory. "Looking ahead, we believe that Patterson-UTI Energy is well positioned, regardless of the direction of commodity prices. When energy markets are strong, as they were during the first half of 2001, the Company demonstrated enormous potential for profitability and cash flow. When these markets are weak, the Company has the financial resources, as well as the ability to identify and consummate value-added transactions," Mr. Siegel concluded. The Company will hold its quarterly conference call to discuss fourth quarter results today at 9:30 a.m. Eastern Time (8:30 a.m. Central Time and 6:30 a.m. Pacific Time). This call is being Webcast and can be accessed through Patterson-UTI's Web site at www.patenergy.com in the Investor Relations section or at www.streetevents.com in the Individual Investor Center. Replay of the conference call webcast will be available at these same websites until Thursday, February 14, 2002. All references to "earnings per share" set forth in this press release are diluted earnings per share as defined within the Statement of Financial Accounting Standards No. 128. About Patterson-UTI Patterson-UTI Energy, Inc. is the second-largest provider of onshore contract drilling services to exploration and production companies in North America. The Company owns 319 land-based drilling rigs that operate in oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Louisiana, Utah, Mississippi, Alabama and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of drilling and completion fluid services; pressure pumping services; and oil and gas exploration and production. Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, declines in oil and natural gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates, rig utilization and planned capital expenditures, adverse industry conditions, difficulty in integrating acquisitions, demand for oil and natural gas, and ability to retain management and field personnel. 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 the Company's SEC filings, including but not limited to, the Patterson Energy's and UTI Energy's reports on Form 10-K for the year ended December 31, 2000 and Forms 10-Q for fiscal 2001 reporting periods. Copies of these filings may be obtained by contacting the Companies or the SEC.
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