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Patterson-UTI Energy Inc. (PTEN-5.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total operating revenues of $5.38 billion for 2024, an increase from $4.15 billion in 2023. This growth was primarily driven by the completion services segment.
The company reported a net loss of $966 million for 2024, compared to a net income of $246 million in 2023. The loss was mainly due to a $885 million goodwill impairment charge in the completion services segment.
Patterson-UTI's drilling services segment generated $1.73 billion in revenue, a decrease from $1.92 billion in 2023, attributed to a decline in operating days.
The completion services segment saw revenues increase to $3.23 billion from $2.02 billion in 2023, largely due to the merger with NexTier Oilfield Solutions Inc.
The drilling products segment, bolstered by the acquisition of Ulterra Drilling Technologies, L.P., reported revenues of $351.7 million, up from $134.7 million in 2023.
The company reported capital expenditures of $678 million in 2024, an increase from $616 million in 2023, due to investments related to the NexTier merger and Ulterra acquisition.
Patterson-UTI's backlog of contract drilling services in the United States was approximately $426 million as of December 31, 2024, down from $700 million at the end of 2023.
The company entered into a joint venture with ADNOC Drilling and SLB, holding a 15% interest in Turnwell Industries, which has been awarded a contract to drill and complete 144 unconventional wells.
Patterson-UTI completed the offering of $400 million in 7.15% Senior Notes due 2033, using the proceeds to repay amounts under its prior credit agreement.
The company reported cash and cash equivalents of $241 million as of December 31, 2024, with a working capital of $453 million.
Patterson-UTI's Board of Directors approved a cash dividend of $0.08 per share to be paid on March 17, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Patterson-UTI Energy Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.