PATTERSON UTI ENERGY INC

Listed Company

PTENCIK 0000889900NasdaqLarge AcceleratedDrilling Oil & Gas WellsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.83B

Net Income

$-93.64M

Total Assets

$5.57B

Equity

$3.22B

Shares Out

379.62M

Op. Cash Flow

$961.22M

Business

PATTERSON UTI ENERGY INC is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and select international markets. It offers contract drilling, integrated well completion services (including hydraulic fracturing, wireline, pumping, cementing, power solutions and proppant logistics), directional drilling and wellbore placement optimization technologies, manufacturing and distribution of specialized drill bits, and oilfield rental tools. The company reports through three segments: drilling services, completion services and drilling products (with other oilfield rentals and non‑operating interests). It operates across major U.S. basins and internationally in countries including Colombia, Ecuador, the Middle East and over 30 other countries, delivering services under well‑to‑well and term contracts and through product sales, rentals and repair/distribution channels.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	4,827	5,378	4,146	2,648	—
Depreciation, depletion, amortization and impairment	940	1,172	731	484	849
Impairment of goodwill	0	885	0	0	0
Selling, general and administrative	255	268	170	117	92
Merger and integration expense	1	33	98	2	12
Other operating expense (income), net	15	−11	−16	−13	763,000
Total operating costs and expenses	4,867	6,268	3,795	2,437	2,035
Operating income (loss)	−41	−890	352	211	−678
Interest income	7	6	6	360,000	222,000
Interest expense, net of amount capitalized	−71	−72	−53	−40	—
Other income (expense)	2	−975,000	2	−3	−275,000
Total other income (expense)	−62	−67	−45	−43	−42
Income (loss) before income taxes	−103	−957	307	168	−720
Income tax expense (benefit)	−10	9	61	13	−63
Net income (loss)	−93	−966	246	155	−655
Net income (loss) attributable to noncontrolling interest	581,000	2	−340,000	0	0
Net income (loss) attributable to common stockholders	−94	−968	246	155	−655
Basic (in usd per share)	−0.24	−2.44	0.88	0.72	−3.36
Diluted (in usd per share)	−0.24	−2.44	0.88	0.7	−3.36
Basic (in shares)	383	397	280	216	195,021
Diluted (in shares)	383	397	280	219	195,021

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	421	241	193	138	118
Accounts receivable, net of allowance for credit losses of $14,469 and $15,047 at December 31, 2025 and 2024, respectively	723	764	971	566	356
Inventory	160	167	181	65	42
Other current assets	114	123	141	61	68
Total current assets	1,418	1,295	1,486	829	584
Property and equipment, net	2,711	3,010	3,340	2,261	2,332
Operating lease right of use asset	43	44	48	21	19
Finance lease right of use asset	15	27	63	0	—
Goodwill	487	487	1,380	0	—
Intangible assets, net	815	930	1,052	6	8
Deposits on equipment purchases	12	16	28	13	849,000
Other assets	69	24	19	11	11
Total assets	5,570	5,833	7,420	3,144	2,958
Accounts payable	471	421	534	237	190
Accrued liabilities	366	386	446	309	239
Operating lease liability	19	13	14	5	7
Finance lease liability	8	15	44	0	—
Current maturities of long-term debt	0	6	12	0	—
Total current liabilities	864	842	1,050	551	436
Long-term operating lease liability	28	34	38	20	18
Long-term finance lease liability	5	10	13	0	—
Long-term debt, net of debt discount and issuance costs of $6,362 and $7,637 at December 31, 2025 and 2024, respectively	1,221	1,220	1,225	831	852
Deferred tax liabilities, net	216	238	248	29	29
Other liabilities	12	13	25	48	13
Total liabilities	2,346	2,358	2,599	1,478	1,348
Commitments and contingencies (see Note 10)	—	—	—	—	—
Preferred stock, par value $0.01; authorized 1,000,000 shares, no shares issued	0	0	0	0	0
Common stock, par value $0.01; authorized 800,000,000 and 800,000,000 shares with 523,736,898 and 520,784,783 issued and 379,301,646 and 387,344,755 outstanding at December 31, 2025 and 2024, respectively	5	5	5	3	3
Additional paid-in capital	6,493	6,454	6,407	3,203	3,172
Retained earnings (deficit)	−1,258	−1,039	57	−87	−198
Accumulated other comprehensive income (loss)	−1	−3	472,000	0	6
Treasury stock, at cost, 144,435,252 shares and 133,440,028 shares at December 31, 2025 and 2024, respectively	−2,021	−1,951	−1,658	−1,453	−1,373
Total stockholders equity attributable to controlling interests	3,219	3,466	4,812	1,666	1,609
Noncontrolling interest	6	10	8	0	—
Total equity	3,225	3,476	4,821	1,666	1,609
Total liabilities and stockholders equity	5,570	5,833	7,420	3,144	2,958

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	−22	−2	52	7	−63
Stock-based compensation	39	46	47	21	22
Net gain on asset disposals	−693,000	−4	−2	−12	−1
Other	737,000	8	−1	−2	−483,000
Accounts receivable	41	204	85	−209	−147
Inventory	−2	−11	−31	−23	−3
Other current assets	16	20	−10	−2	−4
Other assets	17	34	25	11	5
Accounts payable	71	−113	−70	39	51
Accrued liabilities	−22	−67	−23	67	49
Other liabilities	−25	−30	−42	30	−6
Net cash provided by operating activities	961	1,176	1,006	566	95
Acquisitions, net of cash acquired - NexTier	0	0	−65	0	−29
Acquisitions, net of cash acquired - Ulterra	0	3	−357	0	0
Purchases of property and equipment	−589	−678	−616	−437	−166
Investment in unconsolidated affiliate	−11	0	0	—	—
Proceeds from disposal of assets, including insurance recoveries	44	26	26	26	—
Other	−12	−5	−6	−3	−522,000
Net cash used in investing activities	−567	−655	−1,018	−413	−132
Purchases of treasury stock	−70	−290	−201	−70	−6
Dividends paid	−122	−127	−100	−43	−16
Proceeds from borrowings under revolving credit facility	0	50	420	150	0
Repayment of borrowings under revolving credit facility	0	−50	−420	−150	0
Proceeds from issuance of senior notes	0	0	396	0	0
Repayment of senior notes	0	0	−8	−20	0
Payments of finance leases	−8	−45	−16	0	0
Other	−11	−12	−6	−455,000	0
Net cash provided by (used in) financing activities	−211	−475	66	−133	−72
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	−4	3	1	449,000	640,000
Net change in cash, cash equivalents and restricted cash	179	49	55	20	−107
Interest, net of capitalized interest of $734 in 2025, $1,334 in 2024, and $1,692 in 2023	−67	−69	−40	−40	−40
Income taxes	−8	−15	−27	−2	4
Net decrease in payables for purchases of property and equipment	−22	−133,000	−15	8	31
Net decrease in deposits on equipment purchases	4	13	8	−12	867,000
Issuance of common stock for business acquisitions	0	0	3,160	0	248
Purchases of property and equipment through exchange of lease right of use asset	8	31	3	0	0
Derecognition of right of use asset	−8	−36	−3	0	0

Filings

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