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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Patterson-UTI Energy, Inc.    PTEN

PATTERSON-UTI ENERGY, INC.

(PTEN)
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Patterson-UTI sees 60% decline in activity as oil prices crater

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04/23/2020 | 11:59am EDT

Oilfield service firm Patterson-UTI Energy Inc on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices.

The company said it expects to exit the current quarter with about 70 rigs in operation, down from an average of 123 rigs at the end of last year.

Oil prices have fallen some 80% this year as the spread of coronavirus has crushed fuel demand. Benchmark U.S. crude futures traded negative for the first time ever this week as supply outstripped demand and filled up storage. They were at roughly $18 a barrel on Thursday.

The Houston-based drilling contractor, which also has a hydraulic fracturing unit, said it expects four frack fleets to run in the second quarter, down from an estimate of around 10 earlier this year.

"I think the term 'frack holiday' may be overstating what's going on," Patterson-UTI Chief Executive Andy Hendricks told investors on a call. "I don't see completions making a bounce back, certainly not in the third quarter."

Patterson on Thursday also slashed its dividend by half to 2 cents a share and said it was not planning any additional buybacks at the moment. It said it would instead focus on its cost-cutting program to shore up the balance sheet.

The company reported a net loss of $435 million (352.31 million pounds) in the quarter as it took impairment charges of over $400 million on goodwill relating to its contract drilling business and some oil exploration-related assets.

Patterson's larger rivals, Schlumberger NV, Halliburton Co and Baker Hughes Co, have each also reported billions of dollars in impairment charges in recent weeks.

Patterson's cost-cutting efforts will focus on its pressure pumping business that breaks shale rocks to release trapped oil and gas. It expects two-thirds of a $100 million reduction to come from that unit, the company said.

On an adjusted basis, Patterson's 45 cents per share loss was slightly better than the 47 cents per share estimated by analysts, according to Refinitiv IBES data.

By Shariq Khan and Liz Hampton

Stocks mentioned in the article
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GENERAL ELECTRIC COMPANY 1.19% 6.82 Delayed Quote.-38.89%
LONDON BRENT OIL 0.45% 42.82 Delayed Quote.-36.24%
PATTERSON-UTI ENERGY, INC. 3.23% 3.36 Delayed Quote.-68.00%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials (USD)
Sales 2020 1 075 M - -
Net income 2020 -779 M - -
Net Debt 2020 760 M - -
P/E ratio 2020 -0,83x
Yield 2020 2,91%
Capitalization 627 M 627 M -
EV / Sales 2019
EV / Sales 2020 1,29x
Nbr of Employees 5 800
Free-Float 67,1%
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Technical analysis trends PATTERSON-UTI ENERGY, INC.
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 3,22 $
Last Close Price 3,36 $
Spread / Highest target 78,6%
Spread / Average Target -4,22%
Spread / Lowest Target -70,2%
EPS Revisions
Managers
NameTitle
William Andrew Hendricks President, Chief Executive Officer & Director
Curtis W. Huff Non-Executive Chairman
C. Andrew Smith CFO, Principal Accounting Officer & Executive VP
Terry H. Hunt Independent Director
Michael W. Conlon Independent Director
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