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Patterson-UTI Energy (Nasdaq: PTEN) | Company Profile, History, Competitors

 

Patterson-UTI Energy (NASDAQ: PTEN) is a provider of land based drilling rigs and pressure pumping services to the United States oil and gas market.. As of 2017, PTEN had 295 land-based drilling rigs. The company was founded in 1978 and headquartered in Houston, TX.

Patterson Energy was founded in 1978 as Patterson Drilling. In 2001, Patterson merged with UTI Energy to become the second largest land driller in the United States. Patterson provides land-based rigs and well stimulation services to the energy companies in the US.

Business Overview

PTEN operates in three main segments:
  • Contract Drilling (44% of 2017 Revenues): Provides land-based drilling rigs to oil & gas companies.
  • Pressure Pumping (51% of 2017 Revenues): Provides well stimulation services to help oil flow from wells that have already been drilled.
  • Other (5% of 2017 Revenues): Owns and invests in oil and natural gas assets in Texas and New Mexico

Customers

As of 2017, the company received 43% of its revenues from its top 10 customers.

Competitors

Its main competitors are Nabors, Helmerich & Payne and Precision Drilling.

History

Patterson Energy was founded in 1978 as Patterson Drilling. It went public in 1992. Following the IPO, the company acquired many smaller drillers to become the second largest land driller in the US.

In 2001, Patterson merged with UTI Energy, which was the third largest land driller at the time with a drilling fleet of 150 rigs.

In 2006, Patterson-UTI Energy acquired Seventy Seven Energy, which added another 91 rigs to their fleet.

Management

William A. Hendricks Jr. (CEO): William Hendricks Jr. serves as CEO since 2012. Prior, he served as COO of the company. He had also served as President Drilling & Measurements at Schlumberger.

Charles Smith (CFO): Charles Smith serves as CFO since 2017. Prior, he served as CFO and VP Finance at the company. He had also served as CFO of Natco Group, an oilfield services company.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $2,716 
$3,182 
$1,891 
$916 
$2,457 
 Gross Profit $393 
$348 
 ($206)($393)($93)
 Operating Profit$322 
$283 
($407)($456)($293)
 Net Income$188 
$161 
($292)($319)$6 
 EPS$1.28
$1.11 
($2.00)($2.18)$0.03 

Patterson-UTI Energy, Inc.
 
  Type     Public
  Ticker     NASDAQ; PTEN
  Industry Energy
  Founded 1978
  Headquarters Houston, TX
  Revenues
$2.4bn (2017)
  Employees 8,000 (2017)
  Website patenergy.com