Patterson-UTI Energy Reports Financial Results for the Three and Nine Months Ended September 30, 2019
HOUSTON, Oct. 24, 2019 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three and nine months ended September 30, 2019. The Company reported a net loss of $262 million, or $1.31 per share, for the third quarter of 2019, compared to a net loss of $75.0 million, or $0.34 per share, for the quarter ended September 30, 2018. Excluding charges discussed below, the majority of which were non-cash, the net loss for the third quarter of 2019 would have been $52.9 million, or $0.27 per share. Revenues for the third quarter of 2019 were $598 million, compared to $867 million for the third quarter of 2018.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "We exceeded our expectation for cash flow generation during the third quarter. We reduced our capital expenditures and, excluding charges discussed below, Adjusted EBITDA for the third quarter exceeded capital expenditures by $74.9 million. During the third quarter, we also reduced debt by $150 million, repurchased $75 million of our shares, and paid dividends totaling $7.8 million."
For the nine months ended September 30, 2019, the Company reported a net loss of $340 million, or $1.65 per share, compared to a net loss of $120 million, or $0.55 per share, for the nine months ended September 30, 2018. Revenues for the nine months ended September 30, 2019, were $2.0 billion, compared to $2.5 billion for the same period in 2018.
Financial results for the three and nine months ended September 30, 2019, include pre-tax charges totaling $260 million ($209 million after-tax or $1.05 per share). These charges include asset impairment charges of $203 million primarily in our drilling and pressure pumping segments, $17.8 million of goodwill impairment charges at our Current Power and Great Plains Oilfield Rental businesses, $17.0 million primarily related to the write-off of inventory at MS Directional, $14.6 million related to inventory write-offs and severance at our Warrior Rig Technologies business, and $8.2 million related to the early repayment of debt. The financial results for the nine months ended September 30, 2019 also include charges in the second quarter, which included a $12.7 million charge to reduce the carrying value on our balance sheet of a deposit placed in 2017 on future sand purchases and $3.6 million of bad debt expense.
During the third quarter, the Company spent $75.0 million to repurchase 8.2 million shares, which brings the total repurchases through the first three quarters of 2019 to $225 million for 20.0 million shares under the Company's share repurchase program. At September 30, 2019, $175 million remained under the Company's share repurchase authorization.
Mr. Hendricks added, "As expected, operators slowed spending levels during the third quarter, which negatively impacted activity levels for both drilling and pressure pumping. However, our rig count in the third quarter of 142 rigs was in line with our expectation. We expect our rig count will stabilize near current levels and average 126 rigs for the fourth quarter, with some increase in the first quarter as operator budgets reset in 2020.
"Average rig revenue per operating day and average rig margin per day were $24,240 and $9,790, respectively, for the third quarter, both of which include the benefit of approximately $480 per operating day from $6.3 million of revenue from early contract terminations. Average rig direct operating cost per operating day increased during the third quarter to $14,440 from $14,030 in the second quarter due to lower fixed cost absorption, and increases in items such as workers' compensation and medical insurance. We expect these additional insurance costs will not repeat in the fourth quarter.
"During the third quarter, we incurred pre-tax, non-cash impairment charges in the contract drilling segment of $173 million related to the retirement of 36 legacy non-APEX® rigs and certain other drilling assets. Given current market conditions combined with strong customer demand for super-spec drilling rigs, we believe the 36 rigs that were retired had limited commercial opportunity. Our current, total rig fleet of 216 rigs includes 198 APEX® rigs of which we consider 150 to be super-spec rigs.
"As of September 30, 2019, we had term contracts for drilling rigs providing for approximately $645 million of future dayrate drilling revenue. Based on contracts currently in place, we expect an average of 73 rigs operating under term contracts during the fourth quarter, and an average of 55 rigs operating under term contracts during the 12 months ending September 30, 2020.
"In pressure pumping, lower activity levels and increased pricing pressure negatively impacted third quarter results. Pressure pumping revenues for the third quarter were $209 million compared to $251 million in the second quarter, and gross profit was $32.3 million in the third quarter compared to $44.9 million in the second quarter. We ended the third quarter with 14 active spreads, and we idled another spread early in the fourth quarter. As pressure pumping activity is expected to fall further in the fourth quarter, we will continue to evaluate the economics of working versus idling spreads on a spread-by-spread basis.
"During the third quarter, we incurred pre-tax, non-cash impairment charges in the pressure pumping segment of $20.5 million related to the retirement of approximately 300,000 horsepower. During the third quarter, we undertook a thorough process to evaluate the economic opportunity for our fleet and concluded that in the current market the cost to reactivate this retired equipment would be prohibitive. Any components from this retired equipment with remaining value will be used as parts to support our active equipment.
"In directional drilling, revenues for the third quarter were $47.0 million compared to $50.2 million in the second quarter. We had a negative gross margin of $9.2 million in the third quarter, which included the impact of a $17.0 million pre-tax, non-cash charge primarily related to the write-off of inventory.
"In our Warrior Rig Technologies business, we implemented several cost cutting initiatives during the third quarter. These initiatives included the transition away from our engineering and manufacturing efforts in Calgary, which resulted in a $12.4 million pre-tax, non-cash charge related to the write-off of inventory and $2.2 million for severance.
Mr. Hendricks concluded, "Despite some primarily non-cash accounting charges during the third quarter, we generated strong cash flow. We reduced our third quarter capex to only $68.0 million from $96.9 million in the second quarter, and we now expect capital expenditures of approximately $350 million in 2019, down from our prior estimate of $400 million."
Mark S. Siegel, Chairman of Patterson-UTI, stated, "We remained disciplined with our capital allocation during the third quarter, and our strong financial position allowed us to focus on debt reduction and share repurchases. During the third quarter, we reduced debt by $150 million, repurchased $75 million of our common stock, and paid dividends totaling $7.8 million. Since the beginning of 2019, we have used our strong cash flow to repurchase 20.0 million shares or 9.4% of the shares outstanding at the beginning of the year, and our net debt to total capital ratio was only 21.6% at the end of the third quarter.
"Given our current public market equity valuation, our cash balance and expected future cash flow generation, we will likely allocate additional capital to both share repurchases and debt repayment," he concluded.
The Company declared a quarterly dividend on its common stock of $0.04 per share, payable on December 19, 2019, to holders of record as of December 5, 2019.
All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.
The Company's quarterly conference call to discuss the operating results for the quarter ended September 30, 2019, is scheduled for today, October 24, 2019, at 9:00 a.m. Central Time. The dial-in information for participants is (844) 704-2496 (Domestic) and (647) 253-8661 (International). The conference ID for both numbers is 9373879. The call is also being webcast and can be accessed through the Investor Relations section of the Company's website at https://investor.patenergy.com. A replay of the conference call will be on the Company's website for two weeks.
About Patterson-UTI
Patterson-UTI is a provider of oilfield services and products to oil and natural gas exploration and production companies in North America, including market leading positions in contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Patterson-UTI's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of land drilling rigs and pressure pumping equipment, including as a result of low commodity prices, reactivation, improvement or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; cybersecurity risk; difficulty with growth and in integrating acquisitions and new technology; governmental regulation; product liability; legal proceedings, including technology disputes, and actions by governmental or other regulatory agencies; political, economic and social instability risk; ability to effectively identify and enter new markets; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; ability to maintain credit rating and service debt; and anti-takeover measures in our charter documents; contingent tax liabilities; and ability to use net operating losses.
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 Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30,
September 30,
2019 2018 2019 2018
REVENUES $
598,452 $
867,478 $
1,978,388 $
2,531,060
COSTS AND EXPENSES:
Direct operating costs 453,214 634,058 1,410,182 1,844,802
Depreciation, depletion,
amortization and impairment 400,764 281,652 823,862 703,928
Impairment of goodwill 17,800 17,800
Selling, general and administrative 34,231 32,820 101,680 101,300
Provision for bad debts 3,594
Merger and integration expenses 2,738
Other operating expenses (income),
net (252) (771) 83 (10,321)
Total costs and expenses 905,757 947,759 2,357,201 2,642,447
OPERATING LOSS (307,305) (80,281) (378,813) (111,387)
OTHER INCOME (EXPENSE):
Interest income 1,693 817 4,481 4,600
Interest expense, net of amount
capitalized (20,739) (12,376) (47,021) (38,668)
Other 119 281 328 666
Total other expense (18,927) (11,278) (42,212) (33,402)
LOSS BEFORE INCOME TAXES (326,232) (91,559) (421,025) (144,789)
INCOME TAX BENEFIT (64,513) (16,517) (81,245) (24,617)
NET LOSS $
(261,719) $
(75,042) $
(339,780) $
(120,172)
NET LOSS PER COMMON SHARE:
Basic $
(1.31) $
(0.34) $
(1.65) $
(0.55)
Diluted $
(1.31) $
(0.34) $
(1.65) $
(0.55)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES
OUTSTANDING:
Basic 199,343 218,059 206,191 219,635
Diluted 199,343 218,059 206,191 219,635
CASH DIVIDENDS PER COMMON SHARE $
0.04 $
0.04 $
0.12 $
0.10
PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
Three Months Ended Nine Months Ended
September 30,
September 30,
2019 2018 2019 2018
Contract Drilling:
Revenues $
317,035 $
365,280 $
1,037,565 $
1,043,005
Direct operating costs $
188,934 $
226,373 $
609,928 $
656,630
Margin (1) $
128,101 $
138,907 $
427,637 $
386,375
Selling, general and administrative $
1,510 $
1,632 $
4,616 $
4,599
Depreciation, amortization and
impairment $
296,119 $
179,979 $
554,838 $
441,834
Operating loss $
(169,528) $
(42,704) $
(131,817) $
(60,058)
Operating days - United States 13,054 16,312 43,036 47,239
Operating days - Canada 27 82 217 371
Operating days - Total 13,081 16,394 43,253 47,610
Average revenue per operating day -
United States $
24.25 $
22.30 $
24.02 $
21.94
Average direct operating costs per
operating day - United States $
14.40 $
13.78 $
14.07 $
13.76
Average margin per operating day -
United States (1) $
9.85 $
8.52 $
9.95 $
8.18
Average rigs operating - United
States 142 177 158 173
Average revenue per operating day -
Canada $
17.67 $
18.93 $
18.16 $
17.98
Average direct operating costs per
operating day - Canada $
35.07 $
18.87 $
20.65 $
17.86
Average margin per operating day -
Canada (1) $
(17.41) $
0.06 $
(2.49) $
0.12
Average rigs operating - Canada 0 1 1 1
Average revenue per operating day -
Total $
24.24 $
22.28 $
23.99 $
21.91
Average direct operating costs per
operating day - Total $
14.44 $
13.81 $
14.10 $
13.79
Average margin per operating day -
Total (1) $
9.79 $
8.47 $
9.89 $
8.12
Average rigs operating - Total 142 178 158 174
Capital expenditures $
34,752 $
103,295 $
158,141 $
299,637
Pressure Pumping:
Revenues $
208,637 $
421,606 $
707,246 $
1,253,693
Direct operating costs $
176,306 $
342,498 $
585,191 $
1,006,353
Margin (2) $
32,331 $
79,108 $
122,055 $
247,340
Selling, general and administrative $
3,154 $
3,609 $
9,734 $
11,431
Depreciation, amortization and
impairment $
72,139 $
76,986 $
188,459 $
191,370
Operating income (loss) $
(42,962) $
(1,487) $
(76,138) $
44,539
Fracturing jobs 126 210 412 631
Other jobs 173 287 629 831
Total jobs 299 497 1,041 1,462
Average revenue per fracturing job $
1,631.71 $
1,978.49 $
1,687.39 $
1,958.74
Average revenue per other job $
17.58 $
21.34 $
19.14 $
21.34
Average revenue per total job $
697.78 $
848.30 $
679.39 $
857.52
Average costs per total job $
589.65 $
689.13 $
562.14 $
688.34
Average margin per total job (2) $
108.13 $
159.17 $
117.25 $
169.18
Margin as a percentage of revenues 15.5 18.8 17.3 19.7
(2) % % % %
Capital expenditures $
19,826 $
44,860 $
90,028 $
125,978
PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2019 2018 2019 2018
Directional Drilling:
Revenues $
47,037 $
51,556 $
150,214 $
152,877
Direct operating costs $
56,215 $
44,740 $
143,919 $
126,114
Margin (3) $
(9,178) $
6,816 $
6,295 $
26,763
Selling, general and administrative $
2,805 $
3,548 $
7,998 $
13,310
Depreciation, amortization and
impairment $
20,518 $
12,263 $
41,755 $
35,039
Operating loss $
(32,501) $
(8,995) $
(43,458) $
(21,586)
Margin as a percentage of revenues (19.5) 13.2 4.2 17.5
(3) % % % %
Capital expenditures $
5,559 $
6,855 $
11,121 $
29,718
Other Operations:
Revenues $
25,743 $
29,036 $
83,363 $
81,485
Direct operating costs $
31,759 $
20,447 $
71,144 $
55,705
Margin (4) $
(6,016) $
8,589 $
12,219 $
25,780
Selling, general and administrative $
5,149 $
2,905 $
12,660 $
9,819
Depreciation, depletion,
amortization and impairment $
10,227 $
10,545 $
33,472 $
29,688
Impairment of goodwill $
17,800
$ $
17,800
$
Operating loss $
(39,192) $
(4,861) $
(51,713) $
(13,727)
Capital expenditures $
7,191 $
6,817 $
21,194 $
23,524
Corporate:
Selling, general and administrative $
21,613 $
21,126 $
66,672 $
62,141
Merger and integration expenses
$
$
$ $
2,738
Depreciation $
1,761 $
1,879 $
5,338 $
5,997
Provision for bad debts
$
$ $
3,594
$
Other operating expenses (income),
net $
(252) $
(771) $
83 $
(10,321)
Capital expenditures $
700 $
958 $
2,804 $
1,711
Total capital expenditures $
68,028 $
162,785 $
283,288 $
480,568
(1) For Contract Drilling, margin is
defined as revenues less direct
operating costs and excludes
depreciation, amortization and
impairment and selling, general
and administrative expenses.
Average margin per operating day
is defined as margin divided by
operating days.
(2) For Pressure Pumping, margin is
defined as revenues less direct
operating costs and excludes
depreciation, amortization and
impairment and selling, general
and administrative expenses.
Average margin per total job is
defined as margin divided by total
jobs. Margin as a percentage of
revenues is defined as margin
divided by revenues.
(3) For Directional Drilling, margin is
defined as revenues less direct
operating costs and excludes
depreciation, amortization and
impairment and selling, general
and administrative expenses.
Margin as a percentage of revenues
is defined as margin divided by
revenues.
(4) For Other Operations, margin is
defined as revenues less direct
operating costs and excludes
depreciation, depletion,
amortization and impairment,
impairment of goodwill, and
selling, general and
administrative expenses.
September 30, December 31,
Selected
Balance
Sheet
Data
(unaudited,
in
thousands): 2019 2018
---
Cash
and
cash
equivalents
$ 164,829
$ 245,029
Current
assets
$ 677,560
$ 950,197
Current
liabilities
$ 438,858
$ 526,316
Working
capital
$ 238,702
$ 423,881
Long-
term
debt
$ 969,909
$ 1,119,205
PATTERSON-UTI ENERGY, INC.
Non-U.S. GAAP Financial Measures
(unaudited, dollars in thousands)
Three Months Ended Nine Months Ended
September 30,
September 30,
2019 2018 2019 2018
Adjusted Earnings Before Interest,
Taxes, Depreciation
and Amortization
(Adjusted EBITDA)(1):
Net loss $
(261,719) $
(75,042) $
(339,780) $
(120,172)
Income tax benefit (64,513) (16,517) (81,245) (24,617)
Net interest expense 19,046 11,559 42,540 34,068
Depreciation, depletion, amortization
and impairment 400,764 281,652 823,862 703,928
Impairment of goodwill 17,800 17,800
Adjusted EBITDA $
111,378 $
201,652 $
463,177 $
593,207
Total revenues $
598,452 $
867,478 $
1,978,388 $
2,531,060
Adjusted EBITDA margin 18.6 23.2 23.4 23.4
% % % %
Adjusted EBITDA by operating segment:
Contract drilling $
126,591 $
137,275 $
423,021 $
381,776
Pressure pumping 29,177 75,499 112,321 235,909
Directional drilling (11,983) 3,268 (1,703) 13,453
Other operations (11,165) 5,684 (441) 15,961
Corporate (21,242) (20,074) (70,021) (53,892)
Consolidated Adjusted EBITDA $
111,378 $
201,652 $
463,177 $
593,207
(1) Adjusted earnings before
interest, taxes, depreciation
and amortization ("Adjusted
EBITDA") is not defined by
accounting principles generally
accepted in the United States of
America ("U.S. GAAP"). We define
Adjusted EBITDA as net income
(loss) plus net interest
expense, income tax benefit and
depreciation, depletion,
amortization and impairment
expense (including impairment of
goodwill). We present Adjusted
EBITDA because we believe it
provides to both management and
investors additional information
with respect to the performance
of our fundamental business
activities and a comparison of
the results of our operations
from period to period and
against our peers without regard
to our financing methods or
capital structure. We exclude
the items listed above from net
income (loss) in arriving at
Adjusted EBITDA because these
amounts can vary substantially
from company to company within
our industry depending upon
accounting methods and book
values of assets, capital
structures and the method by
which the assets were acquired.
Adjusted EBITDA should not be
construed as an alternative to
the U.S. GAAP measure of net
income (loss). Our computations
of Adjusted EBITDA may not be
the same as similarly titled
measures of other companies.
Three Months Nine Months
Ended Ended
September 30, September 30,
2019 2019
Adjusted
EBITDA $
111,378 $
463,177
Reverse
certain
items:
Write-down
of capacity
reservation
contract 12,673
Provision for
bad debts 3,594
Directional
drilling
charges 16,977 16,977
Oilfield
technology
and
manufacturing
charges 14,581 14,581
Adjusted
EBITDA,
excluding
certain
charges (2) $
142,936 $
511,002
(2) We present Adjusted EBITDA,
excluding certain charges, in
order to convey to investors
our performance on a basis
that, by excluding certain
items, is more comparable to
our Adjusted EBITDA performance
information reported in
previous periods. Adjusted
EBITDA, excluding certain non-
cash charges, should not be
construed as an alternative to
the U.S. GAAP measure of net
income (loss).
PATTERSON-UTI ENERGY, INC.
Pro Forma Net Loss Per Share
(unaudited, dollars in thousands)
Three Months Ended September 30, 2019
As Reported
Pro Forma
---
Total Per Share Total Per Share (1)
---
Net loss as reported $
(261,719) $
(1.31) $
(261,719) $
(1.31)
Reverse certain items:
Impairment of property and
equipment (2) 202,720
Income tax benefit (40,139)
After tax amount 162,581 $
0.82
Impairment of goodwill 17,800
Income tax benefit (3,524)
After tax amount 14,276 $
0.07
Directional drilling charges (3) 16,977
Income tax benefit (3,361)
After tax amount 13,616 $
0.07
Oilfield technology and
manufacturing charges (4) 14,581
Income tax benefit (2,887)
After tax amount 11,694 $
0.06
Early repayment of debt charge (5) 8,247
Income tax benefit (1,633)
After tax amount 6,614 $
0.03
Total, after tax 208,781 $
1.05
Net loss attributed to
common shareholders $
(261,719) $
(1.31) $
(52,938) $
(0.27)
Weighted average number of common
shares
outstanding,
excluding non-vested shares
of restricted stock
199,343 199,343
Add dilutive effect of potential
common shares
Weighted average number of diluted
common
shares
outstanding 199,343 199,343
Effective income tax rate 19.8 19.8
% %
(1) We present pro forma net loss per
share in order to convey to
investors our performance on a
basis that, by excluding certain
items, is more comparable to our
earnings per share information
reported in previous periods. Pro
Forma Net Loss per Share should not
be construed as an alternative to
U.S. GAAP earnings per share.
(2) Impairment of property and equipment
for the three months ended
September 30, 2019 was included in
"Depreciation, depletion,
amortization and impairment" in the
Condensed Consolidated Statements
of Operations.
(3) Directional drilling charges for the
three months ended September 30,
2019 were included in "Direct
operating costs" in the Condensed
Consolidated Statements of
Operations.
(4)
$12.4 million of inventory write-offs and $2.2 million of severance expense for the three months ended September 30, 2019 as a result of transitioning away from our engineering and manufacturing efforts in Calgary were included in "Direct operating costs" and "Selling, general and administrative" in the Condensed Consolidated Statements of Operations, respectively.
(5) Early repayment of debt charge for
the three months ended September
30, 2019 was included in "Interest
expense, net of amount capitalized"
in the Condensed Consolidated
Statements of Operations.
PATTERSON-UTI ENERGY, INC.
Contract Drilling Per Day Successive Quarters
(unaudited, dollars in thousands)
2019 2019
Third Second
Quarter Quarter Change
Contract drilling
revenues $
317,035 $
348,138 $
(31,103)
Operating days -Total 13,081 14,385 (1,304)
Average rigs operating
-Total 142 158 (16)
Average revenue per
operating day -Total $
24.24 $
24.20 $
0.04
Early termination
revenue $
6,291 $
4,035 $
2,256
Average early
termination revenue
per operating day -
Total $
0.48 $
0.28 $
0.20
Direct operating costs
-Total $
188,934 $
201,792 $
(12,858)
Average direct
operating costs per
operating day -Total $
14.44 $
14.03 $
0.41
Average margin per
operating day -Total $
9.79 $
10.17 $
(0.38)
PATTERSON-UTI ENERGY, INC.
Pressure Pumping Margin
(unaudited, dollars in thousands)
2019 2019
Third Second
Quarter Quarter Change
Pressure pumping
revenues $
208,637 $
251,008 $
(42,371)
Direct operating
costs 176,306 206,137 (29,831)
Margin $
32,331 $
44,871 $
(12,540)
PATTERSON-UTI ENERGY, INC.
Directional Drilling Margin
(unaudited, in thousands)
2019 2019
Third Second
Quarter Quarter Change
Directional drilling
revenues $
47,037 $
50,218 $
(3,181)
Direct operating costs 56,215 42,102 14,113
Margin $
(9,178) $
8,116 $
(17,294)
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SOURCE PATTERSON-UTI ENERGY, INC.
