$PTEN
PATTERSON UTI ENERGY INC

2015 Q4 Form 10-K Financial Statement

#000156459016012604 Filed on February 10, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014 Q3
Revenue $338.6M $901.2M $845.6M
YoY Change -62.43% 36.8% 15.7%
Cost Of Revenue $226.8M $599.3M $562.5M
YoY Change -62.16% 40.65% 25.73%
Gross Profit $111.7M $301.9M $283.1M
YoY Change -63.0% 29.74% -0.14%
Gross Profit Margin 32.99% 33.5% 33.48%
Selling, General & Admin $16.60M $22.00M $18.90M
YoY Change -24.55% 18.28% -3.49%
% of Gross Profit 14.86% 7.29% 6.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $175.3M $180.1M $237.9M
YoY Change -2.67% -1.64% 68.96%
% of Gross Profit 156.94% 59.66% 84.03%
Operating Expenses $191.9M $202.2M $18.90M
YoY Change -5.09% 0.25% -3.49%
Operating Profit -$76.80M $106.8M $30.29M
YoY Change -171.88% 244.62% -75.68%
Interest Expense -$9.400M -$8.000M $6.993M
YoY Change 17.5% 15.94% -6.8%
% of Operating Profit -7.49% 23.09%
Other Income/Expense, Net $0.00 $0.00 -$6.759M
YoY Change -100.0% -1.04%
Pretax Income -$86.20M $98.80M $23.53M
YoY Change -187.25% 278.54% -80.01%
Income Tax -$27.50M $41.20M $7.556M
% Of Pretax Income 41.7% 32.11%
Net Earnings -$58.66M $57.58M $15.98M
YoY Change -201.87% 246.89% -78.53%
Net Earnings / Revenue -17.33% 6.39% 1.89%
Basic Earnings Per Share -$0.40 $0.39 $0.11
Diluted Earnings Per Share -$0.40 $0.39 $0.11
COMMON SHARES
Basic Shares Outstanding 147.2M 144.8M
Diluted Shares Outstanding 147.0M

Balance Sheet

Concept 2015 Q4 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.3M $43.00M $38.60M
YoY Change 163.49% -82.77% -81.13%
Cash & Equivalents $113.3M $43.01M $38.59M
Short-Term Investments
Other Short-Term Assets $40.23M $51.62M $54.65M
YoY Change -22.08% -3.37% 20.4%
Inventory $14.72M $32.25M $29.16M
Prepaid Expenses
Receivables $219.7M $663.4M $593.4M
Other Receivables $33.40M $81.70M $0.00
Total Short-Term Assets $486.5M $909.1M $748.1M
YoY Change -46.48% 12.42% -5.58%
LONG-TERM ASSETS
Property, Plant & Equipment $3.921B $4.131B $3.907B
YoY Change -5.09% 13.63% 7.0%
Goodwill $86.23M $210.8M $169.3M
YoY Change -59.09% 37.05% 10.07%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.264M $20.66M $20.41M
YoY Change -64.83% -9.82% -15.87%
Total Long-Term Assets $3.979B $4.482B $4.220B
YoY Change -11.23% 15.56% 8.62%
TOTAL ASSETS
Total Short-Term Assets $486.5M $909.1M $748.1M
Total Long-Term Assets $3.979B $4.482B $4.220B
Total Assets $4.465B $5.391B $4.968B
YoY Change -17.17% 15.02% 6.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.77M $382.4M $370.1M
YoY Change -78.36% 120.87% 104.27%
Accrued Expenses $161.6M $173.5M $182.9M
YoY Change -6.83% 8.11% 19.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $63.30M $12.50M $10.00M
YoY Change 406.4% 25.0% 0.0%
Total Short-Term Liabilities $307.6M $568.4M $587.4M
YoY Change -45.88% 60.44% 69.99%
LONG-TERM LIABILITIES
Long-Term Debt $787.9M $973.0M $675.0M
YoY Change -19.02% 42.56% -1.46%
Other Long-Term Liabilities $9.000M $11.14M $10.04M
YoY Change -19.19% 71.63% 55.91%
Total Long-Term Liabilities $787.9M $11.14M $685.0M
YoY Change 6974.62% -98.38% -0.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $307.6M $568.4M $587.4M
Total Long-Term Liabilities $787.9M $11.14M $685.0M
Total Liabilities $1.968B $2.488B $2.109B
YoY Change -20.89% 28.85% 9.06%
SHAREHOLDERS EQUITY
Retained Earnings $2.812B $2.769B
YoY Change 3.86% 2.62%
Common Stock $1.012B $986.6M $1.892M
YoY Change 2.56% 52799.03% 1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $907.0M $899.0M $899.0M
YoY Change 0.89% 2.06% 2.07%
Treasury Stock Shares $43.21M $42.82M $42.82M
Shareholders Equity $2.561B $2.906B $2.860B
YoY Change
Total Liabilities & Shareholders Equity $4.529B $5.394B $4.968B
YoY Change -16.03% 15.08% 6.22%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$58.66M $57.58M $15.98M
YoY Change -201.87% 246.89% -78.53%
Depreciation, Depletion And Amortization $175.3M $180.1M $237.9M
YoY Change -2.67% -1.64% 68.96%
Cash From Operating Activities $193.4M $162.4M $206.1M
YoY Change 19.09% -30.06% -24.62%
INVESTING ACTIVITIES
Capital Expenditures -$135.6M -$278.5M -$285.8M
YoY Change -51.31% 55.41% 89.65%
Acquisitions
YoY Change
Other Investing Activities $4.900M -$165.6M $7.500M
YoY Change -102.96% -7985.71% 102.7%
Cash From Investing Activities -$130.7M -$444.1M -$278.3M
YoY Change -70.57% 150.76% 89.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.20M 286.0M -8.500M
YoY Change -108.81% -3018.37% -88.18%
NET CHANGE
Cash From Operating Activities 193.4M 162.4M 206.1M
Cash From Investing Activities -130.7M -444.1M -278.3M
Cash From Financing Activities -25.20M 286.0M -8.500M
Net Change In Cash 37.50M 4.300M -80.70M
YoY Change 772.09% -90.51% -248.07%
FREE CASH FLOW
Cash From Operating Activities $193.4M $162.4M $206.1M
Capital Expenditures -$135.6M -$278.5M -$285.8M
Free Cash Flow $329.0M $440.9M $491.9M
YoY Change -25.38% 7.17% 15.99%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2013 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
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CY2014 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
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CY2015 us-gaap Net Income Loss
NetIncomeLoss
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CY2015 us-gaap Dividends Common Stock Cash
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CY2015 us-gaap Oil And Gas Sales Revenue
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CY2014Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
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CY2014Q4 us-gaap Additional Paid In Capital Common Stock
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CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2015 pten Oil And Natural Gas Expenses Excluding Depreciation
OilAndNaturalGasExpensesExcludingDepreciation
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CY2014 pten Oil And Natural Gas Expenses Excluding Depreciation
OilAndNaturalGasExpensesExcludingDepreciation
13102000
CY2013 pten Oil And Natural Gas Expenses Excluding Depreciation
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12909000
CY2015 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
124561000
CY2013 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014 us-gaap Net Income Loss
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CY2013 us-gaap Net Income Loss
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2014 pten Stock Issued Or Vested During Period Value Stock Awards
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CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2014 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2014 us-gaap Dividends Common Stock Cash
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CY2014 us-gaap Treasury Stock Value Acquired Cost Method
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CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2015 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2015 us-gaap Treasury Stock Value Acquired Cost Method
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CY2015 us-gaap Exploration Abandonment And Impairment Expense
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CY2014 us-gaap Exploration Abandonment And Impairment Expense
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CY2013 us-gaap Exploration Abandonment And Impairment Expense
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CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2015 us-gaap Increase Decrease In Accounts Receivable
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CY2013 us-gaap Increase Decrease In Accounts Payable
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CY2014 us-gaap Increase Decrease In Accounts Receivable
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CY2013 us-gaap Increase Decrease In Accounts Receivable
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CY2015 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2014 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2015 us-gaap Increase Decrease In Inventories And Other Operating Assets
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CY2014 us-gaap Increase Decrease In Accrued Liabilities
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CY2013 us-gaap Increase Decrease In Accrued Liabilities
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CY2015 us-gaap Increase Decrease In Other Operating Liabilities
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CY2014 us-gaap Increase Decrease In Other Operating Liabilities
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CY2013 us-gaap Increase Decrease In Other Operating Liabilities
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CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2013 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015 us-gaap Payments For Repurchase Of Common Stock
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CY2014 us-gaap Payments For Repurchase Of Common Stock
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CY2013 us-gaap Payments For Repurchase Of Common Stock
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CY2015 us-gaap Payments Of Dividends
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CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2014 us-gaap Repayments Of Long Term Debt
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CY2013 us-gaap Repayments Of Long Term Debt
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CY2015 us-gaap Proceeds From Long Term Lines Of Credit
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CY2014 us-gaap Proceeds From Long Term Lines Of Credit
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CY2015 us-gaap Repayments Of Long Term Lines Of Credit
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CY2014 us-gaap Repayments Of Long Term Lines Of Credit
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CY2015 us-gaap Payments Of Debt Issuance Costs
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CY2014 us-gaap Proceeds From Stock Options Exercised
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CY2013 us-gaap Proceeds From Stock Options Exercised
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013 us-gaap Interest Paid Net
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CY2014 us-gaap Income Taxes Paid Net
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CY2015 pten Increase Decrease In Payables Related To Purchases Of Property And Equipment
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CY2014 pten Increase Decrease In Payables Related To Purchases Of Property And Equipment
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CY2013 pten Increase Decrease In Payables Related To Purchases Of Property And Equipment
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CY2015 pten Net Decrease Increase In Deposits On Equipment Purchases
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CY2014 pten Net Decrease Increase In Deposits On Equipment Purchases
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CY2013 pten Net Decrease Increase In Deposits On Equipment Purchases
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CY2015 us-gaap Interest Paid Capitalized
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CY2014 us-gaap Interest Paid Capitalized
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CY2013 us-gaap Interest Paid Capitalized
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CY2015 us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">Management estimates<font style="font-style:normal;"> &#8212; The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;Actual results could differ from such estimates. </font></p></div>
CY2015 us-gaap Depletion
Depletion
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CY2014 us-gaap Depletion
Depletion
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CY2013 us-gaap Depletion
Depletion
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CY2015 pten Future Net Cash Flows Discount Rate
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CY2015 pten Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
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CY2014 pten Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
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CY2013 pten Income Loss From Continuing Operations Allocable To Non Vested Restricted Shares
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CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q4 pten Power Of Equipment Purchased In Acquisition
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CY2013 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2014 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2013 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2014 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2015 pten Depreciation And Impairment Losses
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CY2014 pten Depreciation And Impairment Losses
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CY2013 pten Depreciation And Impairment Losses
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CY2014 us-gaap Amortization Of Intangible Assets
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CY2013 us-gaap Amortization Of Intangible Assets
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CY2014 pten Deferred Income Tax Liabilities Increase Decrease
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CY2015 us-gaap Tangible Asset Impairment Charges
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CY2015Q3 pten Expected Cash Flows From Backlog Of Commitments For Contract Drilling Revenues
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CY2015Q4 pten Expected Cash Flows From Backlog Of Commitments For Contract Drilling Revenues
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CY2015Q1 pten Average Oil Price Per Barrel
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48.54
CY2015Q1 pten Average Oil Price Per Barrel
AverageOilPricePerBarrel
43.39
CY2015Q2 pten Average Oil Price Per Barrel
AverageOilPricePerBarrel
57.85
CY2015Q3 pten Average Oil Price Per Barrel
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