$PTEN
PATTERSON UTI ENERGY INC

2019 Q4 Form 10-Q Financial Statement

#000156459019038800 Filed on October 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $492.3M $598.5M $867.5M
YoY Change -38.15% -31.01% 26.64%
Cost Of Revenue $363.5M $453.2M $634.1M
YoY Change -34.82% -28.53% 28.57%
Gross Profit $128.8M $145.2M $233.4M
YoY Change -45.95% -37.79% 21.69%
Gross Profit Margin 26.16% 24.26% 26.91%
Selling, General & Admin $33.90M $34.23M $32.82M
YoY Change 3.35% 4.3% 18.91%
% of Gross Profit 26.32% 23.58% 14.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $180.0M $400.8M $281.6M
YoY Change -15.25% 42.33% 43.16%
% of Gross Profit 139.75% 276.03% 120.65%
Operating Expenses $211.6M $34.23M $32.82M
YoY Change -11.06% 4.3% -85.11%
Operating Profit -$82.76M -$307.3M -$80.28M
YoY Change -60.74% 282.79% 111.18%
Interest Expense -$26.70M $20.74M $12.38M
YoY Change 124.37% 67.57% -230.27%
% of Operating Profit
Other Income/Expense, Net $100.0K -$18.93M -$11.28M
YoY Change 0.0% 67.82% -11378.0%
Pretax Income -$109.4M -$326.2M -$91.56M
YoY Change -50.85% 256.31% 93.16%
Income Tax -$23.40M -$64.51M -$16.52M
% Of Pretax Income
Net Earnings -$85.92M -$261.7M -$75.04M
YoY Change -57.31% 248.76% 122.22%
Net Earnings / Revenue -17.45% -43.73% -8.65%
Basic Earnings Per Share -$0.44 -$1.31 -$0.34
Diluted Earnings Per Share -$0.44 -$1.31 -$0.34
COMMON SHARES
Basic Shares Outstanding 194.5M 199.3M 218.1M
Diluted Shares Outstanding 199.3M 218.1M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.2M $164.8M $214.0M
YoY Change -28.9% -22.99% 466.14%
Cash & Equivalents $174.2M $164.8M $214.0M
Short-Term Investments
Other Short-Term Assets $75.18M $58.26M $75.00M
YoY Change -1.94% -22.32% 37.36%
Inventory $36.36M $37.33M $69.40M
Prepaid Expenses
Receivables $339.7M $411.1M $648.4M
Other Receivables $6.400M $6.000M $0.00
Total Short-Term Assets $631.8M $677.6M $1.007B
YoY Change -33.51% -32.7% 48.43%
LONG-TERM ASSETS
Property, Plant & Equipment $3.307B $3.433B $4.081B
YoY Change -17.39% -15.86% -2.8%
Goodwill $395.1M $395.1M $612.5M
YoY Change -3.82% -35.5% 16.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.78M $17.86M $50.90M
YoY Change -35.21% -64.9% -18.82%
Total Long-Term Assets $3.808B $3.932B $4.813B
YoY Change -15.75% -18.32% 0.38%
TOTAL ASSETS
Total Short-Term Assets $631.8M $677.6M $1.007B
Total Long-Term Assets $3.808B $3.932B $4.813B
Total Assets $4.440B $4.609B $5.820B
YoY Change -18.84% -20.8% 6.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $170.5M $208.8M $349.2M
YoY Change -41.0% -40.21% 15.06%
Accrued Expenses $219.9M $220.6M $256.4M
YoY Change -6.82% -13.95% 4.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $400.6M $438.9M $607.7M
YoY Change -23.89% -27.78% 10.63%
LONG-TERM LIABILITIES
Long-Term Debt $966.5M $969.9M $1.119B
YoY Change -13.64% -13.32% 50.67%
Other Long-Term Liabilities $9.250M $10.28M $12.90M
YoY Change -27.51% -20.29% 13.16%
Total Long-Term Liabilities $975.8M $980.2M $1.132B
YoY Change -13.8% -13.4% 50.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $400.6M $438.9M $607.7M
Total Long-Term Liabilities $975.8M $980.2M $1.132B
Total Liabilities $1.606B $1.666B $2.065B
YoY Change -18.25% -19.3% 9.83%
SHAREHOLDERS EQUITY
Retained Earnings $1.295B $1.389B
YoY Change -26.16%
Common Stock $2.878B $2.869B
YoY Change 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.345B $1.320B
YoY Change 24.5%
Treasury Stock Shares $77.34M $74.71M $49.88M
Shareholders Equity $2.834B $2.943B $3.755B
YoY Change
Total Liabilities & Shareholders Equity $4.440B $4.609B $5.820B
YoY Change -18.84% -20.8% 6.34%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$85.92M -$261.7M -$75.04M
YoY Change -57.31% 248.76% 122.22%
Depreciation, Depletion And Amortization $180.0M $400.8M $281.6M
YoY Change -15.25% 42.33% 43.16%
Cash From Operating Activities $112.4M $218.5M $188.5M
YoY Change -53.55% 15.92% 62.64%
INVESTING ACTIVITIES
Capital Expenditures -$64.20M $68.03M $162.8M
YoY Change -60.1% -58.21% 13.79%
Acquisitions
YoY Change
Other Investing Activities $13.30M $900.0K $7.000M
YoY Change 49.44% -87.14% 218.18%
Cash From Investing Activities -$50.90M -$67.10M -$155.8M
YoY Change -66.51% -56.93% 10.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.00M -242.2M -60.60M
YoY Change -11.41% 299.67% -379.26%
NET CHANGE
Cash From Operating Activities 112.4M 218.5M 188.5M
Cash From Investing Activities -50.90M -67.10M -155.8M
Cash From Financing Activities -52.00M -242.2M -60.60M
Net Change In Cash 9.500M -90.80M -27.90M
YoY Change -69.65% 225.45% 745.45%
FREE CASH FLOW
Cash From Operating Activities $112.4M $218.5M $188.5M
Capital Expenditures -$64.20M $68.03M $162.8M
Free Cash Flow $176.6M $150.5M $25.72M
YoY Change -56.17% 485.15% -194.68%

Facts In Submission

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-91559000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-421025000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-144789000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-16517000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-81245000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-24617000
us-gaap Net Income Loss
NetIncomeLoss
-339780000
us-gaap Net Income Loss
NetIncomeLoss
-120172000
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218059000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206191000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218059000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
206191000
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.04
CY2018Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.04
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-261719000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-75042000
us-gaap Net Income Loss
NetIncomeLoss
-339780000
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2018Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2646000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1994000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-73522000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-337134000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3505423000
us-gaap Net Income Loss
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-339780000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2646000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9219000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
30058000
pten Dividend Equivalents
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396000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
239494000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
2942986000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3982493000
us-gaap Net Income Loss
NetIncomeLoss
-120172000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1994000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
485000
pten Dividend Equivalents
DividendEquivalents
219000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
111655000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
3755427000
us-gaap Net Income Loss
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-339780000
us-gaap Net Income Loss
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-120172000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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12673000
us-gaap Provision For Doubtful Accounts
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3594000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-144210000
us-gaap Increase Decrease In Accounts Receivable
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67975000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-2754000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
3275000
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
8022000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-44270000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-31935000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-16993000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
25480000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
13000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3800000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
283288000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
480568000
pten Proceeds From Disposal Of Assets And Insurance Claims
ProceedsFromDisposalOfAssetsAndInsuranceClaims
32434000
pten Proceeds From Disposal Of Assets And Insurance Claims
ProceedsFromDisposalOfAssetsAndInsuranceClaims
28008000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
23760000
us-gaap Net Cash Provided By Used In Investing Activities
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-250867000
us-gaap Proceeds From Stock Options Exercised
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485000
us-gaap Payments Of Debt Issuance Costs
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4469000
pten Proceeds From Long Term Debt
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150000000
pten Proceeds From Long Term Debt
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521194000
pten Repayments Of Long Term Debt Excluding Borrowings Under Revolving Credit Facility
RepaymentsOfLongTermDebtExcludingBorrowingsUnderRevolvingCreditFacility
308061000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
79000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
347000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-413176000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
115595000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-537000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-80200000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
171204000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
245029000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42828000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
164829000
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
214032000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
548000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1094000
us-gaap Interest Paid Net
InterestPaidNet
43281000
us-gaap Interest Paid Net
InterestPaidNet
27306000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-861000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3277000
pten Receivable From Property And Equipment Insurance
ReceivableFromPropertyAndEquipmentInsurance
15000000
pten Increase Decrease In Payables Related To Purchases Of Property And Equipment
IncreaseDecreaseInPayablesRelatedToPurchasesOfPropertyAndEquipment
-35941000
pten Increase Decrease In Payables Related To Purchases Of Property And Equipment
IncreaseDecreaseInPayablesRelatedToPurchasesOfPropertyAndEquipment
60545000
pten Net Decrease Increase In Deposits On Equipment Purchases
NetDecreaseIncreaseInDepositsOnEquipmentPurchases
4787000
pten Net Decrease Increase In Deposits On Equipment Purchases
NetDecreaseIncreaseInDepositsOnEquipmentPurchases
-2707000
pten Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
9219000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2447000
us-gaap Operating Lease Cost
OperatingLeaseCost
8241000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
39000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
426000
CY2019Q3 us-gaap Lease Cost
LeaseCost
2486000
us-gaap Lease Cost
LeaseCost
8667000
us-gaap Operating Lease Payments
OperatingLeasePayments
7459000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
928000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2682000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9317000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6665000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4707000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2663000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6552000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32586000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3307000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
29279000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
11408000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
9069000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6543000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4625000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2663000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6552000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
40860000
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
62000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
347000
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1092000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6375000
CY2019Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
36180000
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
58857000
CY2019Q3 us-gaap Inventory Net
InventoryNet
37334000
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
42951000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3880339000
CY2018Q4 us-gaap Inventory Net
InventoryNet
65579000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9365000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8604756000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8803668000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5171261000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4801119000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3433495000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4002549000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
17800000
CY2019Q3 us-gaap Goodwill
Goodwill
395060000
pten Percentage Fair Value Exceeds Carrying Value
PercentageFairValueExceedsCarryingValue
0.13
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
84254000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
30006000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
54248000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
106754000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
39870000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
66884000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5300000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12600000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14500000
CY2019Q3 pten Accrued Salaries Wages Payroll Taxes And Benefits Current
AccruedSalariesWagesPayrollTaxesAndBenefitsCurrent
54748000
CY2018Q4 pten Accrued Salaries Wages Payroll Taxes And Benefits Current
AccruedSalariesWagesPayrollTaxesAndBenefitsCurrent
58160000
CY2019Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
74700000
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
83772000
CY2019Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
36530000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
25318000
CY2019Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
8488000
CY2018Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
9531000
CY2019Q3 us-gaap Interest Payable Current
InterestPayableCurrent
10133000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
15774000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
36039000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
43391000
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
220638000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
235946000
CY2019Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
526000
CY2018Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
356000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1200000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1600000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
450000000
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
525000000
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
975000000
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
63400000
CY2019Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
63300000
pten Agreement Expire Description
AgreementExpireDescription
The agreements expire in years 2019 through 2023.
CY2019Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
44900000
CY2019Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
7200000
CY2019Q2 pten Deposit Revaluation Charge
DepositRevaluationCharge
12700000
CY2018Q3 us-gaap Loss Contingency Damages Awarded Value
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74000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
24690000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21960000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
53701096
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1080448000
pten Treasury Stock Acquired Shares Other
TreasuryStockAcquiredSharesOther
31013
pten Treasury Stock Acquired Value Other
TreasuryStockAcquiredValueOther
371000
CY2019Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
74709070
CY2019Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1319942000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3505423000
CY2019Q1 us-gaap Net Income Loss
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-28614000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
944000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9338000
CY2019Q1 us-gaap Dividends Common Stock Cash
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8499000
CY2019Q1 pten Dividend Equivalents
DividendEquivalents
110000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
75113000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
3403369000
CY2019Q2 us-gaap Net Income Loss
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-49447000
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
848000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9219000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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11050000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
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88258000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9670000
CY2019Q3 us-gaap Dividends Common Stock Cash
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7847000
CY2019Q3 pten Dividend Equivalents
DividendEquivalents
160000
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
76123000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
2942986000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3982493000
CY2018Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-1984000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
485000
CY2018Q3 us-gaap Net Income Loss
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-75042000
CY2018Q1 us-gaap Dividends Common Stock Cash
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4443000
CY2018Q1 pten Dividend Equivalents
DividendEquivalents
30000
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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16928000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
3934541000
CY2018Q2 us-gaap Net Income Loss
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-10713000
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1530000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9907000
CY2018Q2 us-gaap Dividends Common Stock Cash
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8832000
CY2018Q2 pten Dividend Equivalents
DividendEquivalents
83000
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1520000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9177000
CY2018Q3 us-gaap Dividends Common Stock Cash
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8685000
CY2018Q3 pten Dividend Equivalents
DividendEquivalents
106000
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
51776000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
3755427000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5501150
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.63
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
700000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
15000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
14.41
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4786150
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.59
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4756150
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.60
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.180
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.193
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.170
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-261719000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-75042000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-339780000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-120172000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199343000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218059000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206191000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219635000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-261719000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-75042000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-339780000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-120172000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199343000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218059000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206191000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219635000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199343000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218059000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
206191000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
219635000
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2019Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
252000
CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
771000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-83000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
10321000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3594000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1693000
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
817000
us-gaap Investment Income Interest
InvestmentIncomeInterest
4481000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9753000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9052000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9753000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9052000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
598452000
us-gaap Investment Income Interest
InvestmentIncomeInterest
4600000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
867478000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1978388000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2531060000
CY2019Q3 us-gaap Interest Expense
InterestExpense
20739000
CY2018Q3 us-gaap Interest Expense
InterestExpense
12376000
us-gaap Interest Expense
InterestExpense
47021000
us-gaap Interest Expense
InterestExpense
38668000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
119000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
281000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
328000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
666000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-326232000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-91559000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-421025000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-144789000
CY2019Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
400764000
CY2018Q3 pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
281652000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
823862000
pten Depreciation Depletion Amortization And Impairment
DepreciationDepletionAmortizationAndImpairment
703928000
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
68028000
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
162785000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
283288000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
480568000
CY2019Q3 us-gaap Assets
Assets
4609093000
CY2018Q4 us-gaap Assets
Assets
5469866000

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