Primary Vision
  • HOME
  • ABOUT US
    • ABOUT US
    • PRIMARY VISION AI INNOVATIONS
  • RESEARCH
    • INSIGHTS & ARTICLES
    • FREE ARTICLES
  • EVENTS
  • PRESS
  • SUPPORT
  • FAQ
  • LATEST NEWS
  • LOGIN
  • SIGN UP!
    • FRAC SPREAD COUNT SIGN-UP!
    • ENTERPRISE SUBSCRIPTION PLAN SIGN UP!
  • HOME
  • ABOUT US
    • ABOUT US
    • PRIMARY VISION AI INNOVATIONS
  • RESEARCH
    • INSIGHTS & ARTICLES
    • FREE ARTICLES
  • EVENTS
  • PRESS
  • SUPPORT
  • FAQ
  • LATEST NEWS
  • LOGIN
  • SIGN UP!
    • FRAC SPREAD COUNT SIGN-UP!
    • ENTERPRISE SUBSCRIPTION PLAN SIGN UP!
No Result
View All Result
Primary Vision
Home Market Trends

Patterson-UTI Energy: Q3 TAKE THREE

Avik Chowdhury by Avik Chowdhury
November 8, 2023
in Market Trends
0

PTEN’s Rigs Weakened In Q3, But To Reverse In 2024: Patterson-UTI Energy’s (PTEN) averaged rig count dropped by 9% to 117 rigs in the US in Q3 2023 compared to a quarter earlier. Lower customer activity and slightly lower pricing adversely affected the company’s pressure pumping and the NexTier completion services businesses. In Q4, the average rig count will likely remain unchanged. PTEN’s management expects the US rig count to increase gradually in 2023, with “additional upside in 2024.” Completion activity should increase through 2024. Read more about this in our previous article here.

PTEN’s Acquisition Performance: PTEN closed its merger with NEX in September, while the integration of Ulterra was on course at the end of Q3. The annual synergies from the NEX acquisition would amount to $200 million by Q1 2025. Its Q3 revenues from the Completion Services segment increased significantly following the inclusion of NexTier Oilfield’s results (30 days of financial data) in Q3.

More On The Key Factors: Quarter-over-quarter, PTEN’s revenues (recast revenues) in the Drilling segment remained nearly unchanged in Q3 2023. However, average rig revenue and margin per operating day increased. Lower customer activity and lower pricing kept the Completion Services segment growth in check. Adjusted gross profit also increased significantly in this segment.

Thanks for reading the PTEN Take Three, designed to give you three critical takeaways from PTEN’s earnings report.  Soon, we will present a second update on PTEN earnings, highlighting its current strategy, news, and notes we extracted from our deeper dive.

To unlock the content you need a
Premium
or Enterprise
Account!

Previous Post

KLX Energy Services: Q3 TAKE THREE

Next Post

ProFrac Holding: Q3 TAKE THREE

Related Posts

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!
Market Trends

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!

June 16, 2025
Nabors Industries’ Perspective in Q1: KEY Takeaways
Market Trends

Nabors Industries’ Perspective in Q1: KEY Takeaways

June 16, 2025
ProPetro’s Perspective in Q1: KEY Takeaways
Market Trends

ProPetro’s Perspective in Q1: KEY Takeaways

June 13, 2025
Market Sentiment Tracker: What If This Is as Good as It Gets?
Market Trends

Market Sentiment Tracker: What If This Is as Good as It Gets?

June 11, 2025
Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?
Market Trends

Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

June 9, 2025
NOV’s Perspective in Q1: KEY Takeaways
Market Trends

NOV’s Perspective in Q1: KEY Takeaways

June 9, 2025
Next Post

ProFrac Holding: Q3 TAKE THREE

Please login to join discussion

Recent News

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!

June 16, 2025
Nabors Industries’ Perspective in Q1: KEY Takeaways

Nabors Industries’ Perspective in Q1: KEY Takeaways

June 16, 2025
ProPetro’s Perspective in Q1: KEY Takeaways

ProPetro’s Perspective in Q1: KEY Takeaways

June 13, 2025
Market Sentiment Tracker: What If This Is as Good as It Gets?

Market Sentiment Tracker: What If This Is as Good as It Gets?

June 11, 2025
Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

June 9, 2025
Primary Vision

Established in 2011, we are renowned for our expert frac data and analytics, providing a rich array of unique indicators and industry commentary.

CONTACT

+1-713-554-4977
info@primaryvision.co

SOCIAL NETWORKS

POLICIES

Privacy Policy
Terms of Use

PARTNERS

Amazon Web Services

TRUSTED SITES

Logo

Logo

RECENT NEWS

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!

Monday Macro View: Top 5 Reasons Crude Prices Are Ascending – and the recent Middle East tension is only one of them!

June 16, 2025
Nabors Industries’ Perspective in Q1: KEY Takeaways

Nabors Industries’ Perspective in Q1: KEY Takeaways

June 16, 2025
ProPetro’s Perspective in Q1: KEY Takeaways

ProPetro’s Perspective in Q1: KEY Takeaways

June 13, 2025
Market Sentiment Tracker: What If This Is as Good as It Gets?

Market Sentiment Tracker: What If This Is as Good as It Gets?

June 11, 2025
Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

Monday Macro View: As OPEC+ Raises Output, Is U.S. Shale Prepared to Follow—or Fade?

June 9, 2025
  • HOME
  • ABOUT US
  • RESEARCH
  • EVENTS
  • PRESS
  • SUPPORT
  • FAQ
  • LATEST NEWS
  • LOGIN
  • SIGN UP!

© 2025 Primary Vision. All rights reserved.

  • HOME
  • ABOUT US
    • ABOUT US
    • PRIMARY VISION AI INNOVATIONS
  • RESEARCH
    • INSIGHTS & ARTICLES
    • FREE ARTICLES
  • EVENTS
  • PRESS
  • SUPPORT
  • FAQ
  • LATEST NEWS
  • LOGIN
  • SIGN UP!
    • FRAC SPREAD COUNT SIGN-UP!
    • ENTERPRISE SUBSCRIPTION PLAN SIGN UP!

© 2025 Primary Vision. All rights reserved.