Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q3 2024 Earnings Call October 24, 2024 10:00 AM ET

Company Participants

Michael Sabella - Investor Relations
Andy Hendricks - President and Chief Executive Officer
Andy Smith - Chief Financial Officer

Conference Call Participants

Scott Gruber - Citigroup
Stephen Gengaro - Stifel
Keith MacKey - RBC Capital Markets
Ati Modak - Goldman Sachs
Arun Jayaram - JPMorgan
Waqar Syed - ATB
Connor Jensen - Raymond James
Saurabh Pant - Bank of America
Kurt Hallead - Benchmark Company
Eddie Kim - Barclays

Operator

Good morning. Thank you for standing by. My name is Prilla and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson-UTI Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Thank you. I would now like to turn the conference over to Michael Sabella. You may begin.

Michael Sabella

Thank you, operator. Good morning and welcome to Patterson-UTI’s earnings conference call to discuss our third quarter 2024 results. With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer.

As a reminder, statements that are made in this conference call that refer to the company’s or management’s plans, intentions, targets, beliefs, expectations or predictions for the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company’s SEC filings, which could cause the company’s actual results to differ materially. The company takes no obligation to publicly update or revise any forward-looking statements. Statements made in this conference call include non-GAAP financial measures. The required reconciliation to GAAP financial measures are included on our website, patenergy.com and in the company’s press release issued prior to this conference call.

I will now turn the call over to Andy Hendricks, Patterson-UTI’s Chief Executive Officer.

Andy Hendricks

Thanks Mike. Welcome to our third quarter earnings conference call. It’s been 1 year since our first earnings call after acquiring Ulterra and merging with NexTier, and the year has been transformative for Patterson-UTI. These strategic moves have solidified our position as a leading player in the oilfield services sector.

Despite a challenging macro environment including fluctuations in oil and natural gas prices and shifting industry activity across key basins, we have successfully integrated NexTier and Ulterra. All of our segments are performing well given the backdrop, and we have stayed focused on operational excellence for our customers and free cash flow for our investors. We believe that the progress we have made in just 1 year will create value over the long term for the company and for shareholders. I want to extend a sincere thank you to all of our employees whose hard work and dedication have been crucial to the success of the integration. We could not have done it without you, and we are grateful for your contributions in making this process smoother and more efficient.