Strong Free Cash Flow and Shareholder Returns
Patterson-UTI Energy, Inc. delivered strong free cash flow in 2024 and returned significant capital to shareholders, reducing total share count by more than 6% and paying a cumulative dividend equal to 4% of the current market cap.
Debt Reduction
The company reduced net debt, including leases, by almost $100 million.
Record Performance in Drilling Products Segment
The drilling products segment outperformed industry activity, with US revenue down less than 5% despite a more than 10% decline in industry rig count, and international revenue improved. Downhole tools and product innovation revenue more than doubled in 2024.
Successful Launch of New Fuel Gas Technology
The new fuel gas technology allowed customers to use more trapped fuel gas, addressing challenges with fuel gas quality and reducing diesel displacement.
Emerald Fleet Expansion
The company operated more than 150,000 horsepower of natural gas powered completion equipment and expects to surpass 200,000 horsepower by mid-2025.