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Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc.

Patterson-Uti Energy Inc. · Dec 3, 2014 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 1
    Patterson-UTI Energy is a leading provider of contract drilling and pressure pumping services 3 Contract Drilling High quality fleet of land drilling rigs including 143 APEX rigs Leader in walking rig technology for pad…
  2. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 2
    Pressure Pumping High quality fleet of modern pressure pumping equipment A leader in natural gas bi-fuel technology Strong reputation for regional knowledge and efficient operations Components of Revenue Pressure Pumping…
  3. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 3
    Investing in Our Drilling Rig Fleet Contract Drilling Capital Expenditures and Acquisitions ( in millions) 785 785 745 656 531 540 505 395 361 2006 2007 2008 2009 2010 2011 2012 2013 2014E More than 5 billion invested…
  4. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 4
    APEX Rig Fleet APEX Rigs as of December 3, 2014 and Expected as of September 30, 2015 Class 12/3/2014 9/30/2015 APEX-XK 1500 35 61 APEX-XK 1000 4 4 APEX WALKING 49 49 APEX 1500 44 44 APEX 1000 11 11 Total APEX Rigs 143 169 A…
  5. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 5
    Why invest in APEX rigs the impact has been transformative Increasing APEX Drilling Activity Active APEX Rig Count 160 140 120 100 80 60 40 20 0 12 6
  6. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 6
    PTEN Relative Active Rig Count by Rig Class APEX Other Electric Mechanical 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 13 Greater Stability of Utilization APEX Rig Utilization 120% 100% 80% 60% 40% 20%…
  7. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 7
    Improving Average Rig Revenue Per Day Patterson-UTI Total Average Rig Revenue Per Day 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 15 Excludes early-termination revenues during the third and fourth…
  8. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 8
    Why invest in APEX rigs the outlook remains strong Continued Demand for APEX Rigs U.S. Rig Count % by Drilling Type 80% 70% 60% 50% 40% 30% 20% 10% 0% % Horizontal % Vertical 18 Source: Baker Hughes North America…
  9. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 9
    Continued Demand for APEX Rigs Total U.S. Horizontal Rig Count by Power Type Mechanical AC SCR AC-powered rigs represent only half of the horizontal rig count 19 Analysis from Patterson-UTI Energy based on data from…
  10. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 10
    APEX WALKING Rigs Capable of walking with drill pipe and collars racked in derrick Full multi-directional walking capability Walking times average 45 minutes for 10 15 well spacing 21 21…
  11. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 11
    APEX-XK Rig Walking on Pad Video of APEX-XK Rig http://patenergy.com/drilling/technology/apexwalk/ 23 23 The APEX-XK Enhanced mobility including more efficient rig up and rig down Greater clearance under rig floor for…
  12. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 12
    Enhancing our Position in Pad Drilling Walking Systems Can be Added to Any Rig in Our Fleet Allowing for True Multi-Directional Pad Drilling Capabilities 25 25 Enhancing our Position in Pad Drilling…
  13. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 13
    Early Adopter of Natural Gas Engines http://patenergy.com/drilling/technology 27 27 Using Natural Gas as a Fuel Source First contract driller to use GEs Waukesha natural gas engines on a modern land rig 49 rigs currently…
  14. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 14
    Pressure Pumping Investing in Pressure Pumping Pressure Pumping Capital Expenditures and Acquisitions ( in millions) 430 289 198 194 123 48 61 41 43 2006 2007 2008 2009 2010 2011 2012 2013 2014E More Than 1 billion…
  15. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 15
    Growing Pressure Pumping Business Investments in Pressure Pumping Have Increased Fleet Size and Quality Pressure Pumping Horsepower (000s) 1,100 1200 1000 800 600 400 65 200 0 2006 2007 2008 2009 2010 2011 2012 2013 2014E…
  16. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 16
    A Leader in Bi-Fuel Technology Engines can burn a fuel mix comprised of up to 70% natural gas Comparable torque and horsepower to an all diesel engine Reduces operating costs by lowering fuel costs Good for environmental…
  17. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 17
    A Leader in Bi-Fuel Technology One of the largest bi-fuel frac fleets in the Marcellus Approximately 1,700 stages completed using natural gas as a fuel source Replaced more than 983,000 gallons of diesel with cleaner burning…
  18. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 18
    Financial Flexibility Investing in Our Company Capital Expenditures and Acquisitions ( in millions) 1,300 976 1,012 974 637 662 598 445 453 2006 2007 2008 2009 2010 2011 2012 2013 2014E 38 2014 Capital…
  19. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 19
    Strong Financial Position History of returning capital to investors Cash Dividend Initiated cash dividend in 2004 Doubled quarterly cash dividend to 0.10 per share in February 2014 Stock Buyback Total of 857 million repurchased…
  20. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 20
    Strong Financial Position Net Debt to Capital Ratio 50% 40% 30% 18% 18% 20% 15% 13% 14% 6% 10% 2% 0% -4% -2% -10% 2006 2007 2008 2009 2010 2011 2012 2013 3Q14* Year End 600 million of debt not due until at least 2020 41…
  21. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 21
    Why Invest in Patterson-UTI Energy Continuing Transformation Committed to high-spec land rigs where demand remains strong Creating value through focus on well site execution Technology leader Leader in walking rigs for pad…
  22. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 22
    Additional References Active in Unconventional Plays PTENs Active Rigs in Unconventional Areas as of December 2014 Bakken 19 Rigs Marcellus 20 Rigs Pinedale Utica 4 Rigs 17 Rigs Piceance Woodford 3 Rigs 2 Rigs…
  23. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 23
    Term Contract Coverage Based on term contracts in place as of October 23, 2014 An average of 157 rigs expected under term contract in the fourth quarter of 2014 An average of 93 rigs expected under term contract during 2015…
  24. Cowen and Company 4th Annual Ultimate Energy Conference – Patterson-Uti Energy Inc. – slide 24
    Non-GAAP Financial Measures PATTERSON-UTI ENERGY, INC. Non-GAAP Financial Measures (Unaudited) Three Months Ended Nine Months Ended (dollars in thousands) September 30, September 30, 2014 2013 2014 2013 Adjusted Earnings Before…

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