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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 19, 2001
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PATTERSON ENERGY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-22664 75-2504748
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549
(Address of principal executive offices) Zip Code
915-573-1104
(Registrant's telephone number, including area code)
No Change
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On April 19, 2001 the Registrant issued the following press release:
PATTERSON ENERGY, INC. ANNOUNCES FIRST QUARTER 2001
RESULTS FROM OPERATIONS
Snyder, Texas, April 19, 2001 --- PATTERSON ENERGY, INC. (NASDAQ: PTEN)
announced its operating results for the quarter ended March 31, 2001 in which
net income increased 67% over the previous quarter ended December 31, 2000 to
$20.5 million, or $0.52 per diluted share. Net income for the comparative period
ended March 31, 2000 was $911,000, or $0.03 per diluted share. Operating
revenues for the three-month periods ended March 31, 2001 and 2000 were $129.9
million and $58.6 million, respectively, an increase of 122%. Earnings before
interest, income taxes, depreciation, depletion and amortization (EBITDA) for
the first quarter of 2001 totaled $44.9 million versus $10.3 million for the
same period in 2000 and $30.2 million for the quarter ended December 31, 2000.
The increases in both net earnings and EBITDA were reflective of sequential
quarterly improvement in dayrates and operating daily cash margins. The Company
achieved a blended dayrate per rig of approximately $9,903 and a daily cash
margin per rig of approximately $3,905 during the quarter ended March 31, 2001.
The sequential quarterly improvement is further illustrated below:
For the three months ended
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June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001
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Dayrate $7,508 $8,026 $8,912 $9,903
Cash margin/day $1,798 $2,098 $3,131 $3,905
Mr. Cloyce A. Talbott, Patterson's Chairman and CEO, commented, "We are very
pleased with the Company's performance through the first quarter of 2001.
Furthermore, we have been able to activate an additional three drilling rigs
since year end increasing our marketable fleet to 141 rigs thereby providing the
Company with increased exposure to the current economic opportunities in the
industry." The Company's current average rig utilization rate is approximately
84%.
Patterson Energy, Inc., a Snyder, Texas based energy company, is one of the
leading providers of domestic land-based drilling services to major independent
oil and natural gas companies. Patterson currently owns 152 drilling rigs (141
of which are currently marketable) with drilling operations in Texas, New
Mexico, Utah, Oklahoma and Louisiana.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan D. (Jody) Nelson, Vice-President-Finance and Chief Financial Officer
(915) 573-1104
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PATTERSON ENERGY, INC.
INCOME STATEMENT DATA (IN THOUSANDS):
UNAUDITED THREE MONTHS ENDED
MARCH 31,
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2001 2000
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Operating revenues:
Drilling $ 104,803 $ 51,157
Drilling and completion fluids 19,670 4,365
Oil and natural gas 5,463 3,044
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129,936 58,566
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Costs and expenses:
Operating costs 81,060 46,182
Depreciation, depletion
and amortization 11,341 7,717
General and administrative 4,846 2,196
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97,247 56,095
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Operating income 32,689 2,471
Net gain on sale of assets 13 43
Interest income 796 113
Interest expense (567) (1,193)
Other 35 (20)
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Net income before income taxes 32,966 1,414
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Income tax expense 12,422 503
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Net income $ 20,544 $ 911
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Net income per common share:
Basic $ 0.54 $ 0.03
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Diluted $ 0.52 $ 0.03
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Weighted average number of common shares outstanding:
Basic 38,295 32,553
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Diluted 39,514 33,972
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BALANCE SHEET DATA (IN THOUSANDS):
UNAUDITED MARCH 31, 2001 DECEMBER 31, 2000
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Current assets $183,760 $167,763
Property & equipment, net 253,317 202,592
Total assets 479,504 410,586
Current liabilities 71,750 56,878
Notes payable, less current maturities 17,499 19,939
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PATTERSON ENERGY, INC.
Date: April 23, 2001 By: /s/ JONATHAN D. NELSON
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Jonathan D. Nelson,
Chief Financial Officer