Patterson-UTI Energy Management

Management criteria checks 2/4

Patterson-UTI Energy's CEO is Andy Hendricks, appointed in Oct 2012, has a tenure of 12.08 years. total yearly compensation is $8.28M, comprised of 12.1% salary and 87.9% bonuses, including company stock and options. directly owns 0.38% of the company’s shares, worth €12.42M. The average tenure of the management team and the board of directors is 3.8 years and 2.6 years respectively.

Key information

Andy Hendricks

Chief executive officer

US$8.3m

Total compensation

CEO salary percentage	12.1%
CEO tenure	12.1yrs
CEO ownership	0.4%
Management average tenure	3.8yrs
Board average tenure	2.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Andy Hendricks's remuneration changed compared to Patterson-UTI Energy's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$854m
Jun 30 2024	n/a	n/a	US$124m
Mar 31 2024	n/a	n/a	US$198m
Dec 31 2023	US$8m	US$1m	US$246m
Sep 30 2023	n/a	n/a	US$284m
Jun 30 2023	n/a	n/a	US$346m
Mar 31 2023	n/a	n/a	US$283m
Dec 31 2022	US$11m	US$1m	US$155m
Sep 30 2022	n/a	n/a	-US$310m
Jun 30 2022	n/a	n/a	-US$454m
Mar 31 2022	n/a	n/a	-US$579m
Dec 31 2021	US$8m	US$1m	-US$657m
Sep 30 2021	n/a	n/a	-US$399m
Jun 30 2021	n/a	n/a	-US$428m
Mar 31 2021	n/a	n/a	-US$475m
Dec 31 2020	US$4m	US$1m	-US$804m
Sep 30 2020	n/a	n/a	-US$783m
Jun 30 2020	n/a	n/a	-US$933m
Mar 31 2020	n/a	n/a	-US$832m
Dec 31 2019	US$9m	US$1m	-US$426m
Sep 30 2019	n/a	n/a	-US$541m
Jun 30 2019	n/a	n/a	-US$354m
Mar 31 2019	n/a	n/a	-US$316m
Dec 31 2018	US$10m	US$1m	-US$321m
Sep 30 2018	n/a	n/a	US$75m
Jun 30 2018	n/a	n/a	US$116m
Mar 31 2018	n/a	n/a	US$35m
Dec 31 2017	US$14m	US$854k	US$6m

Compensation vs Market: Andy's total compensation ($USD8.28M) is above average for companies of similar size in the German market ($USD1.90M).

Compensation vs Earnings: Andy's compensation has been consistent with company performance over the past year.

CEO

Andy Hendricks (59 yo)

12.1yrs

Tenure

US$8,284,008

Compensation

Mr. William Andrew Hendricks, Jr., also known as Andy, has been Chief Executive Officer and President at Seventy Seven Energy Inc. since April 20, 2017. Mr. Hendricks has been the Chief Executive Officer a...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
William Hendricks	President	12.1yrs	US$8.28m	0.38% € 12.4m
C. Smith	Executive VP & CFO	7.2yrs	US$3.14m	0.12% € 3.8m
Seth Wexler	Senior VP	15.3yrs	US$2.43m	0.079% € 2.6m
Kenneth Berns	Executive VP & Chief Commercial Officer	21.6yrs	US$3.03m	0.21% € 6.9m
James Holcomb	Executive VP & Chief Business Officer	1.2yrs	US$3.01m	0.085% € 2.8m
Michael Sabella	Vice President of Investor Relations	no data	no data	no data
Marty Unrein	Senior VP of Sales & Marketing	1.8yrs	no data	no data
Diana Dotolo	Senior Vice President of Human Resources	8.8yrs	no data	no data
Matt Pye	Senior Vice President of Industry Affairs	1.8yrs	no data	no data
Kathryn Roark	Senior Vice President of Sustainability	3.8yrs	no data	no data
Mike Garvin	President of Patterson-UTI Drilling	1.8yrs	no data	no data
Matthew Gillard	President of NexTier Completion Solutions & Universal Pressure Pumping	1.2yrs	no data	0.016% € 532.1k

3.8yrs

Average Tenure

56yo

Average Age

Experienced Management: PE1's management team is considered experienced (3.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
William Hendricks	President	7.4yrs	US$8.28m	0.38% € 12.4m
Julie Robertson	Independent Director	2.6yrs	US$266.65k	0.0055% € 178.8k
Curtis Huff	Independent Non-Executive Chairman	23.5yrs	US$368.33k	0.092% € 3.0m
Amy Nelson	Independent Director	1.2yrs	US$31.67k	0.032% € 1.0m
Tiffany Thom Cepak	Independent Director	10.3yrs	US$279.98k	0.027% € 892.6k
James Stewart	Independent Director	1.2yrs	US$31.67k	0.025% € 802.2k
Gary Halverson	Independent Director	1.2yrs	US$33.33k	0.033% € 1.1m
Robert Drummond	Independent Vice Chairman of the Board	1.2yrs	US$2.32m	0.57% € 18.7m
Janeen Judah	Independent Director	6.6yrs	US$268.32k	0.031% € 1.0m
Leslie A. Beyer	Independent Independnt Director	1.2yrs	US$28.33k	0.0046% € 147.9k
Cesar Jaime	Independent Director	2.6yrs	US$259.55k	0.0055% € 178.8k

2.6yrs

Average Tenure

63yo

Average Age

Experienced Board: PE1's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

Patterson-UTI Energy Management

Management criteria checks 2/4

Key information

Recent management updates

Insider recently sold €551k worth of stock

Independent Vice Chairman of the Board recently sold €1.6m worth of stock

Patterson-UTI Energy, Inc., Annual General Meeting, Jun 06, 2024

Director recently sold €2.7m worth of stock

Less than half of directors are independent

Senior VP recently sold €562k worth of stock

Recent updates

Third quarter dividend of US$0.08 announced

Third quarter 2024 earnings released: US$2.50 loss per share (vs US$0 in 3Q 2023)

Patterson-UTI Energy, Inc. Reports Unaudited Consolidated Impairment Results for the Third Quarter Ended September 30, 2024

New major risk - Revenue and earnings growth

Patterson-UTI Energy, Inc. Reports Drilling Activity for September 2024

Patterson-Uti Energy, Inc. Reports Drilling Activity for August 2024

Investor sentiment deteriorates as stock falls 17%

Second quarter dividend of US$0.08 announced

Second quarter 2024 earnings released: EPS: US$0.028 (vs US$0.41 in 2Q 2023)

Patterson-Uti Energy, Inc. Declares Quarterly Dividend, Payable on September 16, 2024

Insider recently sold €551k worth of stock

Upcoming dividend of US$0.08 per share

Independent Vice Chairman of the Board recently sold €1.6m worth of stock

First quarter dividend of US$0.08 announced

Patterson-UTI Energy, Inc. Declares Quarterly Dividend on Its Common Stock, Payable on June 17, 2024

First quarter 2024 earnings released: EPS: US$0.13 (vs US$0.47 in 1Q 2023)

Patterson-UTI Energy, Inc., Annual General Meeting, Jun 06, 2024

Director recently sold €2.7m worth of stock

Upcoming dividend of US$0.08 per share

Investor sentiment improves as stock rises 16%

Fourth quarter dividend of US$0.08 announced

New minor risk - Earnings quality

Full year 2023 earnings released: EPS: US$0.88 (vs US$0.72 in FY 2022)

Patterson-UTI Energy . Declares Quarterly Dividend, Payable on March 15, 2024

Upcoming dividend of US$0.08 per share at 2.7% yield

Third quarter 2023 earnings released: EPS: US$0 (vs US$0.28 in 3Q 2022)

Patterson-UTI Energy, Inc. Declares Quarterly Dividend, Payable on December 15, 2023

Investor sentiment deteriorates as stock falls 15%

Less than half of directors are independent

Senior VP recently sold €562k worth of stock

New major risk - Shareholder dilution

Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) completed the acquisition of NexTier Oilfield Solutions Inc. (NYSE:NEX) from Cerberus Capital Management, L.P., Keane Investor Holdings LLC and others in a merger of equals.

Upcoming dividend of US$0.08 per share at 2.2% yield

New minor risk - Shareholder dilution

Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) completed the acquisition of Ulterra Drilling Technologies, L.P. from affiliates of Blackstone Energy Partners.

New major risk - Revenue and earnings growth

Patterson-UTI Energy, Inc. Declares Quarterly Dividend, Payable on September 21, 2023

Second quarter 2023 earnings released: EPS: US$0.41 (vs US$0.10 in 2Q 2022)

Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) entered into a definitive agreement to acquire Ulterra Drilling Technologies, L.P. from affiliates of Blackstone Energy Partners for approximately $800 million.

Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) entered into a definitive agreement to acquire Ulterra Drilling Technologies, L.P. for consideration approximately $800 million.

Patterson-UTI Energy, Inc.(NasdaqGS:PTEN) dropped from Russell Small Cap Comp Growth Index

Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) entered into a definitive agreement to acquire NexTier Oilfield Solutions Inc. (NYSE:NEX) from Cerberus Capital Management, L.P., Keane Investor Holdings LLC and others for $2 billion in a merger of equals.

NexTier Oilfield and Patterson-UTI Energy Hold Merger Talks

Upcoming dividend of US$0.08 per share at 2.9% yield

First quarter 2023 earnings released: EPS: US$0.47 (vs US$0.13 loss in 1Q 2022)

Investor sentiment deteriorates as stock falls 17%

Upcoming dividend of US$0.08 per share at 2.4% yield

Full year 2022 earnings released: EPS: US$0.72 (vs US$3.37 loss in FY 2021)

Patterson-UTI Energy, Inc. Provides Earnings Guidance for the Year 2023

Patterson-UTI Energy, Inc. Provides Earnings Guidance for the Fourth Quarter of 2022

Patterson-UTI Energy, Inc. Promotes James "Mike" Holcomb as Chief Operating Officer

Forecast breakeven date pushed back to 2023

Upcoming dividend of US$0.08 per share

President of UTI Drilling Company LLC recently sold €265k worth of stock

Third quarter 2022 earnings released: EPS: US$0.28 (vs US$0.44 loss in 3Q 2021)

Patterson-UTI Energy, Inc. Announces Quarterly Cash Dividend, Payable on December 15, 2022

Upcoming dividend of US$0.04 per share

Forecast to breakeven in 2022

Second quarter 2022 earnings released: EPS: US$0.10 (vs US$0.55 loss in 2Q 2021)

Forecast to breakeven in 2022

Upcoming dividend of US$0.04 per share

President of UTI Drilling Company LLC recently sold €1.6m worth of stock

First quarter 2022 earnings released: US$0.13 loss per share (vs US$0.57 loss in 1Q 2021)

Patterson-UTI Energy, Inc., Annual General Meeting, Jun 02, 2022

Patterson-UTI Energy, Inc. Announces Appointment of Julie J. Robertson and Cesar Jaime to Board of Directors

Executive VP & CFO recently sold €736k worth of stock

President of UTI Drilling Company LLC recently sold €846k worth of stock

Senior VP recently sold €842k worth of stock

Upcoming dividend of US$0.04 per share