Patterson-UTI Energy Inc (PTEN)
Debt-to-capital ratio
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | 1,224,940 | 1,228,210 | 822,408 | 822,196 | 830,937 | 852,949 | 877,739 | 852,530 | 852,323 | 902,104 | 901,896 | 901,689 | 901,484 | 967,366 | 967,140 | 966,768 | 966,540 | 969,909 | 1,119,650 | 1,119,430 |
| Total stockholders’ equity | US$ in thousands | 4,812,290 | 4,851,210 | 1,720,170 | 1,672,960 | 1,665,520 | 1,634,380 | 1,576,080 | 1,576,700 | 1,609,490 | 1,725,640 | 1,807,720 | 1,912,150 | 2,016,060 | 2,119,560 | 2,228,870 | 2,378,890 | 2,833,620 | 2,942,990 | 3,278,310 | 3,403,370 |
| Debt-to-capital ratio | 0.20 | 0.20 | 0.32 | 0.33 | 0.33 | 0.34 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.32 | 0.31 | 0.31 | 0.30 | 0.29 | 0.25 | 0.25 | 0.25 | 0.25 |
December 31, 2023 calculation
Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,224,940K ÷ ($1,224,940K + $4,812,290K)
= 0.20
The debt-to-capital ratio of Patterson-UTI Energy Inc has been relatively stable over the past eight quarters, ranging from 0.21 to 0.36. In Q4 2023 and Q3 2023, the ratio was at 0.21, indicating that only 21% of the company's capital was financed by debt during those quarters. This suggests a conservative approach to debt utilization. The ratio increased to 0.32 in Q2 2023 and 0.33 in Q1 2023, reflecting a slight uptick in the proportion of debt in the company's capital structure.
Comparing these recent figures to those from the previous year, the debt-to-capital ratio has decreased from 0.34 in Q3 2022 to 0.21 in Q4 2023. This indicates a reduction in the company's reliance on debt financing over the past quarters. Overall, the trend in the debt-to-capital ratio of Patterson-UTI Energy Inc suggests a balanced mix of debt and equity in its capital structure, with a recent focus on lowering debt levels.
Peer comparison
Dec 31, 2023