EX-12 3 pten-ex121_12.htm EX-12.1 pten-ex121_12.htm

Exhibit 12.1

 

Patterson-UTI Energy, Inc.

Computation of Ratio of Earnings to Fixed Charges

The table below sets forth the ratio of earnings to fixed charges of Patterson-UTI Energy, Inc. for the periods indicated:

 

 

 

Six Months Ended

 

Years Ended December 31,

 

 

 

June 30, 2018

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

26,292

 

 

37,472

 

 

 

40,366

 

 

 

36,475

 

 

 

29,825

 

 

 

28,359

 

Interest Capitalized During the Period

 

722

 

 

1,175

 

 

 

398

 

 

 

6,332

 

 

 

6,883

 

 

 

7,775

 

Interest Portion of Rental Expense

 

14,816

 

 

16,291

 

 

 

8,438

 

 

 

12,529

 

 

 

17,309

 

 

 

15,802

 

Total Fixed Charges Denominator

 

41,830

 

 

54,938

 

 

 

49,202

 

 

 

55,336

 

 

 

54,017

 

 

 

51,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Income from Continuing Operations

 

(53,230)

 

 

(327,801

)

 

 

(496,196

)

 

 

(442,449

)

 

 

254,283

 

 

 

296,441

 

Fixed Charges Calculated Above

 

41,830

 

 

54,938

 

 

 

49,202

 

 

 

55,336

 

 

 

54,017

 

 

 

51,936

 

Less Interest Capitalized During the Period

 

(722)

 

 

(1,175

)

 

 

(398

)

 

 

(6,332

)

 

 

(6,883

)

 

 

(7,775

)

Current Period Amortization of Interest Capitalized in Prior Periods

 

2,118

 

 

4,124

 

 

 

4,085

 

 

 

3,760

 

 

 

3,087

 

 

 

2,397

 

Earnings Numerator

 

(10,004)

 

 

(269,914

)

 

 

(443,307

)

 

 

(389,685

)

 

 

304,504

 

 

 

342,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

(0.2)

x

 

(4.9

)x

 

 

(9.0

)x

 

 

(7.0

)x

 

 

5.6

x

 

 

6.6

x

 

We would have needed to generate additional earnings of $51.8 million, $324.9 million, $492.5 million and $445.0 million to achieve a ratio of earnings to fixed charges of 1:1 for the six months ended June 30, 2018 and the years ended December 31, 2017, 2016 and 2015, respectively.