Patterson-UTI posts Q3 net loss of $979M on $1.4B revenue; goodwill impairment $885M

PATTERSON UTI ENERGY INC

2024-Q3 EPS reported -$2.29 revenue$4,215,776,000

Net loss $979M ($2.50/share) includes $885M goodwill impairment and $114M asset retirement charge; adjusted net income $2M ($0.00/share).
Adjusted EBITDA $275M; YTD free cash flow $322M; expects 2024 capex below $700M.
Completion Services Q3 revenue $832M, adj. gross profit $128M; expects Q4 adj. gross profit ~$85M.
Declared $0.08/share dividend payable Dec 16, 2024; $780M remaining buyback authorization.
U.S. Contract Drilling avg 106 rigs in Q4; adj. gross profit per day slightly below $15,000.

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