secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0000889900-24-000013
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000013/0000889900-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000013/pten-20241023.htm
  HTML page:      https://secwatch.observer/filing/0000889900-24-000013

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