Patterson-UTI expects Q4 2022 net income >$100M, adj. EBITDA >$230M

PATTERSON UTI ENERGY INC

2022-FY EPS reported $0.70 revenue$2,647,592,000

Expects Q4 2022 net income to exceed $100M and adjusted EBITDA to surpass $230M.
Returned $74.3M to shareholders in Q4: $57.2M buybacks (~3.3M shares) plus dividend.
Repurchased $22.4M of long-term debt during Q4.
Contract drilling average rig revenue per day benefited from favorable contract renewals.
Pressure pumping benefited from strong pricing and utilization; holiday downtime less severe than forecast.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PATTERSON UTI ENERGY INC reported the fourth quarter of 2022 results: net income exceed $100 million.

Period: the fourth quarter of 2022
Net income: exceed $100 million
Result: preliminary results

Exact text from the filing

Patterson-UTI Energy, Inc. (NASDAQ: PTEN) announced today that it expects its net income for the fourth quarter of 2022 to exceed $100 million and its adjusted EBITDA for the fourth quarter of 2022 to surpass $230 million, based on current projections.

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Source: SEC EDGAR

accession 0000950170-23-000087

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