Patterson-UTI Q4 net income $100M ($0.46/sh), revenue $788M; contract drilling margins improve

PATTERSON UTI ENERGY INC

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

Net income $100M ($0.46 EPS) vs Q3 $61.5M ($0.28); revenue $788M, up from $728M.
Contract drilling avg rig count 131; avg rig margin $13,450/day (+$2,970 QoQ); backlog $830M.
Pressure pumping revenue $307M (+$19.1M); adjusted gross margin $86M (+$10.1M).
Returned $74.3M to shareholders: $57.2M buybacks (3.3M shares) plus $0.08 dividend payable Mar 16.
2023 capex guidance ~$550M; targeting 50% of FCF returned to shareholders.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PATTERSON UTI ENERGY INC reported the quarter ended December 31, 2022 results: revenue $788 million, net income $100 million, EPS $0.46 per share.

Period: the quarter ended December 31, 2022
Revenue: $788 million
Net income: $100 million
EPS: $0.46 per share
Result: reported results

Exact text from the filing

The Company reported net income of $100 million, or $0.46 per share, for the fourth quarter of 2022, compared to net income of $61.5 million, or $0.28 per share, for the third quarter of 2022. Revenues for the fourth quarter of 2022 were $788 million, compared to $728 million for the third quarter of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

PATTERSON UTI ENERGY INC reported financial results for the twelve months ended December 31, 2022.

Period: the twelve months ended December 31, 2022
Result: reported results

Exact text from the filing

Patterson-UTI Energy, Inc. (the "Company") announced financial results for the three and twelve months ended December 31, 2022.

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Source: SEC EDGAR

accession 0000950170-23-002182

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