Patterson-UTI Q1 net income $99.7M ($0.46 EPS), revenue $792M; free cash flow $117M

PATTERSON UTI ENERGY INC

2023-Q1 EPS reported $0.46 revenue$791,802,000

Revenue $792M, net income $99.7M ($0.46 diluted EPS); same EPS as Q4 2022.
Free cash flow $117M; repurchased 5.6M shares for $73.6M and $9M debt for $7.8M.
2023 capex guidance cut from $550M to $510M; Q2 avg rig count expected down 2-3 rigs.
Term contract backlog for drilling rigs increased to ~$890M from $830M at Dec 31, 2022.
Quarterly dividend of $0.08/share declared, payable June 15 to holders of record June 1.

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 quarter ended March 31, 2023 results: revenue $792 million, net income $99.7 million, or $0.46 per share. Guidance lowered.

Period: the quarter ended March 31, 2023
Revenue: $792 million
Net income: $99.7 million, or $0.46 per share
Guidance: lowered
Result: reported results

Exact text from the filing

PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the quarter ended March 31, 2023. The Company reported net income of $99.7 million, or $0.46 per share, for the first quarter of 2023, compared to net income of $100 million, or $0.46 per share, for the fourth quarter of 2022. Revenues for the first quarter of 2023 were $792 million, compared to $788 million for the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0000950170-23-014937

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