---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-014937"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T10:42:35.974520+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-014937
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000095017023014937/0000950170-23-014937-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000095017023014937/pten-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-014937
- JSON: https://secwatch.observer/filing/0000950170-23-014937.json
- Plain text: https://secwatch.observer/filing/0000950170-23-014937.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000095017023014937/0000950170-23-014937-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.