secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0000950170-23-014937
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017023014937/0000950170-23-014937-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017023014937/pten-20230426.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-014937

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer