Patterson-UTI Q2 net income $84.6M ($0.40/share), revenue $759M; cuts 2023 capex to $485M

PATTERSON UTI ENERGY INC

2023-Q2 EPS reported $0.87 revenue$1,550,687,000

Net income of $84.6M ($0.40 diluted EPS) vs. $99.7M ($0.46) in Q1; revenue fell 4% to $759M.
Contract drilling avg rig margin/day up $1,030 to $16,910; Q3 avg U.S. rig count expected ~119.
Pressure pumping Q2 revenue $250M, adj. gross margin $53.8M; expects Q3 revenue ~$230M and margin $37M.
Lowers 2023 capex forecast to $485M from prior; repurchased 1.8M shares in Q2, returned $126M in H1.
Declared $0.08/share dividend payable Sept 21, 2023; $281M remains under share repurchase authorization.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

PATTERSON UTI ENERGY INC reported the quarter ended June 30, 2023 results: revenue $759 million, net income $84.6 million, EPS $0.40 per share. Guidance lowered.

Period: the quarter ended June 30, 2023
Revenue: $759 million
Net income: $84.6 million
EPS: $0.40 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 June 30, 2023. The Company reported net income of $84.6 million, or $0.40 per share, for the second quarter of 2023, compared to net income of $99.7 million, or $0.46 per share, for the first quarter of 2023. Revenues for the second quarter of 2023 were $759 million, compared to $792 million for the first quarter of 2023.

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Source: SEC EDGAR

accession 0000950170-23-034794

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