---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-034794"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2023-07-26T23:59:59+00:00"
generated_at: "2026-06-13T02:36:46.911534+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-034794
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2023-07-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/889900/000095017023034794/0000950170-23-034794-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000095017023034794/pten-20230726.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-034794
- JSON: https://secwatch.observer/filing/0000950170-23-034794.json
- Plain text: https://secwatch.observer/filing/0000950170-23-034794.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000095017023034794/0000950170-23-034794-index.htm

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