secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0000950170-23-034794
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017023034794/0000950170-23-034794-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017023034794/pten-20230726.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-034794

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