Patterson-UTI Q3 rev $1.0B, adj EPS $0.20; Q4 guidance implies big growth from acquisitions

PATTERSON UTI ENERGY INC

2023-Q3 EPS reported $0.79 revenue$2,562,139,000

Q3 total revenue $1.0B; net income $0.1M ($0.00 EPS); adjusted net income $55M ($0.20 EPS); adjusted EBITDA $277M.
Completed merger with NexTier (Sep 1) and acquisition of Ulterra (Aug 14); realigned into Drilling Services, Completion Services, Drilling Products segments.
Q4 outlook: Drilling Services avg 118 rigs, rev per day $35,400, margin $16,100; Completion Services rev ~$950M, margin ~$200M; Drilling Products rev ~$90M.
Expects $200M run-rate synergies from NexTier by Q1 2025; issued $400M senior notes due 2033; returned $191M YTD via dividends and buybacks.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PATTERSON UTI ENERGY INC reported the three and nine months ended September 30, 2023 results: revenue Total revenue of $1.0 billion, net income Net income attributable to common stockholders of $0.1 million, or $0.00 per share, EPS $0.00 per share.

Period: the three and nine months ended September 30, 2023
Revenue: Total revenue of $1.0 billion
Net income: Net income attributable to common stockholders of $0.1 million, or $0.00 per share
EPS: $0.00 per share
Result: reported results

Exact text from the filing

days from Ulterra Drilling Technologies, beginning on August 14, 2023, through the end of the quarter Third Quarter 2023 Financial Results and Other Key Items • Total revenue of $1.0 billion • Net income attributable to common stockholders of $0.1 million, or $0.00 per share o Includes $70 million in merger and integration expenses, partially offset by the

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Source: SEC EDGAR

accession 0000950170-23-060539

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