secwatch.observer — SEC 8-K summary
======================================

Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2023-11-08T23:59:59+00:00
Accession:  0000950170-23-060539
Event type: earnings
Sentiment:  neutral
Materiality: 0.85
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017023060539/0000950170-23-060539-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017023060539/pten-20231107.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-060539

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