Patterson-UTI Q4 2023: revenue $1.58B, adj. EPS $0.19; plans $400M+ shareholder returns in 2024

PATTERSON UTI ENERGY INC

2023-FY EPS reported $0.88 revenue$4,146,456,000

Net income $62M ($0.15 diluted); adjusted net income $78M ($0.19) excluding $20M merger costs.
Adjusted EBITDA $409M; free cash flow $247M; returned $110M to shareholders via dividends and buybacks.
Completion Services revenue $1.014B with adj. gross profit $232M, outperforming expectations.
2024 capex budget $740M; expects at least $400M shareholder returns, targeting >50% of FCF.
NexTier synergy run-rate exceeded $100M annually; term contracts for 79 rigs in Q1 2024.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PATTERSON UTI ENERGY INC reported the three and twelve months ended December 31, 2023 results: revenue $1.58 billion, net income $62 million, EPS $0.15 per share.

Period: the three and twelve months ended December 31, 2023
Revenue: $1.58 billion
Net income: $62 million
EPS: $0.15 per share
Result: reported results

Exact text from the filing

Total revenue of $1.58 billion • Net income attributable to common stockholders of $62 million, or $0.15 per share

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Source: SEC EDGAR

accession 0000950170-24-015489

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