---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-015489"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2024-02-15T23:59:59+00:00"
generated_at: "2026-06-06T01:49:04.657404+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-015489
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2024-02-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000095017024015489/0000950170-24-015489-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000095017024015489/pten-20240214.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-015489
- JSON: https://secwatch.observer/filing/0000950170-24-015489.json
- Plain text: https://secwatch.observer/filing/0000950170-24-015489.txt

## Key facts
- Earnings Releases
  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
  source text: Total revenue of $1.58 billion • Net income attributable to common stockholders of $62 million, or $0.15 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000095017024015489/0000950170-24-015489-index.htm

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