secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0000950170-24-015489
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000095017024015489/0000950170-24-015489-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000095017024015489/pten-20240214.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-015489

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