Patterson-UTI reports Q1 revenue $1.5B, net income $51M; free cash flow $139M; returns $130M to shareholders

PATTERSON UTI ENERGY INC

2024-Q1 EPS reported $0.13 revenue$1,510,360,000

Net income $51M ($0.13 EPS); adjusted net income $61M ($0.15 EPS); includes $12M merger costs.
Revenue $1.5B; Completion Services $945M, Drilling Services $458M, Drilling Products $90M.
Adjusted EBITDA $375M; free cash flow $139M; achieved $200M annualized NexTier synergy target.
Returned $130M to shareholders in Q1; repurchased 9M shares for $98M; dividend $0.08/share payable June 17.
Q2 outlook: Drilling Services avg 114 rigs; Completion Services rev ~$860M, adj gross profit ~$170M.

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