---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-019694"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T01:30:15.143117+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-019694
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000162828024019694/0001628280-24-019694-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000162828024019694/pten-20240501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-019694
- JSON: https://secwatch.observer/filing/0001628280-24-019694.json
- Plain text: https://secwatch.observer/filing/0001628280-24-019694.txt

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