secwatch.observer — SEC 8-K summary
======================================

Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0001628280-24-019694
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000162828024019694/0001628280-24-019694-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000162828024019694/pten-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-019694

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