Welcome to our dedicated page for Patterson-Uti Energy news (Ticker: PTEN), a resource for investors and traders seeking the latest updates and insights on Patterson-Uti Energy stock.
Patterson-UTI Energy Inc (NASDAQ: PTEN) delivers essential drilling services and completion solutions for North America's energy sector. This dedicated news hub provides investors and industry professionals with direct access to official corporate announcements, operational updates, and strategic developments.
Track critical updates including quarterly earnings reports, merger activity with NexTier, technological advancements in directional drilling equipment, and sustainability initiatives. Our curated collection ensures timely access to press releases covering contract awards, fleet expansions, and leadership changes.
Key focus areas include updates on the company's Tier-1 drilling rig operations, pressure pumping capabilities, and innovations in natural gas-powered equipment. Users will find verified information on shareholder communications, regulatory filings, and market expansion efforts across U.S. shale basins and international markets.
Bookmark this page for streamlined monitoring of PTEN's evolving position in oilfield services. Combine this resource with SEC filings and investor presentations for comprehensive analysis of the company's performance in dynamic energy markets.
Patterson-UTI Energy reported net income of $99.7 million or $0.46 per share for Q1 2023, slightly down from $100 million in Q4 2022. Revenues increased to $792 million from $788 million. The company generated $234 million in net cash from operations, resulting in $117 million of free cash flow. Shareholder returns included repurchasing 5.6 million shares for $73.6 million and a quarterly dividend of $0.08. The average rig count was 131 in Q1, with expected decreases in Q2. Contract drilling segment revenues and margins improved, driven by higher day rates, while pressure pumping revenues hit $293 million. However, directional drilling revenues declined to $56.3 million. The Board increased share repurchase authorization to $300 million.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 131 drilling rigs operating in the United States for March 2023 and the first quarter of 2023. This metric reflects rigs earning revenue under contracts. The company cautioned that changes in drilling rig counts may not correlate directly with financial performance due to multiple influencing factors. Patterson-UTI will continue to provide monthly updates on drilling activity. As a prominent oilfield services provider, it serves oil and natural gas exploration companies across the U.S. and select international markets.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) will host a conference call on April 27, 2023, at 9:00 a.m. CT to discuss first-quarter earnings results for the period ending March 31, 2023. Participants can dial (646) 960-0676 or (888) 550-5422 with Conference ID 3822955. The call will also be available via webcast on the company's website. A replay will be accessible for two weeks.
Patterson-UTI provides essential oilfield services, including contract drilling, pressure pumping, and directional drilling to oil and gas companies in the U.S. and select countries.
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 131 drilling rigs operating in the U.S. for February 2023, consistent with the average for the two months ended February 28, 2023. This figure reflects the number of rigs earning revenue under contract, although the company noted that various factors could influence overall operating results. Patterson-UTI plans to provide monthly updates on drilling activity. As a prominent provider of oilfield services, the company serves oil and natural gas exploration and production firms in the U.S. and select countries.
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