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. reports developments tied to drilling and completion services for oil and natural gas exploration and production companies. Recurring updates cover U.S. drilling rigs earning revenue under contract, quarterly financial results, segment performance in Drilling Services and Completion Services, and market conditions affecting U.S. land drilling and hydraulic fracturing activity.
The company also reports developments involving contract drilling, directional drilling, integrated well completion services, specialized drill bit solutions, and selected international activity. News may include customer agreements, fleet utilization commentary, technology and equipment investments, conference call notices, dividends, and operating trends across U.S. and other selected markets.
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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.