Patterson-UTI Energy Reports Financial Results for the Quarter Ended December 31, 2022

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / February 8, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended December 31, 2022. The Company reported net income of $100 million, or $0.46 per share, for the fourth quarter of 2022, compared to net income of $61.5 million, or $0.28 per share, for the third quarter of 2022. Revenues for the fourth quarter of 2022 were $788 million, compared to $728 million for the third quarter of 2022.Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, \"We are pleased to report another quarter of solid financial results with improving profitability. Our fourth quarter results were driven by exceptional execution across both our contract drilling and pressure pumping segments.\"Also, during the fourth quarter, we returned $74.3 million to shareholders and repurchased $22.4 million of long-term indebtedness. Shareholder returns included the purchase of approximately 3.3 million shares of our common stock for $57.2 million and our regular quarterly dividend.\"Mr. Hendricks continued, \"Our average rig count in the United States increased to 131 rigs in the fourth quarter from 128 rigs in the third quarter. Demand for Tier-1, super-spec rigs remains strong and availability remains constrained. We expect our rig count in the United States will average 130 rigs in the first quarter and then grow modestly throughout the remainder of 2023.\"Contract drilling revenues and margins improved during the fourth quarter, as we benefited from successful contract renewals at more favorable pricing. With these contract renewals, our average rig revenue per day in the United States increased by $3,160 to $31,830 during the fourth quarter. Average rig operating cost per day in the United States increased by $190 to $18,380 during the fourth quarter. Average adjusted rig margin per day in the United States increased by $2,970 to $13,450 for the fourth quarter.\"As of December 31, 2022, we had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $830 million, up from $710 million at September 30, 2022. Based on contracts currently in place in the United States, we expect an average of 87 rigs operating under term contracts during the first quarter of 2023 and an average of 56 rigs operating under term contracts ...

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