Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2023

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / July 26, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2023. The Company reported net income of $84.6 million, or $0.40 per share, for the second quarter of 2023, compared to net income of $99.7 million, or $0.46 per share, for the first quarter of 2023. Revenues for the second quarter of 2023 were $759 million, compared to $792 million for the first quarter of 2023.Financial results for the quarter ended June 30, 2023, include pretax charges totaling $11.7 million, which are comprised of $7.9 million of merger and integration expenses and $3.8 million of impairment charges in our E&P business.Andy Hendricks, Chief Executive Officer of Patterson-UTI Energy, commented, \"Our contract drilling business performed very well during the second quarter, with sequential increases in both revenues and margins. Contract renewals favorably impacted our average revenue and adjusted margin on a per day basis, offsetting a slight decline in our rig count. The improvement in contract drilling revenues and margins during the second quarter met our expectation, and our rig count outperformed the broader industry decrease. The decline in industry activity had a more significant impact on our pressure pumping business, with volatility and whitespace impacting results.\"We continued to return capital to shareholders during the second quarter through a combination of dividends and share buybacks. During the second quarter, we repurchased 1.8 million shares, which brings the total repurchases under our share repurchase program through the first six months of 2023 to 7.4 million shares. Including $33.5 million of dividends, we have returned approximately $126 million of cash to shareholders through the first six months of 2023. At June 30, 2023, $281 million remained under our share repurchase authorization.\"Commodity price volatility during June led to some customers deciding to release rigs and/or spreads. For us, the decrease in frac activity occurred much faster than the slight decrease in our second quarter rig count. As such, we believe our pressure pumping activity has already reached a trough in July, while we expect additional rig releases over the next few weeks. For the third quarter, we expect our average rig count in the United States will averag...

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