Business
Patterson-UTI Energy Reports Financial Results for the Quarter Ended March 31, 2023
HOUSTON, TX / ACCESSWIRE / April 26, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended March 31, 2023.
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / April 26, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended March 31, 2023. The Company reported net income of $99.7 million, or $0.46 per share, for the first quarter of 2023, compared to net income of $100 million, or $0.46 per share, for the fourth quarter of 2022. Revenues for the first quarter of 2023 were $792 million, compared to $788 million for the fourth quarter of 2022.Andy Hendricks, the Chief Executive Officer of Patterson-UTI Energy, commented, \"We are pleased to report another quarter of solid financial results. The outperformance in our contract drilling segment demonstrates that we continue to benefit from the strong demand for Tier-1, super-spec rigs and the renewal of drilling rig contracts at current rates. The exceptional execution by our business units contributed to the strength of our first quarter financial results.\"Our solid first quarter results showcase our strong position within the current market environment, and we are well positioned to generate substantial free cash flow in 2023. During the first quarter, we generated $234 million of net cash provided by operating activities, which after capital expenditures resulted in $117 million of free cash flow. During the quarter, we continued to return capital to our shareholders and strengthen our balance sheet, as we repurchased 5.6 million shares of our common stock for $73.6 million and repurchased $9.0 million of long-term indebtedness for $7.8 million. These actions reflect the confidence in our business and cash flows, and our Board has approved an increase in our share repurchase authorization to $300 million.\"We continue to demonstrate Patterson-UTI's long-standing commitment to shareholders with capital discipline through both our capital spending and our contracting strategies. Our capital expenditures are primarily related to maintenance, with any significant growth capex supported by term contracts. In our contracting strategy, we prioritize cash flow and margin over market share. With the recent slowdown in market activity, we have lowered our 2023 capital expenditure forecast from $550 million to $510 million, including $30 million of customer-funded rig upgrades.\"Mr. Hendricks continued, \"With an average rig count of 131 rigs in the United States during th...