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

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / November 7, 2023 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2023.Reported financial results for the quarter ended September 30, 2023 include:A full quarter of Patterson-UTI operations, including:30 days from NexTier Oilfield Solutions, beginning on September 1, 2023, through the end of the quarter48 days from Ulterra Drilling Technologies, beginning on August 14, 2023, through the end of the quarterThird Quarter 2023 Financial Results and Other Key ItemsTotal revenue of $1.0 billionNet income attributable to common stockholders of $0.1 million, or $0.00 per shareIncludes $70 million in merger and integration expenses, partially offset by the recognition of $29 million of previously deferred revenue from a customer that changed its drilling scheduleAdjusted net income attributable to common stockholders of $55 million, or $0.20 per shareExcludes merger and integration expenses, includes recognition of previously deferred revenueAdjusted EBITDA of $277 millionExcludes merger and integration expenses, includes recognition of previously deferred revenueReturned $191 million to shareholders in 2023 through the third quarterDeclared a quarterly dividend on its common stock of $0.08 per share, payable on December 15, 2023 to holders of record as of December 1, 2023$281 million remains on share repurchase authorizationInvestment Grade Rating from all three major credit rating agencies (S&P, Moody's, and Fitch); issued $400 million of senior notes due 2033; nearest senior note maturity of 2028During the third quarter, Patterson-UTI realigned its reportable segments to better reflect how it manages its businesses and to support further collaboration between its service linesManagement CommentaryAndy Hendricks, Chief Executive Officer of Patterson-UTI Energy, commented, \"The third quarter was a monumental one for our company with the addition of both NexTier and Ulterra to Patterson-UTI. We are excited with the way these transactions position our company for long-term success, and we welcome the NexTier and Ulterra employees to the team. As we have gotten to know our new team members, we have grown more confident that these deals will strengthen our company and add value for our employees, customers, and shareholders.\"Mr. Hendricks continued, ...

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