Patterson-UTI Energy Reports Financial Results for the Quarter Ended September 30, 2022; Doubles Dividend and Announces Shareholder Return Target

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / October 26, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2022. The Company reported net income of $61.5 million, or $0.28 per share, for the third quarter of 2022, compared to net income of $21.9 million, or $0.10 per share, for the second quarter of 2022. Revenues for the third quarter of 2022 were $728 million, compared to $622 million for the second quarter of 2022.Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, \"We are proud to report another quarter of solid financial results with significantly increasing profitability. We remain focused on generating returns on our invested capital, while maintaining the high level of service quality and technology enhancements that customers expect from Patterson-UTI.\"As our profitability continues to improve, we are increasing our forecast for 2022 consolidated Adjusted EBITDA to more than $650 million. We are also increasing our 2022 capex forecast to approximately $425 million due primarily to the acceleration of customer-funded rig upgrades for delivery in 2023 and an opportunistic acquisition of additional pumps with Tier 4 engines to increase the quality of our fleet and potentially contribute to the activation of a 13th frac spread in 2023.\"Mr. Hendricks continued, \"For the third quarter, our average rig count in the United States increased by seven rigs to 128 rigs. Across the industry, rig demand remains strong and our rig count continues to grow. For the fourth quarter, we expect our rig count in the United States will average 132 rigs.\"Contract drilling revenues and margins improved during the third quarter, as leading edge dayrates continued to strengthen, and we benefited from contract renewals with more favorable pricing. In the United States, during the third quarter, average rig revenue per day increased by $2,770 to $28,670. Average rig operating cost per day in the United States increased by $1,690 to $18,200 during the third quarter due in part to wage increases for both rig-based and support personnel, as well as general cost inflation for repairs and maintenance. Average adjusted rig margin per day in the United States increased by $1,080 to $10,470 for the third quarter.\"As of September 30, 2022, we had term contracts for drilling rigs in the Unit...

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