Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2024

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / July 24, 2024 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2024.Second Quarter 2024 Financial ResultsTotal revenue of $1.3 billionNet income attributable to common stockholders of $11 million, or $0.03 per shareIncludes $11 million in merger and integration expensesAdjusted EBITDA of $324 millionExcludes merger and integration expensesOther Key ItemsYear-to-date through June 30, 2024: Cash from Operations of $563 million, Free Cash Flow of $206 millionReturned $164 million to shareholders in the second quarter and $295 million in the first half of the year; confirmed expectation to return at least $400 million to shareholders in 2024Used $132 million to repurchase 12 million shares in the second quarter; since the close of the NexTier merger and Ulterra acquisition through June 30, 2024, returned $407 million to shareholders including $309 million to repurchase 28 million shares$819 million in remaining share repurchase authorization as of June 30, 2024Declared a quarterly dividend on its common stock of $0.08 per share, payable on September 16, 2024 to holders of record as of September 3, 2024Management Commentary\"We remain focused on operating our business to maximize returns through the cycle,\" said Andy Hendricks, Chief Executive Officer. \"U.S. Contract Drilling beat our expectations on strong margins, as revenue per day for the highest quality rigs has remained steady in the first half of the year. In Completion Services, our electric frac technology delivered great operational results and has been extremely well received by our customers, which helped to offset some of the short-term activity declines we saw in the natural gas basins. Drilling Products had another strong quarter with additional market share gains and margin growth, despite the impact from normal seasonal spring break up in Canada. Our strong free cash flow in the first half of the year demonstrates the resiliency of our business.\"\"The outlook for U.S. shale drilling activity for the rest of the year appears relatively steady at current levels, with a return to growth expected in 2025, particularly in natural gas basins,\" continued Mr. Hendricks. \"For Patterson-UTI, we believe we have additional paths for capital efficient returns growth that should exceed the in...

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