Patterson-UTI sees Q4 net income exceeding $100M, adjusted EBITDA over $230M

Patterson-UTI said earlier that it expects its net income for the fourth quarter of 2022 to exceed $100M and its adjusted EBITDA for the fourth quarter of 2022 to surpass $230M, based on current projections. In aggregate, the company returned $74.3M to shareholders in the fourth quarter through its regularly scheduled dividend and the purchase of approximately 3.3 million shares of its common stock for $57.2M. The company also repurchased $22.4M of its long-term indebtedness during the fourth quarter. "In contract drilling, average rig revenue per day benefited primarily from contract renewals with more favorable pricing than expected," stated Andy Hendricks, Patterson-UTI’s CEO.