Patterson-UTI Energy Q1 2023 Earnings Report

Patterson-UTI Energy EPS Results

• Actual EPS: $0.46
• Consensus EPS: $0.36
• Beat/Miss: Beat by +$0.10
• One Year Ago EPS: -$0.13

Patterson-UTI Energy Revenue Results

• Actual Revenue: $791.80 million
• Expected Revenue: $757.41 million
• Beat/Miss: Beat by +$34.39 million
• YoY Revenue Growth: +55.40%

Patterson-UTI Energy Announcement Details

• Quarter: Q1 2023
• Date: 4/26/2023
• Time: Before Market Opens

Patterson-UTI Energy (NASDAQ:PTEN), through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries. The Completion Services segment offers services for hydraulic fracturing, wireline and pumping, completion support, and cementing; and involved in the power solutions natural gas fueling, and logistics and storage businesses. The Drilling Products segment manufactures and distributes drill bits for energy and mining markets. It also provides software and services, such as MWD Survey FDIR, a data analytics technology to analyze MWD survey data in real-time and identify the position of a well; HiFi Nav, which enhances FDIR by targeting improved vertical placement of the directional well within the reservoir; HiFi Guidance, utilizes trajectory optimization to determine optimal steering recommendations and placement within the reservoir; and rents oilfield tools. The company was founded in 1978 and is headquartered in Houston, Texas.