Patterson-UTI Energy Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
July 27, 2023

There are 14 speakers on the call.

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Patterson UTI Energy Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you.

Operator

Mike Drichmer, Vice President of Investor Relations, you may begin your conference.

Speaker 1

Thank you, Sheryl. Good morning. And on behalf of Eric and UTI Energy, I'd like to welcome you to today's conference call to discuss the results for the 3 months ended June 30, 2023. Participating in today's call will be Andy Hendricks, Chief Executive Officer Andy Smith, Chief Financial Officer and Mike Holcomb, Chief Operating Officer. A quick reminder that statements made in this conference call that state the company's or management's plans, intentions, targets, beliefs, Expectations or predictions for the future are forward looking statements.

Speaker 1

These forward looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings, which The company undertakes no obligation to publicly update or revise any forward looking statement. Statements made in this conference call include non GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website, petenergy.com and in the company's press release issued prior to this conference call. And now, it's my pleasure to turn the call over to Andy Hendricks for

Speaker 2

some opening remarks. Andy? Thanks, Mike.

Speaker 3

Good morning and welcome to Patterson UTI's 2nd quarter conference call. Our drilling business performed very well With sequential increases in both revenues and margins, contract renewals favorably impacted our average Revenue and adjusted margin on a per day basis, offsetting the slight decline in our rig count. The improvement in contract drilling revenues and margin during the Q2 met our expectation and our rig count outperformed the broader industry decrease. The decline in industry activity had a more significant impact on our pressure pumping business with volatility in white space impacting results. The commodity price volatility in June led to some customers deciding to reduce drilling and or completion activity.

Speaker 3

For us, the decrease in frac activity occurred much faster than the decrease in our rig count. And as such, we believe our pressure pumping activity has already reached a trough Here in July, while we expect additional rig releases over the next few weeks, with the recent strength We believe the industry rig count is near bottom and both rig count and frac activity will improve later in the year and in 2024. In contract drilling, we ended the 2nd quarter with 127 active rigs and expect a reduction of approximately 10 rigs during the 3rd quarter, of which 6 have already been released and 2 more are expected to occur within the next week. These releases are the result of notifications See, primarily in late June. Following these near term rig releases, we expect our rig count to stabilize and are optimistic The recent strength in oil prices may positively impact future drilling activity.

Speaker 3

Despite recent rig releases, day rates remain strong with recent contract renewals for super spec rigs in the low to mid-30s including ancillary revenue. As previously discussed, We continue to prioritize margins over activity. In Pressure Pumping, we believe the decline in activity is already behind us and we have additional work scheduled begin later this quarter. Based on current activity levels, we stacked a Tier 2 diesel spread in order to accelerate its conversion to a Tier 4 dual fuel. When this conversion is complete, 10 of our 12 spreads will be dual fuel capable, including 4 spreads that will be Tier 4 dual fuel, which better positions us to take advantage of what we expect to be increasing completion activity later in the year and in 2024.

Speaker 3

Pressure pumping pricing has been challenged recently given the decrease in activity, but the market pricing for dedicated work has held up better than spot work. With that, I'll turn the call over to Andy Smith, who will review the financial results for the Q2.

Speaker 4

Thanks, Andy. Net income for the 2nd quarter was 84 point $6,000,000 or $0.40 per share, which included $7,900,000 of merger and integration expense and $3,800,000 of impairment expense in our E and P business. During the Q2, we repurchased 1,800,000 shares, which brings the total repurchases under our share repurchase program through the first half of the year to 7,400,000 shares or approximately 3.5% of the shares that were outstanding at the beginning of the year. Including $33,500,000 of dividends, we have returned approximately $126,000,000 of cash to our shareholders through the 1st 6 months At June 30, $281,000,000 remained under our share repurchase authorization. However, our ability to repurchase shares during the Q3 may be limited due to the pending merger with NextEer.

Speaker 4

We remain committed to targeting a return of 50 free cash flow to shareholders through a combination of dividends and buybacks. Through the first half of twenty twenty three, we are well ahead of this target as we opportunistically repurchase shares during the Q1. Based on our outlook for the second half of the year, we are lowering our 2023 CapEx forecast to $485,000,000 This forecast is comprised of approximately $280,000,000 of CapEx for contract drilling, dollars 140,000,000 for pressure pumping, $20,000,000 for directional drilling and $45,000,000 for our other businesses and general corporate purposes. In contract drilling, average adjusted rig margin per day in the U. S.

Speaker 4

Increased $10.30 sequentially to $16,910 driven by a $1190 increase in average rig revenue per day to $35,940 At June 30, 2023, we had term contracts for drilling rigs in the U. S. Providing for approximately $760,000,000 of future dayrate drilling revenue. Based on contracts currently in place in the U. S, We expect an average of 71 rigs operating under term contracts during the Q3 of 2023 and an average of 44 rigs operating under term contracts over the 4 quarters ending June 30, 2024.

Speaker 4

In Colombia, 2nd quarter contract drilling revenues were $12,900,000 with an adjusted gross margin of $3,700,000 For the Q3 in the U. S, we expect our average rig count will be 119 rigs. Average rig revenue per day is expected to be approximately $35,500 and average rig operating cost per day is expected to be $19,400 which reflects a slight increase in operating costs associated with the number of rigs being stacked this quarter. In Colombia, we expect to generate Approximately $8,400,000 of contract drilling revenue during the Q3 with adjusted gross margin of approximately $2,000,000 In Pressure Pumping during the Q2, increased white space in the calendar year in the calendar and lower pricing on primarily spot market work Contributed to a sequential decrease in revenues and margins. 2nd quarter pressure pumping revenues were $250,000,000 with an adjusted gross margin of $53,800,000 For the Q3, we plan to operate 11 spreads.

Speaker 4

We have had substantial white space in July, but we expect improving utilization through the remainder of the quarter. Maintaining enough crews for the increasing work will negatively impact margins Accordingly, for the Q3, pressure pumping revenues are expected to be approximately $230,000,000 with an adjusted gross margin of $37,000,000 In our Directional Drilling segment, we experienced Decline in revenue and margin during the Q2 due primarily to reduced activity levels. Directional Drilling revenues were $55,100,000 in the 2nd quarter With an adjusted gross margin of $7,800,000 For the Q3, we expect directional drilling revenues to decrease to $52,000,000 although expected adjusted gross margin is expected to be approximately flat with the 2nd quarter. In our other operations, which includes our Rental Technology and E and P businesses, revenues for the Q2 were $21,100,000 with an adjusted gross margin $8,300,000 For the Q3, we expect revenues and adjusted gross margin to be similar to the 2nd quarter. On a consolidated basis in the 2nd quarter, the total depreciation, depletion, amortization and impairment expense amounted to $127,000,000 including $3,800,000 of impairment charges at our E and P business.

Speaker 4

For the Q3, we expect total depreciation, depletion, amortization and impairment expense of approximately $122,000,000 Selling, general and administrative expense for the Q3 is expected to be approximately $31,000,000 Our effective tax rate for 2023 is It's expected to be approximately 17%, although we do not expect to pay any significant U. S. Federal cash taxes. With that, I'll now turn the call back to Andy Hendricks.

Speaker 3

Thanks, Andy. Looking ahead, we are constructive on the overall U. S. Onshore market with WTI trading above $75 and natural gas futures About $3.50 in forward months, E and P operators should see significant improvement in their well economics. We expect that some operators will increase their activity in drilling and completions by year end and into 2024.

Speaker 3

As 2025 is planned to be a big year for LNG export, we expect to see activity in gas basins recover in 2024 to previous levels or higher. With the increasing activity in the gas markets, we expect overall utilization and pricing to improve into next year across the U. S. The U. S.

Speaker 3

Onshore market is poised to remain steady and strong for the foreseeable future. Also, we are very excited about the recent announced Transactions to strengthen our position as a leading provider of drilling and completion services in the United States. The merger with NextEer will bring together 2 top tier and technology driven drilling and well completions businesses, creating a leading platform at the forefront of innovation. Similarly, Ultera's leading position in the PDC drill bit business will Expand our operational and technology platform, expand our data portfolio and broaden our geographic footprint through strong relationships with key international customers, especially in the Middle East. We continue to work toward closing these transactions and look forward to welcoming employees from both NextEer and Ultera to the Patterson UTI team.

Speaker 3

With that, we'd like to thank all of our employees for their hard work, efforts and successes to help provide the world with oil and gas

Operator

Your first question is from Arun Jayarunyan of JPMorgan. Please go ahead. Your line is open.

Speaker 5

Good morning, Andy and team. Andy, you guys have been able to kind of hold Leading at the day rates at attractive levels, you mentioned low to mid-30s. As we think about 2024, what's your confidence in being able to hold those types of day rates as we start thinking about kind of fine tuning our model for next year.

Speaker 3

As we mentioned before and good morning, Arun. As we mentioned before, we're really focused On trying to maintain day rates and margins, not focused on the market share, things have gotten a little bit more competitive recently when you're not on Correct. And we decided we don't want to fight all these and our rig count is going to go down a little bit. But this is more of a softness that we see Improving later in the year and certainly going into next year, but it's our objective to try to maintain pricing where we can. When you look at the leading edge down into maybe low 30s to mid 30s and that's including everything, it really hasn't come down that much.

Speaker 3

Let me hand it over to Mike Holcomb. He'll have some more comments on that too.

Speaker 2

I think the thing that I would add is, I mean for us, leading edge this quarter But if you think about it looking forward, commodity prices stay in the more recent range going forward, And we're very confident that pricing is going to be stable with some upside as we move into the next year. I think there it really depends on

Speaker 6

How many oil rigs do you think We could recover next year.

Speaker 3

Yes, I don't think I want I don't think I know exactly where the number is going to go to next year, But you look at where the Baker Hughes rig count is now where it was earlier in the year, you get recovery in gas, you're probably pushing over 700 rigs in the Q1 Next year, but I think it just has upside from where we are.

Speaker 6

Okay. I know it's a tough one, but I was curious of your thoughts. Thanks, Andy.

Operator

Your next question is from Kurt Haddouled of Benchmark, please go ahead. Your line is open.

Speaker 5

Hey, good morning. Good morning.

Speaker 7

Appreciate the color commentary as always and the perspectives on the outlook. So Andy, in the context The land drilling market, it appears to me that the pricing dynamics have stabilized and I You referenced kind of low 30s to mid 30s. But is there any incremental So a couple of your peers have talked about maybe some incremental slippage in cash margin and some kind of rigs repriced that might have been priced at a higher level Coming back into the current market elements, when you think about your rig fleet, is everything that you've kind of booked Out for the rest of this year, kind of solidly in that 32% to 35% range? Or do you see some slippage on cash margin going into the 4th quarter?

Speaker 3

I think right now it's going to be pretty steady. I think we'll have to wait and see how 4th quarter plays out And what the rig count does towards the end of the Q4.

Speaker 7

Okay. And Just a follow-up in the context of the frac market as you add a you go from 11 crews to 12 crews here In the Q4, if you run the math on the revenue per crew that you expect in the Q3, extrapolate that into The 4th, it looks like the 4th quarter revenue could approach 2nd quarter levels. But logically, to me, that doesn't seem It makes sense given the market dynamics. So how should we think about the frac revenue progression going out again into 4th quarter?

Speaker 3

I think let me just kind of explain what happened in Q2 and what we're seeing so far in Q3 and it's really about Towards the end of Q2, we had an acceleration in white space and we're starting off in July with a lot of white space in the calendar and pressure pumping And it only warrants us working 11 spreads in the quarter, but we're seeing more dedicated work layering in At the end of the Q3 and so it makes sense to have that 12 spread working in the 4th. So we're carrying some extra costs in the 3rd, But then the schedule starts to round out a lot more towards the end of Q3 and going into Q4 with much less white space. So a lot of what's happening right now both for our drilling rigs and for pressure pumping is a result of where commodities were a couple of months ago. Commodities are in different space right now. So if you look forward a couple of months, if it stays at this level, then our schedule for the frac looks a lot better.

Speaker 7

Yes, that's fair. That's fair. Appreciate that color. Thanks, Eddie.

Speaker 3

Thanks.

Operator

Your next question is from Derek Palcauser of Barclays. Please go ahead. Your line is open.

Speaker 8

Hey, good morning, guys. I know you talked about having some confidence that the rig count is going to bottom here. You talked So 10 rigs and 6 came off and 2 more and we'll get 2 more after that. Are you just having conversations around starting rigs up in the Q4 or end of the third quarter? Are you signing rigs yet?

Speaker 8

Just a little more color around your confidence that we'll see rigs start being added as we get towards the end of the year.

Speaker 3

I think it's really just for us right now, it's based on where the commodities are trading. Our customers are going to start their budget cycles here pretty soon. We feel like when commodities are at this level and this has happened historically that soon after their budget cycle or even sometimes in the middle, we start to Phone calls to accelerate things. If commodity stays where they are at these levels, I don't think you'll see the traditional Q4 that gets a little bit soft at the end. I think you'll see a fairly stable Q4 going into the end of the year.

Speaker 8

Got it. That's helpful. Switching over to pressure pumping, obviously, white spaces Is putting downward pressure on your profitability. Can you just talk about when you merge with Next Tier and you fold into the Next Tier integration strategy, How should we think about those synergies that you could unlock? Like what are you missing today that next year provides?

Speaker 8

And where do you expect profitability to go as you continue to upgrade these assets to NextGen and you fold into the Wells integration strategy that NextGear brings to the table?

Speaker 3

Yes. If you look at our fleet of 12 spreads, their performance The customers are working for is very strong. They're very competitive and we're going to have 10 dual fuel spreads. So it's very marketable 12 spreads that we have. As we roll it into next year, what we're really going to gain is the integration of all the other ancillary services that we can layer on there, Whether it's wireline, logistics, sand handling, things like that, the power fuel systems that they have Natural gas blending at the well site.

Speaker 3

So we'll be able to layer that over time on our 12 spreads and that's where we get a lot of upside on the 12 spreads that we're running Good day.

Speaker 8

Great. Appreciate it. Turn it back.

Operator

Your next question is from Keith Mackey of RBC Capital Markets. Please go ahead. Your line is open.

Speaker 9

Hi, good morning. Just wanted to start out on the pricing in the drilling market and what you're seeing in that low to mid-30s day rate. You just talk maybe about some of the regional dynamics? We heard earlier in the year, of course, that gas basins, particularly Haynesville, were softening More than oil basins, but with some of those rigs moving over to oil basins, maybe the pricing there has taken a hit. Can you just kind of run us through what you're seeing in the various basins for pricing and how you think that will play out as we go through this modest recovery in rig counts.

Speaker 3

Yes, if you look through the year, it really kind of started with the Haynesville getting soft and then other basins that Feed into Henry Hub like South Texas, Mid Con, those various basins that produce gas. And so that freed up rigs. Some of those rigs Left gas basins and pushed into oil basins. We didn't actually move any rigs from gas into oil. We're leaving our rigs where they are.

Speaker 3

We There's upside there. The Northeast gas held pretty steady through most of the year up until recently, but I think they're feeling a little bit more stress in the Northeast. So I think there's a little bit of slowdown up there, not to the extent that we're seeing in the Haynesville and other areas tied into Henry Hub, but a little bit of stress up in the Northeast. And I think that's going to affect things for a little bit. But again, just looking at the forward strip that that holds in, all this stress gets relieved for our E and P customers and their economic Start to improve.

Speaker 3

Mike, do you want to add anything on that?

Speaker 2

Yes. I think your concept is probably right. If you look at a hotter basin like at the Permian, If there is some new activity, it's going to be competitive. We really haven't participated in that. We lost some bids out there due to price.

Speaker 2

But I think for us, it's been pretty stable across the markets Because we're not it's not going to chase that work if it's not in the range that we're looking for.

Speaker 3

When you're a large drilling contractor and you work a large number of rigs, when you lose a few like we've had and we're only down about 12% since the beginning of the year on our projections, That's not a huge move for us. If you're a smaller drilling contractor and you lose the same number of rigs, that's a big hit. And you've got to work hard to keep rigs working at that point. We get that there's competitive bids out there for rigs, but we don't chase that.

Speaker 9

Got it. Makes sense. And just a follow-up on the pressure pumping side. Can you talk a little bit about the timing you expect for The Tier 4 dual fuel conversion to be in the field, like should we be thinking about Q4 as a Full quarter of 12 spreads or will that be partially through the quarter would you say?

Speaker 3

I would think about it as Q4. It does take a little bit of time and sometimes when we mobilize one of those, we may still be adding some more of the Tier 4 dual Trailers while we started the work, but I'd still think about it as Q4.

Speaker 9

Got it. Thanks very much.

Operator

Your next question is from Saurabh Pant of Bank of America. Please go ahead. Your line is open.

Speaker 10

Hi. Good morning, Andy and Andy.

Speaker 2

Good morning. Good morning. Hi.

Speaker 10

I guess I'll start with maybe a Follow-up on your expectation for rig count because it seems like there is some optimism that the industry might be adding rigs towards the latter part of this year. Just to get some clarity or clarification on that, it sounds like that optimism is more on the oil side And the gas side of activity rebounded more of a 2024 thing, right? I just wanted to clarify on that, if that's correct. And then what is driving that? Is it more public versus Was this private or how should we think about who's driving that uptick in the latter part of this year?

Speaker 3

I'm actually upbeat on both oil and gas when you look at Q4 and you look at where the forward strip is, we do actually have some gas customers that will probably drill into where that forward strip is. We've got gas customers today that are already layering And hedges for next year at over $4 So while oil is certainly in a good spot right now and I'm upbeat on that, I'm upbeat on both.

Speaker 2

Yes. I think we've had conversations in some of the gas stations for Q4 startups. They're for next year's programs, but they'll get started a little bit early. And so I think we're seeing it both. And on the question on the publics and Privates, I would just say the way to think about that is the privates typically react a little quicker either direction.

Speaker 2

So I wouldn't be surprised that maybe Q4 they may outpace the public's, but there's got to be A smaller switch, so it's I'm not sure we can really call it, but I think there's generally privacy react a little quicker.

Speaker 10

Right, right. Okay, okay. Perfect. That's very helpful. And then maybe a quick follow-up on the pressure pumping side.

Speaker 10

You commented on activity 11 In the Q3 going back to 12 in the Q4, how should we think about that from an entering 2024 perspective because earlier in the year you had contemplated putting a 13 frac spread out in the market. I know the mojo with next year is outstanding, so that might change dynamics, right? But how should we think about 2024? Could you be adding that 13 frac spread if there's demand?

Speaker 3

Listen, I appreciate that question, but it's tough to talk about 2024 yet. We'll address that on the next call when we're looking at a much larger fleet of over 40 frac spreads.

Speaker 7

Okay. No, I guess I've got

Speaker 10

to maybe carried away with all that optimism.

Speaker 4

Okay. Thank you. I'll turn it back.

Operator

Thanks. Your next question is from Jim Rosen of Raymond James. Please go ahead. Your line is open.

Speaker 11

Hey, good morning, Bez. On the CapEx front, Andy, the remaining $485,000,000 is that relatively spread out over the back half Or is it kind of distributed differently than evenly?

Speaker 4

No, it's pretty spread out over the back half. And again, a lot of that is as we've come back and some activities falling off, we've seen some maintenance cap come back. Some of the growth items that we had in there were sort of committed. Now we'll push a few out a little bit, but it should be pretty spread over the back half of the year.

Speaker 11

And I know this will be a tough question, but as you think about where you're looking at activity based on the kind of Optimistic view heading into next year, if you were talking apples and apples, do you think your CapEx next year would be Flattish from this year or down just because you're not going to be reactivating a number of rigs like you did in 2023? I realize all that all.

Speaker 4

Well, I mean, look, it depends on maintenance CapEx will be what it is, right? I mean, it's obviously linear With activity on the growth side, again as we put rigs back to work, Depends on your point of view as to where you think the rig count is going ultimately in 2024 as to whether or not we would need any kind of significant upgrades. Remember that a lot of the upgrades that we were doing this year Paid for by our customers in advance last year. And now we don't get to show that amount net. We show that amount grows in terms of our CapEx.

Speaker 4

So again, depending upon your point of view going forward, you can probably see it Being something less on the growth side than what you would typically see or what you have seen in the typical last few years.

Speaker 3

Yes. And especially considering some of these rigs that Recently, there's not as much CapEx necessary to put them back to work. So I think considering if you're considering an inverse Curve on activity moving up in 2024 versus what we had softening in 2023, I think CapEx would be leveled to maybe even a little bit lower. So I think we can be really efficient next year, apples to apples.

Speaker 6

Yes.

Speaker 11

Makes sense. And then last thing, just kind of following up on pressure pumping. Obviously, you talked about in general And carrying some extra costs as you drop a fleet, which has obviously impacted profitability. Has there been any material change? Like what have you seen from a Pricing and kind of commercial terms dynamic in this kind of air pocket of activity here recently?

Speaker 3

Well, we've seen the dedicated pricing hold up relatively well, maybe some small adjustments for some customers, but not a lot. It's really the spot market that's come down maybe 30% or so, but that's it's the spot and it's temporary and if Activity is increasing like we think later in the year and into next year that will reverse as

Speaker 6

well. Perfect. Thank you, guys.

Speaker 4

Thanks. Thanks, Jim.

Operator

Your next question is from John Daniel of Daniel Energy Partners. Please go ahead. Your line is open.

Speaker 12

Hey, guys. Thanks for having me. Just one question for you today. And when you think of all of the E and P M and A that we've seen where buyers rationalize activity, it would seem getting back to the Activity highs, if you will, of late 'twenty two might be tough to do in 'twenty four. I'm just curious if you're seeing anything that would Sort of dispute that theory.

Speaker 3

We are seeing some mergers on the E and P side, but at the same time, we're And some E and Ps sell off some of their properties too and some smaller companies come into play where they've got to prove up that acreage. And so I do think the rig count has a chance to get back to the highs of this year. As you know, the rig count never moves up at the Same rate, it comes down, but that doesn't mean it can't get back to where it was. I think there's enough people with interest to drill out there even with the mergers to get back to where we were.

Speaker 12

Okay. Got it. And look, I'm going to try to rephrase this right away. Let's say E and P A buys company B and they drill and drop a bunch of rigs. Are you seeing that E and P A person coming back and wanting to add back any of those rigs that they stated they were going to drop?

Speaker 12

You follow that

Speaker 3

I don't know if I have a good example of that for us.

Speaker 2

Fair enough.

Speaker 12

Okay. Hey, that's all. Thanks for including me.

Speaker 5

Thanks. Thanks, John. Bye.

Operator

Your next question is from Dan Koonce of Morgan Stanley. Please go ahead. Your line is open.

Speaker 13

Hey, thanks. Good morning.

Speaker 6

Maybe I'll just follow-up

Speaker 13

on John's first question there. Thinking about 2024 activity And whether or not it could get to the highs of this year, would you kind of frame gas activity as having a better chance Of getting back to this year's levels with all of the LNG liquefaction capacity coming online or I guess How would you frame whether gas or oil or both have a better chance of kind of getting back to this year's highs? Thanks.

Speaker 3

Well, it's gas that had the bigger downside earlier in the year and I think it's gas that has the upside. I think I'm not discounting oil. Oil can still move up from where it is in terms of activity. I think there's more upside on the gas. If you look at some of The E and P transactions, let's say, South Texas, where you've had properties change hands, some of these E and Ps that have acquired some of these properties are now making plans to drill them and we're part of those plans.

Speaker 3

So I still see some upside in gas. I don't think of it just as Haynesville. I think of it as the broader basins that are connected to Henry Hub from South Texas all the way into Mid Con. And so I still think there's more upside on the gas side.

Speaker 13

Got it. Understood. And then just on the 50% total shareholder return target, apologies if you guys have already made this clear, but I understand that once the deal is closed that you guys and next year Have endorsed that target moving forward, but are we to understand that Patterson is still maintaining that target Kind of in the second half of this year as the two deals are slotted to close or could M and A interrupt That 50% target in the second half of this year.

Speaker 3

Well, what we've said all along is, our intent is to return 50% of the free cash flow to the shareholders and We think of it more on an annualized basis. And whether you take that as the starting point from when we first said it in October last year or you take it from The start of this year, we're ahead of the schedule depending on it doesn't matter where you take your starting point. So we've already given back more than 50% of the cash The shareholders on an annualized basis. And so we're ahead of that, but I wouldn't worry about the M and A disrupting that and certainly going forward With the combination of next year, we still intend to return 50% of the free cash flow to shareholders.

Speaker 13

Great. That's really helpful. I'll turn it back. Thanks, guys.

Operator

There are no further questions at this time. I will now turn the call Over to Andy Hendricks for closing remarks.

Speaker 3

Great. I want to thank everybody who dialed into the Patterson UTI call this morning. We're excited about great things that are happening in the future and our call is going to look very different next time. But thanks again for dialing in.

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Earnings Conference Call
Patterson-UTI Energy Q2 2023
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