PTEN - Patterson-UTI Energy Inc. (PTEN) Q4 2023 Earnings Call Transcript
2024-02-15 15:39:03 ET
Patterson-UTI Energy, Inc. (PTEN)
Q4 2023 Earnings Conference Call
February 15, 2024, 10:00 ET
Company Participants
Mike Sabella - VP, IR
Andy Hendricks - President & CEO
Andrew Smith - CFO & EVP
Conference Call Participants
Arun Jayaram - JPMorgan
Scott Gruber - Citi
Derek Podhaizer - Barclays Capital
Sean Mitchell - Daniel Energy Partners
Jim Rollyson - Raymond James
Keith MacKey - RBC Capital Markets
Dan Kutz - Morgan Stanley & Co.
Ati Modak - Goldman Sachs
Saurabh Pant - Bank of America Merrill Lynch
Stephen Gengaro - Stifel, Nicolaus & Company
Doug Becker - Capital One Securities
Waqar Syed - ATB Capital Markets
Kurt Hallead - The Benchmark Company
Don Crist - Johnson Rice & Company
Presentation
Operator
Thank you for standing by. At this time. I'd like to welcome you to the Patterson-UTI Energy Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions].
Thank you. I'll now hand the floor over to Mike Sabella, VP of Investor Relations. Please go ahead.
Mike Sabella
Thank you, operator. Good morning and welcome to Patterson-UTI's earnings conference call to discuss our fourth quarter 2023 results. With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer.
As a reminder, statements that are made in this conference call that refer to the company's or management's intentions, targets, beliefs, expectations, or predictions for the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings, which could cause the company's actual results to differ materially and the company takes no obligation to publicly update or revise any forward-looking statements.
Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website at patenergy.com and in the company's press release issued prior to this conference call. And I will now turn the call over to Andy Hendricks, Patterson's Chief -- Patterson-UTI's Chief Executive Officer.
Andy Hendricks
Thank you, Mike, and welcome to Patterson UTI's fourth-quarter conference call. In the first full quarter, following our combination with NexTier and Ulterra, we showcased the earnings power of the new company and delivered a quarter of strong results for our investors. Our leadership position in both US onshore drilling and completions is allowing us to strengthen partnerships with the leading US shale operators that place a high value on our technology and on our top-tier assets, which in turn is allowing us to outperform the industry. We are very pleased with our results and the fourth quarter profitability and free cash flow highlights the benefit of the combined company.
As we reflect on this past year, we take great pride in our achievements. In US contract drilling, we outperformed our peer group, both in activity and adjusted gross profit per operating day. In completions, we maintained a focus on returns while actively contributing to the advancement of lower cost and emission reducing assets. We delivered extremely strong results while at the same time successfully closing and integrating two transactions.
Our team performed at a very high level in what was a challenging year for the industry, which reflects our ability to successfully manage our business through the cycle and consistently create value for our shareholders. All that is to say our business is performing very well and we have high conviction that we have the right strategy in place.
We anticipate 2024 will be another year of strong results and considerable free cash flow. And we remain committed to our policy of returning at least half of our free cash flow to our shareholders on an annual basis....
Patterson-UTI Energy, Inc. (PTEN) Q4 2023 Earnings Call Transcript