PTEN - Earnings call 4 2023 | Patterson-UTI Energy, Inc.

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Operator

At this time, I'd like to welcome you to the Patterson-UTI Energy Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. I'll now hand the floor over to Mike Sabella, VP of Investor Relations. Please go ahead.

Michael Sabella

Thank you, operator. to XXXX conference results. welcome our to and quarter fourth morning, Patterson-UTI's call earnings discuss Good Officer. With and and Financial Chief today Executive me are Officer; Andy Andy Smith, Hendricks, President Chief

in no which uncertainties As forward-looking website subject this obligation include now Patterson-UTI's filings, Statements non-GAAP the Executive or to a company's statements cause patenergy.com or targets, the company's are the predictions intentions, at are as to the company's issued the any actual call expectations management's made that SEC The over forward-looking Andy measures. future Hendricks, reminder, forward-looking are are measures company's conference that required reconciliations, considered disclosed and refer to the statements will in in to call statements. call. I could publicly to release this company update conference financial to GAAP or for and turn press conference our in materially. prior Chief differ beliefs, risks takes call on made statements. this the These results The financial revise included Officer.

William Hendricks

our you, we with delivered welcome Mike, fourth following Patterson-UTI's conference NexTier In of strong new quarter Thank a investors. the power quarter full and our to call. Ulterra, of earnings showcased first and the quarter the and combination company for results

outperform that U.S. and operators drilling allowing tier is technology to the us allowing top which shale partnerships a on completions the U.S. and turn Our assets leadership in leading onshore industry. is our both position to strengthen high us on with in our placed value

highlights benefit and results in of free with a pleased cash fourth the very company. our quarter are combined profitability the flow We

both this take U.S. day. activity in completions, past operating In in on achievements. group and outperformed we great reflect In pride our gross adjusted per we peer we results, profit while on and transactions. of emission-reducing successfully As contract time drilling, our We at advancement strong closing focus lower actively the contributing integrating returns assets. a delivered maintained and cost extremely same we while X to year, the

a at shareholders. have reflects was performed ability to high conviction an another our our year performing very through value create say, what the be strategy at our for that annual team high to which consistently results manage to our anticipate year is industry, business for and and to and on successfully will basis. All returning very policy the in right of our well, that level we considerable committed of our cycle business strong we flow, challenging shareholders cash Our is a place. in least have free we half cash flow XXXX remain our free and We the

differential high-grading our positions the to our role in favorably divergence their to grow last consolidating should customers. critical higher-quality NexTier the industry As competitive sector financial much across benefits with to highlights the a offer environment. as own for oilfield. Patterson-UTI entire our This manufacturing to the and Patterson-UTI's a term of lead our of their tailwind position transitions year's company strengthen over significantly a the widening the long as customers maximize capital-constrained we realize in played drilling service providers over the will and in technology returns, combined look and Ulterra acquisitions of our our and of are and process looks completions quality fewer service in results the mode. The budgets as in advance the industry to our continue they We've industry. enhancing returns expertise us This customers efficiency aligns

improved be our seen to gains capital even operationally. capital we've these our we through efficiency from and reduce as For intensity have improved Patterson-UTI, the efficiency, largely own benefit can worked

combined company we XXXX. navigate sector the to Patterson-UTI to to This long-term for performance our CapEx commitment reflects total energy expect spent landscape. in evolving optimize as We in the what relative decline financial XXXX

for continues our profits outlook and term, the capital-efficient opportunities activity near us cyclicality in the to outlook Over to presents U.S. our the returns in shale with the grow sector. our enhance reflect expected most manner. This steady reduced

we benefit adding year on us into shale While we drilling capacity several progresses. the we the or improve a should completion year do U.S. as will not see help returns focus market, that have our do this to levers that

efficiencies, and Alternative improve and footprint drilling electricity process other add rig line use momentum numerous power environmental growing that the and Our rigs that for value have technology packages. high solutions demand natural and applications offerings with to equipment the process. gas minimize our automation our power to

pace higher can customers count are provided activity mid-XXXX, nearly electric consistently natural they to over given should a equipment over by new rig return and be the the unlocked, of our continue of to even These investing operating our convert industry. In levels. By be which to the fleets steady years. earn that we these at expect uplift gas electric horsepower value and that us value expect capable XX% diesel replacing, active profits we several will technologies then. next with a offerings, more frac, grow using at to we measured are allow the by XXX,XXX around Our of power natural the outperform fleet technologies technology gas our to other

over that target, potential this to the the annualized generation flow to Ulterra XXXX transaction. company international drill and and operators synergies XXXX. Also any able free Ulterra's were we first revenues global long-term offers grow from surpasses realize used potential or confident the and years and feet of side, in CapEx bits XX% revenue transition is XX EBITDA Middle acquisition. considerable more be expected our we are long-term we to XXXX in to past the for the of should likely as gas-powered XXXX has should be highlighting over closed the additional years XX revenue the on Ulterra's revenue world. next we period strong are halfway XXX across fully for natural August with the markets XXXX. to markets in compared we where By of to opportunity history expected million X today to upside those various accounted we percent in down is in year, potential these doubled Ulterra record were since for by our XXXX, other expected across even roughly to making in synergies over the high our is offer $XXX is footprint. the to the company will year-over-year, drill years. several We in we our teens global significantly presence have Ulterra's still next prior have our XXXX. Internationally, the countries. growth At a assets grow start from to acquisition different The than combined million quarter investors roughly for expand revenue to frac are Ulterra's to and NexTier cash East as the with for from for growth company's the be relative for electric more. Non-U.S. prospects capture several upside completions

X% international the sequentially, per market international and revenue Ulterra complementing the addition reflecting In than was opportunities strong U.S., more share strong up industry in to opportunity. and steady in the our gains pricing performance a the function of U.S. for

should share added to our Aside opportunities, operational capital offer per strategy earnings from on return our investors an benefit allocation these and growth capital.

reduce committed we We share cash to coming through including as least buybacks, the the years help XX% at grow flow of per to which free count. are returning in investors, our should stock earnings share

shareholders have investing is as an XX% on shares in given committed our return believe to price, this our annual of exceed we of XXXX in commitment least own flow are that at And basis. We to free available. cash current attractive the likely opportunities share most we price one to at our

XXXX at repurchases, and We to count $XXX which lower expect by of would return end in to the the of through million year. dividends share least share our combination considerably the shareholders

our $X Board to of billion. authorization total stock a Our increased just Directors repurchase of

support through although oil oil As appears be current we in the we stable the basins. activity, downside basin do some previously, outlook said gas relatively Current prices macro potential XXXX. should natural to see

to have in to activity levels the production year. the according declines. believe oil over front, past current various sources, in in data shale the to activity U.S. oil commodity a that reasonable. in not decline do of EIA, production reduction the We basins function seems appears outlook stabilized, a On activity prices result including steady the prompt will oil Therefore,

over business contribute Given think targeting long term, will this to a U.S. rigs oil, a in the the for outlook should relatively on less impact the do have near certain, potential the coming but stable entire of material term. is natural gas we year. In the industry for that our outlook XX% not downside the are the

Northeast over Haynesville, gas is is also the reduced basins, It that industry working over in noting are and limit steadiest of in activity those slows. operators down natural which We than even help should just past XX downside X and the best rig by for some total Patterson-UTI same the basins has the rigs rigs if combined the as the the the count activity year time. in that more worth

ability into add with conversations slightly later the as the of face rigs are closer to year those to industry this navigate reducing those natural also LNG are focus. declining already having in Our demonstrates our next gas year activity in even about as resilience we the customers even challenges term, customers comes in activity. Further, demand same into our near basins but possibly potential

not drilling, fall if business only would impact own Over gas decline do natural the term, levels. near-term anticipate the long our a activity to anticipate in natural softness to activity our material prices. In slightly, we we gas a slight from does

we The rig through up XXXX, quarter haven't margins. rigs, lower industry than U.S., were In operating outperformed rig quarter, much the this Although XX% quarter improving In achieved year it rigs. we operating our XXXX the we from first than count Patterson-UTI's industry exited contrast, were daily XXX customers. just and in most in X% rig started while we to this significantly But the our year. down the we last the fourth our more compared are still was over and started. margins average and currently while count XXX XX% change recent count halfway our seen

prices compared sensitivity programs commodity smaller ourselves are We stable to operators. exhibit constantly with partners less that aligning drilling to offer and

Tier a XX% benefit rigs active greatly lateral footage than X standard XX% per X of rig. on Tier for rigs, year compared with more XX% category super-spec can which utilization average drilling are of our customers this from deliver Our rig. More our to nearly

a in demand technology the We to close do pricing mid towards activity this class and term high the we XXXX. trend and the flat add-ons recent per steady continue value Tier $XX,XXX not of rates rig on create, X and rigs at been average contracts anticipate our Given the significant changing market. believe that through should has day

fourth ongoing steady completions through the On aligned well which industry the revenues the through remained billion is helped the $X right business holidays into integration. the quarter, We and meaningfully exceeded the services activity year-end. outperformed completion the front, and average. with performing the customers, ourselves completions In

The Our electric we dual a prices. to gas-powered are as downside believe tight have gas fuel competitiveness the powered term, our equipment. Notably, effectively winners, in these natural fuel natural confident natural that any potential We be displaced that the have over with for there and technology should continue horsepower assets sold we market, market multiple gas help are remains electric fuel market XXX% transitions. relatively equipment occasions, and with dual natural of out. can natural current gas by This from even maintain fleets. gas is limit third-party the natural gas share success of one including powered the will Completions increasing fleet natural industry dual long recent assets gas

confident significantly for are ability reduced CapEx a our our goals budget. to We in with achieve XXXX

other throughout We that we expect of CapEx company had XXXX. advantage and this the XXXX. This on can represents over shareholders review free and $XXX the industry. cash to flow for This Ulterra XXXX the Andy million quarter. for reduction many now CapEx turn total budgets we while results players we still believe on cash still over over generate strong technological have to in in activity We positions all building longer us our term. I'll the will it our fourth competitive financial year to and a the our building combined that compared maintaining achieve to Smith, of who significant while strong significant the advantage for NexTier Patterson-UTI, return

C. Smith

fourth the million merger expenses. for share of Total $XX and $X.XXX Andy. quarter billion. or Thanks, This attributable in common shareholders net to revenue reported million The the in quarter. was per $X.XX integration $XX reported income included

integration or shareholders, rate to and federal previously integration expenses, $X.XX million a Our merger assumes share. was expense adjusted the $XXX adjustment This statutory integration million quarter and the common totaled EBITDA XX% per the those excludes excluding previously merger mentioned excludes $XX expenses. attributable and charges. Adjusted mentioned which the for income tax and on also merger net

weighted million count was shares shares we Our XXX exited QX, XXX with average during quarter the share million outstanding. and

Our $XXX million. quarter free fourth was the cash for flow

amounted fourth the returned Annualized, During end shareholders, the fourth million X per including the $XX XX% share almost at this quarter, quarter. to dividend to cap to million million we repurchase shareholder an and of $XXX return $X.XX shares. market to the

approximately of For $XXX our the full flow. free XX% year, we to which shareholders, was cash returned million

authorization approved $X QX for repurchase Our an Board up an our has increase to approved dividend in share stock billion. per $X.XX and

million We repurchase in shares. over expect $XXX shareholders $XX quarter, the million return to first again approximately to to including

drilling, U.S. of $X,XXX the For repurchase was Average represents the days Services of $X,XXX per pay was than of Drilling totaled contract XX,XXX return during days. of commitment use the adjusted at fourth the decline least from $XXX our quarter to shareholders. In segment, was free in dividends prior which recognition Services million day absence XX% rig revenue to to profit shares, sequential to the gross million to quarter. $XXX day expect $XXX of day revenue per XXXX, our we Drilling million. cash deferred more attributable quarter. primarily totaled flow and operating In benefit previously the per revenue $XX,XXX

revenue although per day prior per quarter prior rig Excluding insurance profit included and the $X,XXX sequentially day $XXX reserve the average previously day sequentially. Average from quarter. adjustments day deferred would day per $XX,XXX have write-downs. the of a per this was last quarter, were $XX,XXX revenue cost increased in increased impact operating decrease rig per inventory adjusted $XX gross The $XXX which average

XX, the mentioned rig rigs providing place, have rate prior $XXX of the would and revenue December per for expect declined December term day in of an had contracts drilling, prior businesses rigs gross of term profit operating XX rigs contracts Based drilling quarters we costs revenue under previously and the million drilling on XX in was is which in drilling the the approximately quarter international an day we of XX, Excluding $XX for during other future first quarter, an operating just and services the million. contracts contracts for contract average besides contract mostly revenue. $XX profit U.S., quarter. At million, adjusted term over average adjusted of X XXXX under with ending directional U.S. gross quarter XXXX. In our drilling drilling, fourth currently $XX

compared U.S. For active contract quarter. XXX drilling, we to XXX the in rigs to in the expect rigs active fourth quarter average first

as strong well our fourth the was with through for site equipment revenue forma X% we working than activity customer quarter with drilling. Reported operations. the to with fourth our in fourth We U.S. compared for the the Segment gross demand that quarter industry. Completion be expect the the flat adjusted as Drilling Services outperformed of contract throughout good profit pro saw adjusted in slightly in steady profit ongoing lower kept billion adjusted alignment gross relatively revenue to returns of us the well strong even relatively as flat noticeably function anticipated. integration strong an quarter as a gas-powered lower for the merger gross totaled We in fundamentals $X.XX on quarter was than third natural $XXX Services holidays of well the for million. services synergies improved profit the more segment revenue, just relatively quarter with Completion segment and results

with in gross although stronger-than-expected million quarter, $XXX far space mostly the revenue After quarter, activity we to $XXX to gas million seeing prices. been our for first million quarter of has we as are million. strategically -- $XXX steady, Completion we a repositioned white natural $XXX So to fleets some response adjusted first fourth the services finishing of expect profit an in

that and charge drilling gross to accounting revenue $X the reported of depreciation adjustment sequentially. Adjusted relatively costs revenue deliver closed. results segment included on value In asset the operating in count as associated was For step-up quarter drilling compared same amortization Direct rig totaled was time the Ulterra the the the by a U.S., bit million of million the business. noncash to $XX of strong price for the outperformed during that were books purchase at was profit $XX million The which company products third the with X% transaction increased Internationally, quarter. drill steady fourth product $XX quarter domestically. revenue continued up million. the

these continue XXXX. expect through We charges noncash will

see U.S. internationally. opportunities to for Ulterra to onshore potential expand market flattish continue growth a even We in with

first million Drilling For $XX gross adjusted quarter, of million. of an profit with $XX revenue the we expect Products

step-up $X adjusted Ulterra, for profit. million operating would gross noncash value quarter associated in million with costs $XX revenue We million adjusted be at expect the gross in the expectation totaled $XX direct the profit with million. Other $X without bit which segment in drill

We expect the million. $XX general adjusted expenses gross flat profit to fourth revenue, quarter. in other Reported be selling, first were quarter fourth and in and quarter the administrative

SG&A fourth For a expect QX, of $XXX expense for totaled the quarter, million. On total depletion, amortization million. we basis $XX impairment and consolidated depreciation, expenses

$XXX For million. total the quarter, depreciation, amortization expect we impairment and of first depletion, expense approximately

to XXXX, taxable an million expected taxes with $XX income. offset utilizing rate portion our we a For after be expect million $XX attributes tax of to effective to of cash XX%, annual tax

million services, $X million, completion Other including and in in and million services, During Corporate. QX, $XX CapEx was Drilling total $XX million products Drilling $XXX in in million $XXX

of comprised products services, and for $XXX to Our $XX million Completion is million services, be million and for $XX $XXX CapEx million Drilling Other for Corporate. million, XXXX Drilling for $XXX in expected

which fund we specific side, customers. for to drilling programs are limited upgrade the rig expect On

services next-generation Power of frac will we On equipment and in in Completion for half diesel the in we CapEx, Completion as as business. of to as million fleet the retired side, $XXX assets. measured CapEx a additions natural year fueling growth the expand as fleet serving pace first in natural expect $XXX roughly we gas-powered continue Solutions to replacements gas fund invest with million investments the our electric assets well of in our Of

into have do half Completions of annualized synergies. Pumping operating CapEx of largely achieve the legacy will in as on We maintenance are to been quarter million as facility revolving any which business, $XXX having Completions achieved credit we in big QX now second consolidated X $XXX year. NexTier that XXXX a the the XXXX. We confident XXXX. in expect until is at and anticipated $XXX entered note business maturities step nothing entity million by remain We cash hand. on Universal legal least the drawn will and our through $XXX We as closed synergies We we focus Pressure first not senior of on move X integration well half process. in approximately million have our million highly the as with continue

in of now adjustments flow in and seasonal fourth we working Andy costs. I'll generate as the quarter level quarter, Hendricks need turn first the free capital and quarter, quite closing cash to same remarks. back to to merger expect strong call the at integration another for fund saw We cash the we not although mostly

William Hendricks

both markets. industry rig not oil for should see XX% activity, and a stabilized considering and how about with production the change close is to prices, do current relatively us XXXX the activity EIA much natural oil industry gas give stable I others, oil-focused for confidence oil count of we activity. the U.S. near-term the according positive to which to anticipate we reiterating conditions At by call quickly have Thanks, global Andy. oil be in markets. unfolding. Macro want expected oil a

into decline On the activity material for this it outlook comes the some not as later over next natural term. the could there side, but year be business to natural long yes, year do in we will into gas closer near and The focus. LNG demand in improve be could activity gas industry our term, expect

us For ways environment relatively grow capital-efficient in steady our Patterson-UTI, give opportunities profitability. high return, to industry on XXXX this focus should to

through expectations the this We our that expect through million promising. the Drilling excited with share to dividends strong and East We're Middle should about to and the We initiatives share which a for synergies and another capital return count to year the our and growth prospects enhance from profitability Ulterra's steady next at both And have is expect share investors. growth these associated $XXX in are of ahead improve we runway are our offerings in in reduction even rig earnings in year results very merger technology year and achievable repurchases, a believe environment. count. We per will shareholders long-term least our return steady benefit to Completions. deliver still year current on

of Before men we accomplishments. like the to Patterson-UTI women thank Q&A, to your of and work go and hard your all I'd for all of

You transformed in knocked the and record of XXXX, of had a the park. company it you you year out performance

for thank questions. over to Adam turn you. With it So I'll that,

Operator

[Operator from Instructions] Jayaram question Arun of with the Our first line comes JPMorgan.

Arun Jayaram

maybe wanted Completion the Services to focus segment. I on

for how by the you're of -- do XQ. for of and about profit about a baseline and was outlook think I good you you in full with Your $XXX as the as we relatively steady a as you full adding -- state about midyear, is million shale? a that in some wondering U.S. kind baseline that capacity E environment for should year year, think think think the in

William Hendricks

there great and is excited terms really you some and results, the QX, projecting what the you one activity I performing. steady on relatively revenue as doing around. to lights are NexTier, of doing a also the and about day. When and every we together say teams at fleets Completions teams is enough for We're performing I but fantastic the in QX that we're come it facing it can't business profitability job. some move just who look are has in company today. see been job a they're just Yes. integrate is have It had how mean, QX

some and steady. is think so that level, it realize across XXXX for look low holds And completions as I the a I keep that that as last well, or we're steady. can in right that we relatively at Completions relatively Drilling working But I there's think customers concerns whether things drilling shown And probably year, these we're And trading I for we've over seeing market. that and out natural gas it's for basins.

when activity, the So the on technology, I continue out we as some year. there's towards comes steady to potential to even the to Completions, think some in it work of profitability new we roll improve the profitability as end

-- can we've So I as performance, through higher earlier, some that that at can technologies, still levers still we we've profitability pull work various think I a environment. steady to integrations, got both we mentioned even through got and through

Arun Jayaram

Great. of question. my industry follow-up is an Andy, just kind

XX% capital earnings the it, highlighted the XX% and of by to dual expect year. to influence your your types of returns next-generation peers mentioned about their it be seeing by of in us the fleets One year, of horsepower does How end e-fleets on that midyear? on would end deploy they you your get, fleet call that of of talk another fuel to season their how e-fleet of And frac some the maybe you're peers expect this to the strategy? of be e-fleets by

William Hendricks

business the of measured the do a by aren't been focus e-fleets to offering 'XX return the profitability rolling We because our this out in our we of some we fleets pace cash that mentioned, in we're is operating we to deploying things more see years have to shareholders. that. NexTier integrating are for opportunity start to that also e-fleet. vertical services grow to presence has And the we're to the currently the But on including in of going our improve But as those. doing year. the some improve is Completions strategy So profitability, of other

look e-fleets, just that other going at too, And variety going you natural the out to there's there's later year, rolling at gas. are solutions. XXX% that technologies we're a specifically When at to of looking be this be some also

natural to but industry will it's So one -- think markets a fits dual converts there's we And entire all. electric. We think fuel, not technology. size over don't high-performing solid still systems. push powered We for to continue the gas

to it's to We to shareholders. and will on continue more for we new a be focus both But other pace going as technologies. in measured electric invest us, of returns

Operator

Your Citigroup. Gruber next comes of from with line question the Scott

Scott Gruber

activity? quarter? some down stays about weak Are it's and gas first quarter really a some morning. I Completion quarter trying you a to activity the is point the potentially today in it to the the the Or want did provide fleets, quarter versus folks. think emerge you basins. color don't Does oil more if back into to Or the to white of outlook, And as It's you quarter Good impact? because of that up quarter? you get focal oil mind. that gas second a stays impact? the come up early the first assuming then to more weak. for half Can is second start trend more second Yes. The in activity end the able first full there? looking than picked better just those reposition space, getting I'm

William Hendricks

there's we think don't too, of basins, recently the our that know gas of natural repositioning in working oil. are are more given more some dropped these into customers only below I that horsepower and good full liquids, some has for we yet. we impact gas But

going had to to gas last performance. still we but exposure and we're exposure had strong have to year, a So we gas, some

space. it activity. we're the including guess to some just that had have white still a to say make steady I'd QX, steady what relatively I think to we're right relatively we So seeing going QX, if consider now in in

there. out enhance integration. have profitability the of there think technology potential I as still I roll also, some is new some we improve we out the But think to uncertainty some and some

Scott Gruber

already on deal in revenue synergies to that so achieved? And point, fashion. your was post type what on seeing Can occurs the you've to just and you're front? ability timely one And just points secure revenue 'XX? What synergies that speak think debating great. That's do you of you of that what do in a

William Hendricks

Yes.

the pre-closing, XXXX. So if market division of other site, to the at and business and that all available which creating frac services. XX vertical next was gas. And services to provide go people NexTier And the year our -- but at what look the gas you was natural CNG, were Wireline Patterson-UTI, providing logistics doing performing go well with back in that frac the They softened. with fleets trucking field Universal in over Power provide. integration it those well, XXX back transporting fleets. summer look operating operation alone. transport that's the the They're CNG, Solutions, well they to has blending with But

so verticals have there's at lot that we Patterson-UTI. And a of didn't

So we first part other services control synergies, we to performance we have site. as these that can at things look, and believe the improve the the if one of reach of to service say, your are out we we affecting start to did and logistics efficiencies customers well of of that some

And so Wireline. we have added

We and have added trucking logistics.

onto that pre-close. those that some added have Power have didn't solutions some of We fleets

a we'll profitability progressing. And quick on XXXX. been so have wins continued And but think revenue we and early some wins had that's we standpoint that throughout from

to teams our and working job out, playing make it's how are happen. doing together really that's great a So this

C. Smith

would fully well is point on out again profit... productivity EPP I legacy gains also would of really integrated but improvement getting the in that it maybe fleets just again, onto one kind mentioned offering Andy well overall pushing site that we're it, that, highlight I as the Yes. that the really

Operator

Derek question with the from Podhaizer Barclays. of comes line next Our

Derek Podhaizer

and want how about flow maybe XX%. talk the about over to free I shareholder just remaining cash you're returns your thinking that

or I at. servicing that it that can know any far of you're we look maybe about are but M&A, could really to some out that talk like. whether to as get tuck-ins just trying what You of debt? expect of bolt-ons the debt to be upside number maturities the XXXX, return or your what And looking out

C. Smith

Yes.

XX% priority highest of that market the that comes, our for Again, predict not we're things, we've I to us the when right the a and at that's on say priority. look, this in not neither is So yet. year, it's now, for but hard that a we return expect commitment. is right certainly high it's the it now, -- $XXX just million looking given, lot above number would M&A we'll

nimble on kind reduction. buy some any debt significant a buy now reduction. debt debt kind do of think I right a don't But market, any good the making see made with think time, From open we'll I back to we us warrants if kind that. we of large that there's to time anything of

Derek Podhaizer

it. Got

rest day. about day to we the on the Drilling how what's about talked churn, the per a from break the some should but think X, revenue just Okay. you year, up per through you quarter come walk That's apart and margin you bit? contract leading there? to price had And and the back revenue over for trajectory curious helpful. mid-XXs, the the Could going those just per Can about the cost then per as you're just step have little day that that little day cost help there. big Just thinking side. daily and a for of first a Switching that us

William Hendricks

Yes.

over terms the year-over-year profitability in So we Drilling time. was What really and activity to in outperform raise also huge had improving the pleased same levels side. the at did of to the per that team the rig 'XX 'XX this others, our they but the with field on performance sustain

that So that was team just accomplished. amazing what

we year, the previous calls. the in edge leading this some there of end towards some through softening work we that in rigs was acknowledge in second half, year last on As and

running we're come down. But leading technology rigs. mid-XXs So for performance we're edge on the the offering we that and ancillary will the have around all options some still

while think I steady margins well. the and relatively will I be -- as costs but are relatively to and be think, up steady going costs, think I went So that

our We're think have this lot But so 'XX done And to job. a I profitability at we that steady and versus increase going same in 'XX. we're time, of it's great a see -- is teams don't the saw free cash. think this business up going throw I to

C. Smith

the say just point that we kind would steady. look costs this to the today, it I that. being from relatively of view forward revenue as year, reiterate would I at and Yes. we

Derek Podhaizer

Maybe step Got per a lead was just of what day, follow-up. up? driver that it. quick cost The the

C. Smith

Yes.

was a that cost year, truing We the estimates on those mean, whether it's or in things capital end a of Nothing significant. have all of bumping the up of types things bunch again, have at going in and like you there, reserves around -- particular lot working can some quarter-to-quarter, that. things and there's I from insurance things. of

Sorry, workers' comp.

you've I that those it point nothing say of would I come to But change. hugely say that significant. little items So bit would got causes a just would through that is fourth in the I sometimes quarter a

Operator

of with Your line James. Rollyson question from comes Jim next the Raymond

James Rollyson

cash just on Andy, job returning questions of rig free the the around flow. side. free flow Great in cash couple a and quarter

basins and XXX today is at that quarter, any basins. things on So doing you're XXX, Is just what come of what rigs basins on obviously, we're guidance you're down. gassy at halfway for out you're the you're implying kind at of rig in the side you seeing and around into Completions, and curious are -- around through January, the so XXX oily gassy looking moving similar to

color a around maybe little that. Just

William Hendricks

Sure.

I our are going think for stay basins is steady. to relatively now, the oil view that

operating And so have some in our really which we are XX% rigs in gas working even of in are on XX% gas. the gas those not basins. though of and oil rigs our that are rigs is those basins, about dry of But rigs liquids basins

XX%. gas. XX% not It's it's dry to or So XX% drilling full probably to closer

closer oil some liquids and anticipating maybe rigs to again, get then gas longer-term of to natural see X gas X We sure. those trading gas, maybe in We're rigs. is few rigs down LNG be And needs. So us. In steady I XXX base on relatively softness. outlook think off But you've it for that's going today. based a the over basins takeaway natural as next got you're could months, a we where

need We're we're So likely basins term, because profitability? there really to could be don't probably longer it well. Sure. to XXXX. change company? not impact to a those a you No. performing gas We're the in it going Or going going to natural if move Is necessarily be at look there rates. to reduce No. in for We margin big need have rigs them some gas? softening the out is of the

-- that some steady, relatively the gas call So still still basin. it's I I potential softening think in

James Rollyson

Normally, when market, we're that are and helpful. That's it. guys covered rigs an reactivating upgrading covered upward you you Got all contracts. getting talk of Can upgrades the on trajectory rigs, capital you And and see in you a rig term mentioned upgrades. lot of or steady where instead and that upward capital about back specific what on this of in rig market moving? we're of kind return kind of how capturing you're doing customers for that specific that more

William Hendricks

Yes.

upgrade upgrades is One This about really packages excited on technology putting related of do with electrical and a layer capabilities And to we out improve some a rig. process that upgrades of the in terms automation consistency drilling rig, systems onto has the the really and the with I'm capital-light we're that our performance to of we add operations. software. is when to automation

customers excited they're demand. this. we're going that. it's through and doing about again, steady our something a in so and type upgrade. And want And pace asking rigs a that. This They that of are for go But capital-light to is transforming

Operator

question next Stephen of comes the from Gengaro. line Our

Stephen Gengaro

give assets apologize. about the long think M&A I frac at like around you gap. there's of that. part X I of things on the or willing? the of for ability for integrated know Are end around are we percentage sort do on us that should the probably question NexTier to a of high not impact NexTier sense long sure kind larger the any A think the questions a it's we have with And if the that. well customers? And And me, versus to had integration more profitability the the question kind of that? color I'm that final color low provided or so X I some can and just couple side, services legacy end? any way of about how there when one on give of is your But customers that of a kind -- us And then less of your site is,

C. Smith

pumping have more less. that in where We space. you concentration customers on in Andy of integrated heavy lot Yes, about I'll part of sort opportunity the well harder still pressure across I'll of in of question. now, the integrated first sort to our talk offering push that It's a about a of works of answer the think offering fleet. site fleet our Yes. XX-XX versus across the let that, and work how Right to the the and terms

William Hendricks

Yes.

E&P been terms get wave to can in consolidation a In pause customers. that pause -- for happens, the there's activity. and a customers M&A, you're be that might we see of of that when from And clients working we're for going as huge just us. And all some for you're a

they side. And with the Drilling rolling the out. that, until to decide performance integrate be For us new our to use Completion evaluate when think necessary from some the you're an want kind a they they operations a But other might But side do customers, on resources we're even standpoint. services neutral technologies net for want and forward I what going what going the on pause in of to well to with the it to they get ability we are positioned near enhance that term.

great for we're that's So of this shape I consolidation think on wave the happening side. in E&P

Stephen Gengaro

quick that. increased you're you that? think is a do price, offerings. think underlying was from 'XX, for Or mix not kind just When modeled with? frac are, about that about from comfortable we then of follow-up how flattish underlying if that the levels something prices we current And to But something Great. sort of issue

William Hendricks

earlier, of to pricing pricing it's to HX this last think and softening seeing want we from some Yes. moving we are I us We don't we there because because I acknowledge that are is we qualify year. part and discussed but rig for just take that that be white relatively space, for to are we we like where want in completions and going year, lower some assets, feel But rates. was as us, in steady of

the going markets. so our work markets to pricing margins protect we're to And in and protect the in

relatively I it's for think us, And steady. so

Operator

Saurabh of Bank Pant the of from with America. comes next line question Our

Saurabh Pant

middle of being it is to a -- off context the versus that can think little you're then 'XX. to How vendor. And time and own leasing fleet also much it buying natural Power If related buy shelf is by you Solutions then you of your in a a supported I'm at we in mind point? is can that versus of perspective think solutions do to gas e-fleets spend, that the from that, of the of just the you strategy. your a by about from be Andy, how going your fired how thinking from technology should spend power perspective XX% on if important something, that when buying

William Hendricks

do start, a about We then profitability growth, about offerings to this let to So customer I'm I'll improved those demand out to e-fleets, certainly have is think going the Andy talk that. business we there. Smith as when and well realize able want standpoint. you technology as be profitability from to But well. there's There

some well, also just other And E, E. are we the not so investing as in but technologies

of performance other yes, in tested the We when past. equipment of and working do so couple we've see on we look equipment different changes electric frac And equipment, we and some get are this of the to some how delivered. with request equipment types is different a suppliers of

have evaluate who to we So that motors. and should excited But work also equipment. that that induction some offering. We'll X,XXX different direction. what are from forward. to be of company a continue But we operating that we say And great history similar offer who we with to a may be add want going about suffice we our this have and slightly moving in we're others AC suppliers drilling has over experience, using I'll

AC that for induction an engineering frac. building control including experience have electric also has high-voltage for systems electric electrical We company motors,

it. how tuned, for going sure. That's stay standpoint, you so on this keep and in is And we'll a from technology but evolve we're posted to

C. Smith

our supporting by right? supported Power that to being the Solutions, current work, own got now, Solutions is year. our Right About there in out we've X% Yes. grow opportunities Power of work and

Saurabh Pant

the for side. Thanks us Fantastic. technology on Okay. teasing

think job. Smith, expect remarks least at really the And I the $XXX is but good a that stay we'll I follow-up you me unrelated said the the shoutout a on way, you synergy definitely don't I call in So on that. a progress. by to Kenny not, on call prepared for your quick And or if him, fantastic tuned side, doing think on know Andy million.

So XX X I maybe at months, months? that months closed that merger. to and since least or than that look from just want accelerating maybe the little do emphasize more than you a million How potential to it's been months you at XX $XXX you X any that upside realize to sooner

C. Smith

that can got the a business. Look, markets terms closed -- of and get kind going said, Yes. the the first a of bucket imagine, whole we this tracking market's since we've synergies to of you been bit. in sideways that of started we're to be talking, we as there's out Probably lot little synergies. a when in we've there's range items potentially down we're of And we've through gone included

obscured it little of the pricing. at a can by market be Some

each there's are of lot that that's how internally. income making one is statement. -- looking we very hitting we that at prove Internally, a not actually we're sure We are it there's around -- -- of a these our out rigor not

good $XXX very feel million. we So about that

the improves, those higher as I I only think guide in think only goes market to number an that above synergies improving million. want But I a market, than $XXX to up. that number of But that don't increases right now. the benefit

William Hendricks

Yes.

about great There's it's past. looking levers and to pull on to Kenny cost at or the different Rob, a increasing We've all buckets Whether a at the it. some revenues, chain different talked teams are savings, and job. as in mentioned, the work team of supply So we number continue you doing that aspects. we'll of different have and still those, are

Saurabh Pant

fantastic. No, that's

Okay.

Operator

Ati of Modak question is with Your next from the line Sachs. Goldman

Ati Modak

do of gas the as And offset mentioned think should rest customers steady steady we that? the that count through larger of cadence maybe spaces risk manage that? the particularly anticipate would in on we How as XQ you it like activity, do fleet think calendar sounds is about prices. white around and anything you XQ outlook. have But year, about but You the

William Hendricks

mentioned as liquids. from horsepower transitioning think already before, we're I we some -- to gas

our in so if could projections. see QX in more QX, some longer. And in softness Maybe already for we price that's there commodity is hanging the

this have at been out. we've operators this of we'll plays activity the and just But how then XXXX. going about see about 'XX, that discussions think you think if I with in to increasing -- end year and in end some some year into of the wait it's actually

some recognize I and view, be So it's relatively there's I term. a but to longer-term softness, would steady longer going take

Ati Modak

Appreciate this how thoughts it? it's bit it we that. then we it. opportunistic, that, opportunistic the sounds should the around little cadence? should be And how like on but Is more about Got think going -- any And think or about steady? repurchases, to it's whether a

C. Smith

the Yes. I kind we're we're be but prescriptive been don't I want be given market about to guidance of to we're how don't doing opportunistic, in always mean going the too comfortable be and that of kind through too market. we've I year, want Again, about for open purchases, quarter-to-quarter. to this full prescriptive all

Operator

line of the Capital from comes Markets. question next with RBC Keith Our MacKey

Keith MacKey

a the XX%, percent then Or about the number? or e-frac, follow-up cash main certainly the that target that one to do XX%, approximate them. target would good drivers to see about the Can as that maybe start out we be, assuming sort where you've for talk conversion XX% XX% XX% saw as that in you And XX-plus impacting press kind behind should on be of number a a wanted business? that free build-out release. of flow Just we thinking of is set you longer-term

C. Smith

pretty we to in look capital as at and and think for the Yes. as about how shareholders. competing a We calls capital, includes think the our that we set we set target And is can priorities us. budget, Look, competing balance look return -- XX% good our I the business. we of front all opportunity on

incremental least maintenance X/X growth, would our So not of number, as either about think target, kind coming so capital horsepower capital, that's look CapEx really displace you or what it's of XX% additional with stuff. is we immediate conversion But roughly probably how at we in kind of it likely a pretty not and approach at fleet, term. really some good we call would older into our that it the

right changes pretty As years, over target look that But and sort at comfortable forward. with we the good shape reevaluate. of as our now, fleet a we'll feel pretty going it

William Hendricks

to team electric invest efficient having year the side or place I'd like for from commend plan to maintenance capital. a newer good the away engines other. their on in us got They've whether for this of as move use diesel-only it's in and technologies, transition we to into Completion CapEx pumps type

so the to having moving investing older same yes, We're from newer maintain And the time. at also away technologies. technology in we're the

Keith MacKey

talk will some But consolidation be can how of on comfortable unfolding, an other. unfolding to U.S. Got market you notable that Or positioning given rigs. quite one number your rigs of E&P consolidation? would large a generally, see as helpful. any there this? in pending follow-up. working or see just you are about get large to there potentially fairly that And displaced Or on impacts given any it. do the significant just of Do part pricing Andy, just helpful. thoughts of potential the rigs think you And That's subject you a for that the amount as rigs have mentioned you're Certainly, of unrelated those recompete your the how see reduced work? are spec now number on with of you the you side be

William Hendricks

of as you performed by SCRs type of yet, the how rigs large went are operate well, while Tier a on Well, rigs because rigs down market. that the that lot I'll overall the count. start use saying count went the rig are we X we highest-performing there's overall super-spec a in there's down. rigs different a and And where as rigs count in in as not And saw use we near market year mechanicals much last market. And what overall number the the still

to similar softening a market. overall We're the going trend have in some going I to this see year. think you're

are overall the other contractors going at see rigs see operate. that you're out count the in running down. drilling softening. of we not time, there. same industry think rig gain or go us I the highest But share going to X to the X the We're You're to technologies immune that we're But because performing

acquisitions. if you're overall softens. to have be about see And you're I even do going us more on the So swings rig some And think that, prices we've see commodity I steady downside market to think some the overall the side, on from like But to overall, and over going same time E&P see few these consolidation relatively high on either and but it's years. you're with demand. think seen based going or going supply I the last of activity based grading mergers to count the at

Operator

Syed ATB from Capital comes question with the Next of line Waqar Markets.

Waqar Syed

has remaining? the in $XXX synergies, that. maybe deeper give little numbers contributing buckets. what from into are Andy, you to buckets some these just wanted what's drill more? synergies quantify come achieved still you I mentioned the different to Or maybe Could just and different buckets of which a of been million

William Hendricks

Waqar. called Yes, answer out it Good I'll since the earlier, morning, question. I

X cost. buckets, X X being being being So different revenue, X supply chain, we talked about

those. I savings think as of to some well, softened we the that were fastest chains to year last picked accelerate that and the probably ones market able we and as that related went supply were the up

still the cost on some over revenue We fastest further early was year. on X had the some chain. the wins steady that will improvements quarters. But of see You revenue, some last next probably saw cost we'll the improvements quick supply one but pace this but the year, continue kind also a moved one

teams off. So that hats off have that pulled to the

C. Smith

services, coming Yes. are of to savings continue insurance, then sort so say through, kind and advisers, in rationalize still there's processes -- things would savings to savings. whether a some again, as companies lot of that. that, of you of to have G&A overall obviously, as is from it's X some consolidation on management. corporate time of And side third-party and been go that's things of you And of top-level achieve continue systems over together it even Those the lot terms so lot I larger a you that got there around, then outside but you'll come. A things those obvious achieved, like of the like just

Waqar Syed

follow-up. needed then just Okay. Great. a And

be like break proportion In Tier versus Tier natural be like would that terms what pumping pressure mentioned of X you to gas natural further may fleet fuel. could Could a it power dual dual at down be DGB X XX% gas fuel?

William Hendricks

just XXX% move largest technologies this after gas stepping system make able and portion to fuel systems CNG that other still more going fuel going we being Because dual the electric we've X this our to But year. CNG -- you'll our see gas is been DGB enhance electric now to we more majority than do we new through and blend be forward still in that also the Power we're But Tier to and to power some can is transition especially year. up that. But natural where systems X a as things continued going Tier past, of into with running the the enhance that.

Waqar Syed

are from engines? DGP kind of And Tier percentage to gas diesel switching fuel a seeing switching from X you natural what DGB, and

William Hendricks

kind what? what sorry, of I'm

Waqar Syed

switching X you Tier go XX% fuel diesel as DGPs? to than The in from percentage, to switching from XX%, higher or the that gas

William Hendricks

depends our we Power we and the to can because X fuel, popular fuel gas the what a solution. blending from dual XX% of up displacement combination business, we Tier it on Solutions but XX%, anywhere way Yes, very and all through can offer that's CNG get offer can

at also we we future dates. I things think explain that enhance so will And do to

fuel operate -- dual with It we gas. it's also replaced can't X as that But there today, fit. places are an have doesn't operator gas electric natural natural not mentioned XXX% just earlier some right Tier the offerings XXX% I because

So X a electric we at measured more Tier still pace. towards a but DGB new and market, will be more portion are large of moving the technology

Waqar Syed

Thank you very much.

Operator

line next from Capital Your question with One. comes the Becker Doug of

Doug Becker

in without services. the you be first to And then a Just is chance into allowing Is whether really back bring second circle fully it's this repositioning quickly you completion quarter? technology conceiving the table equipment on the to move the completed Or it price expected there an spills the what's or to wanted during to market that quarter? the uncertain market?

William Hendricks

still Well, relatively first oil off, the are markets steady.

wireline, not sand, or performance and power are providing pumping, with and but also into operate natural gas electric. gets Second, how pressure just full that wanting we logistics, with trucking moving dual solutions customers or fuel the

when the together, the so of can we performance operation. offer And those we enhance all

efficiency provides the so end. And that at and savings

through about matter, how We teams Completions years. well also QX and little this those that at customer about strong too. But that and of excited especially the talked that but with saw performed, gas relationships have we're has recognize a protect expect Patterson-UTI. merger, the very QX. softer, We've we are It together natural you we that numbers. We the in just do transition work horsepower relationships the to really bit for to things in coming really happen does a

in the performance definitely are are steady. there numbers But projections. oil our basins and the is those So QX

Doug Becker

you on just is just all the share repurchases that more that Fair maybe this commentary all explicitly, -- going based be then point. a are seem the likely year commentary dividend suggests to the fair? primary said, doesn't bump quickly, And

C. Smith

that's we as Yes, I think today. stand fair

Operator

Crist the Johnson comes next from Don of Rice. line with Your question

Donald Crist

lot do an move ask of Ulterra in a I East, gives into markets. just pressure to Middle to you the area? aspirations into opportunities ground lines wanted particular, international and/or but pumping either kind covered one We've have And of the are there? or entry about rigs what service here point you today, other

William Hendricks

in level their for internationally. increasing not we're activity markets, and about growth Ulterra these got grow these excited markets, with First, just markets. It's double-digit potential these really in the in share ability but to

is it international. that other what outside on on moving about so the the mean, markets, And market different to specific in a asked I move to focus significant U.S. to because the do you about is U.S. cash we a rigs U.S. takes our And very the from to here now, Typically, right rig capital a fairly upgrade of shareholders. our become focus we've returning

international Ulterra. part return And trying shareholders. to to then what we're growing our to that's is of cash focus overall, So do

term, is our this there could So year, an to opportunity cash but shareholders. be returning longer focus

Donald Crist

Just a they're know bit, opportunity pumping the follow-up is to a natural opportunity that. given there? pressure gas a that upon? an shale drilling over Is commencing but I does there little there

William Hendricks

that say very market would still I is competitive.

pumping the it the in doing over pressure even guys You've still big no ones those in longer North that do here America. got markets,

sense to positive going we if is it's again, like makes But only our cash returning to to on think focus large shareholders. right we're move for that and now, So think it for markets we assets us, shareholders.

Donald Crist

all guys. Got the Good color. quarter, appreciate it. I

Operator

Hallead from Our of Kurt next the Benchmark question line with comes The Company.

Kurt Hallead

have So the evolution definitely going duper context intrigued drilling on there's a with me on Andy, of super category, And you rigs. the super-spec fleet. versus Hendricks, plain seems rigs what's the like just spec of new land it

curious but of what what of curious class kind as wanted just year here So a are automation, what rig technologies, like kind to the talked new up ago. dynamics higher-end makes they wants the assets thought versus of even you differentiating everybody about this that they

William Hendricks

laterals, lithium savings for hybrids Genset pump that add our which know we're the is don't more that data how new performance for centers and we we're to teams producing time today, one of we're light-type and power and performance. make how maximizing and/or at are where something data overall having sure a on the going side, we automation, of an not fuel in, on the that some happening on but for we for that we energy our looking on have to rigs battery new are to improve how following it's that high-line a for or hydraulics and work things that initiatives share that it transformer up data stations these type but also with better components various have technology upgrade I on steady adding real-time much and of to a performance rigs, it's layering rigs There and the rigs analytics thing. electrics and side. On some on pace. and rigs rigs, we manufacture that working have includes whether efficiency that longer transitioning it's teams and software There's number automation of are number a going upgrade throughout the upgrade that field been something different run for on software doing and call across charge and the we single this we the performance, and at to we're we're a which asset

and traction performing the to out, how got that's in excited and it's that continue market roll We really as well. about

So it's point thing to. certainly can not that you any one

it's an real-time go whether engineering down that's a numbers. analytics, our it's fantastic in just performance And operations you -- list. do data technology, teams Our showing the job, up what's

Operator

Stanley. question the Dan comes Kutz line Next from with of Morgan

Daniel Kutz

So one space. wanted I the just on ask to international more

and But pricing this assume growth of consensus total you, the your constructive to that versus I gains year, of in I that addressable kind the wanted kind international ask high international double mentioned less industry to outlook digits. growth whether think or Ulterra of market seems high market growth the factored kind would digits, share there's team space view. the what teens into of low kind XX% Ulterra on had be like growth I guys, that is single Patterson compares outlook. being of for more kind for bogey or the

William Hendricks

we're growth excited going to we're double-digit Well, about see. the

think are there that still that's -- just terms ability, full a some of sales. export to that on in activity. the right drill to double-digit I We'll Middle but GCC of activity, in some terms in into now. think support focus is and we'll from big see going got in be you not Ulterra from product the increase that the Aramco to Saudi, manufacturing of We're doing on in the growth out also projections are whatever on internationals. I on our side outperform in terms Saudi growth only But We've how remanufacturing working to Saudi Saudi transitioning to that nearby. East Arabia, plays in able bit countries on of

drives based and ask turn job around they're we've has what in this And performance. that. But great a about that for unique on team improvements relative excited at that. we're in others And designs that Ulterra type a to of drilling. rock about to operators growth the industry the the this formation before. So make is ability the talked that does

to in of and to so North well. And start performance we as going those improvements then more more countries are work as outside countries those do America, experience

really we're to our about that's And so grow. confident ability why

Daniel Kutz

upgrades then And frac Are there investments. Great. and just dual on investments? or Tier on and a Completion any quick X it's contemplated the Tier services electric fuel upgrades to X the the one just mainly upgrades

William Hendricks

Yes.

those away. any older wind investment technology as very in doing X Tier fade natural years to to we're strong still burn and types of that's So see go there's But down to other we're in going DGB. to is got for rolls gas. some Tier of not X place. We're but We've X also out, new DGB come going assets. market, Tier maintenance Tier that going going electric on X to to start in older think XXX% We Tier X the a more technology upgrades.

excited shareholders we're investments that's doing that But our making still meets that we making. transition. think And and pace the it who allocation of we're needs fits looking so and about We're we're the these a returns how that capital at for technologies now. are measured right

Operator

Daniel line Mitchell Sean Our of next Partners. the question Energy comes from with

Sean Mitchell

spreads? midyear. to equipment, of that electric sprinkled the gets Full spreads? question, across Is will fleets? by -- be numerous form the your one in that XXX,XXX come Just horsepower couple going that of other in a horsepower Or

William Hendricks

And QX, you're of have field. in going we the more in there that's has while. see come continued addition Some already just been of of there. to a out really to what a this kind out working it And is And QX. for

where in that's working fourth. third some we'll the and from get quarters so improved profitability And and second horsepower that's field, that

in couple to working going the so roughly already what to add -- field it's today. more going we're And really fleets a to

Sean Mitchell

the 'XX, 'XX. a total know you helpful. CapEx CapEx, company maybe, you And just million for was Can color in gave in Andy of number. combined what That's Okay. around I Smith, then, remind us companies the a all $XXX lot

C. Smith

funny. It's I can't.

Sean Mitchell

do No, offline. we can it

C. Smith

No. Yes.

we've those was got excess in million... think I we $XXX of you. can numbers, to give believe them and I it

Sean Mitchell

lower. is I number your know Yes.

magnitude, You but I just mentioned can... we trying to was that. get

C. Smith

I don't have [indiscernible]. I apologize.

Operator

Hendricks will for to over now back the Andy turn closing call I remarks.

William Hendricks

flow the did for forward want to thank cash dialing I for to was especially looking our they want cash it to great we're good free in us. to 'XX, a a another thank Listen, call. for 'XX team today year, returning year I in for in and everything 'XX, at was great everybody shareholders. year Patterson-UTI and

that. for thanks So

Operator

gentlemen, Thank joining. call. and that you Ladies concludes for today's all

disconnect. now may You

Patterson-UTI Energy (PTEN) 15 Feb 242023 Q4 Earnings call transcript