PTEN · 10-Q · 2026Q1 · Full report

Capital Return Program

PATTERSON UTI ENERGY INC · 2026-04-28 · Importance 43 · Surprise 6

The Board maintains an open-ended share repurchase program that, as of March 31, 2026, had $694 million of remaining authorization following a February 2024 increase to permit up to $1.0 billion of future repurchases. During Q1 2026 the company repurchased minimal shares (0.4 million in cash purchases) and withheld 51,346 shares for tax withholding in relation to long‑term incentive plan vesting. The company paid a cash dividend of $0.10 per share on March 16, 2026 totaling $37.96 million and the Board approved another $0.10 per share dividend on April 22, 2026 to be paid June 15, 2026. Management states buybacks are discretionary and may be adjusted based on liquidity, market conditions and contractual restrictions.

Key facts

• Treasury shares at the end of the period were 144,486,598 with a cost of $2,021,064 thousand as of March 31, 2026.
• As of March 31, 2026, we had remaining authorization to purchase approximately $694 million of our outstanding common stock under the stock buyback program.
• On April 22, 2026, the Board approved a cash dividend of $0.10 per share to be paid on June 15, 2026 to holders of record as of June 1, 2026.
• We paid $38.0 million to pay dividends on our common stock during the three months ended March 31, 2026.
• Per share dividend of $0.10 was paid on March 16, 2026 totaling $37,960 thousand.
• The decrease in cash used in financing activities between the three months ended March 31, 2026 and 2025 was primarily attributable to fewer share repurchases and the repayment of debt during 2025, partially offset by an increase in dividends paid during the first quarter of 2026.
• We repurchased $0.4 million of our common stock during the three months ended March 31, 2026.

Impact estimates