Patterson-UTI reported first-quarter net income of $20.7 million, or 25 cents per share, up from net income of $6.6 million, or 8 cents, a year ago.
The on-shore drilling company also said its board of directors approved a quarterly cash dividend on its common stock and a two-for-one stock split in the form of a stock dividend.
The cash dividends will aggregate 16 cents per share on an annual basis, or 8 cents per share after the split, with the first quarterly dividend of four cents per share to be paid on June 2 to shareholders as of May 17.
“Our confidence in the long-term strength of the company and its earnings leverage, and the industry trend, is underscored by the action of our board to initiate a quarterly cash dividend and declare a two-for-one stock split,” said Chairman Mark Siegel.
“We believe our successful operating results and the prospects for the industry will enable us to generate sufficient cash flow to fund our current needs and our expectations for further growth,” he added.
See PATTERSON, Page 10