Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET
Company Participants
James Drickamer - VP, IR
William Hendricks - President, CEO & Director
Andrew Smith - EVP & CFO
Conference Call Participants
James Rollyson - Raymond James & Associates
Saurabh Pant - Bank of America Merrill Lynch
Kurt Hallead - The Benchmark Company
John Daniel - Daniel Energy Partners
Derek Podhaizer - Barclays Bank
Keith MacKey - RBC Capital Markets
Donald Crist - Johnson Rice & Company
Operator
Thank you for standing by. At this time, I would like to welcome everyone to the Patterson-UTI Energy First Quarter 2023 Earnings Conference Call. [Operator Instructions]. Mike Drickamer Vice President, Investor Relations. You may begin your conference.
James Drickamer
Thank you, Cheryl. Good morning. And on behalf of Patterson-UTI Energy, I'd like to welcome you to today's conference call to discuss results for the 3 months ended March 31, 2023. Participating in today's call will be Andy Hendricks, Chief Executive Officer; and Andy Smith, Chief Financial Officer.
A quick reminder as 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. These forward-looking statements are subject to risks and uncertainties as disclosed in company's SEC filings, which could cause the company's actual results to differ materially.
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, patenergy.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 some opening remarks. Andy?
William Hendricks
Thanks, Mike. Good morning, and thank you for joining us today for Patterson-UTI's first quarter conference call. We are pleased to report another quarter of solid financial results. The exceptional results in our contract drilling segment demonstrate our ongoing ability to capitalize on the robust demand for Tier 1 super-spec rigs and the renewal of drilling rig contracts at current rates.
During the first quarter, we continued to return capital to shareholders and strengthen our balance sheet at the same time. We repurchased 5.6 million shares of our common stock for $73.6 million, and we repurchased $9 million of long-term indebtedness for only $7.8 million. Our pace of share repurchases accelerated as we believe the price of our shares are disconnected from the underlying fundamentals of our business and represent an outstanding opportunity.