Patterson-UTI Energy closes on $150M buyback

Patterson-UTI Energy completes $150M buyback; board approves $150M repurchase program

Associated Press

HOUSTON (AP) -- Patterson-UTI Energy Inc. has completed a $150 million buyback and approved a new $200 million repurchase program.

The oil and natural gas driller said Monday that under the completed buyback it repurchased about 2.6 million shares at $19.90 per share. The company had about $147 million shares outstanding before the buyback, according to FactSet.

In July Patterson-UTI, which is based in Houston, reported that its second-quarter profit fell. Lower use of its drilling rigs in the U.S. and Canada hurt results, which were also impacted by a big one-time gain in the year-ago period.

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