Patterson-UTI Energy Inc. (Nasdaq: PTEN) repurchased some 2.6 million shares of its common stock at an average of $19.90 per share during 3Q 2013.
These purchases, which total $50.9 million, complete the $150 million stock buyback program that was approved by the company's board of directors in July 2012. The company also announced that on Sept. 6, the company's board approved a new stock buyback program that authorizes purchases of an additional $200 million of the company's common stock.
Under the program, share purchases may be made from time to time in the open market or through privately negotiated transactions, and the timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. Any repurchases will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice.
Patterson-UTI Energy Inc. provides onshore contract drilling services to major and independent oil and natural gas operators in the U.S. and Canada. The company is headquartered in Houston.