Patterson-UTI Energy closes on $150M buyback

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