Form 4: Patterson-UTI Energy Inc. Executive Charles Andrew Smith Reports Stock Disposal for Tax Obligations
SEC Form 4 Filing
Charles Andrew Smith, EVP & Chief Financial Officer of Patterson-UTI Energy Inc., disposed of shares to cover withholding taxes on restricted stock units.
Summary
- On May 9, 2025, Charles Andrew Smith, the EVP & Chief Financial Officer of Patterson-UTI Energy Inc. (PTEN), disposed of 13,016 shares of common stock.
- The transaction was executed to cover applicable withholding taxes on Restricted Stock Units (RSUs) that were converted into common stock.
- The shares were disposed of at a price of $5.84 per share.
- Following the transaction, Smith directly owns 695,255 shares of Patterson-UTI Energy Inc.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing related to stock transactions for tax purposes. It doesn't convey any particularly positive or negative sentiment about the company's performance or outlook.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and tax obligations. It doesn't necessarily reflect a change in the company's outlook or strategy. Similar filings are common across publicly traded companies in the energy sector.
Comparison to Industry Standards
- Executive compensation practices, including the use of Restricted Stock Units (RSUs), are common in the oil and gas industry.
- Companies like Schlumberger, Halliburton, and Baker Hughes also utilize RSUs as part of their executive compensation packages.
- The disposal of shares to cover tax obligations is a standard practice among executives receiving equity compensation.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it is a routine disposal of shares by an executive for tax purposes.
- The transaction does not directly affect employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 09/08/2017 | Date of Limited Power of Attorney filed with the SEC |
| 05/09/2025 | Date of stock disposal transaction |
| 05/12/2025 | Date of signature on the report |
Keywords
Form 4, Patterson-UTI Energy Inc, PTEN, Charles Andrew Smith, EVP & Chief Financial Officer, Stock Disposal, Restricted Stock Units, Withholding Taxes, Beneficial Ownership
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