Patterson-UTI Energy Reports Financial Results for Three Months Ended March 31, 2017

"In pressure pumping, revenues increased 34% sequentially to $141 million in the first quarter from $106 million in the fourth quarter.  Pressure pumping gross margin as a percentage of revenues improved to 15.7% during the first quarter from 5.3% during the fourth quarter.  Since mid-December, we have reactivated a total of four frac spreads.  Two of these frac spreads were reactivated in April, and we expect to reactivate additional frac spreads in the second half of this year," he concluded.

Mark S. Siegel, Chairman of Patterson-UTI, stated, "The merger with Seventy Seven Energy further solidifies our position as a leading high-spec drilling company and gives us one of the largest and most modern pressure pumping fleets in the industry.  I would like to welcome the people from Seventy Seven Energy into the Patterson-UTI family.  Seventy Seven Energy employees share a devotion to the same core values of safety and customer service that are cornerstones of the Patterson-UTI culture.

"The merger integration process has begun, and I am pleased with the integration plan that we and Seventy Seven Energy have developed.  We believe this collaborative plan and our enhanced position in the industry will help maximize the value of the combined entity for all shareholders," he concluded.

The Company declared a quarterly dividend on its common stock of $0.02 per share, to be paid on June 22, 2017, to holders of record as of June 8, 2017.

All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.

The Company's quarterly conference call to discuss the operating results for the quarter ended March 31, 2017, is scheduled for today, April 27, 2017, at 9:00 a.m. Central Time. The dial-in information for participants is 844-498-0567 (Domestic) and 443-961-0820 (International).  The passcode for both numbers is 91755184.  The call is also being webcast and can be accessed through the Investor Relations section at www.patenergy.com.  A replay of the conference call will be on the Company's website for two weeks. 

About Patterson-UTI

Patterson-UTI is an oilfield services company that primarily owns and operates in the United States one of the largest fleets of land-based drilling rigs and a large fleet of pressure pumping equipment.  Our contract drilling business operates in the continental United States and western Canada, and our pressure pumping and oilfield rental tools businesses operate primarily in Texas and the Mid-Continent and Appalachian regions.  We also provide drilling rig pipe handling technology to drilling contractors in North America and other select markets.  In addition, we own and invest as a non-operating working interest owner in oil and natural gas assets that are primarily located in Texas and New Mexico. 

Location information about the Company's drilling rigs and their individual inventories is available through the Company's website at www.patenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events.  Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements.  The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws.  These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements.  These risks and uncertainties include, but are not limited to: volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Patterson-UTI's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of land drilling rigs and pressure pumping equipment, including as a result of low commodity prices, reactivation or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; governmental regulation; product liability; legal proceedings; political, economic and social instability risk; ability to effectively identify and enter new markets; cybersecurity risk; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; and anti-takeover measures in our charter documents.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings.  Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov.  Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.

PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
		Three Months Ended
		March 31,
		2017				2016
REVENUES		$	305,175			$	268,939
COSTS AND EXPENSES
Direct operating costs			230,493				170,801
Depreciation, depletion, amortization and impairment			156,217				176,770
Selling, general and administrative			18,852				17,972
Acquisition related expenses			5,156				—
Other operating income, net			(12,904)				(1,345)
Total costs and expenses			397,814				364,198
OPERATING LOSS			(92,639)				(95,259)
OTHER INCOME (EXPENSE)
Interest income			406				110
Interest expense			(8,270)				(10,800)
Other			17				16
Total other expense			(7,847)				(10,674)
LOSS BEFORE INCOME TAXES			(100,486)				(105,933)
INCOME TAX BENEFIT			(36,947)				(35,430)
NET LOSS		$	(63,539)			$	(70,503)
NET LOSS PER COMMON SHARE
Basic		$	(0.40)			$	(0.48)
Diluted		$	(0.40)			$	(0.48)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic			160,062				145,770
Diluted			160,062				145,770
CASH DIVIDENDS PER COMMON SHARE		$	0.02 Werbung Mehr Nachrichten zur Patterson UTI Energy Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 04.05.24 - dpa-AFX US-Telekomausrüster Adtran Holdings mit hoher Firmenwertminderung 04.05.24 - dpa-AFX Bundesumweltministerin: Atomkraft zu teuer, zu langwierig und zu riskant Neuer Gesetzesentwurf    Kommt nach der Cannabis-Neuregulierung nun eine komplette Legalisierung in USA?! weiterlesen» Anzeige wo-site-teaser-box-16854_site-teaser-box_2024-05-05_09%253A00%253A00_2024-05-06_09%253A00%253A59