Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2019
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Patterson-UTI Energy (PTEN) Tops Q1 EPS by 7c, Revenues Beat
April 25, 2019 6:15 AM EDTPatterson-UTI Energy (NASDAQ: PTEN) reported Q1 EPS of ($0.14), $0.07 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $704 million versus the consensus estimate of $694.06 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "Drilling and completion activity slowed during the first quarter as E&P companies reacted to the sharp drop in oil prices at the end of 2018. In contract drilling, our rig count averaged 175 rigs during the first quarter, compared to an average of 183 during the fourth quarter. While oil prices strengthened and operator cash flow expectations have improved, operators have... More
