Patterson-UTI Energy Reports Financial Results for the Three Months and Year Ended December 31, 2019
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Patterson-UTI Energy (PTEN) Misses Q4 EPS by 2c, Revenues Beat
February 6, 2020 6:11 AM ESTPatterson-UTI Energy (NASDAQ: PTEN) reported Q4 EPS of ($0.44), $0.02 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $492 million versus the consensus estimate of $486.03 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "We believe our rig count bottomed in the fourth quarter and will modestly increase in early-2020. Lower than expected rig activity and higher than expected operating costs in the fourth quarter were the result of changes in our geographic mix and gaps in rig activity between jobs. In the first quarter, increasing rig count in the Permian... More
