Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2020
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Patterson-UTI Energy (PTEN) Tops Q1 EPS by 2c, Revenues Beat
April 23, 2020 6:04 AM EDTPatterson-UTI Energy (NASDAQ: PTEN) reported Q1 EPS of ($0.45), $0.02 better than the analyst estimate of ($0.47). Revenue for the quarter came in at $446 million versus the consensus estimate of $443.36 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "In response to the rapid decline in commodity prices, E&P companies acted swiftly to reduce drilling and completion activity starting late in the first quarter. While the circumstances leading to this downturn may be different than prior downturns, our response will be guided by the same principles that have guided us through prior downturns. We have... More
