Patterson-UTI Energy Reports Financial Results for Three and Six Months Ended June 30, 2018
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Patterson-UTI Energy (PTEN) Misses Q2 EPS by 1c, Revenues Miss
July 26, 2018 6:16 AM EDTPatterson-UTI Energy (NASDAQ: PTEN) reported Q2 EPS of ($0.05), $0.01 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $854 million versus the consensus estimate of $866.95 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "In contract drilling, our average rig count increased by seven to 176 rigs during the second quarter. With strong demand for super-spec rigs, we expect our rig count will continue to increase and average 180 rigs during the third quarter."
Mr. Hendricks added, "Average rig margin per day increased by a better than expected $700 to $8,270 for the second... More
