Patterson-UTI Energy Reports Financial Results for the Three and Six Months Ended June 30, 2019
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Patterson-UTI Energy (PTEN) Tops Q2 EPS by 4c
July 25, 2019 6:11 AM EDTPatterson-UTI Energy (NASDAQ: PTEN) reported Q2 EPS of ($0.17), $0.04 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $676 million versus the consensus estimate of $677.92 million.
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "E&P companies are being extra vigilant this year in monitoring their spend due to commodity price volatility and the increased focus on spending within their budgets. We believe E&P companies are slowing drilling and completion activity to smooth their spending run rate and reduce the risk of budget exhaustion later in the year. Our rig count,... More
