Patterson Reports Third Quarter Results in Line With Expectations; Our FVE Is Unchanged
No-moat Patterson reported third-quarter results slightly ahead of our expectations, with an operating loss of $38 million versus our expected loss of $55 million. Close to half of the divergence is accounted for by what management described as unanticipated “transitory†lower drilling rig repair and maintenance costs for the quarter, an effect of about $450 per rig day. Additionally, the company reported slightly better profitability in its Pressure Pumping segment. For now, our fair value esti...Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
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