Patterson's Outlook Remains Tethered to U.S. Land Drilling and Pressure Pumping Markets
Patterson reported mixed fourth-quarter results. Revenue decreased 8% sequentially as a 24% decrease in the pressure pumping segment offset a 6% decrease in the contract drilling segment. Adjusted operating margin actually crept up slightly to negative 0.9% from negative 1.4% previously, owing to a strong performance in contract drilling and surprisingly resilient (given the revenue drop) margins in pressure pumping. Our fair value estimate and no-moat rating are unchanged.As we've previously n...
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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