Patterson's Quarterly Results Unsurprising; Our Bearish Outlook Is Unchanged
Patterson unveiled third-quarter results that hewed closely to our expectations, with an operating loss (excluding special items) of $127 million, versus our expectation of a loss of $125 million. In the company’s contract drilling segment, the company’s average rig count increased from 55 to 59.5 rigs (versus our predicted 59), and gross margin per rig-day decreased from $9,200 to $8,500 (as we predicted), largely due to the expiration of higher-priced contracts and the shift to weaker-priced s...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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