Patterson-UTI Energy Reports Financial Results for the Three Months and Year Ended December 31, 2019

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[{"type":"text","content":"HOUSTON, Feb. 6, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months and year ended December 31, 2019. The Company reported a net loss of $85.9 million, or $0.44 per share, for the fourth quarter of 2019, compared to a net loss of $201 million, or $0.93 per share, for the fourth quarter of 2018. Revenues for the fourth quarter of 2019 were $492 million, compared to $796 million for the fourth quarter of 2018.\nFor the year ended December 31, 2019, the Company reported a net loss of $426 million, or $2.10 per share, compared to a net loss of $321 million, or $1.47 per share, for the year ended December 31, 2018. Revenues for the year ended December 31, 2019 were $2.5 billion, compared to $3.3 billion for the year ended December 31, 2018. \nDuring 2019, the Company spent $250 million to repurchase 22.6 million shares pursuant to the Company's share repurchase program. The Company also reduced its long-term debt by $150 million during 2019 and extended debt maturities. During the fourth quarter, the Company issued $350 million of senior, unsecured notes due 2029 in order to refinance $300 million of notes due 2022 and to reduce outstanding borrowings under a bank term loan. The early repayment of notes due 2022 resulted in a pre-tax charge of $15.8 million during the fourth quarter. \nAndy Hendricks, Patterson-UTI's Chief Executive Officer, stated, \"We believe our rig count bottomed in the fourth quarter and will modestly increase in early-2020. Lower than expected rig activity and higher than expected operating costs in the fourth quarter were the result of changes in our geographic mix and gaps in rig activity between jobs. In the first quarter, increasing rig count in the Permian should more than offset lower activity in other markets.\"\nMr. Hendricks continued, \"In contract drilling, our rig count averaged 123 rigs in the fourth quarter, down from 142 rigs in the third quarter. The decrease in activity primarily occurred early in the fourth quarter with our December rig count showing the first increase in a year. For the first quarter, we expect activity will improve from December levels and result in an average rig count similar to the fourth quarter. \n\"During the fourth quarter, the fluctuation in activity resulted in increased revenues and expenses associa...

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