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Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2022
HOUSTON, TX / ACCESSWIRE / April 27, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the three months ended March 31,
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / April 27, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the three months ended March 31, 2022. The Company reported a net loss of $28.8 million, or $0.13 per share, for the first quarter of 2022, compared to a net loss of $106 million, or $0.57 per share, for the first quarter of 2021. Revenues for the first quarter of 2022 were $509 million, compared to $241 million for the first quarter of 2021.Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, \"Pricing for all of our services accelerated during the first quarter due to the limited supply of readily available, high-quality drilling and completion equipment. The increasing demand and tight supply of rigs should drive better pricing, longer-term contracts and increasing contract backlog in contract drilling. Given the strength in pricing, we are increasing our forecast for our consolidated Adjusted EBITDA for 2022 to greater than $500 million, while maintaining our 2022 capital expenditure forecast at approximately $350 million.\"Mr. Hendricks continued, \"In contract drilling, activity further increased in the first quarter with our average rig count in the United States growing by nine to 115 rigs. We expect continued growth in our rig count with our second quarter rig count in the United States expected to average 122 rigs.\"Contract drilling revenues and margins increased significantly due to higher activity, increasing dayrates and lower operating costs on a per day basis. Average rig revenue per day in the United States increased by $1,100 to $23,130 for the first quarter, while average rig operating cost per day decreased by $620 to $15,960. Average adjusted rig margin per day in the United States increased during the first quarter by $1,720 to $7,170.\"In Colombia, contract drilling revenues increased to $17.0 million for the first quarter compared to $15.8 million for the fourth quarter. Adjusted gross margin improved to $5.6 million for the first quarter from $5.3 million in the fourth quarter.\"As of March 31, 2022, we had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $400 million. Based on contracts currently in place in the United States, we expect an average of 57 rigs operating under term contracts during the secon...