Business
Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2019
HOUSTON, April 25, 2019 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2019.
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":" HOUSTON, April 25, 2019 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the three months ended March 31, 2019. The Company reported a net loss of $28.6 million, or $0.14 per share, for the first quarter of 2019, compared to a net loss of $34.4 million, or $0.16 per share, for the quarter ended March 31, 2018. Revenues for the first quarter of 2019 were $704 million, compared to $809 million for the first quarter of 2018.\nDuring the first quarter, the Company invested $75.1 million to repurchase 5.4 million shares, which represents 2.5% of the outstanding shares on December 31, 2018. In total, over the past five quarters, the Company has spent $226 million on the repurchase of 14.7 million shares in the open market or 6.6% of the shares outstanding at December 31, 2017. At March 31, 2019, the remaining amount under the Company's share repurchase authorization was approximately $175 million.\nAndy Hendricks, Patterson-UTI's Chief Executive Officer, stated, \"Drilling and completion activity slowed during the first quarter as E&P companies reacted to the sharp drop in oil prices at the end of 2018. In contract drilling, our rig count averaged 175 rigs during the first quarter, compared to an average of 183 during the fourth quarter. While oil prices strengthened and operator cash flow expectations have improved, operators have remained fiscally conservative and demand levels remain subdued. For the second quarter, we expect our rig count to average approximately 160 rigs.\"\nMr. Hendricks added, \"During the first quarter, average rig revenue per day increased $620 to $23,590, more than offsetting a $310 increase in average rig operating costs per day to $13,880. Accordingly, the average rig margin per day increased $310 to $9,700. \n\"As of March 31, 2019, we had term contracts for drilling rigs providing for approximately $650 million of future dayrate drilling revenue. Based on contracts currently in place, we expect an average of 104 rigs operating under term contracts during the second quarter, and an average of 59 rigs operating under term contracts during the 12 months ending March 31, 2020. \n\"In pressure pumping, as expected, completion activity slowed in the first quarter. We ended the first quarter with 16 active spreads compared to 20 at the end of the fourth quarter...