Patterson-UTI Energy reported second quarter revenue of $1.23 billion and a GAAP net loss of $20 million, or ($0.05) per share. After excluding a $21 million charge for exiting its Colombia drilling operations and other items, adjusted net income was approximately $1 million. The results reflect strengthening momentum and pricing in U.S. onshore activity.
Key Highlights
- The Completion Services segment drove results with revenue of $754 million, as high utilization and a mid-single-digit percentage sequential increase in revenue per pump hour reflected tight market capacity.
- In Drilling Services, the company exited the quarter with 96 operating rigs versus a quarterly average of 92, and noted 10-15% pricing increases on recently awarded term contracts.
- Management guided for continued growth in the third quarter, with adjusted gross profit expected to reach approximately $145 million in Drilling Services and $140 million in Completion Services.