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Patterson-UTI Energy Inc. reports developments tied to drilling and completion services for oil and natural gas exploration and production companies. Recurring updates cover U.S. drilling rigs earning revenue under contract, quarterly financial results, segment performance in Drilling Services and Completion Services, and market conditions affecting U.S. land drilling and hydraulic fracturing activity.
The company also reports developments involving contract drilling, directional drilling, integrated well completion services, specialized drill bit solutions, and selected international activity. News may include customer agreements, fleet utilization commentary, technology and equipment investments, conference call notices, dividends, and operating trends across U.S. and other selected markets.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 61 drilling rigs operating in October 2020. This figure represents the average number of rigs generating revenue under contract. The company acknowledges that various factors can affect financial performance beyond just rig count. Regular monthly updates on drilling activity will continue to be provided by the company.
Patterson-UTI offers services such as contract drilling, pressure pumping, and directional drilling to oil and gas companies in the U.S.
Patterson-UTI Energy (PTEN) reported a net loss of $112 million, or $0.60 per share, for Q3 2020, an improvement from a loss of $262 million, or $1.31 per share, in Q3 2019. Total revenues fell to $207 million in Q3 2020 from $598 million a year earlier. For the first nine months, net losses reached $697 million, against $340 million in 2019. However, cash reserves increased by $57 million to $304 million, and the company anticipates a rig count increase to 61 for Q4 2020, supported by higher drilling activity. A quarterly dividend of $0.02 per share has been announced.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 60 drilling rigs operating for September 2020, consistent with the previous three months. The company noted that the operational rig count may not directly correlate with financial performance due to various influencing factors. Patterson-UTI plans to continue providing monthly updates on drilling operations.
The company is a key provider of oilfield services in the U.S., offering contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy (NASDAQ: PTEN) will host a conference call on October 22, 2020, at 9:00 a.m. CT to discuss financial results for the three and nine months ending September 30, 2020. Access to the call will be available via phone or webcast, and a replay will be accessible for two weeks on their website. Patterson-UTI provides oilfield services, including contract drilling and pressure pumping, primarily for oil and natural gas exploration in the United States.
Patterson-UTI Energy reported an average of 59 drilling rigs operating for August 2020, consistent with the average from July. The company clarified that this figure reflects rigs earning revenue under contracts but does not guarantee financial performance. Patterson-UTI plans to provide monthly updates on its drilling activities. They highlighted the impact of numerous factors on operational results, including oil market conditions and potential risks from the COVID-19 pandemic.
Patterson-UTI Energy (NASDAQ: PTEN) announced its presentation at the Barclays CEO Energy-Power Conference scheduled for September 8, 2020, at approximately 3:05 p.m. Eastern Time. The presentation will be led by Andy Hendricks, the Chief Executive Officer, and will be available via live webcast on the company's investor website. Patterson-UTI is a prominent provider of oilfield services, including contract drilling and pressure pumping, catering to oil and natural gas exploration companies across the United States.
Patterson-UTI Energy (NASDAQ: PTEN) reported an average of 60 drilling rigs operating for July 2020. This figure represents rigs that generated revenue under active contracts. While the company continues to provide monthly operational updates, it acknowledged that various factors could influence the overall financial performance, making trends in drilling rig counts an unreliable indicator of financial results. The company operates in oilfield services across the United States, offering contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) reported an average of 65 drilling rigs operating in June 2020 and 82 rigs for the three months ending June 30, 2020. The company indicated that these numbers may not directly indicate financial performance, as various factors could influence results. Patterson-UTI is a leading provider of oilfield services in North America, specializing in contract drilling, pressure pumping, and directional drilling services.
Patterson-UTI Energy (NASDAQ: PTEN) will host a conference call on July 23, 2020, at 9:00 a.m. Central Time, to discuss the financial results for the three and six months ending June 30, 2020. Participants can join by calling (647) 253-8640 or (844) 494-0002, using Conference ID 2556839. The call will also be available via webcast on the company's investor website. A replay will be accessible for two weeks. Patterson-UTI offers a range of oilfield services to North American exploration and production companies.