Patterson-UTI Energy Reports Bigger Loss than Expected

Posted by Michelle Howard
Thursday, February 8, 2018
Oil and gas driller Patterson-UTI Energy Inc, dealing with the fallout of a drilling accident that killed five workers last month, reported a bigger-than-expected quarterly loss on Thursday as expenses more than doubled.

The accident at an oil well in Oklahoma in January has turned the spotlight on the Houston-based company's safety record and on safety in the shale industry in general as President Donald Trump seeks to boost U.S. oil output.

The accident is still being investigated and Patterson CEO Andy Hendricks did not give any update on Thursday.

"There is nothing more important to us than the safety of our employees and others we partner with in the field," he said in a statement.

In the fourth quarter ended Dec. 31, Patterson earned $8,010 per day on average from its 161 active rigs. Analysts at Jefferies had estimated earnings of $7,279 for the period.

The company reported a net profit of $195.4 million, compared to a loss of $78.1 million a year earlier, benefiting from a nearly $227 million gain from new U.S. tax laws.

Excluding one-time items, Patterson reported a loss of 10 cents per share, bigger than analysts' average estimate of an 8-cent loss, according to Thomson Reuters I/B/E/S.

Expenses jumped to $809 million from $360.1 million.

Patterson's shares fell 2.2 percent to $21.37 on Thursday morning.

Revenue climbed to $787.3 million from $246.9 million a year ago, helped by higher drilling activity. Analysts had expected revenue of $764.5 million.

Reporting by Ahmed Farhatha in Bengaluru
Categories: People & Company News Finance Energy

Related Stories

CNOOC Puts Into Production New Oil Field in South China Sea

Sapura Energy Scoops Close to $9M for O&M Work off Malaysia

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Jadestone Submits Field Development Plan for Assets Off Vietnam

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Eni, Petronas to Set Up Joint Venture for Assets in Indonesia and Malaysia

Malaysia's Petronas Plans Job Cuts

Initial Drilling Results Raise Questions on South Korea’s Offshore Gas Viability

European LNG Imports Up with Asian Influx

Petronas Greenlights Hidayah Field Development Off Indonesia

Current News

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com