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: Energy Finance People & Company News

Related Stories

Santos and QatarEnergy Agree Mid-Term LNG Supply

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

Current News

Santos and QatarEnergy Agree Mid-Term LNG Supply

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

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