Patterson-UTI Q3 revenue beats on strong US drilling demand
PTEN•Patterson-UTI Energy reported third-quarter revenue of $1.34 billion, up 9% sequentially and above the $1.31 billion analyst consensus, with net income of $28.6 million. The company declared a $0.10 quarterly dividend and expects to operate an average of 104 US rigs in Q4.
1. Revenue and earnings
Patterson-UTI Energy’s third-quarter revenue rose 9% sequentially to $1.34 billion, beating analyst expectations of $1.31 billion. Net income attributable to common stockholders was $28.6 million, and the company declared a quarterly dividend of $0.10 per share.
2. Fourth-quarter outlook
The company expects to operate an average of 104 rigs in the US in Q4. It forecasts Drilling Services adjusted gross profit of $150 million and Completion Services adjusted gross profit of $140 million.
3. Demand supports pricing
Patterson-UTI said increased US onshore drilling and completion demand supported higher pricing and returns. It cited strong demand for upgraded rigs returning to service and for completion equipment capable of using natural gas as fuel.
