Patterson-UTI (PTEN) Q4 Loss Wider Than Expected On Costs
Zacks Investment Research | Feb 08, 2018 10:42PM ET
Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares plunged 14.3% Thursday after the onshore contract driller reported adjusted net loss per share of 10 cents, 2 cents wider than the Zacks Consensus Estimate on soaring expenses.
The company is already grappling with the aftermath of the recent explosion in a well in Quinton, OK, owned by Red Mountain Energy. The tragedy, one of the deadliest oil and gas related accidents in the last few years, occurred at one of Patterson-UTI's APEX 1500 rigs and killed five workers.
However, Patterson-UTI’s performance improved from the year-ago loss of 53 cents per share as shale drilling picked up amid rebounding oil prices.
Revenues of $787.3 million compared with $246.9 million in the year-ago quarter and were also higher than the Zacks Consensus Estimate of $760 million.
Patterson-UTI Energy, Inc. Price, Consensus and EPS Surprise
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