Patterson-UTI Projects Q4 Earnings
Patterson-UTI Energy, Inc. said that it currently expects fourth quarter of 2006 earnings per share to be in the range of $0.95 to $1.00. This earnings estimate reflects the impact of the previously disclosed decline in drilling activity during the quarter. As reported by the Company in its monthly press releases, drilling rigs operating during the quarter averaged 290, down from an average of 301 in the third quarter of 2006.
Patterson-UTI Energy, Inc. provides onshore contract drilling services to exploration and production companies in North America. The Company owns 403 land-based drilling rigs that operate primarily in the oil and natural gas producing regions of Texas, New Mexico, Oklahoma, Louisiana, Mississippi, Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota and western Canada. Patterson-UTI Energy, Inc. is also engaged in the businesses of pressure pumping services and drilling and completion fluid services. Additionally, the Company has an exploration and production business.
- Walking Oil Rigs Spur Cheaper, Quicker Drilling in Supply Glut (Sep 01)
- Patterson-UTI to Sell Stakes (May 10)
- Patterson-UTI Reports Rig Count for March (Apr 02)