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Stock Market & Financial Investment News

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December 18, 2013
06:04 EDTPTENPatterson-UTI Energy expects $37.8M non-cash charge on mechanical drilling rigs
Patterson-UTI Energy will incur a pretax non-cash charge of approximately $37.8M (or an estimated $24.0M after-tax) related to its mechanically powered rig fleet. This charge reflects the recent shift in customer demand away from mechanically powered drilling rigs to electric powered drilling rigs. The company expects that the majority of the components of these rigs will be transferred to spare parts inventory and be available to support other rigs in the fleet.
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April 24, 2014
06:11 EDTPTENPatterson-UTI Energy reports Q1 EPS 24c, consensus 25c
Reports Q1 revenue $678.17M, consensus $678.66M. Andy Hendricks, Patterson-UTI's CEO, stated, "We experienced strong growth in our rig count, which averaged 193 rigs in the United States during Q1, an increase of 10 from 183 rigs in 4Q13. In Canada, our average rig count increased to 10 rigs in Q1 from nine rigs in Q4. Our rig count in the United States continues to grow, and we expect to average 199 rigs operating during April, while in Canada our rig count is being impacted by the annual seasonal decline in activity and is expected to average one rig during April."

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