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News Breaks
March 21, 2014
06:09 EDTPTENPatterson-UTI Energy says Q1 pressure pumping operations impacted by weather
Patterson-UTI Energy announced that its pressure pumping operations in the Appalachian region have been negatively impacted by unusually severe weather during Q1. The company stated "We now expect pressure pumping revenues of approximately $240M for Q1, with a margin percentage of approximately 17%. The margin percentage is lower than we had projected as a result of having crews and equipment on location that were unable to provide revenue generating services during the unusually severe weather. While on location, we continued to incur labor, demurrage and other costs, including fuel costs to run our equipment in order to protect it in these extraordinary weather conditions. The severe weather has not significantly impacted our other operations, and demand remains strong for both our pressure pumping and drilling services even in the areas impacted by weather."
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