Patterson-UTI Energy, Inc. (PTEN) saw its loss widen to $78.12 million, or $0.53 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $58.66 million, or $0.40 a share.
Revenue during the quarter dropped 27.08 percent to $246.89 million from $338.57 million in the previous year period. Operating margin for the quarter stood at negative 45.86 percent as compared to a negative 22.68 percent for the previous year period.
Operating loss for the quarter was $113.23 million, compared with an operating loss of $76.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $44.02 million compared with $98.52 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1127 basis points in the quarter to 17.83 percent from 29.10 percent in the last year period.
Andy Hendricks, Patterson-UTI's chief executive officer, stated, "Our rig count in the United States continues to improve. For the fourth quarter, our average rig count in the United States increased to 66 rigs, up from 60 rigs during the third quarter. Our average rig count in Canada was two rigs during the fourth quarter, unchanged from the prior quarter. For the month of January, our average rig count was 76 rigs in the United States and two rigs in Canada."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
