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Patterson-UTI widens Q3 net loss on lower revenue

Patterson-UTI Energy Inc. on Oct. 24 reported a net loss of $261.7 million, or a loss of $1.31 per share, for the third quarter, down from a net loss of $75.0 million, or a loss of 34 cents per share, a year ago.

The company missed the S&P Global Market Intelligence consensus earnings estimate of a loss of 30 cents per share.

Patterson posted adjusted EBITDA of $111.4 million, compared to $201.7 million a year ago.

Revenue reached $598.5 million for the quarter, down from $867.5 million in the prior-year period.

"[O]perators slowed spending levels during the third quarter, which negatively impacted activity levels for both drilling and pressure pumping," Patterson-UTI President, CEO and director William Andrew Hendricks Jr. said in the news release.

The Texas-based driller spent $75.0 million to repurchase 8.2 million shares, bringing the total repurchases for the first three quarters of the year to $225 million for 20.0 million shares.