Patterson pumps up profits

Patterson profits: up despite lag in pressure-pumping demand

patterson UTI

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Luke Johnson

 02 February 2012 20:47 GMT

US onshore driller Patterson-UTI Energy shook off a late-year lag in demand for pressure-pumping services to post solid quarterly and full-year earnings.

Patterson reported net income of $87.6 million for the three months that ended in December on revenue of $725 million. That compared to income of $53.9 million on revenue of $506 million a year earlier.

For the year, Patterson earned $322 million, a 175% jump from the $117 million earned in 2010.

Revenues for the year came to $2.6 billion, compared to $1.5 billion for 2010, Patterson said.

The bottom line was helped by a sequential bump in per-day operating margins for the fourth quarter, from $8460 in the third quarter to $9280 in…

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