Patterson-UTI boosts net profits by 37%

Onshore score: Patterson-UTI gains quarterly net profit boost

Patterson-UTI

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Bill Lehane

 26 April 2012 13:03 GMT

Onshore driller Patterson-UTI Energy has lifted net incomes 37% year-on-year to $97.3 million in the first quarter as it capitalised on higher demand for its rigs despite a downward trend in US rig counts.

Revenues for the first quarter were up 31% on the year-ago period to $746 million from $567 million.

Patterson-UTI chief executive Douglas Wall said the company had managed to increase its active rig count to 237 from the year-ago period's 207 despite increased moves from dry gas to oil and liquids meaning days were lost in the transition.

Average margin per operating day rose by $290 to $9570, with rising cots cutting into a rise in average dayrates to $22,650 on the previous quarter’s $21,980.

The company revealed last week it would net $20 million after tax from…

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