Patterson-UTI Energy 3Q11 Results On Par with Raymond James Estimate


Energy services company Patterson-UTI Energy Inc.'s (PTEN:NASDAQ) 3Q11 results indicated earnings per share (EPS) of C$0.53, around 140,000 horsepower (hp) worth of pumping equipment deployed so far this year and seven new APEX rigs completed during the period. The quarterly EPS report was on par with the C$0.52 estimate provided by financial services firm Raymond James.

The seven new rigs that Patterson completed during the period brought the 2011 total to 18. The exploration and production company is optimistic that it will be able to finish 25 rigs for the year and 30 rigs in 2012. This strong rig-building activity combined with rig reactivations should enable strong production in 2012.

The deployment of 140,000 hp worth of pumping equipment in 2011 should result in the company having 650,000 hp worth of this capital by year-end. For 2012, Patterson has provided guidance that 140,000 hp will be deployed.

Patterson-UTI Energy Inc. closed at C$21.77 on October 28 and hit a 52-week high/low of C$34.09 and C$15.06.