Patterson-UTI reports Q4 adjusted EPS 19c, consensus 19c

Reports Q4 revenue $1.58B, consensus $1.51B. “We achieved exceptionally strong results in our first full quarter following the closing of the NexTier and Ulterra transactions,” said Andy Hendricks, Chief Executive Officer. “Throughout the year, our U.S. Contract Drilling activity outpaced the overall industry rig count, and our outperformance in both activity and adjusted gross profit per operating day is evidence that there remains high demand for our top-tier drilling assets. Our Completion Services segment significantly beat our expectations in the fourth quarter and is performing at a high level through the ongoing integration. We are confident that our size and scale as well as our standing as a technology leader across both U.S. onshore drilling and completions positions us for success as the industry continues to evolve.”