Patterson-UTI Energy Says For Q1, Drilling Products Revenue Is Expected To Be ~$90M, With $50M In Direct Operating Costs And An Adjusted Gross Profit Of $40M
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Patterson-UTI Energy (PTEN) projects Q1 drilling products revenue at ~$90M with $50M in direct operating costs and an adjusted gross profit of $40M. The company anticipates steady oil basin activity and potential impacts on natural gas basins due to current low prices. It expects to operate an average of 120 U.S. rigs, slightly up from Q4's 118. Completion Services revenue is forecasted at $940-950M with a gross profit of $190-200M. The company plans $740M in capital expenditures for 2024 and aims for an effective tax rate of 24%.
February 14, 2024 | 11:58 pm
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Patterson-UTI Energy projects Q1 drilling products revenue at ~$90M with a steady market outlook and plans significant capital expenditures for 2024.
The detailed financial projections and capital expenditure plans indicate a positive outlook for PTEN, suggesting potential growth and stability. The steady oil basin activity and slight increase in U.S. rigs operation signal a positive short-term impact on PTEN's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100