Patterson-UTI Energy Says For Q2, Drilling Products Results Are Expected To Be Relatively In Line With Q1 And Adjusted Gross Profit Is Expected To Be Roughly Flat With Q1
Portfolio Pulse from Benzinga Newsdesk
Patterson-UTI Energy (PTEN) projects Q2 drilling products results to align with Q1, with adjusted gross profit remaining flat. The company anticipates steady drilling and completion activity in oil and natural gas basins, expecting some operators to add rigs later this year. U.S. Contract Drilling is forecasted to operate 114 rigs in Q2, with a slight decrease in adjusted gross profit per day. Completion Services sees a slight decline in activity, with Q2 revenue expected at $860 million and adjusted gross profit at $170 million. The company is on track with its electric fleet deployment, aiming for 140,000 horsepower of electric frac equipment by mid-2024.
May 02, 2024 | 6:55 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Patterson-UTI Energy anticipates Q2 drilling products results to be in line with Q1, with steady drilling and completion activity. Adjusted gross profit is expected to remain flat, and the company is progressing with its electric fleet deployment.
The news indicates a stable performance for Patterson-UTI Energy in Q2, with no significant changes in financial outcomes compared to Q1. The steady drilling and completion activity, along with the progress in electric fleet deployment, suggest a positive outlook, but the flat adjusted gross profit and slight decline in Completion Services activity may temper short-term stock price movements.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100