Energy
Patterson-UTI Fourth-Quarter Profit Slides
The Associated Press
02/12/09 - 11:26 AM EST
HOUSTON -- Oil and gas driller Patterson-UTI Energy (PTEN Quote) on Thursday said its fourth-quarter profit fell 7%, mainly due to lower demand for drilling services as customers faced sinking oil and gas prices and a constrained credit market.
Quarterly earnings fell to $79.5 million, or 52 cents per share, from $85.1 million, or 55 cents per share, in the prior-year period.
The latest quarter's results include $18.2 million in after-tax charges for goodwill impairments related to the fluids business, the retirement of 22 drilling rigs and the impairment of some oil and natural gas properties. These charges reduced net income per share by 12 cents.
Analyst polled by Thomson Reuters predicted a profit of 55 cents per share. Analysts typically exclude one-time items from their estimates.
Revenue rose 9.5% to $570 million from $521 million. Analysts forecast revenue of $569.7 million.
For the full year, Patterson-UTI reported net income of $347 million, or $2.24 per share, down from $439 million, or $2.79 per share, in 2007. Revenue climbed 4.5% to $2.21 billion.
Shares of Patterson-UTI fell 42 cents, or 4%, to $9.50 in premarket trading.