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Patterson-UTI Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: PTEN

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's SEC filings, which may be obtained by contacting the company or the SEC. These filings are also available through the company's website and through the SEC's EDGAR system.

The company undertakes no obligation to publicly update or revise any forward-looking statements. Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website, www.patenergy.com, and in the company's press release issued prior to this conference call.

And now it's my pleasure to turn the call over to Mark Siegel for some opening remarks. Mark?

Mark S. Siegel

Thanks, Mike. Good morning and welcome to Patterson-UTI's conference call for first quarter 2012. We are pleased that you're able to join us today.

As is customary, I will start by briefly reviewing the financial results for the quarter ended March 31, and then I will turn the call over to Doug Wall, who will share some detailed comments on each segment's operational highlights for the quarter, as well as our outlook. After Doug's comments, I will share some closing remarks before turning the call over for questions.

Before I start, I'd like the take a moment to welcome Andy Hendricks to our team. Andy recently joined the company as our Chief Operating Officer and we are delighted to have him. We believe Andy's experience and leadership abilities will help us to continue to execute on our goal of delivering exceptional shareholder value.

Turning now to the first quarter, as set forth in our earnings press release issued this morning, we reported net income of $97.3 million or $0.62 per share for the first quarter ended March 31, 2012. EBITDA for the quarter improved to $281 million, marking the 11th consecutive quarter of EBITDA growth.

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