This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Patterson-UTI Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

Turning now to the second quarter, as set forth in our earnings press release issued this morning, we reported net income of $92.5 million or $0.60 per share for the second quarter ended June 30, 2012, and $190 million or $1.22 for the 6 months ended June 30. EBITDA for the quarter was $279 million.

The financial results for the second quarter include a pretax gain of $27 million, or $0.11 per share related to the previously announced sale of our flowback operations and the auction sale of certain excess drilling assets.

I'd like to start by saying that in the face of difficult market conditions, both of our core businesses performed well. In the case of drilling, average U.S. rigs operating and average margin per operating day were near our expectations, which was a significant accomplishment as rigs moved from natural gas regions to oil and liquids regions, and as decreasing oil prices caused customers to change plans with increased frequency.

In the case of pressure pumping, performance exceeded our expectations. Revenues climbed by 15%, which was actually a lesser decline than we had expected, and EBITDA declined by only 10%, helped by cost controls which we have implemented.

These accomplishments in operations were mirrored in 3 noteworthy achievements on the financial side. First, we sold our flowback business for $42.5 million; second, we issued and sold $300 million of 10-year 4.27% notes; and third, we completed share repurchases of more than 3% of our company's outstanding stock.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs