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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.

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