HOUSTON (AP) — HOUSTON (AP) — Patterson-UTI Energy Inc. (PTEN) on Wednesday reported a loss of $49.1 million in its second quarter.
The Houston-based company said it had a loss of 13 cents per share. Losses, adjusted for asset impairment costs, came to 6 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The provider of onshore contract drilling services posted revenue of $1.22 billion in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.21 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PTEN at https://www.zacks.com/ap/PTEN
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