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OFS - Patterson-UTI takes $260MM loss in Q3, retires rigs and fracs - October 2019
Patterson-UTI retired 36 drilling rigs and 300,000 hhp in pressure pumping equipment, moves that make up part of a $203 million non-cash impairment charge taken in Q3. After plummeting in Q3, the company expects rig count to stabilize in Q4 followed by an uptick at the turn of the year. The impairment includes $173 million in drilling rigs, $20.5 million in pressure pumping and $8.4 million in directional drilling. On top of the impairment,......
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