Patterson-UTI Energy Q4 Loss Narrows; Cuts 2020 Capital Spending

(RTTNews) - Patterson-UTI Energy Inc. (PTEN) reported that its fourth-quarter net loss narrowed to $85.9 million or $0.44 per share, from $201 million or $0.93 per share in the fourth quarter of 2018.

Revenues for the fourth quarter were $492 million, down from $796 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.42 per share and revenues of $486.03 million. Analysts' estimates typically exclude special items.

The company declared a quarterly dividend on its common stock of $0.04 per share, payable on March 19, 2020, to holders of record as of March 5, 2020.

The company expects to spend about $250 million of capex for 2020, down from $348 million in 2019.