Patterson-UTI posts wider adjusted loss on shale slowdown
Oct 24 (Reuters) - Oilfield services provider Patterson-UTI Energy Inc PTEN.O reported a wider quarterly adjusted loss on Thursday, hurt by a slowdown in pressure pumping activity across the North American shale market.
Net loss attributable widened to $262 million, or $1.31 per share, in the third quarter ended Sept. 30, from a loss of $75 million, or 34 cents per share, a year earlier when it took a non-cash equipment impairment charge.
Excluding items, loss per share was 27 cents, compared with a loss of 10 cents per share a year ago.
(Reporting by Shariq Khan and Taru Jain; Editing by Aditya Soni)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.