Patterson-UTI posts wider adjusted loss on slowdown in pressure pumping unit
Repeats with no change to text or headline
Oct 24 (Reuters) - Oilfield services provider Patterson-UTI Energy Inc PTEN.O reported a wider adjusted quarterly loss on Thursday, hurt by a slowdown in pressure pumping activity across the North American shale market.
The slowdown more than halved revenues and margins in the company's pressure pumping division, with Patterson-UTI warning that activity is likely to fall further in the current quarter.
An investor push towards higher returns instead of growth amid weak oil prices has prompted shale producers to reduce spending, crimping earnings for drilling rig providers.
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.
Revenues fell 31% to $598.5 million.
(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.