April 26, 2018 / 10:18 AM / a month ago

BRIEF-Patterson-UTI Energy Reports Q1 Loss Per Share $0.16

April 26 (Reuters) - Patterson-UTI Energy Inc:

* PATTERSON-UTI ENERGY REPORTS FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 31, 2018

* Q1 LOSS PER SHARE $0.16

* Q1 REVENUE $809 MILLION VERSUS I/B/E/S VIEW $793.4 MILLION

* Q1 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S

* CAPEX BUDGET FOR 2018 REMAINS UNCHANGED AT APPROXIMATELY $675 MILLION

* FOR Q1, OUR RIG COUNT AVERAGED 169 RIGS, AN INCREASE OF EIGHT RIGS FROM Q4 AVERAGE OF 161

* EXPECT AVERAGE RIG COUNT FOR Q2 TO INCREASE TO 176 INCLUDING A SEASONAL SLOWDOWN IN CANADIAN DRILLING ACTIVITY

* BOARD HAS APPROVED AN INCREASE IN QUARTERLY DIVIDEND TO $0.04 FROM $0.02

* AVERAGE RIG REVENUE PER DAY INCREASED $590 SEQUENTIALLY IN Q1 TO $21,540

* AVERAGE RIG OPERATING COSTS PER DAY IN Q1 OF $13,970

* PATTERSON-UTI ENERGY - BASED ON CONTRACTS CURRENTLY IN PLACE, EXPECT AN AVERAGE OF 110 RIGS OPERATING UNDER TERM CONTRACTS DURING Q2

* EXPECT AN AVERAGE OF 75 RIGS OPERATING UNDER TERM CONTRACTS DURING 12 MONTHS ENDING MARCH 31, 2019

* FOR 2018, CONTINUE TO EXPECT TO GENERATE SUBSTANTIAL FREE CASH FLOW

* Q1 FINANCIAL RESULTS INCLUDE EFFECT OF A NON-CASH VALUATION ALLOWANCE RECORDED AGAINST CERTAIN DEFERRED TAX ASSETS Source text for Eikon: Further company coverage:

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