Patterson Energy, Inc. Reports Fourth Quarter Results
PR Newswire - February 24, 2000 08:00
SNYDER, Texas, Feb. 24 /PRNewswire/ -- PATTERSON ENERGY, INC. (Nasdaq: PTEN) today announces its results from operations for the fourth quarter of 1999 and the year ended December 31, 1999. For the three months ended December 31, 1999, the Company generated net income of $231,000, or $0.01 per diluted share which compares to a net loss of $6.1 million, or $0.19 per share for the same three month period in 1998. Included in the 1998 fourth quarter net loss was a $2.7 million ($0.06 per share tax affected at 34%) writedown of the Company's oil and natural gas properties. Earnings before interest expense, taxes, depreciation, depletion and amortization (EBITDA) were $8.6 million for the quarter ended December 31, 1999 versus $2.4 million for the fourth quarter in 1998. The Company experienced continued improvement in cashflow throughout 1999 as EBITDA increased from $2.4 million in the first quarter of 1999 to $8.6 million for the fourth quarter of 1999, an increase of 258%. Operating revenues for the fourth quarter of 1999 were $54.4 million with an average rig utilization rate of 61% compared to operating revenues of $32.4 million for the fourth quarter of 1998 with an average rig utilization rate of 33%.
For the year ended December 31, 1999, the Company reported a net loss of $9.1 million, or $0.28 per share as compared to a net loss of $325,000, or $0.01 per share for the year ended December 31, 1998. EBITDA for the years ended December 31, 1999 and 1998 were $19.1 million and $36.1 million, respectively. Average rig utilization for the 1999 fiscal year was 45% versus 54% in 1998.
Patterson Energy, Inc., a Snyder, Texas based company, is one of the leading providers of domestic land-based drilling services to major independent oil and natural gas companies. Patterson currently owns 119 drilling rigs (114 of which are currently operable) and focuses its operations in Texas, New Mexico, Utah, Oklahoma and Louisiana.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan D. (Jody) Nelson,
Vice President-Finance, Chief Financial Officer
(915)573-1104 |
