PTEN is out, APA, APA, XTO and MDR are due out today.
Frost raises target on RIG to $71.00 with a strong buy.
SNYDER, Texas, April 27 /PRNewswire/ --
Patterson Energy, Inc. (Nasdaq: PTEN) today announced the results of its first
quarter ended March 31, 2000. The Company generated net income of $911,000,
or $0.03 per diluted share which compares to a net loss of $3.9 million, or
$(0.12) per diluted share for the first quarter ended March 31, 1999. The
Company generated operating revenues of $58.6 million and $26.7 million for
the quarter ended March 31, 2000 and 1999, respectively. EBITDA for the three
months ended March 31, 2000 and 1999 was $10.3 million and $2.4 million,
respectively. The Company's rig utilization for the 2000 quarter was 65% as
compared to 32% for the same quarter in 1999.
Cloyce A. Talbott, Chairman and Chief Executive Officer stated, "there is
a direct correlation between the Company's improved operating results and
related cash flows and the respective improved market prices for the
industry's underlying commodities. The Company received $28.47 per average
barrel of crude oil and $2.62 per mcf of natural gas produced during the first
quarter of 2000 which compares to $10.08 per average barrel of crude oil and
$1.71 per mcf of natural gas produced during the first quarter of 1999. We
believe that if commodity prices continue at or near current levels, the
demand for our contract drilling services will continue to improve. For the
first 26 days of April, our rig utilization rate was approximately 72%."
Patterson Energy, Inc. a Snyder, Texas based energy company, is one of the
leading providers of domestic land-based drilling services to major
independent oil and natural gas companies. Patterson currently owns
123 drilling rigs (118 of which are currently operable) and focuses its
operations in Texas, New Mexico, Oklahoma, Utah and Louisiana.
Statements made in this press release that state the Company's or
management intentions, beliefs, expectations or predictions for the future are
forward-looking statements. It is important to note that the Company's actual
results could differ materially from those projected in such forward-looking
statements. In addition to the factors set forth above, other important
factors that could cause actual results to differ materially include, but are
not limited to, the impact of recent declines in prices of oil and gas on the
demand for the Company's services and the risk of any further declines in oil
and gas prices that could adversely affect demand for the Company's services,
and their associated effect on day rates and rig utilization, industry
conditions, integration of acquisitions, demand for oil and gas, and ability
to retain management and field personnel. Additional information concerning
factors that could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the Company's SEC
filings, including but not limited to the Company's report on Form 10-K for
the year ended December 31, 1999. Copies of this filing may be obtained by
contacting the Company or the SEC.
For further information, contact:
Patterson Energy, Inc.
Cloyce A. Talbott, Chairman and Chief Executive Officer
Jonathan D. (Jody) Nelson,
Vice-President-Finance and Chief Financial Officer
(915) 573-1104
PATTERSON ENERGY, INC.
Income Statement Data (in thousands):
unaudited Three Months Ended
March 31,
2000 1999
Operating revenues:
Drilling $ 51,157 $ 22,457
Drilling fluids 4,365 2,933
Oil and gas 3,044 1,348
58,566 26,738
Costs and expenses:
Operating costs 46,182 22,886
Depreciation, depletion and amortization 7,717 7,086
General and administrative 2,195 1,637
56,094 31,609
Operating income/(loss) 2,472 (4,871)
Net gain on sale of assets 43 58
Interest income 113 100
Interest expense (1,193) (1,053)
Other (22) 17
Net income (loss) before income taxes 1,413 (5,749)
Income tax (benefit) / expense 502 (1,886)
Net income/(loss) $ 911 $ (3,863)
Net income/(loss) per common share:
Basic $ 0.03 $ (0.12)
Diluted $ 0.03 $ (0.12)
Weighted average number of common
shares outstanding:
Basic 32,553 32,240
Diluted 33,972 32,240
Balance Sheet Data (in thousands):
unaudited March 31, 2000 December 31, 1999
Current assets $ 69,585 $ 58,764
Property & equipment, net 143,538 133,824
Total assets 256,951 236,257
Current liabilities 42,925 31,716
Note payable, less current maturities 57,835 50,000
SOURCE Patterson Energy, Inc.
CONTACT: Cloyce A. Talbott, Chairman and Chief Executive Officer, or
Jonathan D. [Jody] Nelson, Vice-President-Finance and Chief Financial Officer,
both of Patterson Energy, Inc., 915-573-1104
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