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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (20858)	4/30/1998 9:01:00 AM
From: Lazlo Pierce	Respond to of 95453

1st call has .14 as est (PTEN). It also had 'em reporting next week <g> SNYDER, Texas--(BUSINESS WIRE)--April 30, 1998--PATTERSON ENERGY, INC. (NASDAQ:PTEN) today reported net income for the first quarter ended March 31, 1998 of $4.6 million, or $0.14 per diluted share, on operating revenues of $60.8 million compared to net income of $1.6 million, or $0.06 per diluted share, on operating revenues of $30.6 million for the same period in 1997. Earnings before interest, taxes depreciation and amortization (EBITDA) increased 126% to $14.7 million for the three months ended March 31, 1998 compared to $6.5 million in the three months ended March 31, 1997. The improved results from operations reflect the Company's continued growth through acquisition of its contract drilling segment. Average rig utilization for the fiscal quarter ended March 31, 1998 was 71% as compared to 86% for the same period in 1997. ÿÿÿÿSince March 31, 1997, the Company has acquired 53 drilling rigs, including 15 during the first quarter of 1998, increasing its contract drilling fleet to 114 drilling rigs. Drilling revenues for the quarter ended March 31, 1998 rose 97% to $54.3 million, compared to $27.6 million for the same period in 1997. Direct drilling costs at March 31, 1998 were 73% of related drilling revenues compared to 81% in 1997. ÿÿÿÿAlthough the Company's financial results for the quarter ended March 31, 1998 significantly exceeded the results for the same three-month period in 1997, reduced commodity prices currently being experienced in the oil and natural gas industry, particularly for oil, have caused weakness in the demand for land-based drilling rigs. Cloyce Talbott, Chairman and Chief Executive Officer of the Company, noted that the weakness began in December 1997 and the situation is not expected to improve without an improvement in the commodity prices. 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 114 drilling rigs (108 of which are currently operable) and focuses its operations in Texas and southeast New Mexico. ************ Dave