Patterson-UTI Energy Inc. (PTEN) reported a net loss of $19.0 million, or $0.13 per share, for the second quarter of 2015, compared to net income of $54.3 million, or $0.37 per share, prior year. The company noted that its financial results for the quarter ended June 30, 2015 include a pretax non-cash impairment charge of $4.1 million related to the impairment of certain oil and natural gas properties.
On average, 29 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.27 for the quarter. Analysts' estimates typically exclude special items.
Revenues were $473 million, compared to $757 million for the second quarter of 2014. Analysts expected revenue of $439.77 million for the quarter.
Andy Hendricks, Patterson-UTI's CEO, stated, "Market conditions were difficult during the second quarter as the rapid decline in the industry rig count created many challenges."
The company declared a quarterly dividend on its common stock of $0.10 per share, to be paid on September 24, 2015 to holders of record as of September 10, 2015.
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