=Patterson-UTI (PTEN) reported earnings on Thur 28 Jul 2016 (b/o)

Patterson-UTI beats by $0.04, reports revs in-line :

• Reports Q2 (Jun) loss of $0.58 per share, $0.04 better than the Capital IQ Consensus of ($0.62); revenues fell 59.0% year/year to $194 mln vs the $194.39 mln Capital IQ Consensus.
• "In contract drilling, our rig count during the second quarter averaged 55 rigs in the United States and less than one rig in Canada, compared to the first quarter average of 71 rigs in the United States and three rigs in Canada. Activity levels stabilized for both our drilling and pressure pumping businesses during the second quarter. Since reaching a bottom in late-April of 52 rigs, our rig count in the United States has improved to 58 rigs. For the month of July, we expect our average rig count will be 56 rigs in the United States and two rigs in Canada."
• "During the second quarter, activity stabilized in both our drilling and pressure pumping businesses as commodity prices improved. We are encouraged by the recent increase in our rig count and optimistic about a continued recovery in the U.S. rig count, assuming commodity prices remain at or above recent levels."
• "During a recovery, our operational focus shifts as we scale the Company to higher activity levels, but our priorities remain the same -- operational execution, maximizing margins, and maintaining financial flexibility. We are well positioned for a cyclical recovery with both high quality drilling rigs and pressure pumping equipment that are ready to be reactivated, as well as the financial position necessary to cover reactivation costs and increases in working capital."