Houston-based Patterson-UTI Energy Inc. expects to record net income of $100 million-plus for 4Q2022, a sharp turnaround from year-ago losses as Lower 48 drilling expands.


The oilfield services company, which previewed earnings on Wednesday, had reported net losses for the fourth quarter of 2021.

“In contract drilling, average rig revenue per day benefited primarily from contract renewals with more favorable pricing than expected,” CEO Andy Hendricks said. “Pressure pumping benefited from strong pricing and utilization, including downtime around the holidays that was less severe than we had forecasted, despite the inclement weather.”

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