Patterson Energy, Inc. Announces First Quarter 2001 Results From Operations

Apr 19, 2001, 01:00 ET from Patterson Energy, Inc.

    SNYDER, Texas, April 19 /PRNewswire/ --
 Patterson Energy, Inc. (Nasdaq:   PTEN) announced its operating results for the
 quarter ended March 31, 2001 in which net income increased 67% over the
 previous quarter ended December 31, 2000 to $20.5 million, or $0.52 per
 diluted share.  Net income for the comparative period ended March 31, 2000 was
 $911,000, or $0.03 per diluted share.  Operating revenues for the three-month
 periods ended March 31, 2001 and 2000 were $129.9 million and $58.6 million,
 respectively, an increase of 122%.  Earnings before interest, income taxes,
 depreciation, depletion and amortization (EBITDA) for the first quarter of
 2001 totaled $44.9 million versus $10.3 million for the same period in 2000
 and $30.2 million for the quarter ended December 31, 2000.  The increases in
 both net earnings and EBITDA were reflective of sequential quarterly
 improvement in dayrates and operating daily cash margins.  The Company
 achieved a blended dayrate per rig of approximately $9,903 and a daily cash
 margin per rig of approximately $3,905 during the quarter ended
 March 31, 2001.  The sequential quarterly improvement is further illustrated
 below:
 
                             For the three months ended
 
                         June 30,    September 30,   December 31,    March 31,
                           2000           2000           2000           2001
      Dayrate            $  7,508       $  8,026       $  8,912       $  9,903
 
      Cash margin/day    $  1,798       $  2,098       $  3,131       $  3,905
 
     Mr. Cloyce A. Talbott, Patterson's Chairman and CEO, commented, "We are
 very pleased with the Company's performance through the first quarter of 2001.
 Furthermore, we have been able to activate an additional three drilling rigs
 since year end increasing our marketable fleet to 141 rigs thereby providing
 the Company with increased exposure to the current economic opportunities in
 the industry."  The Company's current average rig utilization rate is
 approximately 84%.
 
     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
 152 drilling rigs (141 of which are currently marketable) with drilling
 operations in Texas, New Mexico, Utah, Oklahoma and Louisiana.
 
 
                              PATTERSON ENERGY, INC.
 
     Income Statement Data (in thousands):
                    Unaudited                         Three Months Ended
                                                            March 31,
                                                     2001             2000
     Operating revenues:
           Drilling                                 $104,803          $51,157
           Drilling and completion fluids             19,670            4,365
           Oil and natural gas                         5,463            3,044
                                                     129,936           58,566
     Costs and expenses:
           Operating costs                            81,060           46,182
           Depreciation, depletion
            and amortization                          11,341            7,717
           General and administrative                  4,846            2,196
                                                      97,247           56,095
     Operating income                                 32,689            2,471
 
     Net gain on sale of assets                           13               43
     Interest income                                     796              113
     Interest expense                                   (567)          (1,193)
     Other                                                35              (20)
     Net income before income taxes                   32,966            1,414
     Income tax expense                               12,422              503
     Net income                                      $20,544             $911
 
     Net income per common share:
           Basic                                       $0.54            $0.03
           Diluted                                     $0.52            $0.03
 
     Weighted average number of common
      shares outstanding:
           Basic                                      38,295           32,553
           Diluted                                    39,514           33,972
 
     Balance Sheet Data (in thousands):
                    Unaudited                 March 31, 2001 December 31, 2000
           Current assets                           $183,760          $167,763
           Property & equipment, net                 253,317           202,592
           Total assets                              479,504           410,586
 
           Current liabilities                        71,750            56,878
           Notes payable, less current
            maturities                                17,499            19,939
 
 

SOURCE Patterson Energy, Inc.
    SNYDER, Texas, April 19 /PRNewswire/ --
 Patterson Energy, Inc. (Nasdaq:   PTEN) announced its operating results for the
 quarter ended March 31, 2001 in which net income increased 67% over the
 previous quarter ended December 31, 2000 to $20.5 million, or $0.52 per
 diluted share.  Net income for the comparative period ended March 31, 2000 was
 $911,000, or $0.03 per diluted share.  Operating revenues for the three-month
 periods ended March 31, 2001 and 2000 were $129.9 million and $58.6 million,
 respectively, an increase of 122%.  Earnings before interest, income taxes,
 depreciation, depletion and amortization (EBITDA) for the first quarter of
 2001 totaled $44.9 million versus $10.3 million for the same period in 2000
 and $30.2 million for the quarter ended December 31, 2000.  The increases in
 both net earnings and EBITDA were reflective of sequential quarterly
 improvement in dayrates and operating daily cash margins.  The Company
 achieved a blended dayrate per rig of approximately $9,903 and a daily cash
 margin per rig of approximately $3,905 during the quarter ended
 March 31, 2001.  The sequential quarterly improvement is further illustrated
 below:
 
                             For the three months ended
 
                         June 30,    September 30,   December 31,    March 31,
                           2000           2000           2000           2001
      Dayrate            $  7,508       $  8,026       $  8,912       $  9,903
 
      Cash margin/day    $  1,798       $  2,098       $  3,131       $  3,905
 
     Mr. Cloyce A. Talbott, Patterson's Chairman and CEO, commented, "We are
 very pleased with the Company's performance through the first quarter of 2001.
 Furthermore, we have been able to activate an additional three drilling rigs
 since year end increasing our marketable fleet to 141 rigs thereby providing
 the Company with increased exposure to the current economic opportunities in
 the industry."  The Company's current average rig utilization rate is
 approximately 84%.
 
     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
 152 drilling rigs (141 of which are currently marketable) with drilling
 operations in Texas, New Mexico, Utah, Oklahoma and Louisiana.
 
 
                              PATTERSON ENERGY, INC.
 
     Income Statement Data (in thousands):
                    Unaudited                         Three Months Ended
                                                            March 31,
                                                     2001             2000
     Operating revenues:
           Drilling                                 $104,803          $51,157
           Drilling and completion fluids             19,670            4,365
           Oil and natural gas                         5,463            3,044
                                                     129,936           58,566
     Costs and expenses:
           Operating costs                            81,060           46,182
           Depreciation, depletion
            and amortization                          11,341            7,717
           General and administrative                  4,846            2,196
                                                      97,247           56,095
     Operating income                                 32,689            2,471
 
     Net gain on sale of assets                           13               43
     Interest income                                     796              113
     Interest expense                                   (567)          (1,193)
     Other                                                35              (20)
     Net income before income taxes                   32,966            1,414
     Income tax expense                               12,422              503
     Net income                                      $20,544             $911
 
     Net income per common share:
           Basic                                       $0.54            $0.03
           Diluted                                     $0.52            $0.03
 
     Weighted average number of common
      shares outstanding:
           Basic                                      38,295           32,553
           Diluted                                    39,514           33,972
 
     Balance Sheet Data (in thousands):
                    Unaudited                 March 31, 2001 December 31, 2000
           Current assets                           $183,760          $167,763
           Property & equipment, net                 253,317           202,592
           Total assets                              479,504           410,586
 
           Current liabilities                        71,750            56,878
           Notes payable, less current
            maturities                                17,499            19,939
 
 SOURCE  Patterson Energy, Inc.