Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Second Quarter (2Q) Update | Frac Markets - Pressure Pumping
Patterson Continues to Increase Frac Fleets
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Completion/ Frac Services
"In pressure pumping, revenues increased to $290 million from $141 million in the first quarter due to the acquisition of Seventy Seven Energy, increased utilization and better than expected pricing. As a result, our gross margins as a percentage of pressure pumping revenues improved to 19.4% for the second quarter from 15.7% in the first quarter.
"During the second quarter we reactivated two frac spreads. With current demand for pressure pumping, we plan to reactivate two frac spreads late in the third quarter and one frac spread during the fourth quarter. With the addition of these three spreads in the back half of 2017, we expect to exit 2017 with 23 active spreads," he concluded.
Mark S. Siegel, Chairman of Patterson-UTI, stated, "The second quarter was a transformative quarter for Patterson-UTI. The merger with Seventy Seven Energy is the most significant transaction for our company since the merger of Patterson and UTI in 2001.
"We are pleased that during the second quarter Seventy Seven Energy exceeded our expectations. During the second quarter, Seventy Seven Energy contributed $190 million of the $274 million sequential increase in total revenues.
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