Patterson-UTI 1Q15: Revenue Down a Little, Earnings Down a Lot

Patterson-UTI Energy, one of the companies that owns and operates drilling rigs in the Marcellus/Utica, filed their first quarter 2015 financial results today. Revenue was down just 3% year over year–$678 million for 1Q15 vs $658 million for 1Q14. But earnings–the money you keep after all expenses–took a dive right off a cliff. In 1Q15 Patterson made just $9.1 million, or 6 cents per share. In 1Q14, the company made $34.8 million in earnings, or 24 cents per share. That’s a 74% drop in earnings year over year. Ouch…

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