Patterson Uti Energy Inc (PTEN)

[OilStockReport]

3rd quarter financial results:

The Company reported net income of $63.1 million, or $0.41 per share, for the nine months ended September 30, 2010, compared to a net loss of $20.1 million, or a loss of $0.13 per share, for the comparable nine month period in 2009. Revenues for the nine months ended September 30, 2010 were $957 million, compared to $568 million for the same nine month period in 2009.

The financial results for the three and nine months ended September 30, 2010 include pretax interest expense charges of $4.6 million ($2.9 million after-tax) from the recognition of deferred financing costs associated with the expiration of a standby bridge credit facility and the refinancing of a revolving credit facility. The financial results for the nine month period ended September 30, 2010 also include an after-tax gain of $12.9 million from the sale of certain rights in oil and gas working interests during the second quarter of 2010. These transactions reduced net income per share by $0.02 for the three month period and increased net income per share by $0.06 for the nine month period ended September 30, 2010.