Patterson-uti energy reports q2 loss per share of $0.81

Patterson-uti energy reports financial results for the three and six months ended june 30, 2020.q2 loss per share $0.56 excluding items.q2 loss per share $0.81.q2 revenue $250 million versus refinitiv ibes estimate of $239.8 million.q2 earnings per share estimate $-0.58 -- refinitiv ibes data.average rig revenue per day of $22,970 and average rig margin per day of $11,280 in quarter.given longer-term outlook for western canadian market, closed canadian drilling operations during q2.in contract drilling, our average rig count for q2 was 82 rigs, which was in line with our expectation.patterson-uti energy- on quarterly run rate basis, expect to recognize substantially all of cost savings in q3.expect that our rig count for q3 will average 59 rigs.expect that rig count for q3 will average 59 rigs.based on contracts currently in place, expect an average of 51 rigs operating under term contracts during q3.have acted decisively to scale down business to reduce indirect support costs, estimated about $100 million annually.expect to recognize substantially all of the cost savings in q3.
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