Patterson-uti energy reports q1 loss per share $2.28

Patterson-uti energy reports financial results for the three months ended march 31, 2020.q1 loss per share $2.28.q1 revenue $446 million versus refinitiv ibes estimate of $441 million.q1 earnings per share estimate $-0.47 -- refinitiv ibes data.financial results for three months ended march 31, 2020 include pre-tax, non-cash charges totaling $406 million.qtrly charges include a $395 million impairment charge for remaining goodwill on company's balance sheet.qtrly charges include $10.6 million impairment charge related to certain of company's e&p assets.taken steps to structurally reduce our indirect support costs by what we estimate will be approximately $100 million annually.expect average rig count for q2 will decrease by approximately one-third from q1 average.expect to record a total of approximately $50 million of charges during q2 associated with savings.in q1 contract drilling rig count averaged 123 rigs, unchanged from.for q1, in contract drilling, our rig count averaged 123 rigs.qtrly average rig revenue per operating day was $23,800.expect an average of 71 rigs operating under term contracts during q2.expect our average rig count for q2 will decrease by one-third from q1 average.qtrly average rig margin per operating day increased to $9,250.expect average of 50 rigs operating under term contracts during four quarters ending march 31, 2021.
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