February 9, 2017 / 11:24 AM / 10 months ago

BRIEF-Patterson-UTI Energy reports Q4 loss of $0.53/shr

Feb 9 (Reuters) - Patterson-UTI Energy Inc

* Patterson-UTI Energy reports financial results for three and twelve months ended December 31, 2016

* Q4 loss per share $0.53

* Q4 earnings per share view $-0.54 -- Thomson Reuters I/B/E/S

* Total average rig revenue per day for Q4 was $21,640 compared to $21,870 during Q3

* For Q4, average rig count in United States increased to 66 rigs, up from 60 rigs during Q3

* Declared a quarterly dividend on its common stock of $0.02 per share

* Patterson-UTI Energy - As of Dec. 31, 2016, had term contracts for drilling rigs providing for approximately $417 million of future dayrate drilling revenue

* Says average rig count in Canada was two rigs during Q4, unchanged from prior quarter

* Patterson-UTI Energy Inc - Expect an average of 44 rigs operating under term contracts during q1

* Patterson-Uti energy inc - sees an average of 37 rigs operating under term contracts during 2017

* “The pace of recovery in our industry accelerated in Q4 with increasing drilling and pressure pumping activity”

* Patterson-UTI Energy Inc - Have signed contracts that provide for completion of two new apex rigs

* Patterson-UTI Energy Inc- For the month of January, our average rig count was 76 rigs in United States and two rigs in Canada

* Patterson-UTI Energy - Continue to “make progress” towards closing deal with Seventy Seven Energy, which we expect to be completed late in Q1 or early Q2 Source text for Eikon: Further company coverage:

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