Patterson-UTI Energy Adopts Shareholder Rights Agreement - Quick Facts

(RTTNews) - Patterson-UTI Energy (PTEN) announced that its Board has unanimously adopted a limited duration shareholder rights agreement to protect shareholder interests and preserve shareholders' investment in Patterson-UTI. The Board believes that adopting the Rights Agreement will help promote the fair and equal treatment of all Patterson-UTI shareholders.

Pursuant to the Rights Agreement, a dividend distribution of one preferred share purchase right for each outstanding share of Patterson-UTI common stock will be payable to shareholders of record on the close of business on May 8, 2020.

For the first quarter of 2020, Patterson-UTI Energy reported a net loss of $435 million, or $2.28 per share, compared to a net loss of $28.6 million, or $0.14 per share, a year ago. The results for the three months ended March 31, 2020 included pre-tax, non-cash charges totaling $406 million ($349 million after-tax or $1.83 per share). Pro forma loss per share was $0.45, for the quarter. On average, 20 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.47, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenues were $446 million, compared to $704 million, previous year. Analysts expected revenue of $443.36 million for the quarter.

The company declared a quarterly dividend on its common stock of $0.02 per share, payable on June 18, 2020, to holders of record as of June 4, 2020.