WASHINGTON (dpa-AFX) - PATTERSON-UTI ENERGY, INC. (PTEN) said, in response to current market conditions, the company is reducing planned 2020 capital expenditures to approximately $140 million, a more than 40% reduction from previously announced plans. The company will reduce direct operating costs, SG&A expenses and other support costs, and will close a number of facilities. PATTERSON-UTI will reduce executive group compensation for 2020 by more than 50%.
'While our drilling rig count was not significantly impacted in the first quarter, we do expect meaningful declines in April. Pressure pumping activity levels responded more quickly, with a significant decline in the later part of the first quarter,' Andy Hendricks, Patterson-UTI's CEO, said.
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