October 24, 2019 / 10:09 AM / a month ago

Patterson-UTI posts wider adjusted loss on shale slowdown

Oct 24 (Reuters) - Oilfield services provider Patterson-UTI Energy Inc reported a wider quarterly adjusted loss on Thursday, hurt by a slowdown in pressure pumping activity across the North American shale market.

Net loss attributable widened to $262 million, or $1.31 per share, in the third quarter ended Sept. 30, from a loss of $75 million, or 34 cents per share, a year earlier when it took a non-cash equipment impairment charge.

Excluding items, loss per share was 27 cents, compared with a loss of 10 cents per share a year ago.

Reporting by Shariq Khan and Taru Jain; Editing by Aditya Soni

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