February 6, 2020 / 11:11 AM / 12 days ago

Patterson-UTI posts smaller quarterly loss on cost cuts

Feb 6 (Reuters) - Patterson-UTI Energy Inc reported a smaller quarterly loss on Thursday, as the oilfield services provider slashed costs by half in the face of ongoing decline in North American drilling activity.

Net loss narrowed to $85.9 million, or 44 cents per share, in the fourth quarter ended Dec. 31, from a loss of $201.2 million, or 93 cents per share, a year earlier. (Reporting by Taru Jain; Editing by Amy Caren Daniel)

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