Energy Industry
Industry: Email Alert RSS FeedDRILLERS REPORT IMPROVED REVENUES FOR 2Q O4
Hart's Petroleum Finance Week, September, 2004
Drilling contractors featured on Petroleum Finance Week's scoreboard saw marked improvement in earnings from the same period last year. Thanks to improved activity levels, revenues were up this quarter 12.2% from 2Q 03, net income was up 1.8% and earnings per share were up 9.1%.
The onshore drillers' revenues improved the most with Unit Corp. (NYSE: UNT) leading the way, up 98.6% from the same period last year. Grey Wolf Inc. (Amex: GW) was up 54.9% while Pioneer Drilling Co. was up 33.1%.
"Favorable commodity prices and current industry conditions are presenting more growth opportunities for Unit," said John Nikkel, chairman and chief executive for Unit.
The company plans to acquire Sauer Drilling Co. for $34.7 million in cash and working capital at...
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