Revenue during the quarter grew 13.47 percent to $305.18 million from $268.94 million in the previous year period. Gross margin for the quarter contracted 1202 basis points over the previous year period to 24.47 percent. Operating margin for the quarter stood at negative 30.36 percent as compared to a negative 35.42 percent for the previous year period.

Operating loss for the quarter was $92.64 million, compared with an operating loss of $95.26 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $63.60 million compared with $81.53 million in the prior year period. At the same time, adjusted EBITDA margin contracted 948 basis points in the quarter to 20.84 percent from 30.31 percent in the last year period.

Andy Hendricks, Patterson-UTI’s chief executive officer, stated, "We experienced strong rig demand during the first quarter. Our average rig count in the United States increased 22% to 81 rigs during the first quarter, up from 66 rigs in the fourth quarter. The growth in our rig count continues to be robust as we expect to average 96 rigs in the United States for the month of April, excluding the contribution to the rig count from rigs operated by Seventy Seven Energy. From the Seventy Seven Energy fleet, 58 rigs are currently operating. We expect our combined rig count in the United States to average 115 rigs in April including the pro rata contribution from these rigs. "In Canada, our average rig count was two rigs during the first quarter, unchanged from the prior quarter. For the month of April, we expect to average two rigs in Canada."