Parker Drilling Company (NYSE:PKD) 4Q Results Disappoint


Dallas, Texas 02/27/2014 (FINANCIALSTRENDS) – Parker Drilling Company(NYSE:PKD) which is a oil and gas equipment and services provider saw its market cap plummet by close to 6 percent during trading on 26th February on the back of disappointing fourth quarter and full year 2013 results announcement.

CEO Speak

President & Chief Executive Officer Gary G Rich while commenting about the full year operations which concluded in December 2013 has been quoted as saying that, “Our part drilling operation had a great year by providing reliable, efficient and safe equipment and cruise over many years, we believe we’ve cultivated a strong customer preference for our rigs in the inland waters of the Gulf of Mexico. While our 11 marketable rigs account for nearly half of the drilling rigs in the Gulf of Mexico barge market, we drilled approximately 60% of the wells that were drilled in that market during 2013.”

2014 Outlook

Providing a strong outlook for its 2014 operations, Parker Drilling Company(NYSE:PKD) has disclosed that it anticipates a huge build up in demand for drilling activity in U.S during the current fiscal and hence have forecasted growth in both revenue and business volumes.

The highlight of the earnings call was the announcement by Parker Drilling Company (NYSE:PKD) that it made solid gains in FY13 from its international operations. The huge demand for its drilling services in Kazakhstan and Iraq drove most of the demand. The firm hopes to leverage their presence to win more competitive wins as seen by the recent wins of four new contracts to build out new oil rigs in Kazakhstan. These moves by the oil and gas drilling equipment services provider has led to its utilization rates going up to 73 percent in 2013 as compared to 42 percent utilization in Fy12.  In spite of the these positives, the investment community exited the stock in droves yesterday after the conference call, leading to the huge sell off in the stock.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.