Bronco Drilling Announces Monthly Operating Results (BRNC)
July 09, 2010 4:51 PM
Bronco Drilling Co. (NASDAQ: BRNC) announced June operational results after the bell today. Utilization for the company's drilling fleet was 56% for the month of June, which compares to 54% for the month of May and 43% for the first quarter of 2010.
The company said that it had an average of 37 marketed drilling rigs in June, compared to 37 in May and 37 for Q1 of 2010. The average dayrate on the operating drilling rigs was $16,515;, this compares to $16,268 for May and $15,949 for Q1 of 2010.
BRNC said that the increase in average dayrate on operating drilling rigs was partially due to a wage increase initiated during May for Bronco field personnel, which is contractually passed through to Bronco's customers. The increase in the average dayrate as a result of the wage increase was approximately $600 per day.
Shares of Bronco Drilling ended the session higher by 5.75%, at $3.68. Shares went not active in the after-hours.
Disclosure: I am long shares of BRNC and may add or sell shares at any time.
