Patterson-UTI Energy's stock experienced an after-hours plunge of 5.64% on Wednesday, following the release of its first-quarter financial results.

The drilling services provider reported a net loss of $25 million for the quarter, swinging to a loss amid what the company described as a challenging commodity environment. While revenue of $1.1 billion was in line with analyst expectations, the company cited factors including lower customer budgets based on reduced oil price assumptions and approximately five days of operational disruption from winter storms impacting its Completion Services segment.

Management noted some positive developments, including a full quarter of benefit from cost reduction measures in its Drilling Services segment and a raised quarterly dividend to $0.10 per share. The company also provided a second-quarter outlook anticipating a market inflection tied to improved commodity prices, with an average U.S. rig count of approximately 90 rigs expected.