One of the informal metrics we’ve been following to see when the current slide in rig counts (and consequently drilling activity) has truly turned around is to follow the active rig counts for Patterson-UTI, a major drilling contractor with operations in the Marcellus/Utica region. In March, Patterson ran an average of 142 U.S. rigs and 4 Canadian rigs. In April, they ran an average of 131 U.S. rigs and 2 Canadian rigs. In May, Patterson ran an average of 122 U.S. rigs and 1 Canadian rig. You see the trend. What about June? Patterson recently issued June numbers, and sadly the slide continues. In June, Patterson ran an average of 112 drilling rigs in the U.S. and retained one active rig in Canada…
