Ouch: Patterson-UTI Rig Count Drops Another 10% in December

As we do every month, MDN tracks how many rigs oilfield services company Patterson-UTI Energy reports operating–as a proxy for when/if the drop in rig counts for the Marcellus/Utica will turn around. Patterson operates a number of rigs in the northeast, as well as other areas of the continental United States (and Canada). Patterson’s November rig count number went down, but only by one, which led us to speculate that perhaps we had finally turned the corner on falling rig counts (see Patterson-UTI Rig Count Hits New Low in November). Alas, we were wrong–in a big way. Patterson released their December rig count numbers yesterday and their U.S. rig count dropped from 91 in November to 82 in December–down 10% in a single month. For months and months Patterson has operated four rigs in Canada. In December the Canadian rig count went to one. It seems like there’s no end of bad news when it comes to domestic shale drilling…

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