Financial Finagling: Patterson-UTI Extends Date for Line of Credit

Patterson-UTI logoEach month MDN reports on the rig count for oilfield services company Patterson-UTI Energy. Why? Because Patterson-UTI has major operations in the Marcellus/Utica and we use their rig count as a proxy for predicting the pickup or slowdown of drilling in the northeast. Last week we reported the exciting news that Patterson’s rig count had, after more than a year, reversed and went up (see Tide has Turned: Patterson-UTI June Rig Count Ticks Up by 2). Today we report that Patterson is, like so many other companies in the oil and gas sector, playing around with its financing. Patterson announced it has extended its line of credit. Some $358 million of the company’s $500 million line of credit was due to be paid off by September 2017. They cut a deal with their bankers to extend that to March 2019. Plus they’re doing some other financial finagling…

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