We’re starting to crack a smile of hope that drilling has once again picked up. Our first bit of evidence that the tide is turning came last week when we reported that Patterson-UTI Energy’s rig count had gone up by two in June (see Tide has Turned: Patterson-UTI June Rig Count Ticks Up by 2). We now have further evidence. Baker Hughes is fresh out with their broad-based rig count numbers. For June, the U.S. active rig count increased by nine! In the Marcellus/Utica, the rig count month over month remained the same. It was 36 active rigs in May, and once again 36 active rigs in June. Have we FINALLY hit bottom? We sure hope so…
We’re starting to crack a smile of hope that drilling has once again picked up. Our first bit of evidence that the tide is turning came last week when we reported that Patterson-UTI Energy’s rig count had gone up by two in June (see 