Turn Around! Patterson-UTI August Rig Count Up 3rd Mo in a Row

Patterson-UTI logoAs 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). Month by month Paterson’s rig count has declined over the past year plus–until June (see Tide has Turned: Patterson-UTI June Rig Count Ticks Up by 2). June was the first time in over a year that Patterson’s rig count reversed and began to climb once again. In July the count went up again (see Patterson-UTI July Rig Count Goes Up for 2nd Month in Row). And now, drum roll please! For a third month in a row the Patterson-UTI rig count in the U.S. increased, jumping from 56 rigs operating in July to 60 operating in August. We believe we can safely say we’ve now turned the corner with drilling in the Marcellus/Utica. We’re officially on the upswing!…

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