Patterson-UTI 3Q16: $84M Loss, Industry has Begun Recovery

Patterson-UTI logoEach 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 reported losing $84 million during the second quarter of 2016, responding that the company is positioned for a recovery (see Patterson-UTI 2Q16: $86M Loss, “Well Positioned” for a Recovery). How about 3Q16? Patterson issued their third quarter update yesterday, and it shows the company lost $84 million. Yuck. Of course, that’s an improvement from losing $226 million a year earlier in 3Q15. Patterson CEO Andy Hendricks said rig counts have steadily climbed higher since May, something we’ve noted month by month here on MDN. Patterson Chairman of the Board, Mark Siegel, said the industry “has begun the initial stages of the recovery process.” That’s good news. Here’s the 3Q16 update from Patterson-UTI Energy…

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