Patterson-UTI Nov Rig Count, Up 6th Mo in a Row

6-in-a-rowAs 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. Since June the count has steadily risen. The latest count, for November, once again shows an increase. It’s not much–Patterson added just two rigs over the October average. But hey, this is now the sixth month in a row the count has gone up, which is a good sign!…

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