Patterson-UTI Jan Rig Count – Continues to Climb

As 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 turning point–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 January, saw the second biggest month over month increase since the trend reversed. In January, Patterson’s rig count hit 76, up 5 from 71 in December…

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