Patterson-UTI Rig Count Continues to Rocket Skyward – 159 in May

As we do every month (and have for two years), MDN tracks how many rigs oilfield services company Patterson-UTI Energy reports operating–as a proxy for rig count health in the Marcellus/Utica. In April the Patterson rig count rocketed to 115, up an amazing 27 rigs in a single month–the biggest jump we’ve seen (see Patterson-UTI Huge Increase in Monthly Rig Count – SSE Factored?). Why the big jump in April? We theorized that rigs from Seventy Seven Energy, which Patterson recently bought/merged with, influenced those numbers (see Patterson-UTI Energy Completes Merger with Seventy Seven Energy). Last month we reached out to Patterson and got confirmation of our theory from Mike Drickamer, Vice President, Investor Relations: “We completed the merger with Seventy Seven Energy on April 20 and so the April rig count did reflect 10 days of rigs acquired from Seventy Seven Energy.” Patterson released their May rig count number yesterday, and it zoomed to another new high–of 159 rigs. That’s up an amazing 38% in one month! It is the most rigs we’ve tracked for Patterson since we began keeping track. The reason for May’s high number is, of course, that Patterson’s numbers now reflect a full month of SSE rigs now part of the Patterson fleet…

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