Steep Decline in Rig Count Continues for Patterson-UTI in May

We continue to see mixed signals when it comes to the end of declining rig counts. Yesterday we ran a story highlighting the comments from the largest private oilfield services company in the U.S., Canary, saying we’ve now turned a corner in shale and “the industry is on the way back” (see Largest Private Oilfield Svcs Co Says Shale is Rebounding). Then we look at Patterson-UTI’s average rig count numbers for their company–and the numbers continue to decline rather significantly. Two months ago, in March, Patterson ran an average of 142 U.S. rigs and 4 Canadian rigs. In April, they ran an average of 131 U.S. rigs and 2 Canadian rigs (see Patterson-UTI Active Rig Count Drops Again in April). For May, Patterson just announced they ran an average of 122 U.S. rigs and 1 Canadian rig. Oy vey…

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