Patterson-UTI Active Rigs (Sadly) Falls Again in August

through the floorSince March MDN has been watching the active number of rigs operated by Patterson-UTI Energy as a proxy for whether or not we’ve “turned the corner” on falling rig counts in the Marcellus/Utica. Patterson is a major drilling contractor with operations in the Marcellus/Utica region. We won’t recount all of the numbers here, for that you can read our story from July (see Patterson-UTI Active Rigs Finally Hits Bottom in July? Maybe). We theorized that perhaps Patterson had hit bottom in July with 111 active rigs operating in the U.S. and 4 rigs in Canada. Alas, it seems the bottom as not yet been reached. Patterson released their August numbers yesterday, the while Canada has stayed steady at 4 active rigs, their U.S. rig fleet has fallen to an average of 106 active rigs in August…

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