Patterson-UTI Rig Counts Continue to Slide in October

Since 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. Month after the month it's the same story: Patterson is operating less rigs in the U.S. than it was the month before. The numbers are now out for October. What do they show? We've hit a new low. Here's a recap of the numbers rigs Patterson was operating in the U.S. over the past eight months: March - 142; April - 131; May - 122; June - 112; July - 111 (seemed like it was turning the corner! but it wasn't); August - 106; September - 99; and now in October - 92. Kerplunk...

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