Patterson-UTI Rig Count Hits New Low in November

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). The company has just issued their report for November, and once again the rig count went down. However, the company reports idling only one more rig in November over October–operating 91 rigs in November vs 92 in October. Is the slide in rig counts finally ending? About to turn around?…

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