Patterson-UTI Average Rig Count Falls to 74 in February

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). Previously Patterson’s January rig count number went down by 5%--from 82 in December to 78 in December. The month before that it was down 10%--from from 91 in November to 82 in December. What about February? Down another 4 rigs to a new low of 74 operating in the U.S. That's a decrease of another 5%. Will the bleeding never end?...

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