How Low Can it Go? Patterson-UTI Rig Count Plunges to 64 in March

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). Month by month Paterson's rig count has declined from 5-10% (see Patterson-UTI Average Rig Count Falls to 74 in February). The latest numbers are out and Patterson's rig count has dropped another 10 rigs, to 64. That's a massive 14% drop in a single month. We seriously ask ourselves, just how low can it go?...

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