As we do every month (and have for more than two years), MDN tracks how many rigs oilfield services company Patterson-UTI Energy reports operating–as a proxy for rig count health in general and rig count health in the Marcellus/Utica in particular. Patterson recently bought out and merged in Seventy Seven Energy (see Patterson-UTI Energy Completes Merger with Seventy Seven Energy). The addition of SSE’s rigs served to rocket up Patterson’s rig count number in April and May (see Patterson-UTI Rig Count Continues to Rocket Skyward – 159 in May). With SSE now fully absorbed into Patterson, the rig count number settled down. In June, Patterson’s count went up by a single new rig in North America, to 160 (see Patterson-UTI Rig Count Hits New High of 160 in June). The trend continued in July, with Patterson picking up another 2 active rigs for 162 in North America–the 14th month in a row (see Patterson-UTI Rig Count Hits New High of 162 in July). Sooner or later it had to happen. Patterson reports in August the rig count held at 162–no new rigs were added. But hey, it’s still an incredible run!…
