Patterson-UTI Rig Count Holds at All-Time High of 162 in August

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!...

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