Patterson-UTI Rig Count Count Slips by 1 Rig to 161 in Sept

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 Patterson’s rig count number in April and May much higher (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. The trend continued in July, with Patterson picking up another 2 active rigs for 162 in North America–the 14th month in a row. Patterson reported last month that in August the rig count held at 162--no new rigs were added (see Patterson-UTI Rig Count Holds at All-Time High of 162 in August). And what about September? It had to happen sooner or later--what goes up must come down. In September, Patterson's rig count slipped by one, to an average of 161 operating rigs. Hey, it was a great ride that went from June 2016 to July 2017...

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