Patterson-UTI Rig Count Slips Another 3 in October to 158

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 September Patterson’s rig count slipped by 1–the first loss since June 2016 (see Patterson-UTI Rig Count Count Slips by 1 Rig to 161 in Sept). The latest numbers are out for October, and the count retreated another three, to 158…

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