Patterson-UTI Lowers 2020 Spending by 60%, TechnipFMC Down 30%

Both Patterson-UTI Energy and TechnipFMC are big oilfield services (OFS) companies–drilling, fracking, completions, etc. Both have operations in the Marcellus/Utica region, as well as operations in other shale plays (TechnipFMC has ops in other countries). Both companies run in the same pack with much larger (but similar) companies like Schlumberger, Halliburton and Baker Hughes. Because of their presence in the M-U, it caught our attention that both Patterson and TechnipFMC announced major cuts to their capital expenditure budgets for the balance of 2020. Patterson is axing more money from an already axed budget–now 60% lower than what they spent in 2019. TechnipFMC is trimming 30% from their budget this year over last.

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