Patterson-UTI Active Rig Count Continues to Slide in June
One of the informal metrics we’ve been following to see when the current slide in rig counts (and consequently drilling activity) has truly turned around is to follow the active rig counts for Patterson-UTI, a major drilling contractor with operations in the Marcellus/Utica region. In March, Patterson ran an average of 142 U.S. rigs and 4 Canadian rigs. In April, they ran an average of 131 U.S. rigs and 2 Canadian rigs. In May, Patterson ran an average of 122 U.S. rigs and 1 Canadian rig. You see the trend. What about June? Patterson recently issued June numbers, and sadly the slide continues. In June, Patterson ran an average of 112 drilling rigs in the U.S. and retained one active rig in Canada…
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We won’t harp yet again about how we feel about paying local (very worthy) groups and organizations money to support your pipeline project BEFORE it’s approved and built (cough *borderline sleazy* cough). We’ll just bring you the news that Williams has seen fit to dole out $2.5 million to 17 Conservation Fund projects in Pennsylvania. A spoonful of $ugar to help the Atlantic Sunrise Pipeline medicine go down–in a most delightful way. (Note that we think the Atlantic Sunrise is a great project and worthy on its own, without need for corporate bribes to hush up local opposition.) Here’s the details of which projects in PA got funded, and where…
While most Pennsylvania supply chain businesses are hanging tough during the current down cycle in drilling–the downturn has claimed at least one potential project in the Keystone State. It was with much fanfare and great hope in March 2013 that Marcellus GTL of Gilberton, Schuylkill County, announced it would build its first Clean Energy Center in Blair County, PA. The “gas to liquids” (GTL) project would cost $200 million to build and would convert PA Marcellus Shale gas into 84,000 gallons per day of regular gasoline and propane to be marketed locally as transportation fuel and for heating uses (see