trending Market Intelligence /marketintelligence/en/news-insights/trending/77RVXQLmTOtZXOhDiR9m2Q2 content esgSubNav
In This List

Patterson drilling rigs under contract rise slightly in December 2019

Video

See the Big Picture: Energy Transition in 2024

Podcast

IR in Focus | Episode 10: Capital Markets Outlook

Blog

Infographic: The Big Picture 2024 – Energy Transition Outlook

Blog

The Big Picture: 2024 Energy Transition Industry Outlook


Patterson drilling rigs under contract rise slightly in December 2019

Patterson-UTI Energy Inc. on Jan. 6 reported that it had an average of 122 drilling rigs operating in December 2019, a slight increase from 119 in the previous month.

For the fourth quarter, the company said it had an average of 123 drilling rigs operating, down from the 126 it expected to operate during the quarter.

Patterson executives said on a third-quarter earnings call that they expected the average number of rigs operating under a drilling contract to bottom out in the fourth quarter of 2019 but make a modest recovery in the first quarter as operators reset their budgets.