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Patterson reports average 185 contracted drilling rigs in December 2018

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Patterson reports average 185 contracted drilling rigs in December 2018

Houston-based oil and gas driller Patterson-UTI Energy Inc. announced Jan. 4 it retained an average 185 contracted drilling rigs in December 2018.

The company had an average of 183 drilling rigs in operations for the three months ending December 2018.

Patterson had an average of 181 operating drilling rigs in October 2018 and an average of 179 drilling rigs in September 2018.

The firm cautioned numerous other factors affect its operating results and that the trend in the number of drilling rigs operating may or may not be indicative of the firm's financial performance.

Year-to-date through Sept. 30, 2018, the company reported a net loss of $120 million, or 55 cents per share, compared to a net loss of $189 million, or 99 cents per share, for the same period in 2017.