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2nd Largest Driller : Q2 'Likely the Bottom' for 2019 Rig Count
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Patterson-UTI reported its Q1 2019 results. Here are the highlights from its report and conference call.
Rigs Still Low Despite Higher Oil Price; Q2 'Likely a Bottom'Patterson's CEO Andy Hendricks noted that despite the stabilization of oil prices, it has yet to spur an increase in rig demand.
The company expects to hit bottom in the mid-150s in Q2 and then begin to rebound:
Hendricks commented: "I think to see that change we're going to need to see an increase in the rig count and our visibility on rig count today looks like Q2 is likely a bottom in the rig count given where WTI is trading today. Higher oil prices have not yet translated to higher rig demand which remains subdued as customers have been delaying plans to pick up incremental high spec rigs. While I fully recognize that…- ✓ Full news archive — U.S., Canada & international coverage
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