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Major Drilling Contractor Calls Rig Count Bottom
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Patterson UTI said it expects rig count to bottom in the 4th quarter and rebound in 1Q 2020 as operators reload/refresh budgets.
Rig Count bottom, when?
William Hendricks said, "Both drilling and pressure pumping activity are expected to decline further in the fourth quarter, but recent customer conversations suggested our drilling rig activity will bottom in the fourth quarter and then a modest increase in late December and early January.
In contract drilling, our rig count during the third quarter averaged 142 rigs, in line with our expectations. Average rig revenue per day for the third quarter increased to $24,240 from $24,200 in the second quarter.
We have retired 36 non-APEX rigs. Given current market conditions and our customer strong preference for super-spec rigs, we believe…
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