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Patterson UTI: $50 WTI Aids Rig Count; Pressure Pumping Fleets Idled Due to Completion Delays
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Patterson-UTI reported its Q4 2018 results. Below you will find highlights from its report and conference call.
Operator Sentiment Improves with $50 WTIAndy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "Recently, with the sharp rebound in oil prices above $50, we have seen an improvement in operator sentiment. We expect our rig count will average 174 rigs during the first quarter of 2019."
Chairman Mark Seigel added: "The timing of the sharp decline, no doubt impacted plans for the first quarter 2019 drilling and completion programs. While we at Patterson-UTI don't have a crystal ball about oil prices, we are encouraged by the rebound in oil prices.
DUC Inventory Bodes Well for 2H Completion Activity"If oil prices do move higher, we expect activity levels will improve…
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