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Patterson-UTI Expects +50 Rigs To be Added in 2023; PE-backed E&P To Lead.

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   |    Friday,October 28,2022

Patterson-UTI provided some info on its annual survey during the most recent earnings calls.

The company said "As part of our 2023 planning process, we recently completed a survey of a large representative sample of our customers across each of our major businesses to better understand their drilling plans. I believe you will find the results enlightening.

Our broad customer base represents a diverse cross section of the U.S. drilling and completions market, ranging from the largest super majors, to public independence, to small private operators. Interestingly, the more than 70 customers we recently spoke with and who primarily drill and complete horizontal wells plan to add an additional 40 drilling rigs in the fourth quarter and almost 50 rigs in 2023.

We believe this is a good cross section of E&Ps working in the U.S. and an indication of the activity strength in the U.S. market. And while there has been a lot of discussion about what private E&Ps will and won't do, the ones we spoke with plan to add a total of almost 20 rigs in the fourth quarter of 2022 and another 20 rigs in 2023. And interestingly enough, the increase by private E&Ps is led by those backed by private equity."

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