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Patterson UTI, Frac Activity Better Than Expects; Rigs Growing
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Patterson UTI, a horizontal drilling and frac company reported 3q 2020 results today.
Here is a quick read through.
Rig count was better than expected at 60 average through 3Q and expecting 63 through the end of the year. Average frac fleets was five (5) vs the four (4) expected. Increased liquidity to $304 million and $600 million under a undrawn RBL. Rig count expected to continue increasing through first quarter 2021.Mr. Hendricks continued, "In contract drilling, our average rig count for the third quarter of 60 rigs slightly exceeded our expectation. For the fourth quarter, we expect that our rig count will average 61 rigs, with a lower proportion of idle but contracted rigs as customers reactivate rigs during the fourth quarter. We expect the rig count at the end of the year to…
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