Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Second Quarter (2Q) Update | Frac Markets - Frac Trends
Patterson UTI, Frac Market Oversupplied, Bullish On Drilling Market
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Patterson-UTI provided some color on the drilling and completion/frac market. Here is what the company had to say.
Frac Market "In pressure pumping, we began seeing industry softness late in the second quarter due to an oversupply in the market and because some E&P companies' activity and capital spend are ahead of budget. It is disappointing to hear our peers continuing to plan to add additional horsepower to this market in the near future. We believe that given these headwinds in the market, the building of new frac spreads, reactivating idle spreads and chasing market share, given the current oversupply, will lead to worsening returns on capital for the entire industry." - said Mr Siegel Q&A James Wicklund - Credit Suisse"Between that and giving money back to shareholders, you're…
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