Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping
Patterson UTI: Pressure Pumping Market Oversupplied; Bullish on Drilling
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During its 2q18 earnings call, Patterson said that the pressure pumping market is oversupplied, but it is upbreat on drilling.
Completion/Frac MarketOperating Areas.
1H18, revenue was $1,663 million of that total the pressure pumping segment contributed $832 million or 50% of the total revenue. Tucked away in the company's 10Q filling was
"Pressure pumping operations accounted for 49.8% of our consolidated second quarter 2018 revenues, and pressure pumping revenues increased 46.6% over the comparable 2017 period. As of June 30, 2018, we had approximately 1.6 million horsepower in our pressure pumping fleet. The completions market showed signs of oversupply towards the end of the second quarter. The softening market conditions made it difficult for us to backfill the unexpectedly high…
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