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Patterson UTI Sees Rig Count Normalizing; No Near-Term Debt
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Patterson UTI reported its monthly rig activity, in which we see rig count beginning to normalize.
The company has a large exposure to the gas-focused basins (Marcellus and Haynesville), hence the company rig count has held up better relative to its peers.
Drilling Activity
Financial Results
The company financial position continues to improve.
Liquidity
The company has access to $847 million, including $600 million available under our undrawn revolver and $247 million in cash.
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