Service & Supply | Oilfield Services | Exclusives / Features | Drilling Program-Rig Count
Rig Count Drop: Thoughts from Contractors Who Own 47% of the Market Share
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Shale Experts looked through numerous Q4 reports and conference calls from several service companies, including Pioneer, Precision, Helmerich & Payne and Patterson UTI - these companies, together, control 47% of the market share.
In short, the companies noted that rigs are down, however, higher spec units are still creating strong demand, despite oil prices being lower. However, a couple (Pioneer and Precision) expressed hesitation that oil prices are truly rebounding.
Here is what they each had to say on rig activity for 2019.
Current Rig Atmosphere Patterson-UTI: 'Sentiment Improving'; Expects to Operate at 160+ Rigs"The sharp drop in oil prices in December resulted in some of our customers notifying us of their intent to release rigs. Recently with a sharp rebound in oil prices above…
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