Patterson-UTI Expands Rigging Activity in Shale Basins

The drilling slowdown has eroded Patterson-UTI Energy’s (PTEN-$15.25) U.S. land rig market share, which is down some 50 percent in the last 24 months to about 7.5 percent. Competitor Helmerich & Payne has been able to snag market share and maintain a relatively higher utilization due to stronger drilling demand — and longer duration of term contracts — for their higher horse-power rigs specially adapted for shale play operations.

With about 350 marketable rigs, Patterson-UTI is the second largest onshore driller in North America. The contractor has deployed six of its new-build Apex to shale and unconventional resource plays …. “Recovery but No Recovery” – continue reading at BNET Energy….

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.