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OFS - Patterson-UTI expects rig count to bottom out in Q2 - May 2019
Patterson-UTI Energy expects the slide in US drilling demand to continue, forecasting it will average 160 rigs operating in Q2, down from 175 in Q1 and 183 in 4Q18. CEO Andy Hendricks predicted that Patterson-UTI’s daily rig count would bottom out in the mid-150s during Q2, but improved WTI prices should make that the low point of the year. “The speed and magnitude of the recovery in oil prices has been almost as surprising” as 4Q18’s decline, executive chairman Mark Seigel said. “It now appears that the decrease......
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