Land Drillers Patterson and Precision See Improvement on Higher U.S. Rig Count
Land drillers Patterson and Precision posted solid third quarters, with both companies’ U.S. land drilling businesses benefiting from a 5% sequential improvement in the U.S. horizontal rig count. Patterson’s contract drilling segment saw a 4% increase in revenue owing to a 3% increase in the company’s rig count and a slight bump in day rates. Precision’s U.S. drilling business saw a 5% increase in revenue owing to a 6% increase in rig count but slightly slipping day rates. Precision’s Canadian d...Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
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