Land Drillers' Shares Move Closer to Our Bearish Outlook on Disappointing 1Q Results
Land drillers’ share prices fell 7%-10% following this week’s announcement of first-quarter results, with the market moving much closer to our relatively bearish outlook for land drillers. We suspect that the market was disappointed by flat day rates and margins, even as the U.S. horizontal rig count was up about 30% sequentially. Day rates were either flat or slightly down for all of our land drillers under coverage, as most companies’ rig mix shifted from legacy (that is, pre-2015 downturn) co...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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