Maintaining Our FVE for Land Drillers, but Some Concerns Raised in Quarterly Results
The quarterly results for Helmerich & Payne and Patterson signaled no large surprises in the U.S. land drilling market, and we will be maintaining our fair value estimates for both companies for now. As expected, rig activity and revenue for both companies increased dramatically sequentially, although both companies’ rig utilization and rig day rates remain well below 2014 peaks. The market has recognized, however, that further increases in the U.S. rig count would be unsustainable in terms ...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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