Outlook for U.S.-focused Land Drillers Remains Weak Due to Our Forecasts for Declining Rig Counts
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...Precision Drilling is engaged in the provision of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States. Co. operates two segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
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