Land driller Patterson-UTI spotlights industry woes

摘要

Houston-North American land drilling was expected to tumble in the fourth quarter, but industry got a peek into one driller’s setbacks January 6 when Patterson-UTI said its rig count for the period was down by 24 rigs on average, or 9% over the third quarter. Patterson, the second-largest North American land driller, reported 252 of its rigs worked in the fourth quarter, down from 276 rigs three months earlier as E&P companies slashed budgets, lenders pulled in credit lines and the global economy continued to slow.