⁍ Patterson-UTI Energy expects activity to continue to improve through at least the first quarter of 2021.
⁍ The company expects to average 61 rigs in the current quarter, up from 60 in the third quarter.
⁍ It expects to average six hydraulic fracturing fleets in the fourth quarter, versus five in the last quarter.
– Oilfield services company Patterson-UTI Energy Inc. reported stronger-than-expected fourth-quarter earnings on Thursday, helped by an increase in unconventional oil and natural gas drilling. The company’s shares rose as much as 11% in after-hours trading, reports Reuters. Patterson-UTI said it expects activity to continue to improve through at least the first quarter of 2021.
Source: https://www.reuters.com/article/us-patterson-uti-results/patterson-uti-averaged-five-hydraulic-fracturing-spreads-in-third-quarter-will-average-six-spreads-in-fourth-quarter-ceo-idUSKBN27725W