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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Patterson chief: Increased activity could leave rig customers “scrambling”

August 19, 2021 by PBOG

CEO of Permian Basin driller Patterson-UTI said recently that Q3 will produce a higher growth in rig count that might leave some customers scrambling for rigs. Andy Hendricks told reporters July 29 that Patterson-UTI already has signed contracts to operate an average of 24 rigs through 2022Q2 – including an international E&P company that will direct more of its planned drilling program to Patterson. “We just haven’t had this level of visibility in a long while,” Hendricks said. He predicted that customers who wait to determine spending plans might find rigs already taken. “There’s going to be more of a scramble for the best super-spec rigs that are out there,” he added.

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