Houston-based Patterson-UTI Energy said last week it will relocate one of its dual-fuel spreads from the Northeast to Texas. Andy Hendricks, CEO, said Feb. 4, “While industry completion activity in the Permian increased in the fourth quarter, in the Northeast, where we have a strong presence, industry completion activity decreased significantly and remained at this lower level as we entered the first quarter… We believe we are well-positioned both financially and operationally to take advantage of this industry recovery.”
Capital spending budget for 2021 at Patterson-UTI is $135 million. Average rig count in 2020Q4 improved to 62 from 60 in 2020Q3. Rig count at yearend was 65 (5 idle but contracted). Expected average rig count in 2021Q1 is 69.