One of the largest onshore contract drillers in the U.S., Patterson-UTI Energy Inc. (PTEN) has declared its Dec. 2009 drill rig count to average 118, up from 104 in the previous month. The company operated 108 rigs in the U.S. and 10 in Canada in December, compared to 96 rigs in the U.S. and 8 rigs in Canada during November.

Patterson-UTI’s activity levels in the U.S. peaked in early October 2008 with a rig count of 275. Since then, the company has been witnessing a steep and rapid decline on the back of decreased demand largely caused by lower commodity prices for natural gas.

However, during the last few months, there have been signs that companies were beginning to bring rigs back on line amid signs of economic stabilization that could drive up energy demand. This is being reflected in Patterson-UTI’s monthly rig count numbers, which has recovered from a low of 60 in May 2009 to the current level of 118.

Patterson-UTI Energy is one of the largest onshore contract drillers in the U.S., with approximately 350 land-based rigs that operate primarily in the oil and natural gas producing regions of North America. The company primarily operates in Texas, New Mexico, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota, Pennsylvania and western Canada.

Patterson-UTI is also engaged in the businesses of pressure pumping, drilling and completion fluid services. Additionally, it has an exploration and production business.

Zacks Investment Research

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