From PTEN earnings:
Cloyce A. Talbott, Patterson-UTI's Chief Executive Officer, commented, "From an operational standpoint, the third quarter began at a record pace, and then began declining in August and continued through September. In September, there was a sudden downward shift in demand which resulted in a commensurate steep decline in rig utilization. Despite the accelerating decline in utilization during the third quarter, and a reduction of approximately 8.3% in total number of days worked, we were able to grow operating income by 7% over the second quarter. Our average margin per operating day increased by 16.9% to $5,673 from $4,851 per day for the previous quarter, and we had 225 average rigs operating during the third quarter, compared to 248 average rigs operating during the previous quarter. However, as of October 18, 2001, we had 154 rigs in operation. We are proud of the exceptionally strong performance of the Company's pressure pumping business and the continued strong performance of the drilling and completion fluids business."
Looks like they better restart some of these rigs! |
