I didn't get to comment on Nabors Industries'
Yesterday, fellow land driller Patterson-UTI
Patterson's pressure pumping business, in which excess capacity and resulting price competition has impacted folks like Schlumberger
Overall, Patterson says its expectations going forward are "far rosier than they were three short months ago."
That's a sentiment likely shared by many in the industry, and a lot of it has to do with the oil price rebound. I've personally got little confidence in the story told by the oil futures curve, given the preponderance of noncommercial players in the mix, not to mention the commodity's sky-high negative correlation with the dollar. We'll see how things look in another three months.
Fool contributor Toby Shute doesn't have a position in any company mentioned. Check out his CAPS profile or follow his articles using Twitter or RSS. The Fool owns shares of Chesapeake Energy. The Motley Fool has a disclosure policy.