Given the company's share performance over the past few months, I'm pretty sure that people have stopped pitying Patterson-UTI
Except in Appalachia, that is. Weird weather led to wet and muddy working conditions, which gave pressure pumping a pasting. BJ Services
Now, Patterson is more commonly thought of as a contract driller, and rightly so. Land drilling is ultimately the company's raison d'etre. So let's look at the results there.
Dayrates declined by about 2% sequentially, with Patterson sharing the same experience as Grey Wolf
As with pressure pumping, however, the outlook here is very bright. The Baker Hughes
Finally, I should mention that Patterson only has 15% of its fleet contracted on term rates. This gives the company a ton of leverage to rising rates relative to some of its more overly committed competitors.