Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief

With U.S. oil prices likely to remain above $70/bbl in the near term, expect to see a lot more Lower 48 drilling activity into 2022, according to Patterson-UTI Energy Inc. 

CEO Andy Hendricks helmed a conference call to discuss third quarter results and the outlook for the Houston-based oilfield services operator. He said there’s little doubt that exploration and production (E&P) customers are itching to ramp up development with West Texas Intermediate (WTI) crude trending higher. 

“The market for the most capable rigs in the U.S. is officially tight,” Hendricks said. “We are simply sold out” of top-of-the-line Apex XK and PK rigs in the Permian Basin. Of the 46 top-of-the-line XK and PK rigs stationed in the Permian, 41 are working. “Of the remaining five rigs, four...