Patterson-UTI Energy has reported an average of 115 drilling rigs operating in the US and two rigs in Canada last month.
The average number of drilling rigs operating denote the average number of the company's drilling rigs that were operating under a drilling contract.
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The company has also stated its operating results could be impacted not only by average drilling rigs but also by several other factors.
It also noted that a particular trend in the number of drilling rigs operating may or may not truly reflect the company’s financial position.
In March this year, the company had an average of 88 drilling rigs operating in the US and two rigs in Canada, while the number for the three months ending in March stood at 81 drilling rigs operating in the US and two rigs in Canada.
Last month, Patterson-UTI Energy closed its merger with Seventy Seven Energy.
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By GlobalDataIt was then announced that stockholders of Seventy Seven Energy were entitled to receive 1.7851 shares of newly issued Patterson-UTI common stock in return for each share of Seventy Seven Energy.
Pursuant to the merger, Patterson-UTI issued approximately 47.5 million shares.
Patterson-UTI is an oilfield services company that operates land-based drilling rigs and pressure pumping equipment in the US. It is engaged in contract drilling business and pressure pumping and oilfield rental tools businesses.
