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Permian Rig Market Remains Dynamic as Q3 Nears End, TPH Says

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Oilfield services activity remained broadly in line with expectations as Q3 neared its end, although rig movements among customers showed a more active market, TPH Energy Research analyst Jeff Leblanc said in a Wednesday note.

Patterson-UTI Energy (PTEN) and Helmerich & Payne (HP) each deployed over 20 rigs to new operators during the quarter, including customer turnover, while Nabors Industries' (NBR) deployments were smaller but still in the double digits.

Nabors gained market share among several large publicly traded oil producers in the Permian Basin, while several Helmerich & Payne rigs moved from public companies to private operators. Some Helmerich & Payne customers also picked up rigs from competitors, though it was unclear whether those moves were for short-term work or reflected a longer-term shift.

Patterson-UTI had 104 spot rigs, in line with guidance issued earlier this month. The company deployed eight net rigs during the quarter, supported by longstanding relationships with customers including Continental Resources, Mewbourne Oil and Matador Resources (MTDR), which each contracted the company for additional activity.

Price: $11.02, Change: $-0.12, Percent Change: -1.07%

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