Rig Count Up, But Will Profits Follow? The latest rig count numbers from Patterson UTI Energy, Inc. (NASDAQ:PTEN) have been met with a mix of optimism and skepticism from investors.
The company's average of 101 revenue earning drilling rigs in August and 100 over the two months ended August 31 suggests a recovery in activity levels.
However, this uptick in rig count is not necessarily a guarantee that profits will follow. Patterson UTI faces significant challenges in translating its increased activity into higher earnings.