Patterson-UTI sees Q2 average U.S. rig count of 90

The company said, “For the second quarter in Drilling Services, we expect an average U.S. rig count of approximately 90 rigs. We anticipate exiting the quarter at a higher level than the quarterly average, as we reactivate rigs during the second half of the quarter-resulting in an exit rate near our highest activity level so far this year. We expect adjusted gross profit in the Drilling Services segment of approximately $130 million. This outlook includes approximately $5 million of rig reactivation costs, with minimal second-quarter revenue expected from those rigs.”