Patterson-UTI says drilling activity up in Sept.

Posted In: Energy

By The Associated Press

Monday, October 5, 2009

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Oil and gas driller Patterson-UTI Energy Inc. on Monday said its September drilling activity rose sequentially as oil prices stabilized, and oil and gas companies anticipated a future expected recovery in the economy.

In the month of September, crude oil prices hovered between $66.02 per barrel and $72.94 per barrel.

Patterson-UTI said its September drilling activity rose to an average of 81 drilling rigs operating, up from 72 drilling rigs in August. Of the operating rigs, 77 rigs are in the United States and 4 rigs are in Canada.

Shares of Patterson-UTI Energy rose 66 cents, or 4.6 percent, to $15.13 in afternoon trading.

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