July 25, 2019 / 3:13 PM / a month ago

Patterson-UTI expects decline in pressure pumping activity in third quarter

DENVER (Reuters) - Oilfield service firm Patterson-UTI (PTEN.O) on Thursday said it would maintain 15 hydraulic fracturing crews during the third quarter, even as it warned investors that pressure pumping activity would likely be lower.

The company said it expected well completions activity to follow the drilling activity lower in the third quarter as producer customers cut spending, hampering earnings for companies that provide services to the oilfield.

Reporting by Liz Hampton

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