Richard Zeits
Oil & gas, commodities, long/short equity, research analyst

Patterson-UTI: The Cyclical Bottom Is Still Ahead

Important Note: This article is not an investment recommendation and should not to be relied upon when making investment decisions - investors should conduct their own comprehensive research. Please read the disclaimer at the end of this article.

Last year saw major adjustments in spending budgets by U.S. shale operators. In retrospect, however, 2015 may prove to be a relatively strong year in terms of operating activity levels.

Last year, while trying to bring budgets closer to cash flow, E&P operators did everything possible and impossible to sustain their operating plans in anticipation of a cyclical rebound in commodity prices. Legacy hedges, asset sales, access to credit and price concessions from the supply chain helped the industry to preserve activity

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