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PTEN - Precision Drilling: Oilfield Activity In Canada Appears Resilient, So Far
Patterson-UTI Energy Inc.
2025-05-27 13:00:53 ET
Summary
Oil drilling activity in the U.S. will be cut back due to low prices.
However, drilling in Canada is robust due to structural factors, at least for now.
Precision Drilling gets 2/3 of its revenue from Canada and may weather the downturn better than its U.S. focused competitors.
Precision Drilling also has exposure to the natural gas basins in the U.S. which may see stronger activity if low oil prices reduce associated gas growth.