Patterson-UTI Pulls Back Additional Hydraulic Fracturing Fleets

Oilfield services provider Patterson-UTI on Thursday said it would temporarily stop deploying new pressure pumping fleets to hydraulically fracture oil and gas wells due to oversupply in the market.

Too many providers have made it difficult to fully utilize its pressure pumping equipment, especially during the end of the second quarter, Patterson executives said during the company's second quarter earnings call.

Reporting by Liz Hampton