This is a good snapshot of what the oil industry is like today.
Patterson-UTI Energy, Inc. is the largest provider of domestic land-based drilling services to major independent oil and natural gas companies in North America, and is also engaged in pressure pumping, exploration and drilling. For the three months ended 3/31/02, total revenues fell 46% to $128.2 million. Net income fell 89% to $3.9 million. Results reflect a decline in drilling activity, a reduced rig count and increased depreciation and depletion.
When the price of oil is up as it is now, drilling usually picks up, but at present it is very slow.