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DTI News3 articles
Patterson-UTI Rises on Strong Drilling Outlook Despite Oil Decline
Patterson-UTI shares rose 3.1% as the company projected higher rig counts and $220M in Q2 adjusted EBITDA, despite a 3% drop in oil prices and historically low DUC wells.
Transocean Shares Flat as Australian Drilling Contract Signed; Valaris Merger Awaits
Transocean shares closed nearly unchanged at $6.25 after Carnarvon Energy hired a rig for 2027 drilling, but the stock's outlook hinges on backlog growth and the Valaris merger.
Transocean to Acquire Valaris in $5.8 Billion Offshore Drilling Merger
Valaris shares surged 23% after Transocean announced an all-stock acquisition valued at $5.8 billion. The combined entity would operate 73 rigs with an enterprise value of approximately $17 billion.