Bronco Drilling achieves strong rig utilization across shale plays

Source: Bronco Drilling

Bronco Drilling Company, Inc. (Nasdaq/GS:BRNC) revealed strong operational results for the month ended September 30, 2010. 

Utilization for the Company’s drilling fleet was 79% for the month of September compared to 61% for the month of August and 54% for the second quarter of 2010. 

The Company had an average of 29 marketed drilling rigs in September compared to 37 in August and 37 for the second quarter of 2010. 

The average dayrate on operating drilling rigs as of September 30, 2010 was $16,892 compared to $16,708 as of August 31, 2010 and $15,926 for the second quarter of 2010. The increase in average dayrate on operating drilling rigs during the second quarter, is partially due to a wage increase initiated during May for Bronco field personnel that is contractually passed through to Bronco’s customers. The increase in average dayrate as a result of the wage increase was approximately $600 a day. 

During the month, Bronco had nine rigs working in the Bakken, seven rigs working in the Anadarko Basin, three in the Marcellus Shale, three in the Haynesville Shale, two in the Woodford Shale and one in Cotton Valley. Four rigs are idle. 

Bronco Drilling Company, Inc. is a publicly held company headquartered in Edmond, Oklahoma, and is a provider of contract land drilling to oil and natural gas exploration and production companies.

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