Patterson-Uti Energy Inc

Latest Results (20.05.2026):

Patterson-UTI Energy, Inc. reported results for the quarter ended March 31, 2026 (first quarter 2026). The company posted total revenue of $1.1 billion, an attributable net loss to common stockholders of about $25 million (EPS -$0.06), and Adjusted EBITDA of $205 million. Management declared a quarterly cash dividend of $0.10 per share and signaled improving demand dynamics with planned rig reactivations and continued investments in equipment and technology.

Key financial results

Total revenue: $1.117 billion; Net loss attributable to common stockholders: ~$24.6 million (reported as $25 million); Adjusted EBITDA: $205 million; Diluted EPS: $(0.06); Quarterly dividend declared: $0.10/share (payable June 15, 2026; record June 1, 2026).

Cash flow and balance sheet

Net cash provided by operating activities: $63.9 million; Purchases of property & equipment (capex): $116.6 million; Ending cash, cash equivalents and restricted cash: $337.2 million; Total assets: $5.36 billion; Total equity: $3.166 billion; Long-term debt, net: ~$212 million.

Drilling Services

Drilling Services revenue: ~$352 million; adjusted gross profit: ~$134 million. U.S. contract drilling logged 8,301 operating days with an average of 92 rigs in the quarter. Pricing was relatively steady and the segment benefited from cost-reduction measures implemented late in 2025.

Completion Services

Completion Services revenue: ~$680 million; adjusted gross profit: ~$98 million. Activity was disrupted by roughly five days of winter-storm downtime, but utilization of active equipment remained high (natural gas–powered equipment near full utilization). Management says the fleet is near full utilization and is discussing pricing increases with customers.

Drilling Products & Other

Drilling Products revenue: ~$80 million; adjusted gross profit: ~$33 million. The segment faced headwinds from Middle East geopolitical events (roughly 10–15% of segment revenue), causing higher personnel/logistics costs and reduced offshore activity. Other revenue: ~$6 million with adjusted gross profit ~$3 million.

Second-quarter 2026 outlook

Q2 expectations: average U.S. rig count ~90 (exiting the quarter higher as rigs are reactivated); Drilling Services adjusted gross profit ~ $130 million (includes ~$5 million rig reactivation costs and minimal near-term revenue from reactivated rigs); Completion Services adjusted gross profit ~ $105 million; Drilling Products expected to decline slightly; G&A ~ $67 million; depreciation, depletion, amortization & impairment ~ $220 million. Management expects working capital headwinds in H1 to reverse later in the year and stronger free cash flow potential overall.

Management perspective

Management views geopolitical events as a market inflection that has raised the commodity strip and expects U.S. onshore activity to need to increase to hold production steady. Company priorities remain investing in equipment and digital technology to strengthen long-term operating advantage, preserving a strong balance sheet, generating sustainable free cash flow, and returning capital to shareholders.