PTEN · Patterson-UTI Energy, Inc.

Patterson-UTI Energy delivered Q1 2026 results with total revenue of $1.1 billion amid a challenging commodity environment, as noted by CEO Andy Hendricks, who highlighted solid operations despite customer budgets built on lower oil price assumptions. The net loss attributable to common stockholders was $25 million or $(0.06) per diluted share, with Adjusted EBITDA of $205 million reflecting resilience. Segment performance showed Drilling Services revenue at $352 million and adjusted gross profit of $134 million, supported by 8,301 U.S. contract drilling days with an average of 92 rigs working, steady pricing, and benefits from 2025 cost reductions, plus $3 million in early termination payments. Completion Services generated $680 million in revenue and $98 million adjusted gross profit, hampered by roughly 5 days of winter storm disruptions but maintaining high utilization, especially for natural gas-powered equipment. Drilling Products reported $80 million revenue and $33 million adjusted gross profit, impacted by Middle East geopolitical events affecting 10-15% of segment revenue through higher costs and reduced offshore activity. For Q2, management guides Drilling Services adjusted gross profit to ~$130 million with an average 90 U.S. rigs, exiting higher due to reactivations, and Completion Services at ~$105 million amid near-full utilization and price increase discussions. Balance sheet remains solid with $337 million cash, $1.22 billion long-term debt, and ongoing $0.10 quarterly dividend commitment signals confidence in free cash flow potential as working capital normalizes.