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ACCESS Newswire·

Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2026

PTEN
  • Patterson-UTI Energy reported second quarter 2026 total revenue of $1.2 billion, reflecting a 10% sequential increase.
  • The company reported a net loss attributable to common stockholders of $20 million for the quarter.
  • Adjusted net income attributable to common stockholders was $1 million, excluding a $21 million non-cash charge for exiting Contract Drilling operations in Colombia & a $5 million non-cash write-down of other noncontrolling investments.
  • Second quarter 2026 Adjusted EBITDA totaled $232 million.
  • The board declared a quarterly dividend of $0.10 per share, payable on September 15, 2026, to holders of record as of September 1, 2026.
  • Drilling Services revenue was $374 million with adjusted gross profit of $114 million, including a decision to exit Contract Drilling operations in Colombia where less than one rig operated on average.
  • U.S. Contract Drilling operating days reached 8,361 in the quarter, with an average of 92 rigs operating & 96 rigs at quarter-end, while pricing on recent term contracts increased by approximately 10-15%.
  • Completion Services revenue totaled $754 million with adjusted gross profit of $123 million, driven by high pressure pumping utilization & improved pricing.
  • Drilling Products revenue was $91 million with adjusted gross profit of $37 million, marking the strongest quarterly revenue since the 2023 Ulterra acquisition.
  • Management expects third quarter average U.S. rig count to be approximately 100, with Drilling Services adjusted gross profit projected at $145 million & Completion Services adjusted gross profit at $140 million.
  • Total capital expenditures for 2026 remain on track to be approximately $600 million, net of asset sales.
  • The company anticipates that full-year 2026 free cash flow will more than cover 2026 dividend payments, with expectations for improved free cash flow in 2027.
  • The quarterly earnings conference call is scheduled for July 30, 2026, at 9:00 a.m. Central Time.