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Patterson-UTI Energy — Third Quarter 2026 Earnings Summary

  • Total revenue rose 14% year-over-year to $1.342 billion, while net income turned positive at $28.4 million compared to a $36.4 million loss in Q3 2025; adjusted EBITDA increased to $264 million.
  • Management expects fourth-quarter adjusted gross profit of $150 million for Drilling Services and $140 million for Completion Services, though Drilling Products is forecast to decline 5-10% sequentially due to Saudi Arabia geopolitical risks.
  • The company returned $62 million to shareholders in the quarter via $24 million in share repurchases and declared a $0.10 quarterly dividend, with capital allocation continuing to prioritize debt reduction and high-return investments.
  • Outlook remains positive for 2027 with anticipated rig reactivations and increased completion demand, though near-term costs will include rig reactivation expenses and wind-down operations in Colombia.
Company
PATTERSON UTI ENERGY INC
Sector
Energy
Industry
Oil & Gas Drilling