Patterson-uti Energy Stock Earnings Reports

Patterson-UTI reported Q1 2026 revenue of $1.117 billion, adjusted EBITDA of $205 million and a GAAP net loss of $25 million ($0.06/share). Management says the business is already seeing an inflection toward higher activity driven by a stronger oil price environment and geopolitical supply disruptions. Drilling Services ran ~92 rigs on average in Q1 and expects to exit Q2 near 92–95 rigs; modest rig reactivations and upgrade-led opportunities are being evaluated with disciplined capital allocation. Completion Services was effectively full (aside from ~5 days lost to a winter storm) with improving pricing conversations, limited available modern fleet capacity industry-wide, and a strategic focus on high-grading fleets toward natural gas–powered (Emerald) pumps; nameplate horsepower will decline as older diesel assets are not prioritized for reactivation. Drilling Products faced some Middle East disruption and input-cost inflation (notably tungsten), but market share gains were noted. Q1 CapEx totaled $117 million; cash on hand was $337 million and the revolver undrawn. The Board approved a $0.10 quarterly dividend. Management reiterated priorities: invest in differentiating technology (digital/AI and natural-gas equipment), maintain capital discipline and balance-sheet strength, favor returns over growth, and return capital to shareholders. Guidance: Q2 adjusted gross profit by segment ~Drilling Services $130M (includes $5M reactivation/mobilization costs), Completion Services $105M, Drilling Products modestly down; consolidated DD&A expected ~ $220M in Q2.