PTEN · Patterson Uti Energy Inc
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. Patterson-UTI posted Q2 revenue of $1.23B (up 10% sequentially) and Adjusted EBITDA of $232M, with activity and pricing beating prior guidance across drilling, completions, and drilling products; management guides Q3 Drilling Services adjusted gross profit to ~$145M and Completion Services adjusted gross profit to ~$140M, and expects meaningful free cash flow improvement in 2027.
- + Q2 revenue rose 10% sequentially to $1.23B and Adjusted EBITDA reached $232M, with each segment beating mid-quarter guidance
- + New drilling term contracts signed at pricing up 10-15% versus start of year, with high-spec rigs signed on six-month-or-longer contracts into 2027
- + Drilling rig count exiting Q2 at 96 and expected to average ~100 in Q3 and exit higher, signaling activity inflection
- + Completion Services delivered $123M adjusted gross profit on $754M revenue with high utilization and price increases, and Q3 guidance steps up to ~$140M
- + Drilling Products posted record revenue since the Ulterra acquisition with Q3 guidance stepping up to ~$40M adjusted gross profit
- − Q2 net loss attributable to common shareholders was $20M ($0.05/share), including $21M non-cash charge from exiting Colombia contract drilling
- − Working capital was a meaningful cash use in 1H and is creating a near-term headwind to free cash flow even as activity ramps
- − 2026 capex net of asset sales raised to ~$600M with significant spend on Emerald gas-powered frac upgrades and rig upgrades not contributing to results until late 2026/2027
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Oil & Gas Drilling — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PTEN
this stock
Patterson Uti Energy Inc
|
$4.16B | +78.7% | -10.3% | — | 9.0% |
|
NE
Noble Corp plc
|
$6.84B | +47.8% | +7.4% | 46.0 | 9.2% |
|
RIG
Transocean Ltd.
|
$6.01B | +26.9% | -28.6% | — | 24.9% |
|
VAL
Valaris Ltd
|
$5.62B | +55.8% | +0.3% | 6.1 | 8.6% |
|
HP
Helmerich & Payne, Inc.
|
$3.85B | +29.5% | +35.9% | — | 7.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PTEN | -1.4% | -14.6% | +7.7% | -13.6% | +78.7% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -0.7% | -14.7% | -4.5% | -13.0% | +66.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.