US Market News
2月前
Patterson-UTI Energy Reports Financial Results for the Quarter Ended March 31, 2026April 22, 2026 5:35 PM
ACCESS NewswireHOUSTON, TX / ACCESS Newswire / April 22, 2026 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended March 31, 2026.First Quarter 2026 Financial Results and Other Key ItemsFirst Quarter 2026 Total Revenue of $1.1 billionFirst Quarter 2026 Net Loss Attributable to Common Stockholders of $25 millionFirst Quarter 2026 Adjusted EBITDA(1) of $205 millionDeclared a quarterly dividend of $0.10 per share, payable on June 15, 2026 to holders of record as of June 1, 2026Management Commentary"We delivered another quarter of solid operating results, as our businesses successfully navigated a challenging commodity environment to start the year," said Andy Hendricks, Chief Executive Officer. "We are pleased with our performance given the macro backdrop earlier this year, with customers operating under budgets that were built around much lower oil price assumptions than what we see today. We continue to prioritize equipment and technology investments that improve demand for our drilling and completion businesses and help manage costs. We expect the benefits of these investments to build over time, particularly as U.S. land drilling and completion activity improves.""Looking ahead, geopolitical events have significantly increased the commodity strip for the next several years, and we believe U.S. activity will need to go higher just to hold U.S. onshore oil production steady," continued Mr. Hendricks. "The second quarter represents a market inflection in response to improved commodity prices. As a result, in our Drilling Services segment we are activating drilling rigs later in the second quarter, and we anticipate reactivating additional rigs in the second half of 2026. In our Completion Services segment, we are close to full utilization across our active fleet, and we are discussing price increases with our customers to more appropriately reflect an increasing demand environment coupled with current high industry utilization.""We continue to be excited about the strong free cash flow potential for our company this year," said Andy Smith, Chief Financial Officer. "Working capital headwinds in the first half of the year typically give way to tailwinds as the year progresses, and we expect this progression to be the same this year. As we continue to assess the outlook for the company under a new commodity price scenario, our corporate priorities remain unchanged; invest in equipment and digital technology that we believe will enhance our long-term sustainable operating advantage, generate strong and sustainable free cash flow, maintain a strong balance sheet, and return capital to our shareholders."Drilling ServicesFirst quarter Drilling Services segment revenue totaled $352 million, with adjusted gross profit(2) of $134 million. Our U.S. Contract Drilling operating days totaled 8,301, with an average of 92 rigs working in the quarter. Revenue and adjusted gross profit during the first quarter included approximately $3 million in early termination payments.Pricing was relatively steady for our U.S. Contract Drilling business. Additionally, we saw a full quarter of benefit for cost reduction measures that were implemented towards the end of 2025.Completion ServicesFirst quarter Completion Services revenue totaled $680 million, with adjusted gross profit of $98 million.First quarter activity in our Completion Services segment was impacted by roughly 5 days of disruption from winter storms across nearly our entire fleet. Aside from the associated downtime from the winter storms, utilization of our active equipment remained high, and equipment that can be powered by natural gas was near full utilization.Drilling ProductsFirst quarter Drilling Products revenue totaled $80 million, with adjusted gross profit of $33 million.Results in our Drilling Products segment were solid despite some industry headwinds. The segment was impacted by geopolitical events in the Middle East, with the Middle East comprising roughly 10-15% of the segment revenue. Starting late in the quarter, in the Middle East we saw an increase in costs, including personnel and logistics costs, some disruption associated with getting products to location, and a reduction in offshore activity.OtherFirst quarter Other revenue totaled $6 million, with adjusted gross profit of $3 million.OutlookFor the second quarter in Drilling Services, we expect an average U.S. rig count of approximately 90 rigs. We anticipate exiting the quarter at a higher level than the quarterly average, as we reactivate rigs during the second half of the quarter-resulting in an exit rate near our highest activity level so far this year. We expect adjusted gross profit in the Drilling Services segment of approximately $130 million. This outlook includes approximately $5 million of rig reactivation costs, with minimal second-quarter revenue expected from those rigs.In our Completion Services segment for the second quarter, we expect adjusted gross profit to be approximately $105 million, with continued high utilization of our active equipment. We will continue to prioritize investments that high-grade our assets with technologies that we believe will generate attractive long-term returns, versus investing to extend the life of diesel equipment.In our Drilling Products segment for the second quarter, we expect adjusted gross profit will decline slightly compared to the first quarter. We expect lower activity in Canada with normal seasonal spring breakup, as well as an increase in international costs, particularly in the Middle East.We expect Other adjusted gross profit in the second quarter to be approximately $5 million.For the second quarter, we expect general and administrative expense to be approximately $67 million, and we expect depreciation, depletion, amortization, and impairment expense of approximately $220 million.All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.First Quarter Earnings Conference CallThe Company's quarterly conference call to discuss the operating results for the quarter ended March 31, 2026, is scheduled for April 23, 2026, at 9:00 a.m. Central Time. The dial-in information for participants is (800) 715-9871 (Domestic) and (646) 307-1963 (International). The conference ID for both numbers is 5526772. The call is also being webcast and can be accessed through the Investor Relations section of the Company's website at investor.patenergy.com. A replay of the conference call will be on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "predict," "project," "pursue," "see," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including, without limitation, statements regarding Patterson-UTI's future expectations, beliefs, plans, strategy, objectives, financial conditions, operations outlook, assumptions or future events or performance, activity levels, active rig count projections, contract terms, capex spending and budgets, future cash flow, future use of generated cash flow, customer demand, future commodity prices, outlook for international and domestic markets, and timing and amount of dividends, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. For information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and other disclosures in Patterson-UTI's SEC filings, including but not limited to its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.Additional information concerning risks and uncertainties associated with Patterson-UTI's business is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.Non-GAAP Financial Measures(1) Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is not defined by GAAP. See Non-GAAP Financial Measures below for a reconciliation of net income to Adjusted EBITDA.(2) Adjusted gross profit is considered a non-GAAP financial measure. See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment. PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
March 31,
2026 December 31,
2025 ASSETS
Current assets:
Cash, cash equivalents and restricted cash $337,244 $420,642 Accounts receivable, net 742,379 723,277 Inventory 150,592 160,280 Other current assets 92,057 113,892 Total current assets 1,322,272 1,418,091 Property and equipment, net 2,627,928 2,711,037 Goodwill 487,388 487,388 Intangible assets, net 784,217 814,810 Other assets 138,714 139,140 Total assets $5,360,519 $5,570,466 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $442,423 $470,782 Accrued liabilities 256,326 366,488 Other current liabilities 21,502 26,372 Total current liabilities 720,251 863,642 Long-term debt, net 1,221,363 1,221,038 Deferred tax liabilities, net 212,032 215,818 Other liabilities 41,170 45,253 Total liabilities 2,194,816 2,345,751 Stockholders' equity: Stockholders' equity attributable to controlling interests 3,159,375 3,218,538 Noncontrolling interest 6,328 6,177 Total equity 3,165,703 3,224,715 Total liabilities and stockholders' equity $5,360,519 $5,570,466 PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025 REVENUES $1,117,331 $1,150,813 $1,280,537 COSTS AND EXPENSES: Direct operating costs 849,155 871,892 961,414 Depreciation, depletion, amortization and impairment 218,394 220,942 231,866 General and administrative 68,763 62,058 66,930 Other operating expense (income), net (4,664) (3,844) 3,382
Total operating costs and expenses 1,131,648 1,151,048 1,263,592
OPERATING INCOME (LOSS) (14,317) (235) 16,945
OTHER INCOME (EXPENSE): Interest income 2,765 2,433 1,464 Interest expense, net of amount capitalized (17,485) (17,678) (17,697)Other income (expense) 965 354 1,968
Total other income (expense) (13,755) (14,891) (14,265)
INCOME (LOSS) BEFORE INCOME TAXES (28,072) (15,126) 2,680
INCOME TAX EXPENSE (BENEFIT) (3,596) (5,929) 1,390
NET INCOME (LOSS) (24,476) (9,197) 1,290
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST 151 (103) 285
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $(24,627) $(9,094) $1,005
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE: Basic $(0.06) $(0.02) $0.00 Diluted $(0.06) $(0.02) $0.00 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 379,587 379,243 386,521 Diluted 379,587 379,243 387,044 CASH DIVIDENDS PER COMMON SHARE $0.10 $0.08 $0.08 PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended
March 31,
2026 2025 Cash flows from operating activities:
Net income (loss) $(24,476) $1,290 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion, amortization and impairment 218,394 231,866 Deferred income tax expense (benefit) (3,792) 359 Stock-based compensation 4,412 12,289 Net (gain) loss on asset disposals 1,861 (709)Other (1,600) (166)Changes in operating assets and liabilities (130,941) (36,788)Net cash provided by operating activities 63,858 208,141
Cash flows from investing activities: Purchases of property and equipment (116,628) (161,831)Proceeds from disposal of assets, including insurance recoveries 12,220 4,380 Other (1,618) (7,053)Net cash used in investing activities (106,026) (164,504)
Cash flows from financing activities: Purchases of treasury stock (350) (20,295)Dividends paid (37,960) (30,877)Payments of finance leases (1,959) (2,632)Other - (5,069)Net cash used in financing activities (40,269) (58,873)Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (961) (853)Net change in cash, cash equivalents and restricted cash (83,398) (16,089)Cash, cash equivalents and restricted cash at beginning of period 420,642 241,293 Cash, cash equivalents and restricted cash at end of period $337,244 $225,204 PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Drilling Services
Revenues $351,717 $360,777 $412,860 Direct operating costs $217,861 $228,426 $247,629 Adjusted gross profit (1) $133,856 $132,351 $165,231 Depreciation, amortization and impairment $83,944 $85,044 $84,972 General and administrative $7,097 $4,013 $3,945 Other operating expense (income), net $(1,488) $298 $- Operating income (loss) $44,303 $42,996 $76,314
Operating days - U.S. (2) 8,301 8,596 9,573
Capital expenditures $54,421 $61,194 $73,458
Completion Services Revenues $679,587 $701,560 $766,080 Direct operating costs $581,486 $590,657 $657,681 Adjusted gross profit (1) $98,101 $110,903 $108,399 Depreciation, amortization and impairment $111,472 $110,941 $115,826 General and administrative $7,330 $9,863 $11,409 Other operating expense (income), net $- $(6,300) $- Operating income (loss) $(20,701) $(3,601) $(18,836)Capital expenditures $45,101 $59,069 $62,173
Drilling Products Revenues $79,797 $83,774 $85,663 Direct operating costs $46,924 $49,590 $46,940 Adjusted gross profit (1) $32,873 $34,184 $38,723 Depreciation, amortization and impairment $19,846 $20,515 $22,876 General and administrative $7,923 $6,911 $9,119 Operating income (loss) $5,104 $6,758 $6,728 Capital expenditures $15,842 $14,616 $18,222
Other (3) Revenues $6,230 $4,702 $15,934 Direct operating costs $2,884 $3,219 $9,164 Adjusted gross profit (1) $3,346 $1,483 $6,770 Depreciation, depletion, amortization and impairment $1,269 $2,429 $6,336 General and administrative $2 $1 $204 Operating income (loss) $2,075 $(947) $230 Capital expenditures $1,111 $3,411 $3,596
Corporate Depreciation $1,863 $2,013 $1,856 General and administrative $46,411 $41,270 $42,253 Other operating expense (income), net $(3,176) $2,158 $3,382 Capital expenditures $153 $223 $4,382
Total Capital Expenditures $116,628 $138,513 $161,831 Adjusted gross profit, which is considered a non-GAAP financial measure, is defined as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment.Operational data relates to our contract drilling business. A rig is considered to be operating if it is earning revenue pursuant to a contract on a given day.Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests. PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted EBITDA Reconciliations
(unaudited, dollars in thousands)The following table reconciles Net income (loss) per the information below to Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as reported on the unaudited Condensed Consolidated Statements of Operations:
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025 Net income (loss) $(24,476) $(9,197) $1,290 Income tax expense (benefit) (3,596) (5,929) 1,390 Net interest expense 14,720 15,245 16,233 Depreciation, depletion, amortization and impairment 218,394 220,942 231,866 Merger and integration expense - 6 432 Adjusted EBITDA(1) $205,042 $221,067 $251,211
Total revenues $1,117,331 $1,150,813 $1,280,537
Adjusted EBITDA by Operating Segment: Drilling Services $128,247 $128,040 $161,286 Completion Services 90,771 107,340 96,990 Drilling Products 24,950 27,273 29,604 Other 3,344 1,482 6,566 Corporate (42,270) (43,068) (43,235)Adjusted EBITDA $205,042 $221,067 $251,211 Adjusted EBITDA is not defined by accounting principles generally accepted in the United States of America ("GAAP"). We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted Gross Profit Reconciliations
(unaudited, dollars in thousands)The following table reconciles Adjusted gross profit to gross profit, which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to Adjusted gross profit.
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025 Drilling Services
Revenues $351,717 $360,777 $412,860 Less direct operating costs (217,861) (228,426) (247,629)Less depreciation, amortization and impairment (83,944) (85,044) (84,972)GAAP gross profit (loss) 49,912 47,307 80,259 Depreciation, amortization and impairment 83,944 85,044 84,972 Adjusted gross profit (1) $133,856 $132,351 $165,231
Completion Services Revenues $679,587 $701,560 $766,080 Less direct operating costs (581,486) (590,657) (657,681)Less depreciation, amortization and impairment (111,472) (110,941) (115,826)GAAP gross profit (loss) (13,371) (38) (7,427)Depreciation, amortization and impairment 111,472 110,941 115,826 Adjusted gross profit (1) $98,101 $110,903 $108,399
Drilling Products Revenues $79,797 $83,774 $85,663 Less direct operating costs (46,924) (49,590) (46,940)Less depreciation, amortization and impairment (19,846) (20,515) (22,876)GAAP gross profit (loss) 13,027 13,669 15,847 Depreciation, amortization and impairment 19,846 20,515 22,876 Adjusted gross profit (1) $32,873 $34,184 $38,723
Other Revenues $6,230 $4,702 $15,934 Less direct operating costs (2,884) (3,219) (9,164)Less depreciation, depletion, amortization and impairment (1,269) (2,429) (6,336)GAAP gross profit (loss) 2,077 (946) 434 Depreciation, depletion, amortization and impairment 1,269 2,429 6,336 Adjusted gross profit (1) $3,346 $1,483 $6,770 Adjusted gross profit is considered a non-GAAP financial measure. We define "Adjusted gross profit" as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.CONTACT:Michael Sabella
Vice President, Investor Relations
(281) 885-7589SOURCE: Patterson-UTI EnergyView the original press release on ACCESS NewswireOriginal: Patterson-UTI Energy Reports Financial Results for the Quarter Ended March 31, 2026
US Market News
5月前
Patterson-UTI Energy Reports Financial Results for the Quarter Ended December 31, 2025February 4, 2026 4:30 PM
ACCESS NewswireHOUSTON, TEXAS / ACCESS Newswire / February 4, 2026 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended December 31, 2025.Fourth Quarter 2025 Financial Results and Other Key ItemsFourth Quarter 2025 Total Revenue of $1.2 billionFourth Quarter 2025 Net Loss Attributable to Common Stockholders of $9 millionFourth Quarter 2025 Adjusted EBITDA of $221 millionFull year 2025 Cash from Operations of $961 million, Adjusted Free Cash Flow of $416 million in 2025Quarterly dividend raised by 25% to $0.10 per share, payable on March 16, 2026 to holders of record as of March 2, 2026Management Commentary"We closed 2025 with a strong fourth quarter, delivering steady results during what is typically a seasonally soft period," said Andy Hendricks, Chief Executive Officer. "This performance reflects strong operational execution in our core businesses and continued cost control in a challenging commodity environment. The results for 2025 highlight the margin resilience of our diversified drilling and completion operations and the effectiveness of our team in executing our strategic objectives. Despite a challenging market in 2025, we again delivered on our objective for strong free cash flow generation at all points in the cycle. I would like to thank the employees of Patterson-UTI for their hard work in 2025, and we look forward to delivering again in 2026.""U.S. drilling and completion activity has held relatively steady as we begin 2026," continued Mr. Hendricks. "Oil prices have been resilient, despite increased OPEC+ supply and a subdued global economic growth forecast. In natural gas basins, growing LNG exports and rising domestic demand remain a long-term tailwind for drilling and completion activity as our customers assess the long-term outlook for the commodity.""We delivered another year of strong free cash flow through a disciplined, company-wide focus on cash management and capital allocation," said Andy Smith, Chief Financial Officer. "We expect to continue delivering strong free cash flow in 2026, and given our free cash flow expectations, we are increasing our quarterly dividend by 25% to $0.10 per share. Over the past two years, we have returned approximately two-thirds of our adjusted free cash flow to investors through dividends and share repurchases, and we remain committed to returning at least 50% of our adjusted free cash flow to our shareholders."Drilling ServicesFourth quarter Drilling Services segment revenue totaled $361 million, with adjusted gross profit of $132 million. Our U.S. Contract Drilling operating days totaled 8,596, with an average of 93 rigs working in the quarter.In our U.S. Contract Drilling business, our successful cost reduction measures mostly offset the revenue decrease during the quarter.Nearly all our rigs are now equipped with our proprietary Cortex® automation applications, and we see strong demand as we continue to develop new automation software applications to further differentiate our operations. As well designs become more complex, we expect to see a continued bifurcation among service providers, and the quality of our rigs and operating platform position us favorably going forward. Given strong performance, we are experiencing ongoing success with our performance-based agreements, with customers increasingly looking to partner with drilling contractors who can enhance operational efficiency.Completion ServicesFourth quarter Completion Services revenue totaled $702 million, with adjusted gross profit of $111 million.We experienced minimal holiday-related downtime, as most customers maintained consistent completion activity compared to the third quarter. For crews where dedicated customers did take extended holiday breaks, our commercial team efficiently managed frac schedules to keep our fleets operating near full utilization. Overall, fourth quarter completion activity and pricing were steady compared to the previous quarter.Completion Services adjusted EBITDA was higher in the second half of 2025 compared to the first half, reflecting the quality of our fleet and the investments we have made over the past year to add new technology to our portfolio, streamline operations, and improve our cost structure. We will continue to redirect capital in our completions business to high-grade our fleet over the next year. As we direct our capital towards high-grading our asset base, we are likely to have fewer fleets in operation as we continue to idle lower quality diesel assets.During the fourth quarter, we launched our proprietary eos™ Completions Digital Platform, which advances real-time visualization, controls and data integration throughout the completions process. We have revenue generating agreements in place and see strong customer demand for Vertex™ frac automation, fully integrated data management, fuel/proppant/chemicals logistics optimization, and reservoir analytics, all of which can be deployed on any of our frac fleets. eos and Vertex should have strong growth potential in 2026 and have already shown promising results in enabling a more efficient and consistent completion operation. Together, our differentiated digital and automation platform allows us to lower both operating and maintenance costs while also delivering more consistent service quality for the customer.Drilling ProductsFourth quarter Drilling Products revenue totaled $84 million, with adjusted gross profit of $34 million.Revenue per industry rig in the United States remained near company record levels, reflecting our strong market position in drill bits and the continued success of our downhole tool product innovations. International revenue was down slightly compared to the third quarter due to lower-than-expected sales in the Middle East, although we delivered revenue growth in several key markets, including Latin America and Asia-Pacific.In the fourth quarter, we opened a new manufacturing facility in Saudi Arabia and are now manufacturing drill bits in country, which should give us an advantage as growth resumes in the Middle East.OtherFourth quarter Other revenue totaled $5 million, with adjusted gross profit of $1 million.OutlookWithin the Drilling Services segment for the first quarter, we expect our average U.S. rig count will be in the low-to-mid 90s. We expect adjusted gross profit within the Drilling Services segment to decline by less than 5% from the fourth quarter.In our Completion Services segment for the first quarter, we expect adjusted gross profit to be approximately $95 million. We expect activity to decline slightly in the first quarter with an impact from first quarter winter weather.In our Drilling Products segment for the first quarter, we expect adjusted gross profit will improve slightly compared to the fourth quarter. We expect slightly lower revenue in the United States due to lower activity, which we expect will be offset by an increase in activity and revenue from our International business.We expect Other adjusted gross profit in the first quarter to be roughly flat compared to the fourth quarter.For the first quarter, we expect selling, general and administrative expense to be approximately $65 million, and we expect depreciation, depletion, amortization, and impairment expense of approximately $225 million.We continue to expect full-year 2026 capital expenditures to be less than $500 million, net of asset sales.All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.Fourth Quarter Earnings Conference CallThe Company's quarterly conference call to discuss the operating results for the quarter ended December 31, 2025, is scheduled for February 5, 2026, at 9:00 a.m. Central Time. The dial-in information for participants is (800) 715-9871 (Domestic) and (646) 307-1963 (International). The conference ID for both numbers is 5526772. The call is also being webcast and can be accessed through the Investor Relations section of the Company's website at investor.patenergy.com. A replay of the conference call will be on the Company's website for two weeks.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "predict," "project," "pursue," "see," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions, including the impact of commodity price volatility on industry outlook; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess supply of drilling and completions equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing Ukraine/Russia and Middle East conflicts and instability in other international regions; strength and financial resources of competitors; utilization, margins and planned capital expenditures; ability to obtain insurance coverage on commercially reasonable terms and liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology and the risk of obsolescence of existing technologies; the ability to attract and retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; difficulty in building and deploying new equipment; complications with the design or implementation of Patterson-UTI's new enterprise resource planning system; governmental regulation, including climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; changes to tax, tariff and import/export regulations and sanctions by the United States or other countries, including the impacts of any sustained escalation or changes in tariff levels or trade-related disputes; the ability to effectively identify and enter new markets or pursue strategic acquisitions; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; financial flexibility, including availability of capital and the ability to repay indebtedness when due; adverse credit and equity market conditions; our return of capital to stockholders, including timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands) December 31,
2025 December 31,
2024 ASSETS Current assets: Cash, cash equivalents and restricted cash $420,642 $241,293 Accounts receivable, net 723,277 763,806 Inventory 160,280 167,023 Other current assets 113,892 123,193 Total current assets 1,418,091 1,295,315 Property and equipment, net 2,711,037 3,010,342 Goodwill 487,388 487,388 Intangible assets, net 814,810 929,610 Other assets 139,140 110,811 Total assets $5,570,466 $5,833,466 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $470,782 $421,318 Accrued liabilities 366,488 385,751 Other current liabilities 26,372 34,924 Total current liabilities 863,642 841,993 Long-term debt, net 1,221,038 1,219,770 Deferred tax liabilities, net 215,818 238,097 Other liabilities 45,253 57,762 Total liabilities 2,345,751 2,357,622 Stockholders' equity: Stockholders' equity attributable to controlling interests 3,218,538 3,465,823 Noncontrolling interest 6,177 10,021 Total equity 3,224,715 3,475,844 Total liabilities and stockholders' equity $5,570,466 $5,833,466 PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2025 2025 2024 2025 2024 REVENUES $1,150,813 $1,175,954 $1,162,135 $4,826,624 $5,377,911 COSTS AND EXPENSES: Direct operating costs 871,892 893,833 859,659 3,656,502 3,919,869 Depreciation, depletion, amortization and impairment 220,942 225,598 254,599 940,264 1,171,873 Impairment of goodwill - - - - 885,240 Selling, general and administrative 62,058 61,976 73,079 255,072 268,337 Merger and integration expense 6 90 3,460 1,016 33,037 Other operating expense (income), net (3,850) 22,511 2,673 14,600 (10,708) Total operating costs and expenses 1,151,048 1,204,008 1,193,470 4,867,454 6,267,648 OPERATING INCOME (LOSS) (235) (28,054) (31,335) (40,830) (889,737) OTHER INCOME (EXPENSE): Interest income 2,433 1,480 928 6,649 5,729 Interest expense, net of amount capitalized (17,678) (17,488) (17,725) (70,508) (71,963)Other income (expense) 354 1,020 (1,333) 1,698 (975) Total other income (expense) (14,891) (14,988) (18,130) (62,161) (67,209) INCOME (LOSS) BEFORE INCOME TAXES (15,126) (43,042) (49,465) (102,991) (956,946) INCOME TAX EXPENSE (BENEFIT) (5,929) (6,592) 1,927 (9,937) 9,453 NET INCOME (LOSS) (9,197) (36,450) (51,392) (93,054) (966,399) NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST (103) (48) 190 581 1,632 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $(9,094) $(36,402) $(51,582) $(93,635) $(968,031) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE: Basic $(0.02) $(0.10) $(0.13) $(0.24) $(2.44)Diluted $(0.02) $(0.10) $(0.13) $(0.24) $(2.44)WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 379,243 382,819 389,450 383,465 397,196 Diluted 379,243 382,819 389,450 383,465 397,196 CASH DIVIDENDS PER COMMON SHARE $0.08 $0.08 $0.08 $0.32 $0.32 PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands) Twelve Months Ended December 31, 2025 2024 Cash flows from operating activities: Net income (loss) $(93,054) $(966,399)Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion, amortization and impairment 940,264 1,171,873 Impairment of goodwill - 885,240 Deferred income tax expense (benefit) (21,677) (1,765)Stock-based compensation 39,286 46,352 Net (gain) loss on asset disposals (693) (3,688)Other 737 7,936 Changes in operating assets and liabilities 96,356 35,987 Net cash provided by operating activities 961,219 1,175,536 Cash flows from investing activities: Purchases of property and equipment (589,029) (678,386)Investment in unconsolidated affiliate (10,500) - Proceeds from disposal of assets, including insurance recoveries 44,117 25,832 Other (11,741) (2,190)Net cash used in investing activities (567,153) (654,744) Cash flows from financing activities: Purchases of treasury stock (69,636) (290,427)Dividends paid (122,453) (126,791)Proceeds from revolving credit facility - 50,000 Repayment of revolving credit facility - (50,000)Payments on finance leases (7,823) (45,484)Other (10,820) (12,290)Net cash used in financing activities (210,732) (474,992)Effect of foreign exchange rate changes on cash, cash equivalentsand restricted cash (3,985) 2,813 Net change in cash, cash equivalents and restricted cash 179,349 48,613 Cash, cash equivalents and restricted cash at beginning of period 241,293 192,680 Cash, cash equivalents and restricted cash at end of period $420,642 $241,293 PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2025 2025 2024 2025 2024 Drilling Services Revenues $360,777 $380,200 $408,385 $1,557,642 $1,727,810 Direct operating costs $228,426 $246,407 $245,480 $977,234 $1,029,591 Adjusted gross profit (1) $132,351 $133,793 $162,905 $580,408 $698,219 Depreciation, amortization and impairment $85,044 $84,100 $85,174 $366,763 $477,398 Selling, general and administrative $4,013 $3,969 $4,741 $16,079 $16,502 Other operating expense (income), net $298 $8,600 $- $530 $- Operating income (loss) $42,996 $37,124 $72,990 $197,036 $204,319 Operating days - U.S. (2) 8,596 8,737 9,617 36,371 40,899 Capital expenditures $61,194 $46,691 $54,321 $236,517 $264,667 Completion Services Revenues $701,560 $705,275 $650,848 $2,892,247 $3,232,785 Direct operating costs $590,657 $594,118 $555,527 $2,461,539 $2,658,170 Adjusted gross profit (1) $110,903 $111,157 $95,321 $430,708 $574,615 Depreciation, amortization and impairment $110,941 $117,058 $135,852 $463,599 $564,155 Impairment of goodwill $- $- $- $- $885,240 Selling, general and administrative $9,863 $8,821 $9,703 $39,816 $41,557 Other operating expense (income), net $(6,300) $13,000 $- $6,700 $(17,792)Operating income (loss) $(3,601) $(27,722) $(50,234) $(79,407) $(898,545)Capital expenditures $59,069 $81,301 $61,469 $271,528 $320,329 Drilling Products Revenues $83,774 $85,880 $86,522 $343,707 $351,651 Direct operating costs $49,590 $50,265 $49,186 $196,130 $191,107 Adjusted gross profit (1) $34,184 $35,615 $37,336 $147,577 $160,544 Depreciation, amortization and impairment $20,515 $21,326 $27,328 $88,301 $100,610 Selling, general and administrative $6,911 $8,486 $10,209 $33,167 $35,860 Operating income (loss) $6,758 $5,803 $(201) $26,109 $24,074 Capital expenditures $14,616 $13,331 $15,834 $61,421 $61,687 Other (3) Revenues $4,702 $4,599 $16,380 $33,028 $65,665 Direct operating costs $3,219 $3,043 $9,466 $21,599 $41,001 Adjusted gross profit (1) $1,483 $1,556 $6,914 $11,429 $24,664 Depreciation, depletion, amortization and impairment $2,429 $923 $4,790 $13,226 $24,043 Selling, general and administrative $1 $(177) $59 $110 $708 Operating income (loss) $(947) $810 $2,065 $(1,907) $(87)Capital expenditures $3,411 $2,145 $2,894 $10,954 $21,813 Corporate Depreciation $2,013 $2,191 $1,455 $8,375 $5,667 Selling, general and administrative $41,270 $40,877 $48,367 $165,900 $173,710 Merger and integration expense $6 $90 $3,460 $1,016 $33,037 Other operating expense (income), net $2,152 $911 $2,673 $7,370 $7,084 Capital expenditures $223 $1,011 $5,832 $8,609 $9,890 Total Capital Expenditures $138,513 $144,479 $140,350 $589,029 $678,386 Adjusted gross profit is defined as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment.Operational data relates to our contract drilling business. A rig is considered to be operating if it is earning revenue pursuant to a contract on a given day.Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests. PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted EBITDA
(unaudited, dollars in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2025 2025 2024 2025 2024 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (1) : Net income (loss) $(9,197) $(36,450) $(51,392) $(93,054) $(966,399)Income tax expense (benefit) (5,929) (6,592) 1,927 (9,937) 9,453 Net interest expense 15,245 16,008 16,797 63,859 66,234 Depreciation, depletion, amortization and impairment 220,942 225,598 254,599 940,264 1,171,873 Legal accruals and settlements - 20,000 - 15,415 (17,792)Impairment of goodwill - - - - 885,240 Merger and integration expense 6 90 3,460 1,016 33,037 Adjusted EBITDA $221,067 $218,654 $225,391 $917,563 $1,181,646 Total revenues $1,150,813 $1,175,954 $1,162,135 $4,826,624 $5,377,911 Adjusted EBITDA by Operating Segment: Drilling Services $128,040 $128,224 $158,164 $566,214 $681,717 Completion Services 107,340 102,336 85,618 397,192 533,058 Drilling Products 27,273 27,129 27,127 114,410 124,684 Other 1,482 1,733 6,855 11,319 23,956 Corporate (43,068) (40,768) (52,373) (171,572) (181,769)Adjusted EBITDA $221,067 $218,654 $225,391 $917,563 $1,181,646 Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is not defined by accounting principles generally accepted in the United States of America ("GAAP"). We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, legal accruals and settlements, impairment of goodwill, and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted Free Cash Flow
(unaudited, dollars in thousands) Twelve Months Ended December 31, 2025 2024 Adjusted Free Cash Flow (1) : Net cash provided by operating activities $961,219 $1,175,536 Less capital expenditures (589,029) (678,386)Plus proceeds from disposal of assets, including insurance recoveries 44,117 25,832 Adjusted free cash flow $416,307 $522,982 We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets, including insurance recoveries. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted Gross Profit
(unaudited, dollars in thousands) Three Months Ended Twelve Months Ended December 31, September 30, December 31, December 31, 2025 2025 2024 2025 2024 Drilling Services Revenues $360,777 $380,200 $408,385 $1,557,642 $1,727,810 Less direct operating costs (228,426) (246,407) (245,480) (977,234) (1,029,591)Less depreciation, amortization and impairment (85,044) (84,100) (85,174) (366,763) (477,398)GAAP gross profit (loss) 47,307 49,693 77,731 213,645 220,821 Depreciation, amortization and impairment 85,044 84,100 85,174 366,763 477,398 Adjusted gross profit (1) $132,351 $133,793 $162,905 $580,408 $698,219 Completion Services Revenues $701,560 $705,275 $650,848 $2,892,247 $3,232,785 Less direct operating costs (590,657) (594,118) (555,527) (2,461,539) (2,658,170)Less depreciation, amortization and impairment (110,941) (117,058) (135,852) (463,599) (564,155)GAAP gross profit (loss) (38) (5,901) (40,531) (32,891) 10,460 Depreciation, amortization and impairment 110,941 117,058 135,852 463,599 564,155 Adjusted gross profit (1) $110,903 $111,157 $95,321 $430,708 $574,615 Drilling Products Revenues $83,774 $85,880 $86,522 $343,707 $351,651 Less direct operating costs (49,590) (50,265) (49,186) (196,130) (191,107)Less depreciation, amortization and impairment (20,515) (21,326) (27,328) (88,301) (100,610)GAAP gross profit (loss) 13,669 14,289 10,008 59,276 59,934 Depreciation, amortization and impairment 20,515 21,326 27,328 88,301 100,610 Adjusted gross profit (1) $34,184 $35,615 $37,336 $147,577 $160,544 Other Revenues $4,702 $4,599 $16,380 $33,028 $65,665 Less direct operating costs (3,219) (3,043) (9,466) (21,599) (41,001)Less depreciation, depletion, amortization and impairment (2,429) (923) (4,790) (13,226) (24,043)GAAP gross profit (loss) (946) 633 2,124 (1,797) 621 Depreciation, depletion, amortization and impairment 2,429 923 4,790 13,226 24,043 Adjusted gross profit (1) $1,483 $1,556 $6,914 $11,429 $24,664 We define "Adjusted gross profit" as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.Contact:Michael Sabella
Vice President, Investor Relations
(281) 885-7589SOURCE: Patterson-UTI EnergyView the original press release on ACCESS NewswireOriginal: Patterson-UTI Energy Reports Financial Results for the Quarter Ended December 31, 2025
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