Patterson-UTI Energy, Inc. is an oilfield services group listed on Nasdaq under the symbol PTEN and headquartered at 10713 West Sam Houston Parkway North in Houston, Texas. Its history combines the drilling operations that Patterson Energy began in West Texas in 1978 with UTI Energy, spun off in 1987 from a gas production company in the north-eastern United States; the two merged in 2001 and the company has grown since through acquisitions. Andy Hendricks is chief executive officer, Andy Smith is chief financial officer and Michael Sabella leads investor relations.
From rig contractor to a four-segment services group
The company reports in four segments: Drilling Services, Completion Services, Drilling Products and Other. Alongside the Patterson-UTI Drilling rig fleet it owns or operates a group of branded businesses, including NexTier for well completion, Ulterra for drill bits, MS Directional for directional drilling, Superior QC for wellbore guidance and navigation, Current Power for electrical power systems and controls, and Warrior Rig Technologies for rig equipment. It also markets power services, integrated solutions and a performance optimisation line built on drilling automation. Patterson-UTI describes itself as providing contract drilling, integrated well completion and directional drilling services in the United States, with specialised bit solutions sold in the United States, the Middle East and other regions.
Drilling Services: rig count, pricing and the Colombia exit
Second-quarter 2026 Drilling Services revenue was $374 million with adjusted gross profit of $114 million. US contract drilling operating days totalled 8,361 at an average of 92 rigs running, and activity improved through the quarter to 96 rigs at the end of June. The company reported pricing increases of roughly 10-15% on recently awarded term contracts compared with levels at the start of the year, and said customers were showing growing interest in structural rig upgrades. During the quarter it decided to exit its contract drilling operations in Colombia, where it had averaged less than one rig, taking a non-cash charge of about $20 million on inventory and other assets; excluding that, adjusted gross profit for the segment would have been $134 million. The APEX rig fleet is the core of the drilling offer, supported by directional drilling crews and a growing downhole motor rental business.
Completion Services and the Emerald gas-fuelled fleet
Completion Services, delivered mainly through NexTier, produced revenue of $754 million and adjusted gross profit of $123 million in the June 2026 quarter. Management reported high pressure pumping utilisation, with revenue per pump hour up by a mid-single-digit percentage sequentially on firmer core pricing and a larger contribution from integrated completion work. The strongest percentage gain in gross profit came from the Power Solutions natural gas fuelling business. Capital spending is being directed at the Emerald natural gas direct drive frac technology, and the company said it would continue retiring diesel equipment without increasing active horsepower during the second half of 2026. Because completion demand typically follows drilling by three to six months, it expected the rising rig count to feed through gradually.
Drilling Products and international bit sales
Drilling Products, built on the Ulterra bit business acquired in 2023, posted revenue of $91 million and adjusted gross profit of $37 million, its strongest quarter since that acquisition. International revenue set a company record even as the business worked around softer conditions in the Middle East, its largest international market, and the seasonal spring breakup in Canada, while revenue per US industry rig approached record levels. The small Other segment contributed $9 million of revenue and $7 million of adjusted gross profit. A separate monthly drilling activity report keeps investors informed between quarterly results: the company averaged 101 rigs operating in the United States during August 2026 and 100 rigs across the two months to 31 August 2026.
Financial position and third-quarter outlook
Total revenue for the quarter ended 30 June 2026 was $1.228 billion, about 10% higher than the first quarter, but the company recorded a net loss attributable to common stockholders of $20 million after the Colombia charge and a $5 million write-down of other non-controlling investments. Adjusted net income was $1 million and adjusted EBITDA was $232 million. Cash and restricted cash stood at $203 million against $1.234 billion of long-term debt, and the board declared a quarterly dividend of $0.10 per share, paid on 15 September 2026 to holders of record on 1 September 2026. Guidance for the September 2026 quarter was an average US rig count of about 100, Drilling Services adjusted gross profit of roughly $145 million, Completion Services of roughly $140 million, Drilling Products of roughly $40 million, general and administrative expense of about $70 million and depreciation, depletion, amortisation and impairment of about $225 million. Full-year capital expenditure, net of asset sales, is expected to be about $600 million.
Safety, community programmes and operating locations
Patterson-UTI runs its safety effort under the LiveSafe programme, which it applies across all businesses, and a community and employee wellness programme called PTEN Cares; employees and third parties can raise concerns through the SHARP ethics hotline. Environmental, social and safety performance is published in a separate sustainability report. Beyond the Houston head office, operational and sales offices listed by the drilling business include Mills and Boulder in Wyoming, Williston in North Dakota, Fruita and Denver in Colorado, Oklahoma City and El Reno in Oklahoma, and Louisville and St. Clairsville in Ohio, reflecting the onshore basins the group works in. Corporate media enquiries are handled on a dedicated line rather than by e-mail.