Patterson-UTI Energy, Inc. reported its financial results for the second quarter of 2026, revealing total operating revenues of $1.228 billion, a slight increase from $1.219 billion in the same quarter of 2025. The company experienced a net loss attributable to common stockholders of $19.6 million, or $(0.05) per share, compared to a net loss of $49.1 million, or $(0.13) per share, in the prior year. For the first half of 2026, revenues totaled $2.345 billion, down from $2.500 billion in the first half of 2025, with a net loss of $44.2 million compared to a loss of $48.1 million in the same period last year.
The company noted several significant changes in its financial performance compared to the previous fiscal period. Revenues from drilling services decreased by 11.2% year-over-year, while completion services revenues fell by 3.5%. However, the completion services segment saw an increase in adjusted gross profit of 5.9%, indicating improved operational efficiency despite lower revenues. The overall operating loss for the second quarter was $6.96 million, an improvement from a loss of $29.5 million in the same quarter of 2025.
Strategically, Patterson-UTI announced its decision to exit its contract drilling operations in Colombia, incurring approximately $21 million in exit costs during the second quarter. This decision was influenced by unfavorable market conditions and a challenging political environment in the region. The company also completed a $500 million offering of 6.05% senior notes due in 2036, using the proceeds to redeem its outstanding 2028 notes and for general corporate purposes. As of June 30, 2026, the company had a total long-term debt of $1.234 billion.
Operationally, Patterson-UTI reported a total of 148 marketed land-based drilling rigs, with a slight increase in activity as the quarter progressed, ending with 96 rigs operating. The company maintained a contract drilling backlog of approximately $365 million, with expectations that about 15% of this backlog will remain by June 30, 2027. The company’s employee headcount remained stable, reflecting its focus on maintaining operational efficiency amid fluctuating market conditions.
Looking ahead, Patterson-UTI anticipates improved performance in the third quarter of 2026, with expectations of higher adjusted gross profit across its segments, driven by increased rig counts and utilization rates. The company remains cautious about the impact of ongoing geopolitical tensions and commodity price volatility on its operations and financial performance, emphasizing the need for strategic capital allocation and operational flexibility in response to market dynamics.
About PATTERSON UTI ENERGY INC
Patterson-UTI Energy, Inc. provides contract drilling, well completion, and drilling product solutions to oil and natural gas exploration companies primarily in the U.S. and select international markets. Its core segments include drilling services, completion services, and drilling products, serving major operators with advanced, efficient equipment and integrated services. The company emphasizes technological innovation, safety, and environmental responsibility within the highly competitive energy services industry.
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