Patterson-UTI Energy Inc. reported a total revenue of $4.83 billion for the fiscal year ended December 31, 2025, a decrease of 10.2% from $5.38 billion in 2024. The company's net loss for the year was $9.9 million, compared to a profit of $9.5 million in the previous year. The decline in revenue was primarily attributed to reduced activity in the oil and gas sector, driven by lower oil prices and a decrease in the average number of operating rigs. The average oil price per barrel was $65.39 in 2025, down from $76.63 in 2024, which significantly impacted the company's financial performance.
In terms of operational metrics, Patterson-UTI's average active rig count in the U.S. fell to 93 rigs in the fourth quarter of 2025, down from 105 rigs at the end of 2024. The company drilled 2,090 wells in 2025, a decrease from 2,376 wells in 2024. The completion services segment also saw a decline in revenue, totaling $2.89 billion, down 10.5% from the previous year, largely due to lower service pricing and reduced activity in hydraulic fracturing operations. The drilling products segment reported a slight revenue decrease of 2.3%, reflecting lower activity in Saudi Arabia and a reduced U.S. rig count.
Strategically, Patterson-UTI has focused on enhancing its service offerings and operational efficiencies. The company has invested in natural gas-powered solutions and advanced technologies to meet customer demands for lower-emission operations. In 2023, Patterson-UTI expanded its capabilities through the acquisition of NexTier Oilfield Solutions and Ulterra, which have contributed to its service portfolio. The company also reported a backlog of $291 million in contract drilling services as of December 31, 2025, down from $426 million in 2024, indicating a potential decline in future revenue from fixed-term contracts.
Looking ahead, Patterson-UTI anticipates capital expenditures of approximately $500 million for 2026, reflecting a cautious approach amid ongoing market volatility. The company expects its rig count to remain in the low-to-mid 90s in the first quarter of 2026, supported by term contracts. However, the outlook remains uncertain due to fluctuating oil prices, geopolitical tensions, and macroeconomic conditions that could impact customer spending and demand for services. The company continues to monitor these factors closely as it navigates the evolving landscape of the oil and gas industry.
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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