Patterson-UTI Energy Q2 revenue rises on higher drilling activity
PTEN•Outlook
- Company expects Q3 Drilling Services adjusted gross profit of about $145 mln
- Company expects Q3 Completion Services adjusted gross profit of about $140 mln
- Company maintains 2026 capital expenditures guidance at about $600 mln
Result drivers
- Higher U.S. drilling activity - Co said increased U.S. onshore drilling, supported by higher commodity prices, drove revenue growth in Q2
- Improved pricing and utilization - Co cited stronger pricing and near-full utilization in Completion Services, along with increased demand and pricing in Drilling Services
- Strong Drilling Products performance - Drilling Products segment achieved record international revenue and strong U.S. revenue per rig, despite challenges in the Middle East and Canada
Quarterly results
- U.S. oilfield services provider's Q2 revenue rose 10% sequentially, beating analyst expectations
- Adjusted net income was $1 mln, excluding non-cash charges from Colombia exit and investment write-downs
- Company declared a quarterly dividend of $0.10 per share
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