Patterson-UTI Q2 FY26 net loss narrows to $20 million; revenue rises 10% vs Q1 to $1.2 billion

Patterson-UTI posted Q2 net loss attributable to common stockholders of $20 million, despite revenue rising 10% sequentially to $1.2 billion.

Adjusted EBITDA came in at $232 million; adjusted net income attributable to common stockholders was $1 million on Colombia drilling exit charges.

Drilling Services revenue was $374 million; U.S. contract drilling averaged 92 rigs, exiting the quarter at 96 on higher demand.

Completion Services revenue climbed to $754 million; management said the frac fleet was effectively sold out, with pricing talks “very constructive.”

For Q3, management expects average U.S. rig count near 100; adjusted gross profit seen at $145 million in Drilling Services and $140 million in Completion.