Quarterly ResultJul 30, 2026, 06:07 AM
Patterson-UTI Q2 Revenue $1.2B, Net Loss $20M; Adj. EBITDA $232M
AI Summary
Patterson-UTI Energy reported Q2 2026 financial results, with total revenue increasing 10% sequentially to $1.2 billion. The company posted a net loss of $20 million attributable to common stockholders, or an adjusted net income of $1 million after excluding non-cash charges related to exiting Colombian drilling operations. Adjusted EBITDA reached $232 million. Management anticipates continued growth in drilling and completion activity and pricing in Q3, expecting full-year free cash flow to cover dividend payments.
Key Highlights
- Q2 2026 Total Revenue increased 10% sequentially to $1.2 billion.
- Reported Net Loss Attributable to Common Stockholders of $20 million.
- Achieved Adjusted EBITDA of $232 million for the quarter.
- Declared a quarterly dividend of $0.10 per share.
- Drilling Services adjusted gross profit was $114 million, or $134 million excluding Colombia exit costs.
- Completion Services adjusted gross profit reached $123 million.
- Forecasts Q3 Drilling Services adjusted gross profit of approximately $145 million.
- Maintained full-year 2026 capital expenditure guidance at $600 million.
Price Impact
More from PTEN