PATTERSON UTI ENERGY INC

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.

Patterson-UTI Energy Inc. completed the redemption of approximately $482.5 million aggregate principal amount of its 3.95% Senior Notes due 2028. This redemption was funded using a portion of the net proceeds from the company's previously announced offering of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. Additionally, at its Annual Meeting, stockholders approved an amendment to the 2021 Long-Term Incentive Plan, increasing the number of shares available for issuance by 28.9 million shares. Stockholders also elected ten directors, ratified PricewaterhouseCoopers LLP as the independent auditor, and approved executive compensation on an advisory basis.

Patterson-UTI Energy provided an investor presentation detailing a positive business outlook. The company expects Q2 2026 consolidated adjusted EBITDA to be approximately $220 million and revised its 2026 capital expenditures, net of asset sales, to ~$600 million to support growth. Drilling Services anticipates exiting Q2 with 95 active rigs, increasing to over 100 by year-end, with leading edge dayrates rising. Completion Services is experiencing stronger pricing tailwinds than expected, with further improvements projected for Q3. Additionally, the company plans to redeem all of its 3.95% Senior Notes due 2028 around June 4, 2026.

Patterson-UTI Energy, Inc. completed an offering of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. The company intends to use the net proceeds from the offering to redeem its outstanding 3.95% Senior Notes due 2028 and for general corporate purposes. The Notes are senior unsecured obligations, bearing interest semi-annually and maturing on May 15, 2036.

Patterson-UTI Energy, Inc. has entered into an underwriting agreement for the sale of $500 million aggregate principal amount of 6.050% Senior Notes due 2036. The company intends to use the net proceeds from this offering, along with cash on hand and borrowings, to redeem its approximately $482.5 million outstanding 3.95% Senior Notes due 2028. The redemption of the 2028 Notes is conditional upon the completion of the new senior debt securities offering.

Patterson-UTI Energy Inc. reported a net loss attributable to common stockholders of $(24.6) million, or $(0.06) per share, for Q1 2026, a significant decline from a net income of $1.0 million in Q1 2025. Total operating revenues decreased by 12.8% to $1.12 billion. The company declared a cash dividend of $0.10 per share and has approximately $694 million remaining under its share buyback program. Additionally, the company received a favorable final judgment in a legal dispute, which is currently under appeal.

Patterson-UTI Energy, Inc. amended its Second Amended and Restated Credit Agreement, extending the maturity date for $450 million of its $500 million revolving credit facility to January 31, 2031. This amendment also included an assignment of a $25 million commitment from HSBC Bank USA, N.A. to JPMorgan Chase Bank, N.A. The company retains options for further extensions and updated various definitions and fee structures within the agreement.

Patterson-UTI Energy, Inc. announced its financial results for the first quarter ended March 31, 2026. The company furnished a press release detailing these results as Exhibit 99.1 to its Form 8-K filing. This announcement provides investors with an update on the company's financial performance for the recent quarter.