Patterson-UTI Energy Reports Q2 Results with Sequential Revenue Growth
Patterson-UTI Energy (NASDAQ:PTEN) reported second-quarter revenue of $1.228 billion, a 10% increase from the first quarter driven by stronger drilling activity and improved pricing across its segments. Despite this growth, the company posted a net loss of $20 million due to non-cash charges related to exiting operations in Colombia and write-downs on minority interests. The firm generated adjusted EBITDA of $232 million for Q2 and expects continued momentum into Q3 with an average of 100 drilling rigs. Management forecasts higher profitability, including $145 million in Drilling Services adjusted gross profit and $140 million in Completion Services adjusted gross profit. Patterson-UTI is investing approximately $600 million in capital expenditures for the year while maintaining strong liquidity with $203 million in cash. The company also confirmed its exit from Colombia, which it expects to improve free cash flow in 2H2026 and significantly by 2027.
Tickers: $PTEN
Topics: adjusted EBITDA capital expenditures drilling services oil and gas