Patterson-UTI Reports Q3 2026 Revenue Growth Driven by U.S. Onshore Drilling and Completions
Patterson-UTI Energy, Inc. (PTEN) reported a strong third quarter for 2026, with total revenue reaching $1.3 billion, a 9% sequential increase fueled by momentum in U.S. onshore drilling and completions. Net income stood at $28.4 million ($0.07 per diluted share), bolstered by a one-time $22 million gain from the sale of rigs and components to Venezuela. The company's average U.S. rig count improved to 101, ending the quarter with an exit count of 104 rigs. Despite growth in drilling services and completion pricing, management noted headwinds including geopolitical unrest in the Middle East affecting international business and supply chain tightening in South Texas and the Permian Basin. Looking ahead to Q4, the company expects continued strength in drilling and completion gross profits, though it anticipates a sequential decline in drilling products due to lower activity in Saudi Arabia.
Topics: Asset Sales EBITDA Net Income Revenue Growth Rig Count