Patterson-UTI Projects $150 Million Q4 Drilling Services Gross Profit and Maintains 2026 Capex Guidance
Patterson-UTI Energy (PTEN) reported a significant momentum shift in U.S. onshore activity during the third quarter, noting that activity levels increased substantially compared to earlier in the year. CEO William Hendricks attributed these results to strong field-level performance and an improving operational environment. Looking ahead, the company provided specific financial guidance, projecting adjusted gross profit for its drilling services segment of approximately $150 million for the fourth quarter. Additionally, management reaffirmed its commitment to capital discipline, stating that 2026 capital expenditures are expected to remain below $600 million.