PTEN · Full Picture

PATTERSON UTI ENERGY INC — the full picture

Earnings window · 2026-04-07 to 2026-07-25 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Backlog and Term Contracts · Demand, orders & backlogPriority 67
    +10.2% revenue; 1 forward row(s)
    Our contract drilling backlog in the United States as of March 31, 2026 was approximately $260 million.
  2. Revenue Performance and Mix · Revenue growth & mixPriority 65
    -11.5% revenue (realized)
    In the completion services segment, revenues for the three months ended March 31, 2026 were $679,587 thousand.
  3. Interest Rate and Refinancing Exposure · Interest ratesPriority 59
    1 forward row(s)
    On April 24, 2026, we entered into Assignment and Amendment No. 1 to Second Amended and Restated Credit Agreement which extends the maturity date for $450 million of revolving credit commitments from January 31, 2030 to January 31, 2031 and allows two one-year extension requests subject to certain conditions.
  4. Capital Return Program · Buybacks & dividendsPriority 57
    1 forward row(s)
    Treasury shares at the end of the period were 144,486,598 with a cost of $2,021,064 thousand as of March 31, 2026.
  5. Outstanding Indebtedness · Debt, leverage & refinancingPriority 54
    qualitative only
    Our outstanding long-term debt at March 31, 2026 was $1.2 billion consisting of $483 million of 2028 Notes, $345 million of 2029 Notes and $400 million of 2033 Notes.
  6. Revenue Concentration Risk · Customers & concentrationPriority 54
    qualitative only
  7. Supply Chain Commitments · Supply chain & operationsPriority 51
    -2.3% liability; 2 forward row(s)
    As of March 31, 2026 commitments to purchase major equipment totaled approximately $128 million.
  8. Guidance / Outlook · Guidance & outlookPriority 50
    3 forward row(s)
    We expect in the drilling services segment for the second quarter of 2026 adjusted gross profit will decline slightly sequentially and active rig count to average around 90 rigs and potentially exit the quarter at 92 to 95 rigs.
  9. Gross Margin Drivers · Gross marginPriority 47
    -3.2% operating_income (realized)
    Drilling services adjusted gross profit decreased 19.0% year-over-year from $165,231 thousand to $133,856 thousand.
  10. Operating Expense Trends · Operating expenses (SG&A)Priority 44
    qualitative only
    Corporate general and administrative increased sequentially primarily due to higher share‑based compensation expense related to cash-settled liability awards and employee separation costs incurred during the first quarter of 2026.
  11. Capital Expenditure Trends · Capital expenditurePriority 42
    -2.1% cash (realized)
    During the three months ended March 31, 2026, we used $117 million to make capital expenditures for betterment and refurbishment of drilling services and completion services equipment.
  12. Liquidity and Cash Position · Liquidity & cash positionPriority 41
    +1.1% cash (realized)
    Net cash provided by operating activities was $208,141 thousand for the three months ended March 31, 2025.

Threads by pillar

Revenue & Demand Priority 85 · 6 threads

Costs & Margins Priority 74 · 5 threads

Capital & Balance Sheet Priority 78 · 5 threads

Strategy & Portfolio Priority 40 · 1 thread

Guidance & Outlook Priority 50 · 1 thread

Macro & Market Conditions Priority 65 · 3 threads

Unclassified Priority 38 · 1 thread

Expected impact by metric

metricforward netforward grossrealized
revenue+10.2%+10.2%-12.1%
liability-2.3%+2.3%—
operating_income——-3.1%
cash——-0.9%
assets——+2.1%