PTEN · 10-Q · 2026Q1 · Full report

Guidance / Outlook

PATTERSON UTI ENERGY INC · 2026-04-28 · Importance 68 · Surprise 68

For Q2 2026 the company expects drilling services adjusted gross profit to decline slightly sequentially with an average active rig count around 90 rigs and an expected exit level of approximately 92–95 rigs as rigs are reactivated during the second half of the quarter. The completion services segment expects adjusted gross profit to be higher than Q1 2026 and management will prioritize investments to high-grade assets toward lower-emission technologies (electric, direct drive and dual fuel) rather than extending diesel equipment life. The drilling products segment expects adjusted gross profit to decline slightly sequentially. Management also expects lower activity in Canada due to normal seasonal spring breakup and anticipates increased international costs, particularly in the Middle East, during the quarter.

Key facts

• 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.
• We expect in the completion services segment for the second quarter of 2026 adjusted gross profit to be higher than the first quarter of 2026.
• We expect in the drilling products segment for the second quarter of 2026 adjusted gross profit will decline slightly sequentially.

Impact estimates