PTEN · 10-Q · 2026Q1 · Full report

Revenue Concentration Risk

PATTERSON UTI ENERGY INC · 2026-04-28 · Importance 56 · Surprise 24

The company maintains a U.S. contract drilling backlog of approximately $260 million as of March 31, 2026, which provides term‑contract revenue visibility and represents a significant portion of near‑term drilling services revenue. Approximately 7% of that U.S. contract drilling backlog is reasonably expected to remain at March 31, 2027, indicating limited long‑dated backlog rollover. The company’s U.S. operations (including average active rig count of 92 rigs in Q1 2026) remain the primary source of drilling services revenue, concentrating revenue exposure to North American activity levels and E&P capital budgets.