PTEN · 10-Q · 2026Q1 · Full report

Backlog and Term Contracts

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

Patterson-UTI reports a U.S. contract drilling backlog of approximately $260 million as of March 31, 2026, tied to term contracts (defined as six months or more). The company notes term contracts help support its operating rig count and that approximately 7% of the U.S. contract drilling backlog is reasonably expected to remain at March 31, 2027. Management points investors to additional detail on backlog in the notes to the financial statements. The backlog and term-contract profile are presented as a stabilizing demand component amid volatile commodity prices.

Key facts

• Our contract drilling backlog in the United States as of March 31, 2026 was approximately $260 million.
• Approximately 7% of our total contract drilling backlog in the United States at March 31, 2026 is reasonably expected to remain at March 31, 2027.
• We define term contracts as contracts with a duration of six months or more.

Impact estimates