PTEN · 10-Q · 2026Q1 · Full report

Liquidity and Cash Position

PATTERSON UTI ENERGY INC · 2026-04-28 · Importance 43 · Surprise 6

As of March 31, 2026 the company reported approximately $335 million of cash and cash equivalents and approximately $602 million of working capital. Availability under the revolving credit facility was approximately $497 million as of March 31, 2026, and the company reported $32.4 million of outstanding letters of credit at that date. Net cash provided by operating activities in Q1 2026 was $63.9 million while net decrease in cash and cash equivalents was $83.4 million for the quarter. Management states liquidity sources (cash, revolver capacity, operating cash flow) are sufficient to fund planned operations, dividends and buybacks for at least the next 12 months.

Key facts

Net cash provided by operating activities was $208,141 thousand for the three months ended March 31, 2025.
As of March 31, 2026, we had approximately $602 million in working capital including $335 million of cash and cash equivalents.
Net cash provided by operating activities was $63,858 thousand for the three months ended March 31, 2026.
We believe our current liquidity and expected cash from operations should provide sufficient ability to fund maintenance and improvements, service our debt, pay cash dividends and repurchase common stock and senior notes for at least the next 12 months.
As of March 31, 2026, we had approximately $497 million available under our Credit Agreement.
We had $32.4 million of outstanding letters of credit at March 31, 2026, comprised of $27.5 million outstanding under the 2015 Reimbursement Agreement, $2.8 million outstanding under the Credit Agreement and $2.0 million outstanding with financial institutions providing short-term borrowing capacity, overdraft protection and bonding requirements.
As of March 31, 2026, we had $37.0 million in surety bond exposure issued as financial assurance on an insurance agreement.
Net cash used in investing activities was $106,026 thousand for the three months ended March 31, 2026.

Impact estimates

metric	direction	stage	expected	basis
cash	positive	realized	+1.1%	Net cash provided by operating activities was $63,858 thousand for the three months ended March 31, 2026.
cash	positive	realized	—	As of March 31, 2026, we had approximately $602 million in working capital including $335 million of cash and cash equivalents.