PTEN · 10-Q · 2026Q1 · Full report

Operating Days and Activity

PATTERSON UTI ENERGY INC · 2026-04-28 · Importance 42 · Surprise 40

Patterson-UTI reports U.S. operating days declined 13.3% year‑over‑year (operational data relates to the contract drilling business) and an average active rig count in the U.S. of 92 rigs in Q1 2026, versus 93 in Q4 2025. Management attributes declines in revenues and direct operating costs in the drilling services segment primarily to fewer operating days in the U.S. The company expects Q2 2026 drilling services adjusted gross profit to decline slightly sequentially and forecasts average active rig count around 90 rigs for Q2, with a planned exit between 92 and 95 rigs as rigs are reactivated in the latter half of the quarter. Patterson‑UTI notes term contracts help support operating rig counts during this period of activity fluctuation.

Key facts

• Drilling services operating days – U.S. were 9,573 for the three months ended March 31, 2025.
• Our average active rig count in the United States was 92 rigs in the first quarter of 2026.
• Drilling services operating days – U.S. were 8,301 for the three months ended March 31, 2026.
• Drilling services operating days – U.S. were 8,596 for the three months ended December 31, 2025.
• Our average active rig count in the United States was 93 rigs in the fourth quarter of 2025.
• As of March 31, 2026, we had 152 marketed land-based drilling rigs.