Patterson-UTI Energy Inc
patenergy.comWhat Do They Do?
Provides well-completion services to oil and natural gas operators, and also offers contract and directional drilling services and drill bits and downhole tools to energy and mining customers.
10-K for FY2025, filed Feb 10, 2026We are a Houston, Texas-based leading provider of drilling and completion services to oil and natural gas exploration and production…View ↗
Our contract drilling business operates in the continental United States and internationally in Colombia and Ecuador and, from time to…View ↗
Our well completion services business consists of services for hydraulic fracturing, wireline and pumping, completion support, and…View ↗
We serve the energy and mining markets by manufacturing and distributing drill bits and downhole tools throughout North America and…View ↗
How Do They Make Money?
Completion customers pay for work as it is performed, generally by stage or at a fixed monthly rate; drilling customers pay a contracted daily rate while a rig is in use. The company also rents drill bits and downhole tools and receives income each period from its oil and gas working interests.
10-K for FY2025, filed Feb 10, 2026Completion Services revenue consists of services and products related to our suite of completion businesses including hydraulic fracturing…View ↗
Our drilling contracts provide for payment on a daywork basis, pursuant to which we provide the drilling rig and crew to the customer. The…View ↗
Drilling Products Revenue — revenues are primarily generated from the rental of drilling equipment, comprised of drill bits and downhole…View ↗
Other — we are a non-operating working interest owner of oil and natural gas assets primarily located in Texas and New Mexico. The…View ↗
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10-K for FY2025, filed Feb 10, 2026
FY2025 revenue by reportable segment ↗
$4.8B
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10-K for FY2025, filed Feb 10, 2026
$4.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Drilling Services
Usage-based
10-K for FY2025, filed Feb 10, 2026 |
32%
FY2022: 58%
|
Drilling Services, FY2025
$1.6B Sources
|
Usage-based |
|
Completion Services
|
60%
FY2022: 39%
|
Completion Services, FY2025
$2.9B Sources
|
|
|
Drilling Products
Recurring
|
7.1%
FY2022: 0.0%
|
Drilling Products, FY2025
$343.7M Sources
|
Recurring |
|
Other
|
0.7%
FY2022: 3.0%
|
Other, FY2025
$33M Sources
|
Who Are Their Customers?
Its customers include major, independent and other oil and natural gas operators.
10-K for FY2025, filed Feb 10, 2026Our customer base includes major, independent and other oil and natural gas operators. With respect to our consolidated operating revenues…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $93.6M in FY2025, but brought in more cash than it spent: $372.2M of free cash flow.
10-K for FY2025, filed Feb 10, 2026
−$40.8MView ↗
10-K for FY2025, filed Feb 10, 2026
−$93.6MView ↗
10-K for FY2025, filed Feb 10, 2026
$372.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$19.6MView ↗
- ▼ −60% (Loss)
- vs −$49.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Jul 30, 2026
Plans to leave contract drilling in Colombia
The company operated less than one rig on average in Colombia during the quarter.
Sources
8-K, filed Jul 30, 2026
Second Quarter 2026 Total Revenue of $1.2 billion, a 10% sequential increase Second Quarter 2026 Net Loss Attributable to Common…View ↗
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May 26, 2026
Provides second-quarter earnings and capital spending outlook
The presentation projected second-quarter adjusted EBITDA of approximately $220 million and 2026 capital expenditures of ~$600 million, net of asset sales.
Sources
8-K, filed May 26, 2026
Investor Presentation May 2026 2Investor Presentation Patterson-UTI This material and any oral statements made in connection with this…View ↗
Growing. Revenue grew 3.6x in 4 years, from $1.4B in FY2021 to $4.8B in FY2025, about 37% a year.
Drilling products
The latest report identifies manufacturing and distributing drill bits and downhole tools as a reportable segment; the older report instead lists contract drilling, pressure pumping and directional drilling as its segments.
10-K for FY2022, filed Feb 13, 2023
Oilfield rentals
The older report describes oilfield rental tools as an ongoing operation; the latest report says the Other segment includes rental results only before the business was divested.
10-K for FY2022, filed Feb 13, 2023 10-K for FY2025, filed Feb 10, 2026We have other operations through which we provide oilfield rental tools in select markets in the United States. We also service equipment…View ↗
Other consists of our oilfield rentals business, prior to its divestiture in April 2025, along with the results of our non-operating…View ↗
Completion service scope
The older report describes pressure pumping mainly as well stimulation and cementing; the latest describes completion services that also include wireline, completion support, natural-gas fueling and proppant logistics.
10-K for FY2022, filed Feb 13, 2023 10-K for FY2025, filed Feb 10, 2026We provide pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian region. Substantially all of…View ↗
Our well completion services business consists of services for hydraulic fracturing, wireline and pumping, completion support, and…View ↗
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