株探米国株
日本語 英語
エドガーで原本を確認する
0000889900false00008899002026-04-222026-04-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
FORM 8-K
_______________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
_______________________________________________
Patterson-UTI Energy, Inc.
(Exact name of Registrant as Specified in Its Charter)
_______________________________________________
Delaware
 1-39270 75-2504748
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
10713 W. Sam Houston Pkwy N, Suite 800
Houston, Texas
  
77064
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s Telephone Number, Including Area Code: 281-765-7100
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 Par Value PTEN
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On April 22, 2026, Patterson-UTI Energy, Inc. announced financial results for the three months ended March 31, 2026. The press release, dated April 22, 2026, is furnished as Exhibit 99.1 to this report and incorporated by reference herein.


Item 2.02 Results of Operations and Financial Condition.
The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, shall not otherwise be subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 8.01 Other Events.
To the extent required, the information included in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is furnished herewith:
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Patterson-UTI Energy, Inc.
April 22, 2026 By: /s/ C. Andrew Smith
Name: C. Andrew Smith
Title: Executive Vice President and Chief Financial Officer

EX-99.1 2 a2026q1earningsreleaseex991.htm EX-99.1 Document

Exhibit 99.1
Contact: Michael Sabella
Vice President, Investor Relations
(281) 885-7589

Patterson-UTI Energy Reports Financial Results for the Quarter Ended March 31, 2026

HOUSTON, Texas – April 22, 2026 – PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported financial results for the quarter ended March 31, 2026.

First Quarter 2026 Financial Results and Other Key Items
•First Quarter 2026 Total Revenue of $1.1 billion
•First Quarter 2026 Net Loss Attributable to Common Stockholders of $25 million
•First Quarter 2026 Adjusted EBITDA(1) of $205 million
•Declared a quarterly dividend of $0.10 per share, payable on June 15, 2026 to holders of record as of June 1, 2026

Management Commentary

“We delivered another quarter of solid operating results, as our businesses successfully navigated a challenging commodity environment to start the year,” said Andy Hendricks, Chief Executive Officer. “We are pleased with our performance given the macro backdrop earlier this year, with customers operating under budgets that were built around much lower oil price assumptions than what we see today. We continue to prioritize equipment and technology investments that improve demand for our drilling and completion businesses and help manage costs. We expect the benefits of these investments to build over time, particularly as U.S. land drilling and completion activity improves.”

“Looking ahead, geopolitical events have significantly increased the commodity strip for the next several years, and we believe U.S. activity will need to go higher just to hold U.S. onshore oil production steady,” continued Mr. Hendricks. “The second quarter represents a market inflection in response to improved commodity prices. As a result, in our Drilling Services segment we are activating drilling rigs later in the second quarter, and we anticipate reactivating additional rigs in the second half of 2026. In our Completion Services segment, we are close to full utilization across our active fleet, and we are discussing price increases with our customers to more appropriately reflect an increasing demand environment coupled with current high industry utilization.”

“We continue to be excited about the strong free cash flow potential for our company this year,” said Andy Smith, Chief Financial Officer. “Working capital headwinds in the first half of the year typically give way to tailwinds as the year progresses, and we expect this progression to be the same this year. As we continue to assess the outlook for the company under a new commodity price scenario, our corporate priorities remain unchanged; invest in equipment and digital technology that we believe will enhance our long-term sustainable operating advantage, generate strong and sustainable free cash flow, maintain a strong balance sheet, and return capital to our shareholders.”

Drilling Services

First quarter Drilling Services segment revenue totaled $352 million, with adjusted gross profit(2) of $134 million. Our U.S. Contract Drilling operating days totaled 8,301, with an average of 92 rigs working in the quarter. Revenue and adjusted gross profit during the first quarter included approximately $3 million in early termination payments.

Pricing was relatively steady for our U.S. Contract Drilling business. Additionally, we saw a full quarter of benefit for cost reduction measures that were implemented towards the end of 2025.

Completion Services

First quarter Completion Services revenue totaled $680 million, with adjusted gross profit of $98 million.

First quarter activity in our Completion Services segment was impacted by roughly 5 days of disruption from winter storms across nearly our entire fleet. Aside from the associated downtime from the winter storms, utilization of our active equipment remained high, and equipment that can be powered by natural gas was near full utilization.

Drilling Products

First quarter Drilling Products revenue totaled $80 million, with adjusted gross profit of $33 million.



Results in our Drilling Products segment were solid despite some industry headwinds. The segment was impacted by geopolitical events in the Middle East, with the Middle East comprising roughly 10-15% of the segment revenue. Starting late in the quarter, in the Middle East we saw an increase in costs, including personnel and logistics costs, some disruption associated with getting products to location, and a reduction in offshore activity.

Other

First quarter Other revenue totaled $6 million, with adjusted gross profit of $3 million.

Outlook

For the second quarter in Drilling Services, we expect an average U.S. rig count of approximately 90 rigs. We anticipate exiting the quarter at a higher level than the quarterly average, as we reactivate rigs during the second half of the quarter—resulting in an exit rate near our highest activity level so far this year. We expect adjusted gross profit in the Drilling Services segment of approximately $130 million. This outlook includes approximately $5 million of rig reactivation costs, with minimal second-quarter revenue expected from those rigs.

In our Completion Services segment for the second quarter, we expect adjusted gross profit to be approximately $105 million, with continued high utilization of our active equipment. We will continue to prioritize investments that high-grade our assets with technologies that we believe will generate attractive long-term returns, versus investing to extend the life of diesel equipment.

In our Drilling Products segment for the second quarter, we expect adjusted gross profit will decline slightly compared to the first quarter. We expect lower activity in Canada with normal seasonal spring breakup, as well as an increase in international costs, particularly in the Middle East.

We expect Other adjusted gross profit in the second quarter to be approximately $5 million.

For the second quarter, we expect general and administrative expense to be approximately $67 million, and we expect depreciation, depletion, amortization, and impairment expense of approximately $220 million.

All references to “per share” in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.

First Quarter Earnings Conference Call

The Company’s quarterly conference call to discuss the operating results for the quarter ended March 31, 2026, is scheduled for April 23, 2026, at 9:00 a.m. Central Time. The dial-in information for participants is (800) 715-9871 (Domestic) and (646) 307-1963 (International). The conference ID for both numbers is 5526772. The call is also being webcast and can be accessed through the Investor Relations section of the Company’s website at investor.patenergy.com. A replay of the conference call will be on the Company’s website for two weeks.

About Patterson-UTI

Patterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as “anticipate,” “believe,” “budgeted,” "continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “pursue,” “see,” “should,” “strategy,” “target,” or “will,” and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including, without limitation, statements regarding Patterson-UTI's future expectations, beliefs, plans, strategy, objectives, financial conditions, operations outlook, assumptions or future events or performance, activity levels, active rig count projections, contract terms, capex spending and budgets, future cash flow, future use of generated cash flow, customer demand, future commodity prices, outlook for international and domestic markets, and timing and amount of dividends, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. For information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in Patterson-UTI’s SEC filings, including but not limited to its Annual Report on Form 10‑K and Quarterly Reports on Form 10‑Q.



Additional information concerning risks and uncertainties associated with Patterson-UTI’s business is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.

Non-GAAP Financial Measures

(1) Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is not defined by GAAP. See Non-GAAP Financial Measures below for a reconciliation of net income to Adjusted EBITDA.

(2) Adjusted gross profit is considered a non-GAAP financial measure. See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment.




PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)

March 31,
2026		 December 31,
2025
ASSETS
Current assets:
Cash, cash equivalents and restricted cash $ 337,244  $ 420,642 
Accounts receivable, net 742,379  723,277 
Inventory 150,592  160,280 
Other current assets 92,057  113,892 
Total current assets 1,322,272  1,418,091 
Property and equipment, net 2,627,928  2,711,037 
Goodwill 487,388  487,388 
Intangible assets, net 784,217  814,810 
Other assets 138,714  139,140 
Total assets $ 5,360,519  $ 5,570,466 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 442,423  $ 470,782 
Accrued liabilities 256,326  366,488 
Other current liabilities 21,502  26,372 
Total current liabilities 720,251  863,642 
Long-term debt, net 1,221,363  1,221,038 
Deferred tax liabilities, net 212,032  215,818 
Other liabilities 41,170  45,253 
Total liabilities 2,194,816  2,345,751 
Stockholders’ equity:
Stockholders’ equity attributable to controlling interests 3,159,375  3,218,538 
Noncontrolling interest 6,328  6,177 
Total equity 3,165,703  3,224,715 
Total liabilities and stockholders’ equity $ 5,360,519  $ 5,570,466 


PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
REVENUES $ 1,117,331  $ 1,150,813  $ 1,280,537 
COSTS AND EXPENSES:
Direct operating costs 849,155  871,892  961,414 
Depreciation, depletion, amortization and impairment 218,394  220,942  231,866 
General and administrative 68,763  62,058  66,930 
Other operating expense (income), net (4,664) (3,844) 3,382 
Total operating costs and expenses 1,131,648  1,151,048  1,263,592 
OPERATING INCOME (LOSS) (14,317) (235) 16,945 
OTHER INCOME (EXPENSE):
Interest income 2,765  2,433  1,464 
Interest expense, net of amount capitalized (17,485) (17,678) (17,697)
Other income (expense) 965  354  1,968 
Total other income (expense) (13,755) (14,891) (14,265)
INCOME (LOSS) BEFORE INCOME TAXES (28,072) (15,126) 2,680 
INCOME TAX EXPENSE (BENEFIT) (3,596) (5,929) 1,390 
NET INCOME (LOSS) (24,476) (9,197) 1,290 
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST 151  (103) 285 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (24,627) $ (9,094) $ 1,005 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE:
Basic $ (0.06) $ (0.02) $ 0.00 
Diluted $ (0.06) $ (0.02) $ 0.00 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic 379,587 379,243 386,521
Diluted 379,587 379,243 387,044
CASH DIVIDENDS PER COMMON SHARE $ 0.10  $ 0.08  $ 0.08 


PATTERSON-UTI ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three Months Ended
March 31,
2026 2025
Cash flows from operating activities:
Net income (loss) $ (24,476) $ 1,290 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and impairment 218,394  231,866 
Deferred income tax expense (benefit) (3,792) 359 
Stock-based compensation 4,412  12,289 
Net (gain) loss on asset disposals 1,861  (709)
Other (1,600) (166)
Changes in operating assets and liabilities (130,941) (36,788)
Net cash provided by operating activities 63,858  208,141 
​
Cash flows from investing activities:
Purchases of property and equipment (116,628) (161,831)
Proceeds from disposal of assets, including insurance recoveries 12,220  4,380 
Other (1,618) (7,053)
Net cash used in investing activities (106,026) (164,504)
​
Cash flows from financing activities:
Purchases of treasury stock (350) (20,295)
Dividends paid (37,960) (30,877)
Payments of finance leases (1,959) (2,632)
Other —  (5,069)
Net cash used in financing activities (40,269) (58,873)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (961) (853)
Net change in cash, cash equivalents and restricted cash (83,398) (16,089)
Cash, cash equivalents and restricted cash at beginning of period 420,642  241,293 
Cash, cash equivalents and restricted cash at end of period $ 337,244  $ 225,204 


PATTERSON-UTI ENERGY, INC.
Additional Financial and Operating Data
(unaudited, dollars in thousands)
  Three Months Ended
  March 31, December 31, March 31,
  2026 2025 2025
Drilling Services
Revenues $ 351,717  $ 360,777  $ 412,860 
Direct operating costs $ 217,861  $ 228,426  $ 247,629 
Adjusted gross profit (1)
 $ 133,856  $ 132,351  $ 165,231 
Depreciation, amortization and impairment $ 83,944  $ 85,044  $ 84,972 
General and administrative $ 7,097  $ 4,013  $ 3,945 
Other operating expense (income), net $ (1,488) $ 298  $ — 
Operating income (loss) $ 44,303  $ 42,996  $ 76,314 
Operating days – U.S. (2)
 8,301 8,596 9,573
Capital expenditures $ 54,421  $ 61,194  $ 73,458 
Completion Services
Revenues $ 679,587  $ 701,560  $ 766,080 
Direct operating costs $ 581,486  $ 590,657  $ 657,681 
Adjusted gross profit (1)
 $ 98,101  $ 110,903  $ 108,399 
Depreciation, amortization and impairment $ 111,472  $ 110,941  $ 115,826 
General and administrative $ 7,330  $ 9,863  $ 11,409 
Other operating expense (income), net $ —  $ (6,300) $ — 
Operating income (loss) $ (20,701) $ (3,601) $ (18,836)
Capital expenditures $ 45,101  $ 59,069  $ 62,173 
Drilling Products
Revenues $ 79,797  $ 83,774  $ 85,663 
Direct operating costs $ 46,924  $ 49,590  $ 46,940 
Adjusted gross profit (1)
 $ 32,873  $ 34,184  $ 38,723 
Depreciation, amortization and impairment $ 19,846  $ 20,515  $ 22,876 
General and administrative $ 7,923  $ 6,911  $ 9,119 
Operating income (loss) $ 5,104  $ 6,758  $ 6,728 
Capital expenditures $ 15,842  $ 14,616  $ 18,222 
Other (3)
Revenues $ 6,230  $ 4,702  $ 15,934 
Direct operating costs $ 2,884  $ 3,219  $ 9,164 
Adjusted gross profit (1)
 $ 3,346  $ 1,483  $ 6,770 
Depreciation, depletion, amortization and impairment $ 1,269  $ 2,429  $ 6,336 
General and administrative $ 2  $ 1  $ 204 
Operating income (loss) $ 2,075  $ (947) $ 230 
Capital expenditures $ 1,111  $ 3,411  $ 3,596 
Corporate
Depreciation $ 1,863  $ 2,013  $ 1,856 
General and administrative $ 46,411  $ 41,270  $ 42,253 
Other operating expense (income), net $ (3,176) $ 2,158  $ 3,382 
Capital expenditures $ 153  $ 223  $ 4,382 
Total Capital Expenditures $ 116,628  $ 138,513  $ 161,831 

(1)Adjusted gross profit, which is considered a non-GAAP financial measure, is defined as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment.
(2)Operational data relates to our contract drilling business. A rig is considered to be operating if it is earning revenue pursuant to a contract on a given day.
(3)Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests.



PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted EBITDA Reconciliations
(unaudited, dollars in thousands)

The following table reconciles Net income (loss) per the information below to Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as reported on the unaudited Condensed Consolidated Statements of Operations:
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
Net income (loss) $ (24,476) $ (9,197) $ 1,290 
Income tax expense (benefit) (3,596) (5,929) 1,390 
Net interest expense 14,720  15,245  16,233 
Depreciation, depletion, amortization and impairment 218,394  220,942  231,866 
Merger and integration expense —  6  432 
Adjusted EBITDA(1)
$ 205,042  $ 221,067  $ 251,211 
Total revenues $ 1,117,331  $ 1,150,813  $ 1,280,537 
Adjusted EBITDA by Operating Segment:
Drilling Services $ 128,247  $ 128,040  $ 161,286 
Completion Services 90,771  107,340  96,990 
Drilling Products 24,950  27,273  29,604 
Other 3,344  1,482  6,566 
Corporate (42,270) (43,068) (43,235)
Adjusted EBITDA $ 205,042  $ 221,067  $ 251,211 
(1)Adjusted EBITDA is not defined by accounting principles generally accepted in the United States of America (“GAAP”). We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies.


PATTERSON-UTI ENERGY, INC.
Non-GAAP Financial Measures
Adjusted Gross Profit Reconciliations
(unaudited, dollars in thousands)

The following table reconciles Adjusted gross profit to gross profit, which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to Adjusted gross profit:
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
Drilling Services
Revenues $ 351,717  $ 360,777  $ 412,860 
Less direct operating costs (217,861) (228,426) (247,629)
Less depreciation, amortization and impairment (83,944) (85,044) (84,972)
GAAP gross profit (loss) 49,912  47,307  80,259 
Depreciation, amortization and impairment 83,944  85,044  84,972 
Adjusted gross profit (1)
 $ 133,856  $ 132,351  $ 165,231 
Completion Services
Revenues $ 679,587  $ 701,560  $ 766,080 
Less direct operating costs (581,486) (590,657) (657,681)
Less depreciation, amortization and impairment (111,472) (110,941) (115,826)
GAAP gross profit (loss) (13,371) (38) (7,427)
Depreciation, amortization and impairment 111,472  110,941  115,826 
Adjusted gross profit (1)
 $ 98,101  $ 110,903  $ 108,399 
Drilling Products
Revenues $ 79,797  $ 83,774  $ 85,663 
Less direct operating costs (46,924) (49,590) (46,940)
Less depreciation, amortization and impairment (19,846) (20,515) (22,876)
GAAP gross profit (loss) 13,027  13,669  15,847 
Depreciation, amortization and impairment 19,846  20,515  22,876 
Adjusted gross profit (1)
 $ 32,873  $ 34,184  $ 38,723 
Other
Revenues $ 6,230  $ 4,702  $ 15,934 
Less direct operating costs (2,884) (3,219) (9,164)
Less depreciation, depletion, amortization and impairment (1,269) (2,429) (6,336)
GAAP gross profit (loss) 2,077  (946) 434 
Depreciation, depletion, amortization and impairment 1,269  2,429  6,336 
Adjusted gross profit (1)
 $ 3,346  $ 1,483  $ 6,770 
(1)Adjusted gross profit is considered a non-GAAP financial measure. We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.