Patterson-UTI Energy reported third quarter 2026 revenue of $1.34 billion, representing a 9% sequential increase driven by stronger demand for U.S. onshore drilling and completions. Net income attributable to common stockholders was $28 million, or $0.07 per diluted share, while adjusted EBITDA grew to $264 million.
Key Highlights
- Average U.S. rigs operating increased to 101 during the period, with activity exiting the quarter at 104 rigs behind demand for high-specification structural upgrades.
- Completion Services revenue reached $808 million, supported by mid-single-digit pricing increases despite temporary logistical constraints involving sand and trucking in Texas.
- Drilling Products delivered record quarterly revenue of $110 million, up 21% sequentially, marking its strongest performance since the 2023 Ulterra acquisition.
- Shareholder returns totaled $62 million for the quarter, including $24 million in share repurchases and a maintained $0.10 per share quarterly dividend.