PTEN Patterson UTI Energy (PTEN) Q2 FY26 earnings call
Patterson-UTI experienced a significant inflection in activity and pricing across its segments in Q2 FY26, exceeding expectations. The company is strategically investing in high-spec rig upgrades and natural gas-powered frac fleets to capitalize on increasing demand and secure long-term contracts, aiming for substantial free cash flow growth in 2027. Management emphasized technology leadership and fleet quality as key differentiators in a tightening market, particularly as public E&Ps begin to increase activity.
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PTEN operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Operating days US contract drilling | 8,301In US contract drilling, we totaled 8,301 operating days in the quarter, with an average operating rig count of 92 rigs.Source: earnings call transcript | 8,361In US contract drilling, we recorded 8,361 operating days during the quarter and averaged 92 operating rigs.Source: earnings call transcript | +0.7% |
| Average operating rig count US contract drilling | 92In US contract drilling, we totaled 8,301 operating days in the quarter, with an average operating rig count of 92 rigs.Source: earnings call transcript | 92In US contract drilling, we recorded 8,361 operating days during the quarter and averaged 92 operating rigs.Source: earnings call transcript | 0% |
| Capital expenditures Drilling Services | $54MDuring the first quarter, total CapEx was $117 million, including $54 million in drilling services, $45 million in completion services, $16 million in drilling products and $1 million in other in corporate.Source: earnings call transcript | $60MThat amount included $60 million in drilling services, $75 million in completion services, $19 million in Drilling Products and $2 million in other and corporate.Source: earnings call transcript | +11.1% |
| Capital expenditures Completion Services | $45MDuring the first quarter, total CapEx was $117 million, including $54 million in drilling services, $45 million in completion services, $16 million in drilling products and $1 million in other in corporate.Source: earnings call transcript | $75MThat amount included $60 million in drilling services, $75 million in completion services, $19 million in Drilling Products and $2 million in other and corporate.Source: earnings call transcript | +66.7% |
| Capital expenditures Drilling Products | $16MDuring the first quarter, total CapEx was $117 million, including $54 million in drilling services, $45 million in completion services, $16 million in drilling products and $1 million in other in corporate.Source: earnings call transcript | $19MThat amount included $60 million in drilling services, $75 million in completion services, $19 million in Drilling Products and $2 million in other and corporate.Source: earnings call transcript | +18.8% |
| Capital expenditures Other and corporate | $1MDuring the first quarter, total CapEx was $117 million, including $54 million in drilling services, $45 million in completion services, $16 million in drilling products and $1 million in other in corporate.Source: earnings call transcript | $2MThat amount included $60 million in drilling services, $75 million in completion services, $19 million in Drilling Products and $2 million in other and corporate.Source: earnings call transcript | +100% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.