PATTERSON UTI ENERGY (PTEN) Company Report

Patterson-UTI reported Q3 2025 revenue of $1.176 billion, a net loss of $36 million (or $0.10 per share), and adjusted EBITDA of $219 million.
The company returned $64 million to shareholders in Q3 2025, comprising a $0.08 per share dividend and $34 million in share repurchases, and is committed to returning at least 50% of annual free cash flow.
Management expects lower capital expenditures in 2026 compared to 2025, with full 2025 CapEx projected to be less than $600 million, and anticipates Q4 2025 to be the strongest free cash flow quarter of the year.
The company exited Q3 2025 with $187 million in cash and an undrawn $500 million revolving credit facility, maintaining a low net debt to EBITDA of just over one time.
Operational highlights include stabilized U.S. contract drilling activity and strong relative performance in completion services, with new 100% natural gas direct-drive emerald systems being deployed and EOS Completions platform automation rolling out to all fleets by year-end 2025.

Oct 23, 2025, 2:00 PM

Patterson-UTI Reports Q3 2025 Financials and Outlines 2026 Capital Plans

PTEN

Earnings

Guidance Update

Share Buyback

Patterson-UTI reported Q3 2025 revenue of $1.176 billion, a net loss of $36 million (or $0.10 per share), and adjusted EBITDA of $219 million.
The company generated $146 million in adjusted free cash flow through the first three quarters of 2025, returned $64 million to shareholders in Q3 (including a $0.08 per share dividend and $34 million in share repurchases), and expects lower capital expenditures in 2026 compared to 2025.
Despite moderating U.S. shale activity, Patterson-UTI is adapting by enhancing commercial strategies, lowering costs, and investing in new technologies like the EOS Completions platform and direct-drive natural gas engines, with a favorable natural gas outlook for 2026.

Oct 23, 2025, 2:00 PM

Patterson-UTI Energy Inc. Investor Presentation Highlights Q2 2025

PTEN

Share Buyback

Dividends

Guidance Update

Patterson-UTI targets returning at least 50% of adjusted free cash flow to shareholders annually, including through dividends (currently $0.08 per share per quarter) and share repurchases. So far in the third quarter of 2025, the company used $22 million to repurchase 4 million shares.
For the third quarter of 2025, the company expects to have averaged 96 rigs in the United States through the first two months, with 93 currently operating and relatively steady activity into the fourth quarter. Completion Services are expected to have steady activity and adjusted gross profit in Q3 2025 compared to Q2 2025.
As of June 30, 2025, Patterson-UTI had $684 million in total liquidity, a cash balance of $186 million, and net debt of $1.108 billion. The company maintains an Investment Grade credit rating from all three major rating agencies and has no Senior Note maturities until 2028.

Sep 2, 2025, 12:03 PM

Earnings Transcripts

Quarterly earnings call transcripts for PATTERSON UTI ENERGY.

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