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Patterson-UTI Energy Q1 Earnings & Revenues Beat Estimates
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Key Takeaways
PTEN reported a Q1 2026 loss of 6 cents per share, narrower than estimates, while revenues beat.
PTEN saw revenue declines across segments, though Drilling and Completion units topped estimates.
PTEN expects Q2 strength in utilization, with projected gross profit supported by active equipment demand.
Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
Patterson-UTI Energy, Inc. Price, Consensus and EPS Surprise
PTEN’s board of directors declared a quarterly dividend of 10 cents per share, payable on June 15, 2026, to its common shareholders of record as of June 1.
Q1 Segmental Performances of Patterson-UTI Energy
Drilling Services: Revenues in this segment totaled $351.7 million, down 14.8% from the prior-year quarter’s figure of $412.9 million, but beat our estimate of $350 million.
Operating income amounted to $44.3 million compared with $76.3 million in the first quarter of 2025. The figure beat our operating income estimate of $37.1 million.
Completion Services: This segment’s revenues of $679.6 million decreased about 11.3% from the year-ago quarter’s figure of $766.1 million. However, the metric beat our estimate of $644 million.
Operating loss totaled $20.7 million compared with a loss of $18.8 million in the first quarter of 2025 and was narrower than our estimate of $22.7 million.
Drilling Products: This segment’s revenues of $79.8 million decreased about 6.8% from the year-ago quarter’s figure of $85.7 million and missed our estimate of $82 million.
Operating profit totaled $5.1 million, compared with a profit of $6.7 million in the first quarter of 2025. The number also beat our operating profit estimate of $1.4 million.
Other Services: Revenues amounted to $6.2 million, down almost 61% from the year-ago quarter’s figure of $15.9 million, but beat our estimate of $4.8 million.
Operating profit amounted to $2.1 million against a profit of $0.2 million in the first quarter of 2025. The number also beat our estimate of an operating loss of $1 million.
PTEN’s Capital Expenditure & Financial Position
In the reported quarter, PTEN spent $116.6 million on capital programs compared with $161.8 million in the prior-year period.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
This Zacks Rank #2 (Buy) company reported total operating costs and expenses of $1131.6 million compared with $1263.6 million in the first quarter of 2025.
For the second quarter, the Drilling Services segment is projected to operate at an average U.S. rig count of around 90 rigs. Adjusted gross profit for this segment is anticipated to be about $130 million, including about $5 million in rig reactivation costs, with limited revenue contribution from those rigs during the quarter.
In the Completion Services segment, adjusted gross profit is forecast at roughly $105 million, supported by strong utilization of active equipment. The company will continue to focus on strategic investments aimed at upgrading its asset base with advanced technologies that are expected to deliver superior long-term returns, rather than extending the life of diesel-powered equipment.
For the Drilling Products segment, adjusted gross profit is expected to decline modestly from first-quarter levels, reflecting reduced activity in Canada due to the seasonal spring breakup, along with higher international costs, particularly in the Middle East.
Other operations are expected to generate an adjusted gross profit of about $5 million in the second quarter. Additionally, general and administrative expenses are projected at approximately $67 million, while depreciation, depletion, amortization and impairment expenses are estimated to total around $220 million.
Important Earnings at a Glance
While we have discussed PTEN’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company (HAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation (RRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
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Patterson-UTI Energy Q1 Earnings & Revenues Beat Estimates
Key Takeaways
Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
Patterson-UTI Energy, Inc. Price, Consensus and EPS Surprise
Patterson-UTI Energy, Inc. price-consensus-eps-surprise-chart | Patterson-UTI Energy, Inc. Quote
PTEN’s board of directors declared a quarterly dividend of 10 cents per share, payable on June 15, 2026, to its common shareholders of record as of June 1.
Q1 Segmental Performances of Patterson-UTI Energy
Drilling Services: Revenues in this segment totaled $351.7 million, down 14.8% from the prior-year quarter’s figure of $412.9 million, but beat our estimate of $350 million.
Operating income amounted to $44.3 million compared with $76.3 million in the first quarter of 2025. The figure beat our operating income estimate of $37.1 million.
Completion Services: This segment’s revenues of $679.6 million decreased about 11.3% from the year-ago quarter’s figure of $766.1 million. However, the metric beat our estimate of $644 million.
Operating loss totaled $20.7 million compared with a loss of $18.8 million in the first quarter of 2025 and was narrower than our estimate of $22.7 million.
Drilling Products: This segment’s revenues of $79.8 million decreased about 6.8% from the year-ago quarter’s figure of $85.7 million and missed our estimate of $82 million.
Operating profit totaled $5.1 million, compared with a profit of $6.7 million in the first quarter of 2025. The number also beat our operating profit estimate of $1.4 million.
Other Services: Revenues amounted to $6.2 million, down almost 61% from the year-ago quarter’s figure of $15.9 million, but beat our estimate of $4.8 million.
Operating profit amounted to $2.1 million against a profit of $0.2 million in the first quarter of 2025. The number also beat our estimate of an operating loss of $1 million.
PTEN’s Capital Expenditure & Financial Position
In the reported quarter, PTEN spent $116.6 million on capital programs compared with $161.8 million in the prior-year period.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
This Zacks Rank #2 (Buy) company reported total operating costs and expenses of $1131.6 million compared with $1263.6 million in the first quarter of 2025.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Patterson-UTI Energy’s Q2 Outlook
For the second quarter, the Drilling Services segment is projected to operate at an average U.S. rig count of around 90 rigs. Adjusted gross profit for this segment is anticipated to be about $130 million, including about $5 million in rig reactivation costs, with limited revenue contribution from those rigs during the quarter.
In the Completion Services segment, adjusted gross profit is forecast at roughly $105 million, supported by strong utilization of active equipment. The company will continue to focus on strategic investments aimed at upgrading its asset base with advanced technologies that are expected to deliver superior long-term returns, rather than extending the life of diesel-powered equipment.
For the Drilling Products segment, adjusted gross profit is expected to decline modestly from first-quarter levels, reflecting reduced activity in Canada due to the seasonal spring breakup, along with higher international costs, particularly in the Middle East.
Other operations are expected to generate an adjusted gross profit of about $5 million in the second quarter. Additionally, general and administrative expenses are projected at approximately $67 million, while depreciation, depletion, amortization and impairment expenses are estimated to total around $220 million.
Important Earnings at a Glance
While we have discussed PTEN’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company (HAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation (RRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.