Patterson-UTI Energy Earnings Call Transcripts
Fiscal Year 2026
-
Q3 revenue rose 9% QoQ to $1.314B, with $264M adjusted EBITDA and stronger free cash flow. Premium-equipment demand and disciplined spending underpin a constructive 2027 outlook, while pricing recovery and Middle East disruption remain key variables.
-
Q2 2026 saw 10% sequential revenue growth to $1.23B, driven by strong demand and pricing for high-spec rigs and gas-powered completion equipment. Strategic investments and fleet upgrades are underway, with free cash flow and margins expected to improve in H2 2026 and 2027.
-
Q1 2026 saw strong operational execution and technology-driven performance, with revenue of $1.117B and adjusted EBITDA of $205M. Market conditions are improving, with higher U.S. shale activity expected and disciplined capital allocation focused on technology and shareholder returns.
Fiscal Year 2025
-
Q4 2025 saw strong free cash flow, steady segment performance, and a 25% dividend increase, despite commodity volatility. Technology investments and international expansion support a positive outlook, with CapEx reduced and robust shareholder returns maintained.
-
Q3 2025 saw resilient performance with $1.176B revenue, a net loss of $36M, and $219M adjusted EBITDA. Operational execution, technology investment, and disciplined capital allocation supported strong free cash flow and shareholder returns, with steady activity expected into 2026.
-
Q2 2025 featured resilient margins, strong cash flow, and robust adoption of digital and automation tech, despite oil market volatility and cautious customer activity. Guidance calls for steady Q3 performance and increased free cash flow in H2 2025.
-
Q1 2025 delivered strong results across all segments, with $1.28B revenue and $1M net income. Activity is expected to remain steady, though slight profit declines are forecast for Q2 due to contract roll-offs and seasonal costs. Capital allocation remains flexible, with robust liquidity and a focus on shareholder returns.
Fiscal Year 2024
-
Strong free cash flow and disciplined capital returns marked 2024, with segment outperformance in drilling products and expanded natural gas-powered assets. Integration of recent acquisitions and a focus on technology and cost synergies position the company for steady 2025 activity and long-term growth.
-
Q3 2024 saw strong free cash flow and continued integration benefits from recent M&A, despite a net loss driven by non-cash charges. The company is retiring older assets, maintaining capital discipline, and expects steady rig activity with a recovery in completions in H1 2025.
-
Q2 2024 saw strong free cash flow, robust shareholder returns, and successful integration of recent acquisitions. Growth is driven by power services, CNG, and integrated contracts, with a steady outlook for the rest of 2024 and upside in 2025 as natural gas demand rises.