Companies /Energy

Patterson-UTI Energy Inc

NASDAQ: PTEN Oil & Gas Drilling
$12.71
▲ $0.29 (+2.33%) today
Markets closed · 9:06am ET

Q2 2025 Earnings

Reported Jul 23, 2025, 6:27pm ET · SEC source
$-0.13
Miss −249.46%
EPS · est. $-0.04
$1.2B
Beat +0.94%
Revenue · est. $1.2B
−7.6%
Trailing market
PTEN vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Jul 23Jul 24report 6:27pm ETearnings−0.0%+0.0%
−2%0+2%Jul 23Jul 24earnings−0.0%+0.0%
PTEN +0.0%S&P 500 −0.0%
−2%0+2%Jul 23Jul 24report 6:27pm ETearnings−0.1%+0.0%
−2%0+2%Jul 23Jul 24earnings−0.1%+0.0%
PTEN +0.0%NASDAQ −0.1%
−3%0+3%Jul 23Jul 31report 6:27pm ETearnings−0.6%−2.5%
−3%0+3%Jul 23Jul 31earnings−0.6%−2.5%
PTEN −2.5%S&P 500 −0.6%
−3%0+3%Jul 23Jul 31report 6:27pm ETearnings−0.3%−2.5%
−3%0+3%Jul 23Jul 31earnings−0.3%−2.5%
PTEN −2.5%NASDAQ −0.3%
+5.29%
Day of report
−1.13%
Next session
−1.13%
One week
−5.83%
30 days

S&P 500 over the same 30 days: +1.75%.

Did PTEN Beat Earnings? Q2 2025 Results

Patterson-UTI Energy delivered a bruising second quarter, posting a loss of $0.13 per diluted share on revenue of $1.22 billion as softer oil-directed drilling demand and a $28 million non-cash impairment charge tied to Colombian operations weighed heavily on results. The top line fell from $1.28 billion in Q1 2025 and $1.35 billion a year ago, with adjusted EBITDA sliding to $231.22 million from $323.74 million in the year-ago quarter — a clear signal of how far the oilfield services cycle has turned. U.S. rig count averaged 104 in the quarter, with the Permian Basin accounting for the steepest declines, while Completion Services revenue of $719.33 million held up as fully utilized gas-powered fleets offset broader pressure. Management is eyeing a mid-90s rig count for Q3 but sees a more constructive setup on the horizon, with CEO Andy Hendricks pointing to a "physical call for higher U.S. LNG volumes" as a catalyst that could lift natural gas drilling activity heading into 2026. Free cash flow is expected to accelerate in the back half of 2025, with full-year net capex guided below $600 million.

Key Takeaways
  • Drilling Products achieved record U.S. revenue per U.S. industry rig and record Canada revenue per Canada industry rig
  • Emerald natural gas-powered and Tier IV dual fuel completion assets remained fully utilized
  • Directional drilling revenue higher sequentially driven by strong service quality and market penetration
  • Higher sequential revenue from drilling automation technologies in U.S. Contract Drilling
  • Growth in performance-based agreements with Drilling Products customers

“Our second quarter activity was in line with the market, and at the same time we see opportunities with our operational footprint, technology portfolio, and financial position to improve our market position in both drilling and completions.”

Patterson UTI Energy CEO, on the earnings call

Forward Guidance & Outlook

For Q3 2025, Drilling Services average rig count expected in the mid-90s, with moderating oil basin activity and steady natural gas basin activity; Drilling Services adjusted gross profit expected ~$130 million. Completion Services activity expected steady with Q2, with adjusted gross profit also steady. Drilling Products adjusted gross profit expected to improve slightly sequentially, with higher adjusted gross profit margin in H2 vs H1. SG&A expected to decline slightly from Q2. DD&A and impairment expected ~$230 million. Full-year 2025 capital expenditures, net of asset sale proceeds, expected below $600 million, with reduced maintenance capex expectations. Free cash flow expected to accelerate in H2 2025. Natural gas-directed activity conversations increasing approaching 2026. Significant flexibility in future capital spend with reassessment of market dynamics later in 2025.

PTEN YoY Financials

Revenue$1.2B
Gross Profit$290.0M
Operating Income$-29,486,000
Net Income$-49,144,000

PTEN Revenue by Segment

Completion Services$719.3M
Drilling Services$403.8M
U.S. Contract Drilling
Drilling Products$88.4M
Other Drilling Services (International & Directional)
Other$7.8M

Figures from SEC filings and company reports. Not investment advice.