Patterson-UTI Energy Reports Financial Results for the Quarter Ended September 30, 2026

Andy Hendricks, Chief Executive Officer of Patterson-UTI Energy

“We are benefiting from increased U.S. onshore drilling and completion demand, which is supporting stronger pricing and returns”

Andy Hendricks, Chief Executive Officer of Patterson-UTI Energy

“Our teams executed well during the quarter, and investments in our fleet and digital and automation capabilities are delivering differentiated operational performance for our customers. As these capabilities continue to gain momentum and industry demand strengthens, we expect further improvements in financial performance, and believe we are well positioned to improve our market position.”

Andy Hendricks, Chief Executive Officer of Patterson-UTI Energy

“The commodity price environment continues to support higher customer budgets, and our discussions indicate the likelihood for additional rig reactivations and increased completion demand in 2027”

Andy Hendricks, Chief Executive Officer of Patterson-UTI Energy

“In Drilling Services, customer programs are increasingly requiring upgraded rigs with advanced digital and automation capabilities and larger structures designed to drill deeper wells and longer laterals more efficiently. Demand for these capabilities is supporting strong pricing for our highest-specification rigs. In Completion Services, pricing momentum remains positive, particularly for natural gas-powered assets, which provides a substantial fuel-cost advantage over diesel equipment. Natural gas powered frac equipment remains in very short supply, and further pricing improvement will be necessary to support the investment required to meet industry demand. These market conditions should allow us to create additional value for our shareholders.”

Andy Smith, Chief Financial Officer of Patterson-UTI Energy

“We generated strong free cash flow during the quarter, reinforcing our confidence in our outlook”

Andy Smith, Chief Financial Officer of Patterson-UTI Energy

“We expect free cash flow to remain strong in the fourth quarter and increase meaningfully in 2027 compared with 2026. During the third quarter, we returned approximately $62 million to shareholders, including $24 million for share repurchases. We continue to evaluate a range of capital-allocation opportunities, including high-return strategic investments, additional cash returns to shareholders, and debt reduction. Our priority remains maximizing return on capital, while maintaining the long-term flexibility of our balance sheet.”