PTEN PATTERSON UTI ENERGY INC
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Executive Summary
Patterson-UTI Energy released an investor presentation providing a Q2 2026 business update, including guidance for consolidated adjusted EBITDA of approximately $220 million, an updated 2026 capex forecast of ~$600 million, and expectations to exit Q2 with 95 active rigs and exit 2026 with 100+ active rigs. The company also expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026, and reiterated its commitment to return at least 50% of adjusted free cash flow to shareholders annually.
Actionable Insight
The Q2 adjusted EBITDA guidance of ~$220M and the rig reactivation trajectory (95 rigs exiting Q2, 100+ by year-end) signal a meaningful inflection in US shale activity. The mid-single-digit dayrate increases and pricing tailwinds in completion services support margin expansion. The senior note redemption and investment-grade balance sheet reduce refinancing risk. Monitor Q3 for further pricing improvements and completion demand acceleration into 2027.
Key Facts
- Expects consolidated adjusted EBITDA for Q2 2026 to be approximately $220 million
- Expects to exit Q2 with 95 active rigs and exit 2026 with 100+ active rigs in the US
- 2026 capital expenditures, net of asset sales, now expected to be ~$600 million
- Leading edge dayrates on contract renewals have increased mid-single digit percentage from early 2026
- Expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026
- Committed to annually return at least 50% of adjusted free cash flow to shareholders
- Investment grade credit rating from Moody's, S&P, and Fitch
- Net debt-to-adjusted EBITDA leverage of approximately 1x as of March 31, 2026
- Total liquidity of $834 million including cash and revolver as of March 31, 2026
Financial Impact
Q2 2026 adjusted EBITDA guided to ~$220M; 2026 capex raised to ~$600M; $337M cash on hand; $937.7M net debt; ~1x net leverage
Risk Factors
- Q4 seasonality in completion services is difficult to predict
- Reactivation and mobilization costs of $5-10M in Q2 may pressure near-term margins
- Execution risk on achieving 100+ active rigs by year-end
- Commodity price volatility could slow customer activity
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000889900-26-000039 |
| Document: pten-20260526.htm | 0000889900-26-000039 |
| Document: 0000889900-26-000039-index-headers.html | 0000889900-26-000039 |
| Document: 0000889900-26-000039-index.html | 0000889900-26-000039 |
| Document: 0000889900-26-000039.txt | 0000889900-26-000039 |
Track record builds as more directional reports settle.
Filters
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Jun 11, 2026
2d ago
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Institutional Cluster
| $11.99 awaiting T+5 | awaiting T+5 | — | $11.49 (+4.17%) |
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Jun 10, 2026
2d ago
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Insider Cluster
| $12.02 awaiting T+5 | awaiting T+5 | — | $11.49 (−4.41%) |
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Jun 4, 2026
8d ago
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8-K
| $12.40 awaiting T+5 | awaiting T+5 | — | $11.49 (−7.34%) |
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May 26, 2026
18d ago
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8-K
| $12.12 $11.74 | ▼ −3.14% | ▼ −4.35% | $11.49 (−5.18%) |
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May 7, 2026
5w ago
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424B5
| $11.41 $12.00 | ▲ +5.19% | ▲ +3.68% | $11.49 (+0.72%) |
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May 1, 2026
6w ago
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Insider Cluster
| $11.97 $11.41 | ▼ −4.67% | ▼ −7.02% | $11.49 (−4.00%) |
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May 1, 2026
6w ago
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Insider Cluster
| $11.97 $11.41 | ▲ +4.67% | ▲ +7.02% | $11.49 (+4.00%) |
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Apr 28, 2026
6w ago
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8-K
| $11.83 $12.39 | ▲ +4.73% | ▲ +3.03% | $11.49 (−2.87%) |
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Apr 13, 2026
8w ago
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DEFA14A
| $9.88 $10.57 | ▲ +7.00% | ▲ +5.60% | $11.49 (+16.32%) |
US Market Status
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