Patterson-UTI Q2 FY26 net loss narrows to $20 million; revenue rises 10% vs Q1 to $1.2 billion

• Patterson-UTI posted Q2 net loss attributable to common stockholders of USD 20 million, despite revenue rising 10% sequentially to USD 1.2 billion.
• Adjusted EBITDA came in at USD 232 million; adjusted net income attributable to common stockholders was USD 1 million on Colombia drilling exit charges.
• Drilling Services revenue was USD 374 million; U.S. contract drilling averaged 92 rigs, exiting the quarter at 96 on higher demand.
• Completion Services revenue climbed to USD 754 million; management said the frac fleet was effectively sold out, with pricing talks “very constructive.”
• For Q3, management expects average U.S. rig count near 100; adjusted gross profit seen at USD 145 million in Drilling Services, USD 140 million in Completion.

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