Q1 2026 Patterson-UTI Energy Inc Earnings Call Transcript
Key Points
- Patterson-UTI Energy Inc (PTEN) is experiencing strong field execution supported by technology and digital offerings, which is enhancing operational efficiency.
- The company is well-positioned to capture value from a higher US rig count as US shale activity increases.
- Patterson-UTI Energy Inc (PTEN) is investing in newer natural gas-powered technologies, which are expected to generate strong returns and remain in demand.
- The company has a strong balance sheet with $337 million of cash on hand and no senior note maturities until 2028.
- Patterson-UTI Energy Inc (PTEN) is seeing improving demand for completion services, with discussions on higher pricing reflecting rising demand and high industry utilization.
- The company reported a net loss attributable to common shareholders of $25 million or $0.06 per share for the first quarter.
- Patterson-UTI Energy Inc (PTEN) experienced disruption in its Completion Services segment due to a January winter storm, impacting operations for five days.
- The conflict in the Middle East has increased risk in key regions, affecting operations and contributing to higher logistics and personnel costs.
- The company is facing meaningful inflation in key inputs, particularly tungsten, which is impacting its Drilling Products segment.
- Despite strong demand, available frac capacity across the industry is limited, and reactivating older equipment would require significant investment with uncertain long-term returns.
Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson-UTI First Quarter 2026 Earnings Conference Call (Operator Instructions)
And I would now like to turn the conference over to Michael Sabella, Vice President of Investor Relations. You may begin.
Thank you, operator. Good morning, and welcome to Patterson-UTI's earnings conference call to discuss our first quarter 2026 results.
With me today are Andy Hendricks, President and Chief Executive Officer; and Andy Smith, Chief Financial Officer. As a reminder, statements that are made in this conference call that refer to the company's or management's plans, intentions, targets, beliefs, expectations or predictions for the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings which could
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