Patterson-UTI reports Q1 EPS (6c), consensus (10c)

Reports Q1 revenue $1.18B, consensus $1.1B. “We delivered another quarter of solid operating results, as our businesses successfully navigated a challenging commodity environment to start the year,” said Andy Hendricks, CEO. “We are pleased with our performance given the macro backdrop earlier this year, with customers operating under budgets that were built around much lower oil price assumptions than what we see today. We continue to prioritize equipment and technology investments that improve demand for our drilling and completion businesses and help manage costs. We expect the benefits of these investments to build over time, particularly as U.S. land drilling and completion activity improves. Looking ahead, geopolitical events have significantly increased the commodity strip for the next several years, and we believe U.S. activity will need to go higher just to hold U.S. onshore oil production steady,” continued Hendricks. “The second quarter represents a market inflection in response to improved commodity prices. As a result, in our Drilling Services segment we are activating drilling rigs later in the second quarter, and we anticipate reactivating additional rigs in the second half of 2026. In our Completion Services segment, we are close to full utilization across our active fleet, and we are discussing price increases with our customers to more appropriately reflect an increasing demand environment coupled with current high industry utilization.”