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Patterson-UTI Energy (PTEN) investor relations material
Patterson-UTI Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $1.22B, with a net loss of $49M ($0.13/share), including a $28M impairment in Latin America/Colombia, as oil market volatility and cautious customer activity persisted.
Integration of NexTier and Ultera, and investments in digitalization, automation, and technology, are delivering strategic benefits and driving customer adoption.
Cash flow from operations for H1 2025 was $348M, with $186M in cash and $500M undrawn revolver supporting growth and shareholder returns.
Returned $46M to shareholders in Q2 via $0.08/share dividend and share repurchases; $61.6M in dividends paid in H1 2025.
Financial highlights
Q2 2025 revenue was $1.219B, down 9.6% year-over-year; net loss was $49M, including a $28M impairment.
Adjusted EBITDA for Q2 was $231M; adjusted free cash flow for H1 2025 was $70M.
Cash provided by operations was $348M for H1 2025; capital expenditures totaled $306M.
Share count reduced by 8% since NexTier/Ultera deals; net debt at June 30, 2025, was $1.03B.
Q2 CapEx was $144M; full-year 2025 CapEx expected to be under $600M.
Outlook and guidance
Q3 2025 guidance: drilling services average rig count in mid-90s, adjusted gross profit ~$130M; completion services adjusted gross profit steady; drilling products gross profit to improve slightly.
Working capital expected to be a tailwind in H2 2025, with free cash flow likely to accelerate and exceed dividend needs.
Maintenance CapEx for 2025 reduced due to lower activity, but strong demand for digital and automation tech persists.
Backlog for U.S. contract drilling as of June 30, 2025, was $312M.
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