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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.
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Q2 2025 earnings summary24 Jul, 2025

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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Frequently asked questions

Patterson-UTI Energy Inc provides drilling and pressure pumping services to oil and gas exploration and production companies. The company operates land-based drilling rigs and offers directional drilling and related services across North America. It is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.

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