Patterson-UTI Reports Drilling Activity for February 2026
Rhea-AI Summary
Patterson-UTI Energy (NASDAQ:PTEN) reported operating averages for drilling rigs in February 2026. The company said it averaged 93 drilling rigs operating in the United States for February and 94 drilling rigs on average for the two months ended February 28, 2026.
The announcement clarifies that these averages represent rigs earning revenue under U.S. drilling contracts and warns that rig counts alone may not predict financial results. The company plans to continue providing monthly rig count updates after each month-end.
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Key Figures
Market Reality Check
Peers on Argus
PTEN gained 0.11% while peers were mixed: HP +2.08%, RIG +3.58%, NE +1.78%, SDRL -1.07%, SOC +10.39%. The mixed moves and empty momentum scanner suggest today’s action was more stock-specific than a clear sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 06 | Monthly rig update | Neutral | +6.0% | Reported average of 94 U.S. drilling rigs operating for January 2026. |
| Feb 04 | Quarterly earnings | Positive | +2.8% | Q4 2025 results with $1.2B revenue and a 25% dividend increase. |
| Jan 15 | International contract | Positive | -0.3% | Multi-year agreement to lease two rigs for Argentina’s Vaca Muerta field. |
| Jan 13 | Earnings call notice | Neutral | -0.3% | Announced timing and access details for Q4 2025 earnings call. |
| Jan 05 | Monthly rig update | Neutral | +5.0% | Reported average of 93 U.S. drilling rigs for December and Q4 2025. |
Recent PTEN news, including monthly rig updates and earnings, has generally seen share price moves that align with the tone of the announcements, with only one notable divergence on an otherwise positive international contract update.
Over the last few months, PTEN has combined steady operational updates with larger strategic and financial disclosures. Monthly rig activity reports for December 2025 and January 2026 showed around 93–94 U.S. rigs earning revenue and were followed by positive price reactions. Q4 2025 results on February 4, 2026 highlighted $1.2 billion in revenue and a dividend increase, also met with a gain. Today’s February 2026 rig update continues this cadence of operational transparency centered on U.S. drilling activity.
Market Pulse Summary
This announcement updates PTEN’s U.S. activity with an average of 93 rigs operating in February 2026 and 94 over the first two months, all under revenue-generating contracts. It continues a pattern of monthly rig disclosures that frame demand for the company’s fleet. Investors may contextualize these figures against prior months’ activity, recent earnings showing cash generation and capital plans, and regulatory filings that outline backlog levels and broader industry headwinds in U.S. shale drilling.
AI-generated analysis. Not financial advice.
HOUSTON, TX / ACCESS Newswire / March 4, 2026 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of February 2026, the Company had an average of 93 drilling rigs operating in the United States. For the two months ended February 28, 2026, the Company had an average of 94 drilling rigs operating in the United States.
Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were earning revenue under a drilling contract in the United States. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company's financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
About Patterson-UTI
Patterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; our return of capital to stockholders; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.
Contact:
Michael Sabella
Vice President, Investor Relations
(281) 885-7589
SOURCE: Patterson-UTI Energy
View the original press release on ACCESS Newswire
FAQ
How many drilling rigs did Patterson-UTI (PTEN) operate in February 2026?
What is Patterson-UTI's average rigs figure for the two months ended February 28, 2026 (PTEN)?
Does PTEN say rig counts predict its financial performance for 2026?
Will Patterson-UTI (PTEN) keep reporting monthly rig counts in 2026?
What does PTEN count as an "average drilling rig operating" in these reports?
