Patterson-UTI Reports Drilling Activity for May 2026
Rhea-AI Summary
Patterson-UTI Energy (NASDAQ:PTEN) reported an average of 92 drilling rigs operating in the United States during May 2026 and 90 rigs for the two months ended May 31, 2026.
These averages reflect rigs earning revenue under contracts. Patterson-UTI plans ongoing monthly activity updates and notes that rig counts alone may not indicate financial performance.
AI-generated analysis. Not financial advice.
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Key Figures
Market Reality Check
Peers on Argus
PTEN was up 2.16% with 3 peers on the momentum scanner also moving up (median about 2.6%). This supports a broader positive move in related energy names.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 06 | Monthly rig update | Neutral | -1.5% | Reported 88 average U.S. rigs operating for April 2026. |
| Apr 22 | Quarterly earnings | Neutral | +3.0% | Q1 2026 results with $1.1B revenue, net loss $25M, dividend declared. |
| Apr 07 | Earnings call notice | Neutral | -8.0% | Announced Q1 2026 earnings call scheduled for April 23, 2026. |
| Apr 06 | Monthly rig update | Neutral | +6.0% | Reported 90 average U.S. rigs for March and 92 for Q1 2026. |
| Mar 04 | Monthly rig update | Neutral | -0.3% | Reported 93 average U.S. rigs for February and 94 for two months. |
Monthly U.S. rig count updates have historically produced mixed but generally single-digit price moves, with no consistent positive or negative pattern.
Over recent months, Patterson-UTI has regularly reported U.S. rig activity, with averages of 93 rigs in February, 90 rigs in March, 88 rigs in April, and now 92 rigs for May 2026. These operational updates emphasize that rig counts alone may not predict financial performance. Alongside this, Q1 2026 results showed $1.1 billion in revenue and a net loss of $25 million, plus ongoing dividends. Today’s May rig update fits into this cadence of transparency on utilization and activity levels.
Market Pulse Summary
This announcement reports an average of 92 U.S. drilling rigs operating in May 2026 and 90 for the two months ended May 31, 2026, continuing Patterson-UTI’s monthly transparency on rig utilization. The company emphasizes that rig counts alone may not indicate financial performance. In context of recent earnings, capital markets activity, and insider transactions, investors may watch how sustained rig levels interact with pricing, margins, and upcoming guidance in future quarterly results.
Key Terms
drilling rigs technical
drilling contract financial
AI-generated analysis. Not financial advice.
HOUSTON, TX / ACCESS Newswire / June 5, 2026 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of May 2026, the Company had an average of 92 drilling rigs operating in the United States. For the two months ended May 31, 2026, the Company had an average of 90 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