Here are the 10-K annual reports from Patterson-UTI Energy Inc (PTEN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PTEN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PTEN filings page.
Patterson-UTI Energy, Inc. files its annual report describing a diversified oilfield services business focused on contract drilling, completion services and drilling products. The Houston-based company operates primarily in U.S. shale basins with international activity in Colombia, Ecuador and over 30 countries through its Ulterra drill bit business.
As of December 31, 2025, Patterson-UTI marketed 152 land drilling rigs, including 137 Tier‑1 super-spec rigs, and had 379,575,200 common shares outstanding. U.S. contract drilling backlog under term contracts was approximately $291 million, down from $426 million a year earlier, and 2026 capital expenditures are forecast at about $500 million gross.
The report highlights softer market conditions: U.S. average active rigs fell from 112 in 2024 to 100 in 2025, while WTI oil prices trended lower, averaging $59.62 per barrel in the fourth quarter of 2025. Management cites trade policy uncertainty, the phase-out of OPEC+ production cuts and geopolitical tensions as key drivers of volatility.
Patterson-UTI details integrated drilling and completions offerings, growth of natural gas-powered and lower-emission frac fleets, and advanced digital and automation technologies such as APEX, Cortex, EcoCell and eos. It also outlines extensive risk factors, including commodity price swings, industry overcapacity, customer consolidation, environmental and climate regulation, cybersecurity threats and dependence on a concentrated customer base, with one customer representing about 12% of 2025 revenue.