Patterson-UTI projects $220M Q2 EBITDA, raises 2026 CapEx to $600M for rig expansion
Summary
Patterson-UTI Energy provided updated financial guidance, projecting approximately $220 million in adjusted EBITDA for Q2 2026. The company also raised its 2026 capital expenditure forecast to roughly $600 million, net of asset sales, to fund rig upgrades and reactivations. This increased CapEx supports plans to exit Q2 with around 95 active U.S. rigs, targeting over 100 by year-end, indicating significant operational expansion. This update follows the company's Q1 earnings report in April and provides a clearer outlook on near-term performance and investment. The substantial capital investment relative to the company's size suggests a strong commitment to growth in drilling and completion services.
At the time of this announcement, PTEN was trading at $12.08 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $5.10 to $13.08. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.