Business
Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2025
HOUSTON, TX / ACCESS Newswire / July 23, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30,
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESS Newswire / July 23, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended June 30, 2025.Second Quarter 2025 Financial Results and Other Key ItemsTotal revenue of $1.2 billionNet loss attributable to common stockholders of $49 millionIncluded a $28 million non-cash asset impairment related to our Colombian drilling operationsAdjusted EBITDA of $231 millionReturned $46 million to shareholders in the second quarter through an $0.08 per share dividend and $16 million in share repurchasesDeclared a quarterly dividend of $0.08 per share, payable on September 15, 2025 to holders of record as of September 2, 2025Management Commentary\"Our second quarter activity was in line with the market, and at the same time we see opportunities with our operational footprint, technology portfolio, and financial position to improve our market position in both drilling and completions,\" said Andy Hendricks, Chief Executive Officer. \"As customer strategies increasingly emphasize technology-driven solutions that extend beyond just the capital equipment into automation and digital services, the investments we have made have positioned Patterson-UTI to deliver differentiated value. The growing collaboration among our Drilling Services, Drilling Products, and Completion Services teams, integrated through our PTEN Digital Performance Center, enhances our ability to financially outperform our peers. We remain focused on growing our digital and product portfolio to uniquely help our customers operate more safely and efficiently while also generating meaningful free cash flow for our investors.\"\"Oil market volatility increased in the second quarter, driven by evolving trade policies and OPEC+ signaling its desire to reclaim market share,\" continued Mr. Hendricks. \"While current oil prices would typically support higher drilling and completions activity than we are seeing today, our customers have remained cautious as macroeconomic uncertainties persist. We believe if oil directed activity does not recover from current levels, we will likely see a larger negative impact on U.S. oil production than we have seen so far, which is encouraging for our longer-term outlook relative to current activity levels. In natural gas basins, activity improved slightly in the second quarter and has remai...