Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2025

Wednesday, 23 July 2025 06:10 PM 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 remained steady into the third quarter. We are having increased conversations around additional natural gas directed activity as we approach 2026, and we continue to see long-term upside to natural gas directed activity as U.S. producers look to satisfy both rising domestic demand and growing global demand for U.S. LNG.""Our balance sheet remains a key strategic advantage, with low leverage and strong liquidity," said Andy Smith, Chief Financial Officer. "This gives us the flexibility to explore multiple capital allocation avenues to position the company to lead the industry over the long-term. We expect free cash flow will accelerate in the second half of 2025, and a disciplined approach to capital allocation should lead to higher returns and drive long-term value for our shareholders."Drilling ServicesDuring the second quarter, our Drilling Services segment revenue totaled $404 million. Drilling Services adjusted gross profit was $149 million during the quarter. Our U.S. Contract Drilling operating days totaled 9,465, with an average of 104 rigs working in the second quarter.Activity in our U.S. Contract Drilling business during the second quarter largely tracked industry trends, with our Permian Basin rig count showing the largest change relative to the prior quarter. Our total rig count in natural gas basins in Appalachia and the Haynesville has increased slightly from the start of the second quarter. Within the remainder of our Drilling Services segment, our directional drilling revenue was higher, sequentially, driven by strong service and product quality, resulting in additional market penetration even on overall lower industry activity."Our U.S. Contract Drilling business had higher sequential revenue from drilling automation technologies," said Mr. Hendricks. "We are seeing growing demand for our proprietary products that enhance the drilling process, including our Cortex ® Automation Platform, which enables our advanced machine-learning auto driller application, and our cloud-based, REX ® early alert, field monitoring system. These products should help support a broader customer base as we continue to advance our use of artificial intelligence to improve our operations. Acceptance of these technologies increases the long-term sustainability of customer relationships, and we see a growing performance advantage with our highest performing rigs compared to other capital equipment in the market that lacks the technological capabilities of our digital suite of products."As of June 30, 2025, the Company had term contracts for drilling rigs in the United States providing for future dayrate drilling revenue of approximately $312 million. Based on contracts currently in place, the Company expects an average of 48 rigs operating under term contracts during the third quarter of 2025 and an average of 27 rigs operating under term contracts over the four quarters ending June 30, 2026.Completion ServicesSecond quarter Completion Services revenue totaled $719 million, with adjusted gross profit of $100 million. Our adjusted gross profit margin percentage was relatively steady compared to the first quarter. As expected, we did experience some white space from customer specific gaps in our calendar, but our team successfully filled most of the gaps on spot pads. Revenue was higher in natural gas basins compared to the first quarter.Our fleet of Emerald™ 100% natural gas-powered assets, as well as our Tier IV dual fuel assets, remain fully utilized, and we expect this equipment to remain highly utilized through the remainder of 2025."We achieved key milestones on several technology initiatives, including automated hydraulic fracturing, as we build the foundation of our differentiated EOS Completions Platform™, which includes our Vertex™ frac automation, real-time cloud-based data feeds through our FleetStream™ digital solution, and our Lateral-Science SM machine learning application that leverages our drilling data to interpret rock properties," said Mr. Hendricks. "We successfully deployed our proprietary Vertex™ frac pump controls automation in both the Bakken and Appalachia during the quarter, and we are on track to complete fleet-wide deployment of this technology by the end of 2025. Through our PTEN Digital Performance Center, our Completion Services segment continues to make significant strides to uniquely help our customers better plan, execute and optimize completions designs based on real-time information. We expect strong returns on these investments and believe they have positioned our company as a long-term technology leader in the completions industry."Drilling ProductsSecond quarter Drilling Products revenue totaled $88 million, with adjusted gross profit of $39 million.Revenue in the United States was higher, sequentially, with the Drilling Products segment delivering another quarter of record U.S. revenue per U.S. industry rig. We continue to benefit from an increase in performance-based agreements with customers, which is gaining momentum as customers focus on technologies that can help lower well costs. We experienced growth in our U.S. business across several key regions.International revenue was steady, sequentially, with gains in key markets, including in the Middle East. In Canada, which is just under 10% of segment revenue, we saw a typical seasonal decline from spring breakup in the second quarter, but we achieved a company record in Canada revenue per Canada industry rig as we grew our position in key Canadian markets.The Drilling Products business continued to penetrate several offshore markets including the North Sea, Gulf of America, and Guyana.OtherDuring the second quarter, Other revenue totaled $8 million, with adjusted gross profit totaling $2 million.OutlookWithin the Drilling Services segment for the third quarter, we expect our average rig count will be in the mid-90s, with the sequential change driven by moderating activity in oil basins compared to the second quarter and steady activity in natural gas basins. We expect adjusted gross profit within the Drilling Services segment to be approximately $130 million.In our Completion Services segment for the third quarter, we expect activity to be steady compared to the second quarter, with a relatively full calendar for our equipment. We expect third quarter Completion Services adjusted gross profit to remain steady with the second quarter.In our Drilling Products segment for the third quarter, we expect adjusted gross profit will improve slightly, sequentially. The Canadian market should resume normal activity following the second quarter seasonal spring breakup, and we see slight gains in our International markets, partially offset by lower industry drilling activity in the United States. We expect this segment to realize a higher adjusted gross profit margin percentage in the second half of the year relative to the first half.We expect Other adjusted gross profit in the third quarter to be roughly flat compared to the second quarter.For the third quarter, we expect selling, general and administrative expense to decline slightly compared to the second quarter, and we expect depreciation, depletion, amortization, and impairment expense of approximately $230 million.We expect capital expenditures, net of proceeds from the sale of assets, of less than $600 million in 2025. We are reducing our expectations for full year 2025 maintenance capital expenditures given slightly lower activity. We are still seeing strong demand, however, for new technology in both our drilling and completions businesses related to digital and automation services and for advancements in technology to more cost effectively drill and complete longer laterals at higher pressures. We expect to monetize technology-driven investments on a customer specific basis, and we expect to earn a strong long-term return on capital. As we approach our 2026 capital budget process, we have significant flexibility within our future capital spend and will reassess market dynamics later this year.All references to "per share" in this press release are diluted earnings per common share as defined within Accounting Standards Codification Topic 260.Second Quarter Earnings Conference CallThe Company's quarterly conference call to discuss the operating results for the quarter ended June 30, 2025, is scheduled for July 24, 2025, at 9:00 a.m. Central Time. The dial-in information for participants is (800) 715-9871 (Domestic) and (646) 307-1963 (International). The conference ID for both numbers is 5625191. The call is also being webcast and can be accessed through the Investor Relations section of the Company's website at investor.patenergy.com. A replay of the conference call will be on the Company's website for two weeks.About Patterson-UTIPatterson-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 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 StatementsThis 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," "potential," "predict," "project," "pursue," "see," "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, including the impact of commodity price volatility on industry outlook; 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 supply of drilling and completions equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing Ukraine/Russia and Middle East conflicts and instability in other international regions; strength and financial resources of competitors; utilization, margins and planned capital expenditures; ability to obtain insurance coverage on commercially reasonable terms and 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 and the risk of obsolescence of existing technologies; the ability to attract and retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; difficulty in building and deploying new equipment; complications with the design or implementation of Patterson-UTI's new enterprise resource planning system; governmental regulation, including 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; changes to tax, tariff and import/export regulations and sanctions by the United States or other countries, including the impacts of any sustained escalation or changes in tariff levels or trade-related disputes; the ability to effectively identify and enter new markets or pursue strategic acquisitions; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; financial flexibility, including availability of capital and the ability to repay indebtedness when due; adverse credit and equity market conditions; our return of capital to stockholders, including timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; 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.PATTERSON-UTI ENERGY, INC.Condensed Consolidated Balance Sheets(unaudited, in thousands)June 30,2025December 31, 2024ASSETSCurrent assets:Cash, cash equivalents and restricted cash$185,891$241,293Accounts receivable, net770,901763,806Inventory163,687167,023Other current assets120,644123,193Total current assets1,241,1231,295,315Property and equipment, net2,835,4323,010,342Goodwill487,388487,388Intangible assets, net871,950929,610Other assets139,727110,811Total assets$5,575,620$5,833,466LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$426,509$421,318Accrued liabilities261,653385,751Other current liabilities28,31034,924Total current liabilities716,472841,993Long-term debt, net1,220,3981,219,770Deferred tax liabilities, net240,142238,097Other liabilities49,93557,762Total liabilities2,226,9472,357,622Stockholders' equity:Stockholders' equity attributable to controlling interests3,342,3453,465,823Noncontrolling interest6,32810,021Total equity3,348,6733,475,844Total liabilities and stockholders' equity$5,575,620$5,833,466PATTERSON-UTI ENERGY, INC.Condensed Consolidated Statements of Operations(unaudited, in thousands, except per share data)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,20252025202420252024REVENUES$1,219,320$1,280,537$1,348,194$2,499,857$2,858,554COSTS AND EXPENSES:Direct operating costs929,363961,414971,1641,890,7772,048,303Depreciation, depletion, amortization and impairment261,858231,866267,638493,724542,594Selling, general and administrative64,10866,93064,578131,038129,562Merger and integration expense48843210,64592022,878Other operating expense (income), net(7,011)2,950(11,059)(4,061)(17,010)Total operating costs and expenses1,248,8061,263,5921,302,9662,512,3982,726,327OPERATING INCOME (LOSS)(29,486)16,94545,228(12,541)132,227OTHER INCOME (EXPENSE):Interest income1,2721,4641,8672,7364,056Interest expense, net of amount capitalized(17,645)(17,697)(17,913)(35,342)(36,248)Other income (expense)(1,644)1,9682243241,074Total other expense(18,017)(14,265)(15,822)(32,282)(31,118)INCOME (LOSS) BEFORE INCOME TAXES(47,503)2,68029,406(44,823)101,109INCOME TAX EXPENSE1,1941,39017,7852,58437,782NET INCOME (LOSS)(48,697)1,29011,621(47,407)63,327NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST4472855447321,015NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(49,144)$1,005$11,077$(48,139)$62,312NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE:Basic$(0.13)$0.00$0.03$(0.12)$0.15Diluted$(0.13)$0.00$0.03$(0.12)$0.15WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:Basic385,365386,521399,558385,940403,870Diluted385,365387,044399,558385,940403,870CASH DIVIDENDS PER COMMON SHARE$0.08$0.08$0.08$0.16$0.16PATTERSON-UTI ENERGY, INC.Condensed Consolidated Statements of Cash Flows(unaudited, in thousands)Six Months EndedJune 30,20252024Cash flows from operating activities:Net income (loss)$(47,407)$63,327Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation, depletion, amortization and impairment493,724542,594Deferred income tax expense1,70436,252Stock-based compensation21,86722,864Net gain on asset disposals(973)(6,689)Other(1,972)6,087Changes in operating assets and liabilities(119,053)(101,022)Net cash provided by operating activities347,890563,413Cash flows from investing activities:Purchases of property and equipment(306,037)(357,449)Proceeds from disposal of assets, including insurance claims28,3449,321Other(11,514)(1,376)Net cash used in investing activities(289,207)(349,504)Cash flows from financing activities:Purchases of treasury stock(35,849)(230,202)Dividends paid(61,619)(64,368)Payments of finance leases(4,432)(31,905)Other(10,820)(6,063)Net cash used in financing activities(112,720)(332,538)Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(1,365)985Net decrease in cash, cash equivalents and restricted cash(55,402)(117,644)Cash, cash equivalents and restricted cash at beginning of period241,293192,680Cash, cash equivalents and restricted cash at end of period$185,891$75,036PATTERSON-UTI ENERGY, INC.Additional Financial and Operating Data(unaudited, dollars in thousands)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,20252025202420252024Drilling ServicesRevenues$403,805$412,860$440,289$816,665$897,862Direct operating costs$254,772$247,629$261,497$502,401$533,234Adjusted gross profit (1)$149,033$165,231$178,792$314,264$364,628Depreciation, amortization and impairment$112,647$84,972$98,607$197,619$190,952Selling, general and administrative$4,152$3,945$4,073$8,097$7,952Other operating income, net$(8,368)$-$-$(8,368)$-Operating income$40,602$76,314$76,112$116,916$165,724Operating days - U.S. (2)9,4659,57310,38819,03821,412Capital expenditures$55,174$73,458$58,426$128,632$141,219Completion ServicesRevenues$719,332$766,080$805,373$1,485,412$1,750,370Direct operating costs$619,083$657,681$653,240$1,276,764$1,398,834Adjusted gross profit (1)$100,249$108,399$152,133$208,648$351,536Depreciation, amortization and impairment$119,774$115,826$138,693$235,600$287,373Selling, general and administrative$9,723$11,409$10,637$21,132$21,601Other operating income, net$-$-$(7,922)$-$(17,792)Operating income (loss)$(29,248)$(18,836)$10,725$(48,084)$60,354Capital expenditures$68,985$62,173$48,728$131,158$172,105Drilling ProductsRevenues$88,390$85,663$86,054$174,053$176,027Direct operating costs$49,335$46,940$46,147$96,275$94,777Adjusted gross profit (1)$39,055$38,723$39,907$77,778$81,250Depreciation, amortization and impairment$23,584$22,876$23,176$46,460$50,358Selling, general and administrative$8,651$9,119$8,092$17,770$15,753Operating income$6,820$6,728$8,639$13,548$15,139Capital expenditures$15,252$18,222$13,958$33,474$29,544Other (3)Revenues$7,793$15,934$16,478$23,727$34,295Direct operating costs$6,173$9,164$10,280$15,337$21,458Adjusted gross profit (1)$1,620$6,770$6,198$8,390$12,837Depreciation, depletion, amortization and impairment$3,538$6,336$5,512$9,874$10,923Selling, general and administrative$82$204$253$286$493Operating income (loss)$(2,000)$230$433$(1,770)$1,421Capital expenditures$1,802$3,596$9,213$5,398$13,010CorporateDepreciation$2,315$1,856$1,650$4,171$2,988Selling, general and administrative$41,500$42,253$41,523$83,753$83,763Merger and integration expense$488$432$10,645$920$22,878Other operating expense, net$1,357$2,950$(3,137)$4,307$782Capital expenditures$2,993$4,382$183$7,375$1,571Total Capital Expenditures$144,206$161,831$130,508$306,037$357,449Adjusted gross profit is defined as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). See Non-GAAP Financial Measures below for a reconciliation of GAAP gross profit to adjusted gross profit by segment.Operational data relates to our contract drilling business. A rig is considered to be operating if it is earning revenue pursuant to a contract on a given day.Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests.PATTERSON-UTI ENERGY, INC.Non-GAAP Financial MeasuresAdjusted EBITDA(unaudited, dollars in thousands)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,20252025202420252024Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (1) :Net income (loss)$(48,697)$1,290$11,621$(47,407)$63,327Income tax expense1,1941,39017,7852,58437,782Net interest expense16,37316,23316,04632,60632,192Depreciation, depletion, amortization and impairment261,858231,866267,638493,724542,594Merger and integration expense48843210,64592022,878Adjusted EBITDA$231,216$251,211$323,735$482,427$698,773Total revenues$1,219,320$1,280,537$1,348,194$2,499,857$2,858,554Adjusted EBITDA by Operating Segment:Drilling Services$153,249$161,286$174,719$314,535$356,676Completion Services90,52696,990149,418187,516347,727Drilling Products30,40429,60431,81560,00865,497Other1,5386,5665,9458,10412,344Corporate(44,501)(43,235)(38,162)(87,736)(83,471)Adjusted EBITDA$231,216$251,211$323,735$482,427$698,773Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is not defined by accounting principles generally accepted in the United States of America ("GAAP"). We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies.PATTERSON-UTI ENERGY, INC.Non-GAAP Financial MeasuresAdjusted Free Cash Flow(unaudited, dollars in thousands)Six Months EndedJune 30,20252024Adjusted Free Cash Flow (1) :Net cash provided by operating activities$347,890$563,413Less capital expenditures(306,037)(357,449)Plus proceeds from disposal of assets, including insurance claims28,3449,321Adjusted free cash flow$70,197$215,285We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets, including insurance claims. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP.PATTERSON-UTI ENERGY, INC.Non-GAAP Financial MeasuresAdjusted Gross Profit(unaudited, dollars in thousands)Three Months EndedSix Months EndedJune 30,March 31,June 30,June 30,20252025202420252024Drilling ServicesRevenues$403,805$412,860$440,289$816,665$897,862Less direct operating costs(254,772)(247,629)(261,497)(502,401)(533,234)Less depreciation, amortization and impairment(112,647)(84,972)(98,607)(197,619)(190,952)GAAP gross profit36,38680,25980,185116,645173,676Depreciation, amortization and impairment112,64784,97298,607197,619190,952Adjusted gross profit (1)$149,033$165,231$178,792$314,264$364,628Completion ServicesRevenues$719,332$766,080$805,373$1,485,412$1,750,370Less direct operating costs(619,083)(657,681)(653,240)(1,276,764)(1,398,834)Less depreciation, amortization and impairment(119,774)(115,826)(138,693)(235,600)(287,373)GAAP gross profit (loss)(19,525)(7,427)13,440(26,952)64,163Depreciation, amortization and impairment119,774115,826138,693235,600287,373Adjusted gross profit (1)$100,249$108,399$152,133$208,648$351,536Drilling ProductsRevenues$88,390$85,663$86,054$174,053$176,027Less direct operating costs(49,335)(46,940)(46,147)(96,275)(94,777)Less depreciation, amortization and impairment(23,584)(22,876)(23,176)(46,460)(50,358)GAAP gross profit15,47115,84716,73131,31830,892Depreciation, amortization and impairment23,58422,87623,17646,46050,358Adjusted gross profit (1)$39,055$38,723$39,907$77,778$81,250OtherRevenues$7,793$15,934$16,478$23,727$34,295Less direct operating costs(6,173)(9,164)(10,280)(15,337)(21,458)Less depreciation, depletion, amortization and impairment(3,538)(6,336)(5,512)(9,874)(10,923)GAAP gross profit (loss)(1,918)434686(1,484)1,914Depreciation, depletion, amortization and impairment3,5386,3365,5129,87410,923Adjusted gross profit (1)$1,620$6,770$6,198$8,390$12,837We define "Adjusted gross profit" as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.Contact:Michael SabellaVice President, Investor Relations(281) 885-7589SOURCE: Patterson-UTI Energy

Patterson-UTI Energy Reports Financial Results for the Quarter Ended June 30, 2025

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