Patterson-UTI Energy beats top-line and bottom-line estimates; gives Q4 outlook

• Patterson-UTI Energy press release (PTEN): Q3 GAAP EPS of $0.07 beats by $0.03.
• Revenue of $1.34B (+13.6% Y/Y) beats by $30M.
• Third Quarter 2026 Adjusted EBITDA of $264 million
• Declared a quarterly dividend of $0.10 per share, payable on December 15, 2026 to holders of record as of December 1, 2026.
• Outlook: In Drilling Services, we expect to operate an average of approximately 104 rigs in the United States during the fourth quarter and exit 2026 above that level, with additional rig reactivations anticipated in the first quarter of 2027.
• In Completion Services, we expect fourth quarter adjusted gross profit of $140 million.

• In Drilling Products, we expect fourth quarter adjusted gross profit to decline 5-10%, sequentially, primarily reflecting the expectation for lower drilling activity in Saudi Arabia due to ongoing geopolitical unrest in the region.

• "We expect Other adjusted gross profit in the fourth quarter to be steady compared to the third quarter."

• For the fourth quarter, we expect general and administrative expense to be approximately $70 million and depreciation, depletion, amortization, and impairment expense to be approximately $220 million.

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