Patterson-UTI Energy, Inc. (PTEN): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the real mechanics of Patterson-UTI Energy, Inc., and honestly, it's more complex than just counting rigs these days. After two decades analyzing this space, I see their model as a play on vertical integration, where their completions business-generating $705 million in Q3 2025 revenue-is just as critical as their drilling dayrates. This Business Model Canvas distills exactly how they manage a fleet featuring over 135 Tier-1 Super-Spec rigs and proprietary tech to capture value across the well lifecycle, balancing those heavy fixed costs against performance premiums. Keep reading to see the nine building blocks that define their strategy as of late 2025.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Patterson-UTI Energy, Inc.'s operations-the external relationships that keep the rigs turning and the technology flowing. These aren't just casual vendor agreements; they are deep, financially significant ties that underpin the company's ability to execute on its premium strategy.

Strategic alliances with major E&P customers for long-term contracts represent a commitment to future revenue visibility. As of June 30, 2025, Patterson-UTI Energy, Inc. had term contracts for drilling rigs in the U.S. securing approximately $312 million in future day rate drilling revenue. This commitment level shows E&P customers are locking in capacity for their development plans.

The company's focus on technology adoption, particularly its digital and automation services, is heavily reliant on its technology partners. The EOS Completions Platform™ is built around proprietary solutions, including the Vertex™ frac automation system. Patterson-UTI Energy, Inc. successfully deployed its proprietary Vertex™ frac pump controls automation in both the Bakken and Appalachia regions during the second quarter of 2025.

The push for lower operating costs and emissions ties directly into the Emerald frac fleets. Patterson-UTI Energy, Inc. reported that as of Q1 2025, approximately 80% of its active fleet was capable of being powered by natural gas, a proportion expected to increase throughout 2025. Furthermore, the company powers >150k HHP of electric frac using 100% natural gas. The Emerald™ 100% natural gas-powered assets and Tier IV dual fuel assets remained fully utilized through the second quarter of 2025.

Financial partnerships are critical for maintaining operational flexibility. Patterson-UTI Energy, Inc. secured a $500 million committed senior unsecured credit facility as of June 30, 2025, under an agreement entered into on January 31, 2025. This facility remains completely undrawn, providing significant liquidity.

The success of the Drilling Products segment, which includes specialized drill bit solutions, reflects strong partnerships with component suppliers and the successful integration of acquired technology. The market share for these products on Patterson-UTI Energy, Inc. operated rigs is up more than 10% since the Ulterra acquisition.

Here's a look at the quantifiable aspects of these key relationships:

The company's technology strategy involves integrating digital tools across segments. The PTEN Digital Performance Center enhances collaboration between Drilling Services, Drilling Products, and Completion Services.

• Drilling Products revenue was $88 million in Q2 2025.
• Drilling Products adjusted gross profit was $36 million in Q3 2025.
• The company expects to earn a strong long-term return on capital from technology-driven investments monetized on a customer-specific basis.

The structure of the credit facility also details sub-facility partnerships:

• Letter of credit sub-facility limit: $100 million.
• Swing line sub-facility limit: Lesser of $50 million or unused commitment.

The term contract expectations show a planned reduction in contracted rigs over time:

• Average of 62 rigs expected under term contracts in Q2 2025.
• Average of 27 rigs expected under term contracts over the four quarters ending June 30, 2026.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Key Activities

You're looking at the core engine of Patterson-UTI Energy, Inc. (PTEN) operations as of late 2025. These activities are what drive the revenue and profit across their segments.

Operating a fleet of land drilling rigs

Patterson-UTI Energy, Inc. deploys its drilling rigs primarily under contract in the United States. While the prompt suggests a fleet size over 190, the reported average operating rig counts for the latter half of 2025 show activity stabilizing around the low-to-mid 90s. For instance, the average operating rig count in the U.S. for October 2025 was 94 rigs earning revenue under contract. This compares to an average of 95 rigs operating in the U.S. for the three months ended September 30, 2025. The U.S. Contract Drilling business generated $380 million in revenue in the third quarter of 2025, with 8,737 operating days reported. The adjusted gross profit per operating day in U.S. Contract Drilling reached $16,170 in the first quarter of 2025, helped by customer adoption of the APEX® rig technology.

Providing integrated well completion services

The Completion Services segment, which includes pressure pumping and related services, is a significant revenue driver for Patterson-UTI Energy, Inc. This segment brought in $705 million in revenue during the third quarter of 2025, yielding an adjusted gross profit of $111 million. To be fair, this was slightly down from the $766 million in revenue seen in the first quarter of 2025. The company is also highlighting the introduction of a new hydraulic fracturing fleet.

Designing, manufacturing, and selling PDC drill bits

Through its Drilling Products segment, which includes the Ulterra business, Patterson-UTI Energy, Inc. designs, manufactures, and sells Polycrystalline Diamond Compact (PDC) drill bits globally. This segment posted revenue of $86 million and adjusted gross profit of $36 million in the third quarter of 2025. The company has significantly improved its performance metric in this area; revenue per U.S. industry rig has improved by approximately 40% since the Ulterra acquisition in 2023.

Developing and deploying proprietary drilling and completions technology

Patterson-UTI Energy, Inc. actively deploys proprietary technology to enhance operational efficiency and secure performance-based pricing. The Vertex™ Automated Controls deployment was a key highlight in late 2025. The overall platform, the PTEN Premium Performance Platform, integrates contractor-owned automation and digital analytics. This focus on digital integration and data-driven optimization is intended to simplify workflows and reduce third-party costs.

Managing last-mile logistics and natural gas fueling

A core competency involves mobile energy and natural gas fueling for field operations. As of the first quarter of 2025, approximately 80% of the active rig fleet was capable of being powered by natural gas, with plans to increase this percentage during 2025. The company claims to be the largest integrated natural gas fueling provider, delivering over 180,000 DGE (Diesel Gallons Equivalent) daily with greater than 99% uptime.

• Approximately 80% of the active fleet was natural gas-capable as of Q1 2025.
• Delivering over 180,000 DGE daily via natural gas fueling.
• Achieving greater than 99% uptime on fueling operations.

Finance: draft 13-week cash view by Friday.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Key Resources

You're looking at the core assets Patterson-UTI Energy, Inc. (PTEN) relies on to execute its strategy as of late 2025. These aren't just pieces of equipment; they are the foundation of their integrated service model, especially after the NexTier merger.

Fleet and Operational Scale

The physical assets are substantial, giving Patterson-UTI Energy, Inc. the scale to compete for the largest, most complex projects. They maintain a leading position in both drilling and completions.

For the drilling side, Patterson-UTI Energy, Inc. markets a fleet that includes over 190 land rigs across the United States and Colombia, with the majority being the premium Tier-1, super-spec units. These rigs meet a very specific, high-end definition:

• Tier-1 Super Spec rigs are defined as $\ge$1,500 HP, AC-powered.
• They feature a $\ge$750,000-pound hookload and a 7,500-psi system.
• These rigs are pad-capable and include a third mud pump plus raised drawworks.

Operationally, the average number of U.S. drilling rigs earning revenue under contract was 95 rigs for the third quarter of 2025. As of June 30, 2025, the company had term contracts in the U.S. providing for approximately $312 million in future dayrate drilling revenue.

The completions fleet is equally significant, boasting more than 3 million hydraulic horsepower (HP) following the merger. A key differentiator here is the focus on cleaner energy solutions; approximately 80% of their active frac fleet can run on natural gas. They are actively powering over 150,000 HHP of electric frac capacity with 100% natural gas.

Fleet and Capital Structure Snapshot (As of Mid-2025)

Here's a quick look at the scale of the physical assets and the financial scaffolding supporting them:

Proprietary Data Platforms and Technology

Patterson-UTI Energy, Inc. embeds digital technology directly into its operations, which helps them drive efficiency and secure performance-based returns. This isn't just software on a shelf; it's integrated into the field.

The company is focused on deploying its digital suite across the fleet by the end of 2025. You see this in their completion services, where they are deploying Vertex™ frac pump controls automation across fleets. For drilling, the technology stack includes:

• The Cortex ® Automation Platform, which supports their machine-learning auto driller application.
• The REX ® system, which is a cloud-based tool for early alert and field monitoring.

These platforms help improve drilling days on pad, which translates directly into value for their customers and potential premium returns for investors.

Human Capital and Financial Strength

The best equipment means little without the people to run it safely and effectively. Patterson-UTI Energy, Inc. relies on its highly skilled field personnel and engineering teams to manage the complexity of modern drilling and completions, especially with the shift to natural gas-powered equipment.

Financially, the balance sheet is designed for resilience. As of June 30, 2025, the total outstanding long-term debt was $1.2 billion. Critically, the structure avoids near-term refinancing risk, with the nearest Senior Note maturity set for 2028. The debt load is managed, showing a Net Debt to LTM Adjusted EBITDA ratio of 1 X as of March 31, 2025, and an Interest Coverage ratio of 16 X for the same period. This strong financial footing allows for disciplined capital allocation, including a commitment to return at least 50% of adjusted Free Cash Flow annually to shareholders through dividends and repurchases. For instance, in Q3 2025, they returned $64 million to shareholders.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Value Propositions

You're looking at how Patterson-UTI Energy, Inc. (PTEN) is carving out value in the oilfield services space as of late 2025. It's not just about showing up with equipment; it's about integrating services and using digital tools to deliver measurable results for the customer. Here's the breakdown of what they are offering that sets them apart.

Vertically integrated service offering across drilling and completions

Patterson-UTI Energy, Inc. offers a full spectrum of services, which is a key value driver. They provide contract drilling services, integrated well completion services, directional drilling services, and specialized drill bit solutions. This integration is managed through their PTEN Digital Performance Center, where the Drilling Services, Drilling Products, and Completion Services teams collaborate. This setup helps them deliver differentiated value to customers who want fewer vendors to manage.

Enhanced well economics through performance-based pricing and technology

The company actively aligns its pricing with operational success. They use performance-based pricing agreements, which helped boost their adjusted gross profit per operating day in the first quarter of 2025. This strategy incentivizes optimal performance, which benefits both Patterson-UTI Energy, Inc. and the client. The Drilling Products segment, which supplies drill bits and tools, is also showing this value capture; they reached another company record for U.S. revenue per U.S. industry rig in the third quarter of 2025, improving that metric by approximately 40% since they acquired Ulterra in 2023.

Here's a quick look at the operational and financial scale supporting these value propositions through the third quarter of 2025:

High-spec, natural gas-powered frac fleets for lower emissions and fuel cost savings

Patterson-UTI Energy, Inc. is making a clear strategic bet on natural gas. As of the first quarter of 2025, approximately 80% of their active frac fleet was capable of running on natural gas, with plans to increase that proportion throughout 2025. Their Emerald™ 100% natural gas-powered assets, along with Tier IV dual fuel assets, remained fully utilized in the second quarter of 2025. This focus supports lower emissions and fuel cost savings for customers, which is critical given the growing demand for U.S. LNG. To further this, they accepted delivery of their first commercial direct-drive hydraulic fracturing fleet in the third quarter of 2025, set for dedicated work in the fourth quarter. For context, the Completion Services segment generated $719 million in revenue in the second quarter of 2025.

Superior drilling performance via Ulterra PDC drill bits and directional services

The Drilling Products segment delivers value through its specialized tools. In the third quarter of 2025, this segment posted revenue of $86 million and adjusted gross profit of $36 million. The Directional Drilling business also showed strong performance in the third quarter, driven by high service quality and integration with their drilling rigs and drill bits. This technology focus is helping them outperform industry activity changes; for instance, Drilling Products revenue increased by 2.7% to $88 million (GAAP) in the second quarter of 2025, even as overall activity shifted.

Operational efficiency and safety through digital automation (Vertex™ Automated Controls)

Digital automation is a core value proposition, especially in completions. The rollout of the Vertex™ frac automation system, alongside FleetStream™ real-time cloud data and the Lateral-Science™ machine learning platform, is actively reshaping how customers plan and execute complex completions. Patterson-UTI Energy, Inc. successfully deployed its proprietary Vertex™ frac pump controls automation in the Bakken and Appalachia during the second quarter of 2025, and they were on track for fleet-wide deployment by the end of 2025. Furthermore, after a successful introduction in the third quarter, they continue to deploy Vertex™ Automated Controls across all pumping fleets, projecting full deployment by year-end 2025. Other AI-powered tools like the Cortex™ automation platform and REX™ early alert field monitoring system are seeing growing adoption in U.S. contract drilling, which helps increase revenue per rig.

• The company reported an Adjusted EBITDA of $219 million for Q3 2025.
• The Drilling Services segment expects adjusted gross profit of approximately $130 million for Q3 2025.
• The company returned $64 million to shareholders in the third quarter of 2025 through dividends and repurchases.
• They expect total capital expenditures, net of asset sales, to be less than $600 million for the full year 2025.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Customer Relationships

You're looking at how Patterson-UTI Energy, Inc. manages its relationships with the E&Ps (exploration and production companies) that hire its rigs and services. The focus here is on deep, integrated partnerships rather than transactional service calls.

Patterson-UTI Energy, Inc. concentrates its relationship efforts on its largest clients. The company serves a mix of large independent and major oil and gas companies. This focus is critical, as the trailing twelve-month revenue as of September 30, 2025, stood at $4.84B.

The company structures these key relationships through specific contractual arrangements designed for stability and shared success.

• Dedicated Account Management: Focus on the most active E&Ps to secure a significant portion of revenue flow.
• Technology Integration: Deep collaboration using proprietary platforms to drive customer efficiency.
• Operational Excellence: Emphasis on high service quality, which is evident in segment performance metrics.

Long-term, performance-based contracts are a cornerstone, offering revenue visibility even when spot market activity softens. For instance, as of June 30, 2025, the term contracts for U.S. drilling rigs provided for future dayrate drilling revenue totaling approximately $312 million. This contrasts with the $426 million in backlog at the start of the year, showing how contract duration and pricing are actively managed against market conditions.

Service quality is not just a talking point; it translates directly into operational metrics. The Directional Drilling business performance was strong in Q3 2025, specifically benefiting from high service quality and integrated offerings. This commitment helps customers achieve better well delivery times.

Technology-driven integration is key to cementing these relationships, moving Patterson-UTI Energy, Inc. beyond just providing equipment. This involves using the PTEN Digital Performance Center, the Cortex automation suite for rigs, and the Emerald natural gas-powered hydraulic fracturing fleets. These tools are used to help customers lower overall well costs.

Here's a quick look at the revenue contribution from the main operational segments during the third quarter ending September 30, 2025, which reflects the services delivered under these customer relationships:

The company's operational tempo in Drilling Services for October 2025 showed an average of 94 drilling rigs operating in the United States, a figure management expects to remain relatively steady into 2026. Furthermore, the quarterly dividend remained steady at $0.08 per share, representing an annualized yield of 4.9% based on the December 1, 2025, closing price, signaling a commitment to shareholders that underpins long-term customer confidence.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Channels

You're looking at how Patterson-UTI Energy, Inc. (PTEN) gets its services and products to the Exploration & Production (E&P) operators, which is a mix of direct engagement, physical presence, and digital enablement.

Direct sales force and contract negotiations with E&P operators

The primary channel for contract drilling and completion services is direct negotiation with E&P customers. This involves securing term contracts that provide revenue visibility. For instance, as of June 30, 2025, Patterson-UTI had term contracts in the United States providing for future dayrate drilling revenue of approximately $312 million. The sales effort is heavily supported by the integration of services; for example, the Directional Drilling business performance was strong in Q3 2025, benefiting from high service quality and additional integrated offerings with both drilling rigs and drill bits. The company's integrated drilling platform is designed to improve drilling days on pad, which is a key value proposition used in contract negotiations to secure performance-based returns premiums.

The company's fleet deployment directly reflects these channel activities:

The company is also actively deploying new, high-demand equipment, such as accepting delivery of its first commercial direct-drive hydraulic fracturing fleet near the end of Q3 2025, which is scheduled for long-term dedicated service.

Field operations across major U.S. onshore basins (e.g., Permian Basin)

Field operations are the physical delivery mechanism for the contract drilling and completion services. Patterson-UTI Energy, Inc. operates a sizeable fleet of high-spec rigs across major U.S. basins. The operational footprint is concentrated in areas like the Permian Basin, though activity in Q3 2025 showed a sequential change in U.S. Contract Drilling activity that was a function of moderating demand in the Permian Basin, while activity outside the Permian was steady compared to Q2 2025. The Completion Services segment, which generated $705 million in revenue in Q3 2025, utilizes its fleet of Emerald™ 100% natural gas-powered assets, which maintain strong operational and financial performance.

Key operational deployment points include:

• Operating an average of 95 rigs in the U.S. during the three months ended September 30, 2025.
• Maintaining steady overall activity in Completion Services compared to the second quarter of 2025.
• Focusing on efficiency gains, such as deploying the Vertex™ Automated Controls across all pumping fleets, with a projection for full deployment by year-end 2025.

International sales and repair facilities for Drilling Products in over 30 countries

The Drilling Products segment, primarily through its Ulterra business, serves international markets via established manufacturing, distribution, and repair facilities. Ulterra's drilling equipment serves energy and mining markets in over 30 countries. For the fourth quarter of 2025, Patterson-UTI Energy, Inc. expects adjusted gross profit from the Drilling Products segment to improve slightly, driven by higher revenue and adjusted gross profit from its International business, compared to the $36 million adjusted gross profit seen in Q3 2025.

Specific international infrastructure includes:

• Manufacturing and repair facilities in Saudi Arabia.
• Repair facilities located in Argentina and Colombia.
• A strategic joint venture, Turnwell Industries, is drilling and completing 144 unconventional wells for ADNOC in the Middle East.

Digital platforms for data exchange and operational reporting

Digital integration is a critical channel for value delivery and reporting. Patterson-UTI uses its integrated drilling platform to deliver data-driven optimization. This digital layer simplifies workflows and provides access to high-quality, consistent, and real-time data to run remote operations.

The digital channel components include:

• The PTEN Premium Performance Platform, which integrates automation and digital analytics.
• Deployment of Vertex™ Automated Controls to implement closed-loop automation for all pump types.
• Use of edge processing for AI/ML deployments and job management.
• Mobile applications connecting field personnel to the 24/7 operations center.
• A customer-accessible data warehouse for post-job analysis and customized reporting.

This digital infrastructure helps reduce third-party costs and reliance while enabling automation-enabled decisions throughout the Drilling & Completion operations lifecycle. Finance: draft 13-week cash view by Friday.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Customer Segments

Patterson-UTI Energy, Inc. serves oil and natural gas operators across its three primary business segments: Drilling Services, Completion Services, and Drilling Products. The customer base is concentrated in the United States, with targeted international exposure.

The company's customer base includes both independent and major oil companies. A significant portion of activity is concentrated in U.S. land basins. For the three months ended September 30, 2025, Patterson-UTI Energy had an average of 95 drilling rigs operating in the United States. In October 2025, the average was 94 U.S. rigs operating. The Drilling Services segment generated $380 million in revenue during the third quarter of 2025.

Patterson-UTI Energy markets approximately 190 land rigs in the United States and Colombia. The company also serves international E&P operators in select markets. For instance, the Drilling Products segment saw steady international revenue in the second quarter of 2025, with gains in the Middle East. Furthermore, a strategic joint venture in the Middle East is set to drill and complete 144 unconventional wells for ADNOC.

Customers are increasingly focused on technology to reduce well costs, driving demand for integrated solutions. This is evident in the Drilling Products segment, which reported revenue of $86 million in the third quarter of 2025, benefiting from strong performance in the U.S. and Canada. The Completion Services segment, which includes hydraulic fracturing and related services, reported revenue of $705 million in the third quarter of 2025. The company expects a strengthening outlook for natural gas drilling and completion activities, tied to LNG takeaway focus.

Here's a look at the revenue contribution from the primary customer-facing segments for Q3 2025:

The types of customers and their operational focus drive the deployment of Patterson-UTI Energy's high-specification assets and technology offerings:

• Large, active E&P companies utilizing the 93 average rigs in September 2025.
• Operators in U.S. land basins, including natural gas basins like Appalachia and Haynesville.
• International operators in markets like Colombia and the Middle East.
• Customers engaging in performance-based agreements, increasing momentum.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Patterson-UTI Energy, Inc. running their high-spec rig and frac fleets. The structure here is heavily weighted toward assets and the people who run them. It's a capital-intensive business, plain and simple.

High fixed costs from owning and maintaining the rig and frac fleet assets are the bedrock of this cost structure. You see this reflected in the depreciation expense, which is a significant, non-cash cost reflecting the wear and tear on those multi-million dollar assets. For the fourth quarter of 2025, Patterson-UTI Energy expects depreciation, depletion, amortization, and impairment expense to be approximately $225 million. This shows the scale of the asset base you're supporting.

Significant operating expenses for labor, fuel, and consumables hit the income statement directly as you run the jobs. Labor is key, but fuel is a major variable cost, especially for the Completion Services segment. Patterson-UTI Energy has been pushing its natural gas-powered fleets, like the Emerald line, to gain a fuel cost arbitrage over diesel-only fleets. For context on the scale of these operations, here are some segment financials from the third quarter of 2025:

Capital expenditures expected to be less than $600 million for full-year 2025. Patterson-UTI Energy reaffirmed this guidance, showing a disciplined approach to spending, even while investing in technology. For example, the total CapEx in the second quarter of 2025 was $144 million, and the third quarter total was also $144 million. This overall CapEx figure covers both growth-oriented technology investments and necessary fleet upkeep.

The Cost of goods sold for manufacturing and repairing PDC drill bits falls under the Drilling Products segment. To get a sense of the direct costs here, we can look at the third quarter results. Drilling Products revenue was $86 million, and the adjusted gross profit was $36 million. Here's the quick math: that implies a Cost of Goods Sold of about $50 million for that quarter ($86 million revenue minus $36 million profit). They noted that segment margins were impacted by higher than normal bit repair expense early in that third quarter, but they returned closer to historical levels by the end). This cost is directly tied to the Ulterra business they integrated.

Regarding Maintenance capital expenditures for fleet upkeep and upgrades, Patterson-UTI Energy actually reduced its expectations for the full-year 2025 maintenance CapEx because of slightly lower activity levels reported in mid-2025. Still, they are committed to maintaining the high-demand portion of their fleet, which is a non-negotiable cost to keep their premium assets ready for work. They expect to lower overall capital expenditures in 2026 compared to 2025, but maintaining the current fleet quality remains a priority cost driver.

• The company expects full-year 2025 capital expenditures to be below $600 million.
• Maintenance CapEx guidance for 2025 was reduced due to slightly lower activity.
• Total CapEx for Q2 2025 and Q3 2025 was $144 million each.
• Estimated COGS for Drilling Products in Q3 2025 was approximately $50 million ($86 million revenue - $36 million profit).
• Expected D&A and impairment expense for Q4 2025 is around $225 million.

Finance: draft 13-week cash view by Friday.

Patterson-UTI Energy, Inc. (PTEN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Patterson-UTI Energy, Inc. (PTEN) as of late 2025. Honestly, the structure shows a clear reliance on the two main service lines, with Drilling Products acting as a solid, though smaller, contributor. Here's the quick math on the third quarter of 2025 performance, which gives us the best snapshot right now.

The core revenue generation comes from the field operations, split between getting the well drilled and then completing it. You can see the Completion Services segment is currently the largest revenue driver for Patterson-UTI Energy, Inc.

The total revenue from these three components alone is $1,171 million for the third quarter of 2025, which aligns closely with the reported total revenue of $1.18 billion for the period.

Beyond the quarterly figures, the visibility into future dayrate revenue is important for planning. As of the latest reports, the term contract backlog for U.S. drilling rigs stood at approximately $312 million. What this estimate hides, though, is the growing portion of revenue tied to service integration rather than just dayrates.

Patterson-UTI Energy, Inc. is actively pushing for revenue tied to results, not just time spent. This is where performance-based premiums come into play. The company is focused on expanding its technology-driven commercial models through additional performance-based agreements.

• Performance-based premiums from integrated service offerings are a key strategic focus area.
• This revenue stream is supported by technology integration across drilling rigs and drill bits.
• Directional Drilling performance benefitted from these integrated offerings.
• The company is looking to monetize digital investments like the Fleet Stream data visualization platform.

To be fair, while the backlog gives you a floor for near-term drilling revenue, the growth story is increasingly tied to how effectively Patterson-UTI Energy, Inc. can embed its technology and secure those performance-based premiums within its Completion Services, which already generated $705 million in Q3 2025.

Finance: draft 13-week cash view by Friday.