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HOUSTON - Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reported an average of 98 drilling rigs operating in the United States during July 2025, according to a company statement released Tuesday. The company, which InvestingPro analysis shows is currently undervalued, has maintained dividend payments for 22 consecutive years, demonstrating consistent shareholder returns despite market volatility.
The figure represents the average number of drilling rigs that were earning revenue under drilling contracts in the U.S. for the month.
The Houston-based drilling services provider cautioned that numerous factors beyond rig count can impact the company’s operating results, and that trends in operating rig numbers may not necessarily indicate trends in financial performance.
Patterson-UTI, which provides drilling and completion services to oil and natural gas exploration and production companies, said it plans to continue providing monthly updates on drilling rigs operating shortly after each month ends.
The company’s services include contract drilling, integrated well completion, and directional drilling services in the United States. Patterson-UTI also offers specialized drill bit solutions in the U.S., Middle East, and other regions globally.
The information was disclosed in a company press release statement.
In other recent news, Patterson-UTI Energy Inc. reported its second-quarter financial results, revealing a mixed performance. The company posted an earnings per share (EPS) loss of $0.13, which was below the anticipated loss of $0.04. However, Patterson-UTI exceeded revenue expectations, bringing in $1.22 billion compared to the forecasted $1.20 billion. Additionally, CFRA downgraded Patterson-UTI’s stock from Hold to Sell, lowering the price target to $5.50 from $6.50. The downgrade was attributed to challenges in the energy services sector, particularly in contract drilling and fracking, due to weak upstream capital spending. These recent developments indicate ongoing pressures within the industry that Patterson-UTI must navigate.
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