Patterson-Uti Energy
Patterson-UTI Energy is a Houston-based, NASDAQ-listed oilfield services company providing integrated onshore contract drilling and pressure pumping services to major U.S. and international oil and gas E&P operators, operating the largest pressure pumping fleet in North America following its 2023 NexTier merger.
- Company typePublic
- Founded1993
- HeadquartersHouston, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Patterson-Uti Energy does
Patterson-UTI Energy is a U.S.-headquartered, NASDAQ-listed (PTEN) oilfield services company that provides integrated onshore contract drilling and pressure pumping (completion) services to oil and natural gas exploration and production companies. Following the 2023 transformative all-stock merger with NexTier Oilfield Solutions (valued at approximately $5.4 billion including debt), the combined entity became the largest pressure pumper in North America and operates one of the largest active land drilling fleets, currently running 90-95 rigs in the U.S. with plans to exceed 100 by year-end 2026. The company serves a concentrated base of major U.S. E&P operators, with 60% of revenue derived from the 15 largest U.S. operators, and has expanded internationally through joint ventures and rig leasing into the UAE (Turnwell Industries with ADNOC Drilling and SLB), Argentina (Vaca Muerta via DLS Archer), and Colombia (Pioneer-acquired rigs).
The company's service offering spans the well lifecycle: land contract drilling (typical dayrates of $25,000-$35,000 per day), directional drilling, hydraulic fracturing and pressure pumping (with over 80% of the active frac fleet natural-gas-powered), wireline, and well intervention. Technology platforms include the proprietary Cortex drilling automation system, REX directional drilling platform, and Vertex performance optimization platform, supplemented by the EcoCell battery energy storage system and GridAssist grid-power technology, which together reduced diesel generator reliance to 2% in New Mexico testing. The 2023 acquisition of Ulterra Drilling Technologies added a leading PDC drill bit product line, and the 2021 acquisition of Pioneer Energy Services contributed rigs and debt retirement. Dayrates and service fees constitute the core revenue model, with completion pricing beginning to recover (some customers accepting 10% increases) and natural-gas-powered frac equipment operating near full utilization.
The business model is enterprise field sales to large operators under multi-year contracts and spot arrangements, with revenue generated on a usage/dayrate basis. Revenue concentration is high (60% from top 15 U.S. operators), but the integrated drilling-plus-completion offering supports bundled contracting opportunities competitors cannot match at scale. Adjusted free cash flow of $416 million in 2025 represented the highest quarterly result since the 2023 transformation; capital expenditures of approximately $500 million are planned for 2026 (a 15% reduction), with management committed to returning at least 50% of adjusted free cash flow to shareholders. Full-year 2025 revenue was $4.83 billion, down from $5.38 billion in 2024, reflecting cyclical rig activity softening rather than market share loss, while Q1 2026 revenue of $1.12 billion reflects stabilizing demand.
Patterson-Uti Energy firmographics
Firmographics- Name
- Patterson-Uti Energy
- Legal name
- Patterson-UTI Energy Inc.
- Website
- https://patenergy.com
- Company type
- Public
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Patterson-UTI Energy is a Houston-based, NASDAQ-listed oilfield services company providing integrated onshore contract drilling and pressure pumping services to major U.S. and international oil and gas E&P operators, operating the largest pressure pumping fleet in North America following its 2023 NexTier merger.
- Ownership category
- akta.pro rank
Patterson-Uti Energy industry classification
Industry- Product category
- Oilfield Services
- NAICS
- Oil and Gas Field Machinery and Equipment Manufacturing (333132)
- SIC
- Oil & Gas Field Machinery & Equipment (3533), Oil & Gas Field Services, Nec (1389), Drilling Oil & Gas Wells (1381)
- akta.pro primary industry
- Pressure Pumping & Stimulation (Hydraulic Fracturing, Acidizing) (EUALABAF)
- akta.pro secondary industry
- Drilling & Workover Rigs (Land & Offshore) (EUALABAA)
Keywords
Where Patterson-Uti Energy is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Patterson-Uti Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain
Revenue model
- Contract Drilling Services: Provides land drilling services to oil and natural gas exploration and production companies. Revenue generated through dayrates charged for drilling rig operations, typically ranging from $25,000-$35,000 per day for U.S. onshore rigs. Currently operates approximately 90-95 active drilling rigs in the United States.
- Completion Services: Well completion services including hydraulic fracturing (pressure pumping), wireline, and completion services. Provides frac fleets as one of the largest pressure pumping providers in North America. Revenue from service fees for completion operations with some customers accepting 10% completion price increases.
- International Operations: Drilling and completion services operations outside the United States including Middle East, Colombia, Argentina, and other select international regions. Includes rig leasing arrangements such as the agreement to lease two high-spec rigs to DLS Archer Ltd. S.A. for Argentina's Vaca Muerta formation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | U.S. Land Drilling Dayrates |
| Usage-based | Pay-as-you-go | Completion Services |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Patterson-Uti Energy product offering
Product offeringCore offering
Patterson-UTI Energy provides onshore contract drilling and pressure pumping (completion) services to oil and natural gas exploration and production companies. Following the 2023 NexTier merger, the company became the largest pressure pumper in North America, operating approximately 90-95 active drilling rigs in the United States and offering integrated drilling and completion services across major U.S. shale basins including Permian, Eagle Ford, and Bakken.
Product overview
Patterson-UTI Energy is an oilfield services company providing drilling and completion services to oil and natural gas exploration and production companies. The company operates primarily in the United States, the Middle East, Colombia, and select other regions globally. Its services include contract drilling (land drilling rigs), directional drilling, pressure pumping/hydraulic fracturing (completion services), and well intervention. Following its 2023 merger with NexTier Oilfield Solutions, the combined entity became one of the largest North American oilfield service companies measured by active fracturing fleets and land rigs, serving major U.S. shale basins including Permian, Eagle Ford, and Bakken. The company also acquired Ulterra Drilling Technologies (a major PDC drill bit provider) and Pioneer Energy Services, and maintains technology platforms including Cortex, REX, and Vertex for drilling automation, as well as EcoCell battery energy storage systems and GridAssist electrification technology.
Differentiator
Problem solved
Functional benefit
Products and services
- Contract Drilling Services Land-based drilling rig services for oil and natural gas exploration and production companies, with rig dayrates typically ranging from $25,000-$35,000 per day for U.S. onshore rigs. Services span major U.S. shale basins including Permian, Eagle Ford, and Bakken, with directional drilling capabilities supported by the REX platform.
- Completion Services (Pressure Pumping / Hydraulic Fracturing) Hydraulic fracturing (pressure pumping) and well completion services delivered through one of North America's largest frac fleets. Provides bundled completion solutions for E&P operators, with utilization supported by natural gas-powered equipment and Cortex/Vertex platform integration.
- Directional Drilling Services Directional drilling and well placement services utilizing the REX Platform technology for accuracy and precision in complex well paths across U.S. shale plays.
- Wireline and Well Intervention Services Wireline logging and well intervention services provided to oil and natural gas operators as part of the integrated completion services portfolio.
- PDC Drill Bits Polycrystalline diamond compact (PDC) drill bits manufactured and supplied via the Ulterra Drilling Technologies subsidiary, serving North American drilling operators and international markets across 30+ countries.
Quantifiable outcome
- Largest pressure pumper in North America
- +4 more outcomes
Companies that use Patterson-Uti Energy
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Patterson-Uti Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Patterson-Uti Energy partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- DLS Archer Ltd. S.A.minorMulti-year agreement to lease two high-spec drilling rigs for operations in Argentina's Vaca Muerta shale formation, expanding international presence.
- Turnwell Industries LLC OPCcoreSLB, ADNOC, and Patterson-UTI formed Turnwell Industries LLC OPC, a joint venture focused on AI, smart drilling design, completions engineering, and production solutions for UAE's unconventional oil and gas program. ADNOC Drilling holds 55% majority stake, SLB holds 30%, and Patterson-UTI holds 15%. Partnership scheduled to complete initial 144 wells by end of 2025.
- ADNOC DrillingcoreADNOC Drilling partnership through Turnwell Industries joint venture bringing U.S. shale efficiency models to the Middle East, focusing on unconventional oil and gas development in UAE.
- SLB (Schlumberger)coreSLB partnership through Turnwell Industries joint venture providing integrated drilling, stimulation, project management, digital capabilities, and subsurface support for UAE unconventional program.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Patterson-Uti Energy competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Patterson-Uti Energy social profiles
Digital presencePatterson-Uti Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Patterson-Uti Energy leadership team
Management profileNumber of profiles
Profiles2 records
Patterson-Uti Energy subsidiaries and ownership
Company hierarchySubsidiaries3 records
Patterson-Uti Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Patterson-Uti Energy M&A and investment
M&A and investmentM&A14 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Patterson-Uti Energy
What does Patterson-Uti Energy do?
Patterson-UTI Energy provides onshore contract drilling and pressure pumping (completion) services to oil and natural gas exploration and production companies. Following the 2023 NexTier merger, the company became the largest pressure pumper in North America, operating approximately 90-95 active drilling rigs in the United States and offering integrated drilling and completion services across major U.S. shale basins including Permian, Eagle Ford, and Bakken.
Is Patterson-Uti Energy a public or private company?
Patterson-Uti Energy is a public company. It is classified as public and is currently operating.
When was Patterson-Uti Energy founded?
Patterson-Uti Energy was founded in 1993. It employs 5,001 to 10,000 people.
Where is Patterson-Uti Energy based?
Patterson-Uti Energy is headquartered in Houston, United States, in the North America region.
How does Patterson-Uti Energy make money?
Three revenue lines are on record. Contract Drilling Services are the primary driver. The others are completion Services and international Operations.
Does Patterson-Uti Energy have an API?
No public API is recorded for Patterson-Uti Energy.
What industry is Patterson-Uti Energy in?
Patterson-Uti Energy's product category is Oilfield Services. Its primary akta.pro industry code is EUALABAF, Pressure Pumping & Stimulation (Hydraulic Fracturing, Acidizing), with a secondary code of EUALABAA, Drilling & Workover Rigs (Land & Offshore). Its NAICS code is 333132 and its SIC code is 3533.