Patterson-UTI Energy: 2Q26 Post Mortem and Model Update: Pricing Tailwinds Plus Targeted Investments Bolster Outlook; Upgrade to Neutral

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Patterson-UTI Energy: 2Q26 Post Mortem and Model Update: Pricing Tailwinds Plus Targeted Investments Bolster Outlook; Upgrade to Neutral

J P M O R G A N North America Equity Research

31 July 2026

Patterson-UTI Energy

2Q26 Post Mortem and Model Update: Pricing Tailwinds ▲Neutral

Plus Targeted Investments Bolster Outlook; Upgrade to Previous: Underweight

Neutral PTEN, PTEN US

Price (30 Jul 26):$9.85

▲Price Target (Dec-26):$12.00

Prior (Dec-26):$10.00

JPM View: PTEN delivered a strong beat and raise with across the board strength Oil & Gas Exploration & Production

ACin drilling, completions, and drilling products. Management believes the company Arun Jayaram

is benefitting disproportionately compared to its peers given PTEN’s continued (1-212) 622-8541

investments in equipment and technology to address more challenging D&C arun.jayaram@jpmchase.com

applications. Given the constrained supply of super-spec drilling rigs and natural Jason Kim

gas-burning frac equipment, the company is observing pricing tailwinds for both (1-212) 622-1408

rigs and frac. In addition, the company’s Drilling Products segment delivered its jason.b.kim@jpmchase.com

highest revenue results since the 2023 acquisition of Ulterra. The company noted Sowmya Vemulapalli

a 10-15% increase in leading-edge land rig dayrates from 1Q26 levels. In frac, (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

PTEN is retiring diesel and adding direct-drive, 100% natural-gas Emerald fleets, J.P. Morgan Securities LLC

which is expected to increase its mix of nat gas burning equipment to ~90% of its

active horsepower, which management expects to support a strong pricing and

margin environment. Management estimates that frac pricing is down ~30% from Key Changes (FYE Dec)