PTEN Q1 2026: Rig count down 13% YoY, backlog falls 36%, as geopolitical volatility lifts oil to $91

Filed April 28, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 29, 2025 · ~2 min read

Key Changes

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  U.S. active rig count averaged 92 in Q1 2026, down 13% from 106 in Q1 2025, while contract drilling backlog fell 36% to $260M. Operating cash flow dropped 69% to $64M as lower activity offset higher commodity prices.

  MD&A: Drilling Services Activity verify on EDGAR →
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  Oil prices averaged $72.74/bbl in Q1 2026 but spiked to $91.06 by April 20, 2026, driven by Middle East instability and Iran conflict. Natural gas averaged $4.71/MMBtu but closed at $2.81, reflecting high volatility.

  MD&A: Commodity Prices verify on EDGAR →
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  Ulterra won final judgment in NOV patent litigation, with NOV acknowledging it cannot collect claimed royalties. NOV has appealed to Federal Circuit; briefing underway with Ulterra's response due June 1, 2026.

  Legal Proceedings verify on EDGAR →