PATTERSON UTI ENERGY INC, 10-K filed on 2/10/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 04, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-39270    
Entity Registrant Name Patterson-UTI Energy, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 75-2504748    
Entity Address, Address Line One 10713 W. Sam Houston Pkwy N    
Entity Address, Address Line Two Suite 800    
Entity Address, City or Town Houston    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 77064    
City Area Code 281    
Local Phone Number 765-7100    
Title of 12(b) Security Common Stock, $0.01 Par Value    
Trading Symbol PTEN    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.3
Entity Common Stock, Shares Outstanding   379,575,200  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.    
Entity Central Index Key 0000889900    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Houston, Texas
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 420,642 $ 241,293
Accounts receivable, net of allowance for credit losses of $14,469 and $15,047 at December 31, 2025 and 2024, respectively 723,277 763,806
Inventory 160,280 167,023
Other current assets 113,892 123,193
Total current assets 1,418,091 1,295,315
Property and equipment, net 2,711,037 3,010,342
Operating lease right of use asset 42,982 44,385
Finance lease right of use asset 14,932 27,018
Goodwill 487,388 487,388
Intangible assets, net 814,810 929,610
Deposits on equipment purchases 11,757 15,699
Other assets 69,469 23,709
Total assets 5,570,466 5,833,466
Current liabilities:    
Accounts payable 470,782 421,318
Accrued liabilities 366,488 385,751
Operating lease liability 18,652 13,322
Finance lease liability 7,720 15,214
Current maturities of long-term debt 0 6,388
Total current liabilities 863,642 841,993
Long-term operating lease liability 27,607 34,305
Long-term finance lease liability 5,453 10,216
Long-term debt, net of debt discount and issuance costs of $6,362 and $7,637 at December 31, 2025 and 2024, respectively 1,221,038 1,219,770
Deferred tax liabilities, net 215,818 238,097
Other liabilities 12,193 13,241
Total liabilities 2,345,751 2,357,622
Commitments and contingencies (see Note 10)
Stockholders’ equity:    
Preferred stock, par value $0.01; authorized 1,000,000 shares, no shares issued 0 0
Common stock, par value $0.01; authorized 800,000,000 and 800,000,000 shares with 523,736,898 and 520,784,783 issued and 379,301,646 and 387,344,755 outstanding at December 31, 2025 and 2024, respectively 5,236 5,206
Additional paid-in capital 6,492,862 6,453,606
Retained earnings (deficit) (1,257,691) (1,039,338)
Accumulated other comprehensive income (loss) (1,155) (2,584)
Treasury stock, at cost, 144,435,252 shares and 133,440,028 shares at December 31, 2025 and 2024, respectively (2,020,714) (1,951,067)
Total stockholders’ equity attributable to controlling interests 3,218,538 3,465,823
Noncontrolling interest 6,177 10,021
Total equity 3,224,715 3,475,844
Total liabilities and stockholders’ equity $ 5,570,466 $ 5,833,466
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 14,469 $ 15,047
Long-term debt, debt discount and issuance costs $ 6,362 $ 7,637
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 800,000,000 800,000,000
Common stock, issued (in shares) 523,736,898 520,784,783
Common stock, outstanding (in shares) 379,301,646 387,344,755
Treasury stock, shares (in shares) 144,435,252 133,440,028
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating revenues:      
Total operating revenues $ 4,826,624,000 $ 5,377,911,000 $ 4,146,456,000
Operating costs and expenses:      
Depreciation, depletion, amortization and impairment 940,264,000 1,171,873,000 731,416,000
Impairment of goodwill 0 885,240,000 0
Selling, general and administrative 255,072,000 268,337,000 169,962,000
Merger and integration expense 1,016,000 33,037,000 98,077,000
Other operating expense (income), net 14,600,000 (10,708,000) (16,272,000)
Total operating costs and expenses 4,867,454,000 6,267,648,000 3,794,502,000
Operating income (loss) (40,830,000) (889,737,000) 351,954,000
Other income (expense):      
Interest income 6,649,000 5,729,000 6,122,000
Interest expense, net of amount capitalized (70,508,000) (71,963,000) (52,870,000)
Other income (expense) 1,698,000 (975,000) 1,898,000
Total other income (expense) (62,161,000) (67,209,000) (44,850,000)
Income (loss) before income taxes (102,991,000) (956,946,000) 307,104,000
Income tax expense (benefit) (9,937,000) 9,453,000 61,152,000
Net income (loss) (93,054,000) (966,399,000) 245,952,000
Net income (loss) attributable to noncontrolling interest 581,000 1,632,000 (340,000)
Net income (loss) attributable to common stockholders $ (93,635,000) $ (968,031,000) $ 246,292,000
Net income (loss) attributable to common stockholder per common share:      
Basic (in usd per share) $ (0.24) $ (2.44) $ 0.88
Diluted (in usd per share) $ (0.24) $ (2.44) $ 0.88
Weighted average number of common shares outstanding:      
Basic (in shares) 383,465 397,196 279,501
Diluted (in shares) 383,465 397,196 280,061
Drilling Services      
Operating revenues:      
Total operating revenues $ 1,557,642,000 $ 1,727,810,000 $ 1,919,759,000
Operating costs and expenses:      
Operating costs and expenses 977,234,000 1,029,591,000 1,119,200,000
Completion Services      
Operating revenues:      
Total operating revenues 2,892,247,000 3,232,785,000 2,017,440,000
Operating costs and expenses:      
Operating costs and expenses 2,461,539,000 2,658,170,000 1,567,940,000
Drilling Products      
Operating revenues:      
Total operating revenues 343,707,000 351,651,000 134,679,000
Operating costs and expenses:      
Operating costs and expenses 196,130,000 191,107,000 81,555,000
Other      
Operating revenues:      
Total operating revenues 33,028,000 65,665,000 74,578,000
Operating costs and expenses:      
Operating costs and expenses $ 21,599,000 $ 41,001,000 $ 42,624,000
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (93,054) $ (966,399) $ 245,952
Other comprehensive income (loss):      
Foreign currency translation adjustment, net of taxes of $0 for all periods 1,429 (3,056) 472
Comprehensive income (loss) (91,625) (969,455) 246,424
Less: comprehensive income (loss) attributable to noncontrolling interest 581 1,632 (340)
Comprehensive income (loss) attributable to common stockholders $ (92,206) $ (971,087) $ 246,764
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Foreign currency translation adjustment, net of taxes $ 0 $ 0 $ 0
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2022   302,326,000          
Beginning Balance at Dec. 31, 2022 $ 1,665,523 $ 3,023 $ 3,202,973 $ (87,394) $ 0 $ (1,453,079) $ 0
Net income (loss) 245,952     246,292     (340)
Noncontrolling interest 8,729           8,729
Foreign currency translation adjustment 472       472    
Issuance of common stock - Ulterra acquisition (in shares)   34,900,000          
Issuance of common stock - Ulterra acquisition 521,406 $ 349 521,057        
Issuance of common stock - NexTier merger (in shares)   172,092,000          
Issuance of common stock - NexTier merger 2,565,895 $ 1,720 2,564,175        
Issuance of replacement awards related to NexTier merger 72,413   72,413        
Issuance of restricted stock (in shares)   1,077,000          
Issuance of restricted stock 0 $ 10 (10)        
Vesting of restricted stock units (in shares)   6,380,000          
Vesting of restricted stock units 0 $ 64 (64)        
Stock-based compensation 46,750   46,750        
Payment of cash dividends (100,034)     (100,034)      
Dividend equivalents (1,829)     (1,829)      
Purchase of treasury stock (204,596)         (204,596)  
Ending Balance (in shares) at Dec. 31, 2023   516,775,000          
Ending Balance at Dec. 31, 2023 4,820,681 $ 5,166 6,407,294 57,035 472 (1,657,675) 8,389
Net income (loss) (966,399)     (968,031)     1,632
Foreign currency translation adjustment (3,056)       (3,056)    
Issuance of restricted stock (in shares)   719,000          
Issuance of restricted stock 0 $ 7 (7)        
Vesting of restricted stock units (in shares)   3,291,000          
Vesting of restricted stock units 0 $ 33 (33)        
Stock-based compensation 46,352   46,352        
Payment of cash dividends (126,791)     (126,791)      
Dividend equivalents (1,551)     (1,551)      
Purchase of treasury stock $ (293,392)         (293,392)  
Ending Balance (in shares) at Dec. 31, 2024 520,784,783 520,785,000          
Ending Balance at Dec. 31, 2024 $ 3,475,844 $ 5,206 6,453,606 (1,039,338) (2,584) (1,951,067) 10,021
Net income (loss) (93,054)     (93,635)     581
Distributions to noncontrolling interest (4,425)           (4,425)
Foreign currency translation adjustment 1,429       1,429    
Vesting of restricted stock units (in shares)   2,952,000          
Vesting of restricted stock units 0 $ 30 (30)        
Stock-based compensation 39,286   39,286        
Payment of cash dividends (122,453)     (122,453)      
Dividend equivalents (2,265)     (2,265)      
Purchase of treasury stock $ (69,647)         (69,647)  
Ending Balance (in shares) at Dec. 31, 2025 523,736,898 523,737,000          
Ending Balance at Dec. 31, 2025 $ 3,224,715 $ 5,236 $ 6,492,862 $ (1,257,691) $ (1,155) $ (2,020,714) $ 6,177
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Payment of cash dividends per share (in usd per share) $ 0.32 $ 0.32 $ 0.32
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (93,054,000) $ (966,399,000) $ 245,952,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion, amortization and impairment 940,264,000 1,171,873,000 731,416,000
Impairment of goodwill 0 885,240,000 0
Deferred income tax expense (benefit) (21,677,000) (1,765,000) 51,866,000
Stock-based compensation 39,286,000 46,352,000 46,750,000
Net gain on asset disposals (693,000) (3,688,000) (1,798,000)
Other 737,000 7,936,000 (1,053,000)
Changes in operating assets and liabilities:      
Accounts receivable 40,578,000 203,652,000 84,544,000
Inventory (1,775,000) (11,463,000) (30,793,000)
Other current assets 16,011,000 19,599,000 (10,360,000)
Other assets 16,520,000 33,760,000 24,686,000
Accounts payable 71,293,000 (112,858,000) (69,729,000)
Accrued liabilities (21,518,000) (66,582,000) (23,484,000)
Other liabilities (24,753,000) (30,121,000) (42,083,000)
Net cash provided by operating activities 961,219,000 1,175,536,000 1,005,914,000
Cash flows from investing activities:      
Acquisitions, net of cash acquired - NexTier 0 0 (65,185,000)
Acquisitions, net of cash acquired - Ulterra 0 2,983,000 (357,314,000)
Purchases of property and equipment (589,029,000) (678,386,000) (615,690,000)
Investment in unconsolidated affiliate (10,500,000) 0 0
Proceeds from disposal of assets, including insurance recoveries 44,117,000 25,832,000 26,473,000
Other (11,741,000) (5,173,000) (5,874,000)
Net cash used in investing activities (567,153,000) (654,744,000) (1,017,590,000)
Cash flows from financing activities:      
Purchases of treasury stock (69,636,000) (290,427,000) (200,710,000)
Dividends paid (122,453,000) (126,791,000) (100,034,000)
Proceeds from borrowings under revolving credit facility 0 50,000,000 420,000,000
Repayment of borrowings under revolving credit facility 0 (50,000,000) (420,000,000)
Proceeds from issuance of senior notes 0 0 396,412,000
Repayment of senior notes 0 0 (7,837,000)
Payments of finance leases (7,823,000) (45,484,000) (15,915,000)
Other (10,820,000) (12,290,000) (6,349,000)
Net cash provided by (used in) financing activities (210,732,000) (474,992,000) 65,567,000
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (3,985,000) 2,813,000 1,236,000
Net change in cash, cash equivalents and restricted cash 179,349,000 48,613,000 55,127,000
Cash, cash equivalents and restricted cash at beginning of year 241,293,000 192,680,000 137,553,000
Cash, cash equivalents and restricted cash at end of year 420,642,000 241,293,000 192,680,000
Net cash (paid) received during the year for:      
Interest, net of capitalized interest of $734 in 2025, $1,334 in 2024, and $1,692 in 2023 (66,931,000) (68,563,000) (39,607,000)
Income taxes (8,122,000) (14,767,000) (27,169,000)
Non-cash investing and financing activities:      
Net decrease in payables for purchases of property and equipment (22,035,000) (133,000) (15,111,000)
Net decrease in deposits on equipment purchases 3,942,000 12,607,000 7,876,000
Issuance of common stock for business acquisitions 0 0 3,159,714,000
Purchases of property and equipment through exchange of lease right of use asset 8,052,000 30,961,000 3,241,000
Derecognition of right of use asset $ (8,052,000) $ (36,117,000) $ (3,241,000)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Interest expense, capitalized interest $ 734 $ 1,334 $ 1,692
v3.25.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
A description of the business and basis of presentation follows:
Description of business — Patterson-UTI Energy, Inc., through its wholly-owned subsidiaries and consolidating interest of a joint venture (collectively referred to herein as “we,” “us,” “our,” “ours” and like terms), is a Houston, Texas-based leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. We operate under three reportable business segments: (i) drilling services, (ii) completion services, and (iii) drilling products. In addition, we own and invest, as a non-operating, working interest owner, in oil and natural gas assets that are primarily located in Texas and New Mexico. We had other operations through which we provided oilfield rental tools in select markets in the United States prior to the divestiture of that business in April 2025.
On August 14, 2023, we completed our acquisition (the “Ulterra acquisition”) of Ulterra Drilling Technologies, L.P. (“Ulterra”), a global provider of specialized drill bit solutions. On September 1, 2023, we completed our merger (the “NexTier merger”) with NexTier Oilfield Solutions Inc. (“NexTier”), a predominately U.S. land-focused oilfield service provider, with a diverse set of well completion and production services across a variety of active basins. See Note 2 for additional details on the acquisition and merger.
Basis of presentation — The consolidated financial statements include the accounts of Patterson-UTI Energy, Inc., its wholly-owned subsidiaries and the consolidating interest of a joint venture. All intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries and our interest in a joint venture, we have no controlling financial interests in any other entity which would require consolidation. Patterson-UTI Energy, Inc. conducts its business operations through its wholly-owned subsidiaries and has no employees or independent operations.
The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income, which is a separate component of stockholders’ equity.
The consolidated financial statements for the year ended December 31, 2023 include the results of Ulterra from August 14, 2023, and the results of NexTier from September 1, 2023.
A summary of the significant accounting policies follows:
Management estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
Cash and cash equivalents — Cash equivalents are highly liquid, short-term investments with original maturities of three months or less from their date of purchase.
Restricted cash — Restricted cash includes amounts restricted as cash collateral for the issuance of standby letters of credit.
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts shown in the statements of cash flows for the years ended December 31, 2025 and 2024 (in thousands):
Year Ended December 31,
20252024
Cash and cash equivalents$418,507 $239,182 
Restricted cash2,135 2,111 
Total cash, cash equivalents and restricted cash$420,642 $241,293 
Accounts receivable — Trade accounts receivable are recorded at the invoiced amount. The allowance for credit losses represents our estimate of the amount of probable credit losses existing in our accounts receivable. Significant individual accounts receivable balances and balances which have been outstanding greater than 90 days are reviewed individually for collectability. Account balances, when determined to be uncollectible, are charged against the allowance.
Inventories — Inventories consist primarily of sand and other products to be used in conjunction with our completion services activities, materials used in our equipment servicing business, spare parts for drilling services and raw materials for drilling products. Such inventories are stated at the lower of cost or net realizable value. Our inventory is recorded using weighted average cost.
We periodically review the nature and quantities of inventory on hand and evaluate the net realizable value of items based on historical usage patterns, known changes to equipment or processes and customer demand for specific products. Provision for excess or obsolete inventories is determined based on historical usage of inventory on-hand, volume on-hand versus anticipated usage, technological advances and consideration of current market conditions. Inventories that have not turned over for more than a year are subject to slow-moving reserve provisions. In addition, inventories that have become obsolete due to technological advances or are no longer configured to operate with our equipment are written off.
Other current assets — Other current assets include reimbursement from our workers compensation insurance carrier for claims in excess of our deductible in the amount of $30.5 million and $33.2 million at December 31, 2025 and 2024, respectively. We also maintain prepayments for items such as insurance, rent and inventory.
Long-lived assets with definite lives — Property and equipment and definite-lived intangible assets are carried at cost less accumulated depreciation, amortization, depletion and impairment. Depreciation and amortization is recorded on the straight-line method over the estimated useful lives.
The estimated useful lives are shown below:
 Useful Lives
Equipment
1-25 years
Rental equipment
4-8 runs
Buildings and leasehold improvements
1-30 years
Other
3-20 years
Amortization of definite-lived intangible assets is calculated on the straight-lined method over the estimated useful lives of the assets, which range from 3 to 15 years.
Long-lived assets with definite lives, including property and equipment and certain intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). Assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings for impairment assessment. If there is a triggering event, we estimate undiscounted future cash flows over the life of the respective assets or asset groupings in our assessment of its recoverability. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. If estimated undiscounted cash flows expected to result from the use and eventual disposition of an asset or asset group is less than its respective carrying amount, an impairment loss is recognized in the amount by which the carrying amount exceeds its estimated fair value.
Maintenance and repairs — Maintenance and repairs are charged to expense when incurred. Renewals and betterments which extend the life or improve existing property and equipment are capitalized.
Disposals — Upon disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected in our consolidated statements of operations.
Goodwill — As a result of both the Ulterra acquisition and the NexTier merger, we have recognized goodwill. Goodwill from acquisitions is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. Goodwill is considered to have an indefinite useful economic life and is not amortized. We assess impairment of goodwill at least annually, as of July 31, or on an interim basis when events or circumstances indicate that the fair value of goodwill may have decreased below its carrying value. If the carrying value of a reporting unit exceeds its fair value, we recognize an impairment in an amount equal to the excess, limited to the total amount of
goodwill allocated to the reporting unit. During the third quarter of 2024, we recorded an $885 million impairment charge to goodwill related to our completion services reporting unit. See Note 7 for details.
Leases — We lease various offices, equipment and vehicles to support our operations and corporate activities. We determine if a contract contains a lease at inception or as a result of an acquisition. Right-of-use (“ROU”) assets and corresponding lease liabilities are recognized on our consolidated balance sheet at lease commencement based on the present value of the remaining lease payments over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.
By our policy election, ROU assets and lease liabilities with an initial term of one year or less are not recognized for leasing arrangements, and non-lease and lease components are treated as a single lease component instead of bifurcating those components. If available, we use the rate implicit in the lease at the commencement date to discount lease payments. If the implicit rate is not readily determinable, we use our incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments.
Lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is amortized on a straight-line basis over the earlier of the useful life of the underlying asset or the lease term and recorded in depreciation and amortization expense in the consolidated statements of operations. Lease liabilities are adjusted for lease payments made and interest incurred using the effective interest method, with interest expense recorded in “Interest expense” in the consolidated statements of operations.
In the third quarter of 2023, as part of the Ulterra acquisition and the NexTier merger, we acquired certain operating and finance leases. We inherited NexTier’s and Ulterra’s lease classifications as of the time of each respective acquisition. We elected as an accounting policy election by class of underlying assets to not recognize assets or liabilities at the acquisition date for leases that had a remaining lease term of twelve months or less. See Notes 2 and 13 for details.
Revenue recognition — Revenues from our drilling services, completion services, drilling products, and other activities are recognized upon the transfer of control of the related services and products to the customer. See Note 3 for details.
Income taxes — The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. If applicable, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. Our policy is to account for interest and penalties with respect to income taxes as operating expenses. See Note 14 for details.
Stock-based compensation — We recognize the cost of share-based payments under the fair-value-based method. Under this method, compensation cost related to share-based payments is measured based on the estimated fair value of the awards at the date of grant, net of estimated forfeitures. This expense is recognized over the expected life of the awards, as described in Note 12.
Concentration of Credit Risk — Our assets that are potentially subject to concentrations of credit risk are cash, cash equivalents and restricted cash and trade accounts receivable. Cash balances are maintained in financial institutions, which at times exceed federally insured limits. We monitor the financial condition of the financial institutions in which accounts are maintained and we have not experienced any losses in such accounts. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. There were no material changes in the allowance for credit losses in 2025 and 2024.
Recently Adopted Accounting Standards — In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 to improve reportable segment disclosure requirements and enhance disclosures about significant segment expenses. We adopted this new accounting pronouncement effective January 1, 2024 and expanded our consolidated financial statement disclosures in order to comply with the update. See Note 17 for details.
In December 2023, the FASB issued ASU 2023-09 to improve income tax disclosure. We adopted this accounting pronouncement effective January 1, 2025, on a prospective basis. The adoption did not have a material impact on our consolidated financial position, results of operations, or cash flows, but resulted in expanded disclosures within the Income Taxes footnote. See Note 14 for details.
Recently Issued Accounting Standards — In November 2024, the FASB issued ASU 2024-03 to expand disclosure requirements related to certain income statement expenses, which requires public entities to disclose additional information about specific expense
categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05 to provide entities the option to use a practical expedient to assume balance sheet conditions remain unchanged when developing forecasts for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06 to improve the accounting for internal-use software cost by increasing the operability of the recognition guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This guidance is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11 to clarify the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. generally accepted accounting principles. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The update will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Ulterra Drilling Technologies, L.P.
On August 14, 2023, we completed the Ulterra acquisition. Total consideration for the acquisition included the issuance of 34.9 million shares of our common stock and payment of approximately $373 million of cash (after purchase price adjustments), which based on the closing price of our common stock of $14.94 on August 14, 2023, valued the transaction at closing at approximately $894 million.
The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):
Shares of our common stock issued to Ulterra34,900
Our common stock price on August 14, 2023$14.94 
Common stock equity consideration$521,406 
Plus net cash consideration372,757 
Total consideration transferred$894,163 
The acquisition was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the fair value of the consideration transferred is allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date.
The aggregate purchase price noted above was allocated to the major categories of assets acquired and liabilities assumed based on preliminary estimated fair values as of the date of the business combination. We applied significant judgment in estimating the fair value of assets acquired and liabilities assumed, which involved the use of significant estimates and assumptions with respect to future rig counts, cash flow projections, estimated economic useful lives, operating and capital cost estimates, customer attrition rates, contributory asset charges, royalty rates and discount rate (10.5%). The carrying amounts of cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued liabilities approximate their fair values due to their nature or the short-term maturity of instruments. The remaining assets acquired and liabilities assumed are based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of inventory and rental equipment was determined using a replacement cost approach. Intangible assets primarily consist of customer relationships and developed technology, the fair values of which were determined using an income approach. Property and equipment was valued using a combination of indirect cost and a market approach. The fair value was estimated by using a multi-period excess earnings method for customer relationships and a relief from royalty method for trade name and developed technology. The purchase price allocation was finalized in the third quarter of 2024. The valuation period adjustments did not have a material impact on our consolidated financial statements.
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Assets acquired:
Cash and cash equivalents$18,426 
Accounts receivable68,467 
Inventory (1)
36,313 
Rental equipment (2)
109,055 
Property and equipment27,583 
Intangible assets313,000 
Operating lease right of use asset7,513 
Finance lease right of use asset5,228 
Other assets15,989 
Total assets acquired601,574 
 
Liabilities assumed:
Accounts payable23,258 
Accrued liabilities33,323 
Operating lease liability7,513 
Finance lease liability5,228 
Deferred tax liabilities79,863 
Total liabilities assumed149,185 
Less: noncontrolling interest(8,729)
Net assets acquired443,660 
Goodwill450,503 
Total consideration transferred$894,163 

(1)We recorded an adjustment of $5.5 million to write-up acquired drill bits classified as inventory to estimated fair value. This adjustment will be recorded as direct operating expense as acquired drill bits are sold.
(2)We recorded an adjustment of $74.4 million to write-up acquired drill bits classified as long-lived assets to estimated fair value. This adjustment will be depreciated as acquired drill bits are rented over a weighted-average estimated useful life of 7.5 runs.
The goodwill recognized in the acquisition represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill represents the potential for new growth opportunities internationally with the acquisition of Ulterra as well as the recognition of deferred taxes for the difference between the fair value of the assets acquired and liabilities assumed and the respective carry-over tax basis. Goodwill is not deductible for tax purposes. All of the goodwill was assigned to our Drilling Products segment. See Note 7.
Approximately $135 million of revenues and $3.4 million of net loss attributed to the Ulterra acquisition are included in the consolidated statements of operations for the period from the closing date on August 14, 2023 through December 31, 2023. We incurred $5.6 million of merger and integration expense related to the Ulterra acquisition in 2023. We did not incur any material merger and integration expense related to the Ulterra acquisition in 2024 and 2025.
A portion of the fair value consideration transferred was assigned to identifiable intangible assets as follows:
Fair Value
(in thousands)		Weighted Average Useful Life
(in years)
Customer relationships$245,000 15
Trade name16,000 11
Developed technology52,000 5
Intangible assets$313,000 
Pro Forma
The following pro forma condensed combined financial information was derived from our and Ulterra’s historical financial statements and gives effect to the acquisition as if it had occurred on January 1, 2022. The below information reflects pro forma adjustments based on available information and certain assumptions we believe are reasonable, including (i) adjustments related to the depreciation and amortization of the step up to fair value of $77.6 million for acquired intangibles, $74.4 million for acquired drill bits classified as long-lived assets, and $5.5 million for acquired drill bits classified as inventory, (ii) removal of $12.8 million in 2023 and $28.1 million in 2022 of historical interest expense of the acquired entity and (iii) $17.4 million in 2023 and $11.3 million in 2022 of tax benefit relating to the aforementioned pro forma adjustments.
The pro forma results of operations do not include any anticipated cost savings or other synergies that may result from the Ulterra acquisition nor do they include any estimated costs that will be incurred to integrate Ulterra operations. The pro forma results of operations include our merger and integration expense of $5.6 million as if they had been incurred in the first quarter of 2022.
The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Ulterra acquisition taken place on January 1, 2022. Furthermore, the financial information is not intended to be a projection of future results. The following table summarizes our selected financial information on a pro forma basis (in thousands, except per share data):
2023
(Unaudited)
Revenues$4,369,596 
Net income$190,136 
NexTier Oilfield Solutions Inc.
On September 1, 2023, we completed the NexTier merger. Under the terms of the merger agreement, NexTier became our wholly-owned subsidiary. Each share of NexTier common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive 0.752 shares of our common stock. Additionally, certain equity awards that were granted and outstanding under NexTier long-term incentive plans were assumed by us, and such equity awards were converted into equity awards in respect of our common stock in accordance with the merger agreement.
NexTier is a predominately U.S. land-focused oilfield service provider, with a diverse set of well completion and production services across a variety of active basins.
The total fair value of the consideration transferred was determined as follows (in thousands, except exchange ratio and stock price):
Number of shares of NexTier common stock outstanding as of September 1, 2023228,846
Multiplied by the exchange ratio0.752
Number of shares of Patterson-UTI Energy, Inc. common stock issued in connection with the merger172,092
Patterson-UTI Energy, Inc. common stock price on September 1, 2023$14.91 
Common stock equity consideration2,565,895 
Acceleration of RSU awards1,997 
Fair value of replacement equity awards (1)
70,416 
NexTier long-term debt repaid by Patterson-UTI Energy, Inc.161,000 
Consideration transferred$2,799,308 
(1)In connection with the merger, each of the share-based awards held by legacy NexTier employees were replaced with our share-based awards on the merger date. The fair value of the replacement awards has been allocated between each employee’s pre-combination and post-combination services. Amounts allocated to pre-combination services have been included as consideration transferred as part of the merger. See Note 12 for replacement awards details.
The transaction was accounted for as a business combination using the acquisition method with Patterson-UTI Energy, Inc. determined to be the acquirer. Under the acquisition method of accounting, the fair value of the consideration transferred is allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date.
The aggregate purchase price noted above was allocated to the major categories of assets acquired and liabilities assumed based on preliminary estimated fair values as of the date of the business combination. We applied significant judgment in estimating the fair value of assets acquired and liabilities assumed, which involved the use of significant estimates and assumptions with respect to future rig counts, cash flow projections, estimated economic useful lives, operating and capital cost estimates, customer attrition rates, contributory asset charges, royalty rates and discount rate (14.0%). The carrying amounts of cash and cash equivalents, accounts receivable, inventory, other assets, accounts payable, accrued liabilities, and other liabilities approximate their fair values due to their nature or the short-term maturity of instruments. The remaining assets acquired and liabilities assumed are based on inputs that are not observable in the market and thus represent Level 3 inputs. The fair value of property and equipment was determined using a combination of replacement cost and indirect cost. Intangible assets were valued using an income approach. The fair value was estimated by using multi-period excess earnings method for customer relationships and a relief from royalty method for trade name and developed technology. The purchase price allocation was finalized in the third quarter of 2024. The valuation period adjustments did not have a material impact on our consolidated financial statements.
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the merger (in thousands):
Assets acquired:
Cash and cash equivalents$95,815 
Accounts receivable420,200 
Inventory71,930 
Property and equipment (1)
1,045,610 
Intangible assets768,000 
Operating lease right of use asset19,091 
Finance lease right of use asset50,733 
Other assets84,677 
Total assets acquired2,556,056 
 
Liabilities assumed: 
Accounts payable358,873 
Accrued liabilities129,535 
Operating lease liability19,091 
Finance lease liability50,733 
Deferred tax liabilities86,293 
Long-term debt22,533 
Other liabilities11,815 
Total liabilities assumed678,873 
Net assets acquired1,877,183 
Goodwill922,125 
Total consideration transferred$2,799,308 
(1)We recorded an adjustment of $263 million to write-up acquired property and equipment to estimated fair value. This adjustment will be depreciated on a straight-line basis over a weighted average period of six years.
The goodwill recognized in the merger represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill largely consisted of the expected synergies and economies of scale from the combined operations of Patterson-UTI Energy, Inc. and NexTier as well as the recognition of deferred taxes for the difference between the fair value of the assets acquired and liabilities assumed and the respective carry-over tax basis. All of the goodwill was assigned to our completion services segment. See Note 7.
Approximately $1.1 billion of revenues and $12.5 million of net income attributed to the NexTier merger are included in the consolidated statements of operations for the period from the closing date on September 1, 2023 through December 31, 2023.
A portion of the fair value consideration transferred was assigned to identifiable intangible assets as follows:
Fair Value
(in thousands)		Weighted Average Useful Life
(in years)
Customer relationships$540,000 10
Trade name85,000 10
Developed technology143,000 5
Intangible assets$768,000 
Pro Forma
The following pro forma condensed combined financial information was derived from our and NexTier's historical financial statements and gives effect to the acquisition as if it had occurred on January 1, 2022. The below information reflects pro forma
adjustments based on available information and certain assumptions we believe are reasonable, including (i) adjustments related to the depreciation and amortization of the step up to fair value of $720.7 million for acquired intangibles and $262.7 million for acquired property and equipment, (ii) removal of $17.7 million in 2023 and $30.0 million in 2022 of historical interest expense of the acquired entity and (iii) $15.1 million in 2023 and $72.7 million of tax benefit in 2022 relating to the aforementioned pro forma adjustments.
The pro forma results of operations do not include any anticipated cost savings or other synergies that may result from the NexTier merger nor do they include any estimated costs that will be incurred to integrate NexTier operations. The pro forma results of operations include our merger and integration expense of $92.5 million as if they had been incurred in the first quarter of 2022.
The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the NexTier merger taken place on January 1, 2022. Furthermore, the financial information is not intended to be a projection of future results. The following table summarizes our selected financial information on a pro forma basis (in thousands, except per share data):
2023
(Unaudited)
Revenues$6,604,824 
Net income$598,709 
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
ASC Topic 606 Revenue from Contracts with Customers
Drilling Services and Completion Services — revenue is recognized based on our customers’ ability to benefit from our services in an amount that reflects the consideration we expect to receive in exchange for those services. This typically happens when the service is performed. The services we provide represent a series of distinct services, generally provided daily, that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period, generally measured in days, and our efforts in providing services are incurred relatively evenly over the period of performance, revenue is recognized as we provide services to the customer.
Drilling Services revenue primarily consists of daywork drilling contracts for which related revenues and expenses are recognized as services are performed. For certain contracts, we receive payments for the mobilization of rigs and other drilling equipment. We defer revenue and related direct operating expense related to mobilizations and recognize those revenues and expenses on a straight-line basis as drilling services are provided. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred and are recorded in Drilling Services operating expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). For certain contracts, we are also entitled to early termination payments if our customers choose to terminate a contract prior to the expiration of the contractual term. We recognize revenue associated with early termination payments when all contractual requirements related to early termination payments have been met.
Certain of our drilling contracts are performance-based. Performance-based contracts are contracts pursuant to which we are compensated partly based upon our performance against a mutually agreed upon set of predetermined targets. These types of contracts typically have a lower base dayrate, but give us the opportunity to receive additional compensation by meeting or exceeding certain performance targets agreed to by our customers.
Completion Services revenue consists of services and products related to our suite of completion businesses including hydraulic fracturing, completion support services, wireline and pumpdown services, and cementing. These services are provided pursuant to contractual arrangements, including pricing agreements. Revenue from these services is earned as services are rendered, which is generally on a per stage or fixed monthly rate except for our cementing services. All revenue is recognized when a contract with a customer exists, the performance obligations under the contract have been satisfied over time, the amount to which we have the right to invoice has been determined and collectability of amounts subject to invoice is probable. Contract fulfillment costs, such as mobilization costs and shipping and handling costs, are expensed as incurred and are recorded in Completion Services operating expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). To the extent fulfillment costs are considered separate performance obligations that are billable to the customer, the amounts billed are recorded as revenue in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Once a stage has been completed or products and services have been provided, a field ticket is created that includes charges for the service performed and the chemicals, proppant, and compressed natural gas consumed during the course of the service. The field ticket may also include charges for the mobilization of the equipment and inventory to the location, any additional equipment used on the
job, and other miscellaneous items. The field ticket represents the amounts to which we have the right to invoice and to recognize as revenue.
A portion of our contracts contain variable consideration; however, this variable consideration is typically unknown at the time of contract inception, and is not known until the job is complete, at which time the variability is resolved. Examples of variable consideration include the number of hours that will be incurred and the amount of consumables (such as chemicals and proppants) that will be used to complete a job.
Revenue is presented net of any sales tax charged to the customer that we are required to remit to local or state governmental taxing authorities. Reimbursements for the purchase of supplies, equipment, personnel services, shipping and other services that are provided at the request of our customers are recorded as revenue when incurred. The related costs are recorded as operating expenses when incurred.
ASC Topic 842 Revenue from Equipment Rentals and Other
Drilling Products Revenue — revenues are primarily generated from the rental of drilling equipment, comprised of drill bits and downhole tools. These arrangements provide the customer with the right to control the use of the identified asset. Generally, the lease terms in such arrangements are for periods of two to three days and do not provide customers with options to purchase the underlying asset.
Other — we are a non-operating working interest owner of oil and natural gas assets primarily located in Texas and New Mexico. The ownership terms are outlined in joint operating agreements for each well between the operator of the well and the various interest owners, including us, who are considered non-operators of the well. We receive revenue each period for our working interest in the well during the period.
Our revenue is disaggregated by service category, which aligns with our reportable segments. See Note 17 for details. Management believes this disaggregation depicts the nature, amount, timing and uncertainty of revenue and cash flows, as each service category is subject to different demand drivers and contract characteristics.
Accounts Receivable and Contract Liabilities
Accounts receivable is our right to consideration once it becomes unconditional. Payment terms typically range from 30 to 60 days.
Accounts receivable balances were $660 million and $697 million as of December 31, 2025 and 2024, respectively. These balances do not include amounts related to our oil and natural gas working interests nor do they include amounts related to our lease revenues under Topic 842 as those contracts are excluded from Topic 606. Accounts receivable balances are included in “Accounts receivable” in our consolidated balance sheets.
The timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on our consolidated balance sheet. We do not have any significant contract asset balances. Contract liabilities include prepayments received from customers prior to the requested services being completed. Once the services are complete and have been invoiced, the prepayment is applied against the customer’s account to offset the accounts receivable balance. Also included in contract liabilities are payments received from customers for reactivation or initial mobilization of rigs that were moved on location to the initial well site. These payments are allocated to the overall performance obligation and amortized over the initial term of the contract. The $79.3 million current portion of our contract liability balance is included in “Accrued liabilities” and $0.2 million noncurrent portion of our contract liability balance is included in “Other liabilities” in our consolidated balance sheets.
Contract liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
Balance at December 31, 2023
$103,031 
Payment received/accrued and deferred94,022 
Revenue recognized during the period(121,448)
Balance at December 31, 2024
75,605 
Payment received/accrued and deferred98,448 
Revenue recognized during the period(94,547)
Balance at December 31, 2025
$79,506 
During 2025, we recognized $74.4 million of revenue that was included in the contract liability balance at the beginning of the period. A majority of the revenue related to our contract liabilities balance is expected to be recognized through 2026. During 2024, we recognized $102 million of revenue that was included in the contract liability balance at the beginning of the period.
Contract Costs
Costs incurred for rig upgrades based on a contract with a customer are considered capital improvements and are capitalized to drilling equipment and depreciated over the estimated useful life of the asset.
Remaining Performance Obligations
We maintain a backlog of commitments for contract drilling services under term contracts, which we define as contracts with a duration of six months or more. Our contract drilling backlog in the United States as of December 31, 2025 was approximately $291 million. Approximately 9% of our total contract drilling backlog in the United States at December 31, 2025 is reasonably expected to remain at December 31, 2026. We generally calculate our backlog by multiplying the dayrate under our term drilling contracts by the number of days remaining under the contract. The calculation does not include any revenues related to fees for other services such as for mobilization, other than initial mobilization, demobilization and customer reimbursables, nor does it include potential reductions in rates for unscheduled standby or during periods in which the rig is moving or incurring maintenance and repair time in excess of what is permitted under the drilling contract. For contracts that contain variable dayrate pricing, our backlog calculation uses the dayrate in effect for periods where the dayrate is fixed, and, for periods that remain subject to variable pricing, uses commodity pricing or other related indices in effect at December 31, 2025. In addition, our term drilling contracts are generally subject to termination by the customer on short notice and provide for an early termination payment to us in the event that the contract is terminated by the customer. For contracts on which we have received notice for the rig to be placed on standby, our backlog calculation uses the standby rate for the period over which we expect to receive the standby rate. For contracts on which we have received an early termination notice, our backlog calculation includes the early termination rate, instead of the dayrate, for the period over which we expect to receive the lower rate. Please see “Our current backlog of contract drilling revenue may decline and may not ultimately be realized, as fixed-term contracts may in certain instances be terminated without an early termination payment.” included in Item 1A of this Report.
v3.25.4
Inventory
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Raw materials and supplies$129,440 $121,694 
Work-in-process4,573 6,681 
Finished goods26,267 38,648 
Inventory$160,280 $167,023 
v3.25.4
Other Current Assets
 12 Months Ended
Dec. 31, 2025
Other Assets [Abstract]  
Other Current Assets Other Current Assets
Other current assets consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Federal and state income taxes receivable$22,194 $24,777 
Workers’ compensation receivable30,492 33,240 
Prepaid expenses34,829 34,004 
Other26,377 31,172 
Other current assets$113,892 $123,193 
v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following at December 31, 2025 and 2024 (in thousands):
20252024
Equipment$8,224,950 $8,416,063 
Oil and natural gas properties248,088 243,663 
Buildings and improvements235,621 248,739 
Rental equipment155,385 136,256 
Land and improvements39,591 37,847 
Total property and equipment8,903,635 9,082,568 
Less accumulated depreciation, depletion, amortization and impairment(6,192,598)(6,072,226)
Property and equipment, net$2,711,037 $3,010,342 
Depreciation, depletion, amortization and impairment — The following table summarizes depreciation, depletion, amortization and impairment expense related to property and equipment and intangible assets for 2025, 2024 and 2023 (in thousands):
202520242023
Depreciation and impairment expense$808,252 $1,039,536 $682,672 
Amortization expense126,216 124,716 41,521 
Depletion expense5,796 7,621 7,223 
Total$940,264 $1,171,873 $731,416 
We review our long-lived assets, including property and equipment and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). In connection with this review, assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings. We estimate undiscounted future cash flows over the life of the respective assets or asset groupings in our assessment of its recoverability. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. Provisions for asset impairment are charged against income when estimated future cash flows, on an undiscounted basis, are less than the asset’s net book value. Any provision for impairment is measured at fair value.
During the second quarter of 2025, global economic conditions deteriorated, in part, because of enacted and proposed trade policies and tariffs by the United States and other governments, as well as uncertainty regarding potential future changes to global trade policies and tariffs. Additionally, during the second quarter of 2025, OPEC+ countries began phasing out voluntary crude oil production cuts, leading to an increase in global supply. These developments, combined with rising geopolitical tensions—particularly in the Middle East— heightened uncertainty in global energy markets, which contributed to a decline in our share price, lowered average crude oil futures prices and increased uncertainty regarding the future economic environment in which we operated.
During the second quarter of 2025, negative market indicators such as lower industry-wide drilling rig and pressure pumping fleet count forecasts, increased volatility and margin compression for certain of our asset groups led to our reduced outlook for activity. The reduction in activity forecasts combined with the decline in the market price of our common stock were considered a triggering event indicating certain of our long-lived tangible and intangible assets may be impaired. We deemed it necessary to perform recoverability tests on our hydraulic fracturing asset group within our completion services reporting unit and our Latin American contract drilling asset group during the second quarter of 2025. We estimated future cash flows over the expected remaining life of the primary asset for each asset group.
On an undiscounted basis, the expected cash flows exceeded the carrying value of our hydraulic fracturing asset group within our completion services reporting unit, indicating that no impairment was required during the second quarter of 2025.
The recoverability test for our Latin American contract drilling asset group during the second quarter of 2025 indicated that estimated undiscounted cash flows did not exceed its carrying value. Accordingly, we performed an impairment test and estimated the fair value of the asset group using the income approach. Under this approach, we used a discounted cash flow model, which utilized present values of cash flows to estimate fair value. Forecasted cash flows reflected known market conditions in the second quarter of 2025 and management’s anticipated business outlook for the asset group. Future cash flows were projected based on estimates of revenue, gross profit, selling, general and administrative expense, changes in working capital, and capital expenditures. Future cash
flows were then discounted using a market-participant, risk-adjusted weighted average cost of capital. Based on the results of the analysis performed, we recorded a $27.8 million impairment charge to Latin American drilling equipment during the second quarter of 2025 in our drilling services segment.
We also periodically evaluate our other tangible long-lived assets for marketability based on the condition of inactive equipment, expenditures that would be necessary to bring the equipment to working condition and the expected demand for such equipment. The components of equipment that will no longer be marketed are evaluated, and those components with continuing utility will be used as parts to support active equipment. The remaining components of this equipment are abandoned.
During the third quarter of 2024, we identified 42 legacy, non-Tier-1 super-spec drilling rigs and related equipment to be abandoned. Based on the strong customer preference across the industry for Tier-1 super-spec drilling rigs, in addition to efficiency gains and technology advancements that reduced the total number of rigs needed for the U.S. drilling market, we believed the 42 rigs that were abandoned had limited commercial opportunity. Accordingly, we recorded a charge of $114 million related to this abandonment in 2024. No similar charges were incurred in 2023 or 2025.
Prolonged trade tensions and sustained lower crude oil futures prices could adversely affect our future outlook on activity and profitability. If these conditions persist or deteriorate further, or if other unforeseen macroeconomic conditions emerge, they could negatively impact the expected cash flows used in our recoverability tests for our asset groups. Such changes could result in impairment charges in the future, which could be material to our results of operations and financial statements as a whole.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill — During the twelve months ended December 31, 2025, there were no additions or impairments to goodwill. As of December 31, 2025 and December 31, 2024, our goodwill balances by operating segment were as follows (in thousands):
 Completion
Services		Drilling
Products		Total
Balance, December 31, 2024 and 2025$36,885 $450,503 $487,388 
Goodwill is evaluated at least annually on July 31, or more frequently when events or circumstances occur indicating recorded goodwill may be impaired. Goodwill is tested at the reporting unit level, which is at or one level below our operating segments. We determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value after considering qualitative, market and other factors. Any necessary goodwill impairment is determined using a quantitative impairment test. If the resulting fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized for the amount of the shortfall. The fair value of a reporting unit is determined using significant unobservable inputs, or level 3 in the fair value hierarchy. These inputs are based on forecasts and significant judgment.
We determined our drilling products operating segment consists of a single reporting unit to which the goodwill from our 2023 acquisition of Ulterra was allocated. We determined our completion services operating segment consisted of two reporting units: completion services, which was primarily comprised of our hydraulic fracturing operations and other integrated service offerings, and cementing services.
Goodwill Annual Impairment Assessment (Fourth and Third Quarter of 2025) — During the fourth and third quarters of 2025, we evaluated whether events or changes in circumstances indicated that the fair value of our goodwill may be less than its carrying amount. As part of this qualitative assessment, we considered the results of our most recent quantitative analysis performed in the second quarter of 2025, along with other factors such as macroeconomic conditions, market trends and indicators of potential changes in the fair value of our reporting units. Based on this assessment, we concluded that it was more likely than not that the fair value of our goodwill exceeded its carrying amount. Therefore, no impairment was indicated, and a Step 1 quantitative goodwill impairment test was not required.
Goodwill Impairment Assessment (Second Quarter of 2025) — During the second quarter of 2025, we viewed the reduction in activity forecasts combined with the decline in the market price of our common stock as a triggering event that warranted a quantitative assessment for goodwill impairment.
We estimated the fair value of the drilling products and cementing services reporting units using the income approach. Under this approach, we used a discounted cash flow model, which utilized present values of cash flows to estimate fair value. Forecasted cash flows reflected known market conditions in the second quarter of 2025 and the expected market outlook. Future cash flows were projected based on estimates of revenue growth rates, gross profit, selling, general and administrative expense, changes in working capital, and capital expenditures. The terminal period used within the discounted cash flow model included a growth rate. Future cash flows were then discounted using a market-participant, risk-adjusted weighted average cost of capital. Financial and credit market volatility directly impacts our fair value measurement through the weighted average cost of capital used to determine a discount rate. During times of volatility, significant judgment must be applied to determine whether credit market changes are a short-term or long-term trend.
The forecast for the cementing services reporting unit assumed lower activity in 2026 compared to estimated average activity for full year 2025 and moderate growth estimates thereafter. Those estimates were based on future drilling rig count forecasts during the second quarter of 2025 and estimated market share. Based on the results of the goodwill impairment test, the fair value of the cementing services reporting unit exceeded its carrying value with a substantial cushion. Accordingly, no impairment was recorded in the second quarter of 2025.
The forecast for the drilling products reporting unit assumed lower activity during 2025 relative to 2024, with growth estimates thereafter. The increases in estimated activity assumed growth in both domestic and international markets. Those growth estimates were based on drilling rig count forecasts and estimated market share. Geopolitical instability in regions in which we expect to maintain and grow market share, an unfavorable legal proceeding outcome, a global decrease in the demand of drilling products or other unforeseen macroeconomic considerations could negatively impact the key assumptions used in our goodwill assessment for our drilling products reporting unit. Based on the results of the goodwill impairment test, the fair value of the drilling products reporting unit exceeded its carrying value by approximately 8%. Accordingly, no impairment was recorded in the second quarter of 2025.
Goodwill Impairment Assessment (Third Quarter of 2024) — During the third quarter of 2024, the forecast for the completion services reporting unit assumed lower activity in 2025 compared to average activity for full year 2024 and increases in estimated activity of 2% to 8% beginning in 2026 through 2029. Those estimates were based on future drilling rig and pressure pumping fleet count forecasts during the third quarter of 2024 and estimated market share. Additionally, the forecast reflected the expectation that industry-wide pricing pressure would persist within the completions market and continue to compress adjusted gross profit. These factors negatively impacted the estimated value of the reporting unit. The terminal period used within the discounted cash flow model for completion services consisted of a 1% growth rate. Future cash flows were then discounted using a market-participant, risk-adjusted weighted average cost of capital of 10.75%.
Based on the results of the quantitative assessment, the fair value of the completion services reporting unit was less than its carrying value. Accordingly, we recorded an $885 million impairment charge to goodwill for the completion services reporting unit during the third quarter of 2024.
Intangible Assets — Our intangible assets were recorded at fair value on the date of acquisition and are amortized on a straight-line basis.
The gross carrying amount and accumulated amortization of intangible assets as of December 31, 2025 and 2024 are as follows (in thousands):
 20252024
 Gross Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Customer relationships$783,259 $(166,135)$617,124 $782,789 $(95,785)$687,004 
Developed technology202,771 (96,689)106,082 202,772 (56,562)146,210 
Trade name101,000 (23,406)77,594 101,000 (14,097)86,903 
Other22,729 (8,719)14,010 12,986 (3,493)9,493 
Intangible assets, net$1,109,759 $(294,949)$814,810 $1,099,547 $(169,937)$929,610 
Amortization expense on intangible assets of approximately $126 million, $124 million, and $41.5 million was recorded for the years ended December 31, 2025, 2024 and 2023, respectively.
The remaining amortization expense associated with finite-lived intangible assets, excluding in-process software, is expected to be as follows (in thousands):
Year ending December 31,
2026$123,741 
2027121,639 
2028105,320 
202980,129 
203080,127 
Thereafter294,686 
Total$805,643 
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Salaries, wages, payroll taxes and benefits$107,650 $110,212 
Insurance73,621 84,433 
Property, sales, use and other taxes45,369 54,445 
Accrued interest payable17,471 17,484 
Deferred revenue79,286 75,195 
Accrued merger and integration expense1,513 4,723 
Other41,578 39,259 
Accrued liabilities$366,488 $385,751 
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following at December 31, 2025 and 2024 (in thousands):
 Effective Interest RateDecember 31, 2025December 31, 2024
3.95% Senior Notes Due 2028
4.03%$482,505 $482,505 
5.15% Senior Notes Due 2029
5.26%344,895 344,895 
7.15% Senior Notes Due 2033
7.28%400,000 400,000 
Equipment Loans Due 2025 (1)
5.25%— 6,395 
  1,227,400 1,233,795 
Less deferred financing costs and discounts (6,362)(7,637)
Less current portion — (6,388)
Total $1,221,038 $1,219,770 
(1)The borrowings outstanding under the Equipment Loans were paid off in full in June 2025.
Credit Agreement — On January 31, 2025, we entered into the Second Amended and Restated Credit Agreement with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, and the other parties thereto (the “Credit Agreement”). The Credit Agreement amended and restated our Amended and Restated Credit Agreement dated as of March 27, 2018. The commitments under the Credit Agreement are $500 million, and the loans and commitments under the Credit Agreement mature on January 31, 2030.
The Credit Agreement provides for a committed senior unsecured credit facility that permits aggregate revolving credit borrowings of up to $500 million, with a letter of credit sub-facility of $100 million and a swing line sub-facility that, at any time outstanding, is limited to the lesser of $50 million and the amount of the swing line provider’s unused commitment. Subject to customary conditions,
we may request that the lenders’ aggregate commitments be increased by up to $200 million, not to exceed total commitments of $700 million.
Loans under the Credit Agreement bear interest by reference, at our election, to the SOFR rate (plus a 0.10% per annum adjustment) or base rate, in each case subject to a 0% floor. The applicable margin on SOFR rate loans varies from 1.25% to 2.25% and the applicable margin on base rate loans varies from 0.25% to 1.25%, in each case determined based on our credit rating. As of December 31, 2025, the applicable margin on SOFR rate loans was 1.75% and the applicable margin on base rate loans was 0.75%. A letter of credit fee is payable by us equal to the applicable margin for SOFR rate loans times the daily amount available to be drawn under outstanding letters of credit. The commitment fee rate payable to the lenders varies from 0.15% to 0.35% based on our credit rating.
None of our subsidiaries are currently required to be a guarantor under the Credit Agreement. However, if any subsidiary guarantees or incurs debt, which does not qualify for certain limited exceptions and is otherwise, in the aggregate with all other similar debt, in excess of Priority Debt (as defined in the Credit Agreement), such subsidiary is required to become a guarantor under the Credit Agreement.
The Credit Agreement contains representations, warranties, affirmative and negative covenants and events of default and associated remedies that we believe are customary for agreements of this nature, including certain restrictions on our ability and the ability of each of our subsidiaries to grant liens and on the ability of each of our non-guarantor subsidiaries to incur debt. If our credit rating is below investment grade at both Moody’s and S&P, we will become subject to a restricted payment covenant, which would generally require us to have a Pro Forma Debt Service Coverage Ratio (as defined in the Credit Agreement) greater than or equal to 1.50 to 1.00 immediately before and immediately after making any restricted payment. Restricted payments include, among other things, dividend payments, repurchases of our common stock, distributions to holders of our common stock or any other payment or other distribution to third parties on account of our or our subsidiaries’ equity interests. Our credit rating is currently investment grade at both credit rating agencies. The Credit Agreement also requires that our total debt to capitalization ratio, expressed as a percentage, not exceed 50% as of the last day of each fiscal quarter. The Credit Agreement generally defines the total debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the end of the most recently ended fiscal quarter. We were in compliance with these covenants at December 31, 2025.
As of December 31, 2025, we had no borrowings outstanding under our Credit Agreement. We had $5.0 million in letters of credit outstanding under the Credit Agreement at December 31, 2025 and, as a result, had available borrowing capacity of approximately $495 million under the Credit Agreement at that date.
2015 Reimbursement Agreement — On March 16, 2015, we entered into a Reimbursement Agreement (as amended from time to time, the “Reimbursement Agreement”) with The Bank of Nova Scotia (“Scotiabank”), pursuant to which we may from time to time request that Scotiabank issue an unspecified amount of letters of credit. As of December 31, 2025, we had $32.0 million in letters of credit outstanding under the Reimbursement Agreement.
Under the terms of the Reimbursement Agreement, we will reimburse Scotiabank on demand for any amounts that Scotiabank has disbursed under any of our letters of credit issued thereunder. Fees, charges and other reasonable expenses for the issuance of letters of credit are payable by us at the time of issuance at such rates and amounts as are in accordance with Scotiabank’s prevailing practice. We are obligated to pay to Scotiabank interest on all amounts not paid by us on the date of demand or when otherwise due at the Prime rate plus 2.00% per annum, calculated daily and payable monthly, in arrears, on the basis of a calendar year for the actual number of days elapsed, with interest on overdue interest at the same rate as on the reimbursement amounts. A letter of credit fee is payable by us equal to 1.50% times the amount of outstanding letters of credit.
We have also agreed that if obligations under the Credit Agreement are secured by liens on any of our or our subsidiaries’ property, then our reimbursement obligations and (to the extent similar obligations would be secured under the Credit Agreement) other obligations under the Reimbursement Agreement and any letters of credit will be equally and ratably secured by all property subject to such liens securing the Credit Agreement.
Pursuant to a Continuing Guaranty dated as of March 16, 2015, our payment obligations under the Reimbursement Agreement are jointly and severally guaranteed as to payment and not as to collection by our subsidiaries that from time to time guarantee payment under the Credit Agreement. None of our subsidiaries are currently required to guarantee payment under the Credit Agreement.
2028 Senior Notes, 2029 Senior Notes and 2033 Senior Notes —On January 19, 2018, we completed an offering of $525 million in aggregate principal amount of 3.95% Senior Notes due 2028 (the “2028 Notes”). On November 15, 2019, we completed an offering of $350 million in aggregate principal amount of 5.15% Senior Notes due 2029 (the “2029 Notes”). On September 13, 2023, we completed an offering of $400 million in aggregate principal amount of 7.15% Senior Notes due 2033 (the “2033 Notes”).
We pay interest on the 2028 Notes on February 1 and August 1 of each year. The 2028 Notes will mature on February 1, 2028. The 2028 Notes bear interest at a rate of 3.95% per annum.
We pay interest on the 2029 Notes on May 15 and November 15 of each year. The 2029 Notes will mature on November 15, 2029. The 2029 Notes bear interest at a rate of 5.15% per annum.
We pay interest on the 2033 Notes on April 1 and October 1 of each year. The 2033 Notes will mature on October 1, 2033. The 2033 Notes bear interest at a rate of 7.15% per annum.
The 2028 Notes, 2029 Notes and 2033 Notes (together, the “Senior Notes”) are our senior unsecured obligations, which rank equally with all of our other existing and future senior unsecured debt and will rank senior in right of payment to all of our other future subordinated debt. The Senior Notes will be effectively subordinated to any of our future secured debt to the extent of the value of the assets securing such debt. In addition, the Senior Notes will be structurally subordinated to the liabilities (including trade payables) of our subsidiaries that do not guarantee the Senior Notes. None of our subsidiaries are currently required to be a guarantor under the Senior Notes. If our subsidiaries guarantee the Senior Notes in the future, such guarantees (the “Guarantees”) will rank equally in right of payment with all of the guarantors’ future unsecured senior debt and senior in right of payment to all of the guarantors’ future subordinated debt. The Guarantees will be effectively subordinated to any of the guarantors’ future secured debt to the extent of the value of the assets securing such debt.
At our option, we may redeem the Senior Notes in whole or in part, at any time or from time to time at a redemption price equal to 100% of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, on August 15, 2029, in the case of the 2029 Notes, and on July 1, 2033, in the case of the 2033 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the applicable redemption date.
The indentures pursuant to which the Senior Notes were issued include covenants that, among other things, limit our and our subsidiaries’ ability to incur certain liens, engage in sale and lease-back transactions or consolidate, merge, or transfer all or substantially all of their assets. These covenants are subject to important qualifications and limitations set forth in the indentures.
Upon the occurrence of a change of control triggering event, as defined in the indentures, each holder of the Senior Notes may require us to purchase all or a portion of such holder’s Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The indentures also provide for events of default which, if any of them occurs, would permit or require the principal of, premium, if any, and accrued interest, if any, on the Senior Notes to become or to be declared due and payable.
Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2025 (in thousands):
Year ending December 31, 
2026$— 
2027— 
2028482,505 
2029344,895 
2030— 
Thereafter400,000 
Total$1,227,400 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments — As of December 31, 2025, we maintained letters of credit in the aggregate amount of $39.1 million primarily for the benefit of various insurance companies as collateral for retrospective premiums and retained losses that could become payable under the terms of the underlying insurance contracts and compliance with contractual obligations. These letters of credit expire annually at various times during the year and are typically renewed. As of December 31, 2025, no amounts had been drawn under the letters of credit. As of December 31, 2025, we had $37.0 million in surety bond exposure issued as financial assurance on an insurance agreement.
As of December 31, 2025, we had commitments to purchase major equipment totaling approximately $47.5 million.
Our completion services segment has entered into agreements to purchase minimum quantities of proppants from certain vendors. We purchased $144 million, $103 million and $135 million of proppants under take-or-pay or similar agreements during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the remaining minimum obligation under these agreements was approximately $21.7 million, of which approximately $16.9 million and $4.8 million relate to 2026 and 2027, respectively.
Lease Obligations — See Note 13 for additional information on our lease obligations.
Contingencies — Our operations are subject to many hazards inherent in the businesses in which we operate, including inclement weather, blowouts, explosions, fires, loss of well control, motor vehicle accidents, equipment failure, unplanned power outages and surges, computer system disruptions or cybersecurity incidents, pollution, exposure and reservoir damage. These hazards could cause personal injury or death, work stoppage, and serious damage to equipment and other property, as well as significant environmental and reservoir damages. These risks could expose us to substantial liability for personal injury, wrongful death, property damage, loss of oil and natural gas production, pollution and other environmental damages. An accident or other event resulting in significant environmental or property damage, or injuries or fatalities involving our employees or other persons could also trigger investigations by federal, state or local authorities. Such an accident or other event could cause us to incur substantial expenses in connection with the investigation, remediation and resolution, as well as cause lasting damage to our reputation, loss of customers and an inability to obtain insurance.
We have indemnification agreements with many of our customers, and we also maintain liability and other forms of insurance. In general, our contracts typically contain provisions requiring our customers to indemnify us for, among other things, reservoir and certain pollution damage. Our right to indemnification may, however, be unenforceable or limited due to negligent or willful acts or omissions by us, our subcontractors and/or suppliers. In addition, certain states, including Louisiana, New Mexico, Texas and Wyoming, have enacted statutes generally referred to as “oilfield anti-indemnity acts” expressly prohibiting certain indemnity agreements contained in or related to oilfield services agreements. Such oilfield anti-indemnity acts may restrict or void a party’s indemnification of us.
Our customers and other third parties may dispute, or be unable to meet, their indemnification obligations to us due to financial, legal or other reasons. Accordingly, we may be unable to transfer these risks to our customers and other third parties by contract or indemnification agreements. Incurring a liability for which we are not fully indemnified or insured could have a material adverse effect on our business, financial condition, cash flows and results of operations.
In addition, we maintain insurance coverage of the types and in the amounts we believe to be customary in the industry, but we do not insure against all risks, either because insurance is not available or because it is not commercially justifiable. The insurances that we maintain include coverage for fire, windstorm and other risks of physical loss to our equipment and certain other assets, employers’ liability, automobile liability, commercial general liability, workers’ compensation as well as insurance for other specific risks, together with excess loss liability insurance coverage. We have also elected to retain a portion of our risk through deductibles or self insurance on certain insurance policies. We cannot assure that any insurance obtained by us will be adequate to cover any losses or liabilities nor can we assure that any insurance obtained by us will continue to be made available for purchase or made available on acceptable terms. While we carry insurance to cover physical damage to, or loss of, a substantial portion of our equipment and certain other assets, such insurance does not cover the full replacement cost of such equipment or other assets, and in certain cases, such as losses arising from or attributable to fire and/or explosion resulting from our hydraulic fracturing operations at the wellsite, is subject to significantly higher deductibles than are applicable to our other coverages. We also self-insure a number of risks, including loss of earnings and business interruption and most of our cybersecurity risks, and we do not carry a significant amount of insurance to cover risks of underground reservoir damage.
Certain subsidiaries we acquired in the Ulterra acquisition are defendants in a claim brought by a subsidiary of NOV Inc. alleging breach of a license agreement related to certain patents. Such subsidiaries have asserted defenses to the claim and are defending vigorously against this claim.
On February 6, 2023, Grant Prideco, Inc., ReedHycalog UK, Ltd. ReedHycalog, LP and National Oilwell Varco, LP (“NOV”) sued Ulterra Drilling Technologies, LP (“Ulterra”) and several other companies in Texas state court. NOV seeks a declaration that United States Patent No. 8,721,752 (the “’752 Patent”) is a “Licensed RH Patent” per the terms of a license agreement between Ulterra and NOV. NOV also alleges a breach of contract based on the license agreement between NOV and Ulterra and seeks allegedly owed royalties since October 22, 2021. NOV also seeks attorney’s fees.
On February 27, 2023, Ulterra filed a plea to the jurisdiction, and subject thereto, an answer, affirmative defenses and counterclaims. Ulterra’s counterclaims include: (i) declaratory judgments of non-infringement of U.S. Pat. No. 7,568,534 and the ’752
patent; (ii) a declaratory judgment of no royalties after Oct. 22, 2021; (iii) a declaratory judgment that certain other identified patents are expired and therefore not infringed after Oct. 22, 2021; and (iv) a declaratory judgment of no breach of contract. On the same day, Ulterra filed a notice of removal in federal court for the Southern District of Texas, Houston Division (SDTX 4:23-cv-00730), as well as a corresponding notice in Texas state court. NOV moved to dismiss and remand the case back to state court. On February 17, 2024, the Court denied NOV’s motion. On March 19, 2024, Ulterra moved for judgment on the pleadings regarding its declaratory judgment that certain other identified patents are expired and therefore not infringed after October 22, 2021. On February 13, 2025, the motion was granted in part and denied in part.
In October and November 2025, the Court resolved certain dispositive motions in Ulterra’s favor, resulting in a Final Judgment in Ulterra’s favor on November 25, 2025. NOV has acknowledged that the Court’s rulings mean it cannot collect any of the royalties it had alleged were owed. On December 12, 2025, NOV filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit. The appeal is currently pending before the Federal Circuit as Docket No. 26-1266. NOV’s brief is currently due on April 20, 2026.
Additionally, we are party to various other legal proceedings arising in the normal course of our business. We do not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, cash flows or results of operations.
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Cash Dividend — On February 4, 2026, our Board of Directors approved a cash dividend on our common stock in the amount of $0.10 per share to be paid on March 16, 2026 to holders of record as of March 2, 2026. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of our debt agreements and other factors. Our Board of Directors may, without advance notice, reduce or suspend our dividend for any reason, including to improve our financial flexibility and position our company for long-term success. There can be no assurance that we will pay a dividend in the future.
Share Repurchases and Acquisitions — In September 2013, our Board of Directors approved a stock buyback program. In February 2024, our Board of Directors approved an increase of the authorization under the stock buyback program to allow for an aggregate of $1.0 billion of future share repurchases. All purchases executed to date have been through open market transactions. Purchases under the buyback program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. There is no expiration date associated with the buyback program. As of December 31, 2025, we had remaining authorization to purchase approximately $694 million of our outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares.
We acquired shares of stock from employees during 2025, 2024 and 2023 that are accounted for as treasury stock. Certain of these shares were acquired to satisfy the exercise price and employees’ tax withholding obligations upon the exercise of stock options. The remainder of these shares were acquired to satisfy payroll withholding obligations upon the settlement of performance unit awards and the vesting of restricted stock units. These shares were acquired at fair market value. These acquisitions were made pursuant to the terms of the Patterson-UTI Energy, Inc. Amended and Restated 2014 Long-Term Incentive Plan, as amended (the “2014 Plan”), the Patterson-UTI Energy, Inc. 2021 Long-Term Incentive Plan (the “2021 Plan”), the NexTier Oilfield Solutions Inc. Equity and Incentive Award Plan and the NexTier Oilfield Solutions Inc. (Former C&J Energy) Management Incentive Plan, and not pursuant to the stock buyback program.
Treasury stock acquisitions during the years ended December 31, 2025, 2024 and 2023 were as follows (dollars in thousands):
202520242023
SharesCostSharesCostSharesCost
Treasury shares at beginning of period133,440,028$1,951,067 105,580,011$1,657,675 88,758,722$1,453,079 
Purchases pursuant to stock buyback program10,278,72365,274 26,646,698280,327 14,086,229168,631 
Acquisitions pursuant to long-term incentive plan716,5014,373 1,213,31913,065 2,735,06035,965 
Treasury shares at end of period144,435,252$2,020,714 133,440,028$1,951,067 105,580,011$1,657,675 
v3.25.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
We use share-based payments to compensate employees and non-employee directors. We grant incentive awards in the form of restricted stock units (a small portion of which are subject to the achievement of performance conditions) and performance unit awards (which are subject to the achievement of performance conditions). Certain of these incentive awards are share-settled, and certain of these incentive awards are cash-settled. We recognize the cost of share-based payments under the fair-value-based method.
The 2021 Plan was originally approved by our stockholders on June 3, 2021. Following a series of amendments to increase the number of shares available for issuance under the 2021 Plan, approximately 39.1 million shares of Common Stock are authorized for grant under the 2021 Plan.
In connection with the NexTier merger, we assumed the NexTier Plan and the NexTier Oilfield Solutions Inc. (Former C&J Energy) Management Incentive Plan (the “Former C&J Energy Plan” and, together with the NexTier Plan, the “Assumed Plans”) and certain awards outstanding thereunder, which, in connection with the NexTier merger, were converted into share-based awards in respect of shares of Patterson-UTI Energy, Inc. common stock.
Our share-based compensation plans at December 31, 2025 are as follows:
Plan NameShares
Authorized
for Grant    		Shares Underlying
Awards
Outstanding		Shares
Available
for Grant
2021 Plan39,074,5108,821,1229,144,162
NexTier Plan—145,631—
Former C&J Energy Plan—406,405—
2014 Plan—1,062,475—
Stock Options — No stock options have been granted since 2016.
Stock option activity for the year ended December 31, 2025 follows:
 Shares Weighted Average
Exercise Price Per Share
Outstanding at beginning of year1,794,005$22.26 
Exercised—$— 
Expired(656,800)$20.01 
Outstanding at end of year1,137,205$23.56 
Exercisable at end of year1,137,205$23.56 
Options outstanding and exercisable at December 31, 2025 have no intrinsic value and a weighted-average remaining contractual term of 0.70 years. No options became vested or were exercised during the years ended December 31, 2025, 2024 and 2023.
Restricted Stock Units (Equity Based) — For all restricted stock unit awards made to date, shares of common stock are not issued until the units vest. Restricted stock units are subject to forfeiture for failure to fulfill service conditions and, in certain cases, performance conditions. Forfeitable dividend equivalents are accrued on certain restricted stock units and are payable upon vesting. Dividend equivalents are recognized as reductions of retained earnings for the portion of restricted stock units expected to vest. We use the straight-line method to recognize periodic compensation cost over the vesting period.
Restricted stock unit activity for the year ended December 31, 2025 follows:
 Time
Based 		Performance
Based 		Weighted Average
Grant Date Fair
Value Per Share
Non-vested restricted stock units outstanding at beginning of year5,427,657452,514$11.34 
Granted4,448,229—$6.04 
Vested(2,952,115)—$11.41 
Performance based restricted stock units settled (1)
—(39,100)$13.04 
Forfeited(249,933)(3,524)$8.95 
Non-vested restricted stock units outstanding at end of year6,673,838409,890$8.06 
(1)Performance based restricted stock units reached the end of their performance period during 2025, and no shares were issued to settle such performance based restricted stock units.
As of December 31, 2025, approximately 6.5 million non-vested restricted stock units outstanding are expected to vest. Additional information as of December 31, 2025 with respect to these non-vested restricted stock units follows (dollars in thousands):
Aggregate intrinsic value$39,593 
Weighted-average remaining vesting period1.79 years
Unrecognized compensation cost$35,764 
Restricted Stock Units (Liability Based) — We previously converted NexTier’s cash-settled performance based units into our cash-settled restricted stock units in connection with our merger with NexTier. We settled the NexTier cash-settled performance based units in January 2025, with a cash payment of $3.3 million. In addition, a portion of the annual restricted stock unit awards granted in 2025 are cash-settled. These awards are accounted for as liability classified awards and remeasured at fair value at each reporting period. Compensation expense is recorded over the vesting period and is initially based on the fair value at the award grant date or conversion date. Compensation expense is subsequently remeasured at each reporting date during the vesting period based on the change in our stock price. Dividend cash equivalents are not paid on cash-settled units.
Cash-settled restricted stock unit activity for the year ended December 31, 2025 follows:
 Time Based
Non-vested cash settled restricted stock units outstanding at beginning of year13,134
Granted619,417
Vested(4,376)
Forfeited—
Non-vested cash-settled restricted stock units outstanding at end of year628,175
As of December 31, 2025, we had unrecognized compensation cost related to our unvested cash-settled restricted stock units totaling $3.0 million. The weighted-average remaining vesting period for these unvested cash-settled restricted stock units was 2.33 years as of December 31, 2025.
Performance Unit Awards — We have granted performance unit awards to certain employees (the “Performance Units”). The Performance Units generally vest over a three-year period based on the achievement of performance goals. Historically, Performance Units have been tied to total shareholder return (“TSR”) achievement as compared to the TSR of a designated peer group, and allow for a payout ranging between 0% and 200% of the target payout. With respect to the Performance Units granted in May 2025, (i) one-half are cash-settled and are otherwise structured similarly to the Performance Units issued in 2024 with vesting tied to our TSR over 1-, 2- and 3-year performance periods (the “2025 TSR Performance Units”), and (ii) one-half are share-settled and tied to our relative free cash flow return over the three-year period commencing January 1, 2025 as compared to the free cash flow return of a designated peer group (“FCF”), and allow for a payout ranging between 0% and 200% of the target payout (the “2025 FCF Performance Units”).
Share-settled Performance Units, excluding the 2025 FCF Performance Units, have vesting terms subject to a market condition and are measured at fair value on the date of grant using a Monte Carlo simulation model and compensation expense is recognized over the vesting period. The Share-settled Performance Units with a market condition do not allow for the reversal of previously recognized expense, even if the market metric is not achieved and no Share-Settled Performance Units ultimately vest. The 2025 TSR
Performance Units are cash-settled and are accounted for as liability classified awards and remeasured at fair value using a Monte Carlo simulation model at each reporting period. For the years ended December 31, 2025, 2024 and 2023, the grant date fair value of the Performance Units subject to a market condition, calculated using a Monte Carlo simulation, was $4.5 million, $10.9 million and $8.4 million, respectively. The grant date fair value calculations for these Performance Units granted during the years ended December 31, 2025, 2024 and 2023 were based on the following weighted-average assumptions set forth below:
 202520242023
Risk-free interest rate (1)
3.7%4.6%3.6%
Expected stock volatility (2)
56.2%56.9%72.1%
Expected dividend yield (3)
5.5%2.9%3.0%
Expected term (in years)333
(1)The risk-free interest rate is based on U.S. Treasury securities for the expected term of the Performance Units.
(2)Expected volatilities are based on the daily closing price of our stock based upon historical experience over a three-year period.
(3)Expected dividend yield is based on the annualized dividend in effect on the measurement date and the stock price on the grant date.

The 2025 FCF Performance Units are share‑settled awards subject to an operational performance condition based on relative FCF Return. The grant‑date fair value of these awards is based on the closing price of our common stock on the grant date, and compensation cost is recognized over the three‑year performance period based on the number of units expected to vest. The expected vesting amount is updated each reporting period based on management’s assessment of the probability of achieving the performance condition. If it becomes probable that the performance condition will not be achieved, previously recognized compensation cost is reversed.
Performance Units activity for the year ended December 31, 2025 follows:
Performance Units
Share-Settled
(at target)		Weighted
Average Grant
Date Fair Value
Per Share		Performance
Units
Cash-Settled
(at target)
Non-vested Performance Units outstanding at beginning of year1,869,400$15.62 —
Granted743,800$5.86 743,800
Performance Units settled (1)
(398,500)$25.95 —
Forfeited—$— —
Non-vested Performance Units outstanding at end of year2,214,700$10.49 743,800
(1)Share-settled Performance Units granted in 2022 reached the end of their performance period during 2025, and no shares were issued to settle such Performance Units.
As of December 31, 2025, we had unrecognized compensation cost of $11.4 million related to our unvested Performance Units. The weighted-average remaining vesting period for these unvested Performance Units was 1.55 years as of December 31, 2025.
The following table summarizes the Performance Units that, during the years ended December 31, 2025, 2024 and 2023, vested and did not vest as a result of the company’s performance during the applicable performance period:
Years Ended December 31,
202520242023
Vesting multiplier— %87.9 %200 %
Target398,500817,500500,500
Vested at the end of the performance period—718,5811,001,000
Did not vest at the end of the performance period398,50098,919—
Stock-Based Compensation Expense — Expense associated with restricted stock units and Performance Unit awards is included in “Direct operating costs” and “Selling, general and administrative” in our consolidated statements of operations. The following table presents stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
Share-settled awards202520242023
Restricted stock units$30,978 $37,207 $38,257 
Performance Units – TSR7,141 9,145 8,493 
Performance Units – FCF1,167 — — 
Total share-settled awards39,286 46,352 46,750 
Cash-settled awards
Cash-settled restricted stock units857 19 — 
Cash-settled Performance Units581 563 5,048 
Phantom units— — (975)
Total cash-settled awards1,438 582 4,073 
Stock-based compensation expense$40,724 $46,934 $50,823 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
ASC Topic 842 Leases
We have operating and finance leases primarily for office locations, including for both field locations and corporate offices, certain operating equipment, and light duty vehicles. The terms and conditions for these leases vary by the type of underlying asset.
Operating leases have remaining lease terms of approximately one month to eight years as of December 31, 2025, and finance leases have remaining lease terms of approximately one month to four years as of December 31, 2025.
Lease expense consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):

Year Ended December 31,
202520242023
Operating lease cost$21,022 $18,147 $10,073 
Finance lease cost:
Amortization of right-of-use assets7,364 21,394 6,360 
Interest on lease liabilities1,542 2,255 1,395 
Total finance lease cost8,906 23,649 7,755 
Short-term lease expense (1)
234 360 2,278 
Total lease expense (2)
$30,162 $42,156 $20,106 
(1)Short-term lease expense represents expense related to leases with a contract term of one year or less.
(2)Operating lease expense is recorded in operating costs for the respective segments and within “selling, general and administrative”, amortization of right-of-use assets is recorded within “depreciation, depletion, amortization and impairment”, and interest on lease liabilities is recorded within “interest expense” in our consolidated statements of operations.
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 Year Ended December 31,
 202520242023
Cash paid for amounts included in the measurement of lease liabilities:   
Operating cash flows from operating leases$18,298 $14,838 $8,935 
Operating cash flows from finance leases1,549 2,220 1,380 
Financing cash flows from finance leases7,823 45,484 15,915 
 
Right of use assets obtained in exchange for lease obligations:
Operating leases (1)
$16,719 $12,541 $34,802 
Finance leases (1)
3,247 21,234 73,245 
(1)Includes right of use assets acquired in business combinations in 2023.
Lease terms and discount rates related to leases as of December 31, 2025 and 2024 is as follows:
Year Ended December 31,
20252024
Weighted Average Remaining Lease Term:
Operating leases3.8 years4.8 years
Finance leases2.4 years2.3 years
Weighted Average Discount Rate:
Operating leases6.0%6.5%
Finance leases7.8%7.4 %
Maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (in thousands):
Year ending December 31,Operating Finance
2026$20,578 $8,423 
20279,850 2,470 
20287,971 1,485 
20296,258 1,485 
20304,288 595 
Thereafter2,837 — 
Total lease payments51,782 14,458 
Less imputed interest(5,523)(1,285)
Total$46,259 $13,173 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes for the United States and non-U.S. jurisdictions for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Income (loss) before income taxes:
United States$(72,151)$(946,388)$315,897 
Non-U.S.(30,840)(10,558)(8,793)
$(102,991)$(956,946)$307,104 
Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Federal income tax expense (benefit):
Current$1,460 $417 $— 
Deferred(3,740)(1,390)44,369 
(2,280)(973)44,369 
State income tax expense (benefit):
Current4,804 4,882 7,002 
Deferred(13,623)(1,412)11,279 
(8,819)3,470 18,281 
Foreign income tax expense (benefit):
Current5,476 5,269 1,578 
Deferred(4,314)1,687 (3,076)
1,162 6,956 (1,498)
Total income tax expense (benefit):
Current11,740 10,568 8,580 
Deferred(21,677)(1,115)52,572 
Total income tax expense$(9,937)$9,453 $61,152 
Effective January 1, 2025, we adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance has been applied prospectively. Accordingly, the enhanced disaggregation of income tax rate reconciliation items is presented only for the year ended December 31, 2025. Prior periods continue to reflect disclosures under the previous guidance.
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the year ended December 31, 2025 are summarized as follows:
2025
AmountPercent
U.S. federal statutory tax rate$(21,628)21.0%
State and local income taxes, net of federal income tax effect (1)
(6,970)6.8
Foreign tax effects
Canada
Return to provision adjustments786 (0.8)
Other457 (0.4)
Colombia
Changes in valuation allowances7,201 (7.0)
Other1,034 (1.0)
Saudi Arabia
Assertions on indefinite reinvestment of earnings(1,484)1.4
Other153 (0.1)
Other foreign jurisdictions(509)0.5
Effect of changes in tax laws or rates enacted in the current period— 0.0
Effect of cross-border tax laws(45)0.0
Tax credits
Foreign tax credits(1,008)1.0
Research and development tax credits(2,660)2.6
Changes in valuation allowances1,289 (1.3)
Nontaxable or nondeductible items
Non-deductible meals and related expenses3,583 (3.5)
Items from consolidated pass-through entities1,086 (1.1)
Share-based compensation6,674 (6.5)
Non-deductible compensation1,183 (1.1)
Other921 (0.9)
Changes in unrecognized tax benefits— 0.0
Other adjustments— 0.0
Effective tax rate$(9,937)9.6 %
(1)State and local income taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category.
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the years ended December 31, 2024 and 2023 are summarized as follows:
20242023
Statutory tax rate21.0%21.0%
State income taxes - net of the federal income tax benefit0.53.2
State deferred tax remeasurement(0.7)(0.3)
Goodwill impairment(19.4)—
Valuation allowance(1.3)(9.2)
U.S. impact of foreign operations(0.2)—
Acquisition related costs—1.1
Effect of foreign taxes0.30.1
Non-deductible compensation(0.7)1.8
Share-based compensation(0.3)1.6
Non-deductible expenses(0.7)0.7
Other differences, net0.5(0.1)
Effective tax rate(1.0%)19.9%
Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, and the impacts of various other permanent adjustments.
The impact of goodwill impairment that is not deductible for income tax had a significant impact on our effective tax rate for the year ended December 31, 2024.
The tax effect of temporary differences and tax attributes representing deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows (in thousands):
 20252024
Deferred tax assets:
Net operating loss carryforwards$384,392 $406,876 
Tax credits15,525 17,254 
Expense associated with stock options and restricted stock units5,680 8,344 
Workers’ compensation allowance9,216 9,437 
Other deferred tax asset41,222 79,132 
 456,035 521,043 
Less:
Allowance to reduce deferred tax asset to expected realizable value(91,425)(86,693)
Total deferred tax assets364,610 434,350 
Deferred tax liabilities:
Property and equipment basis difference(420,401)(505,631)
Intangible asset basis difference(155,371)(148,910)
Other(4,656)(17,906)
Total deferred tax liabilities(580,428)(672,447)
Net deferred tax liability$(215,818)$(238,097)
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, and when necessary, valuation allowances are provided. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are realized. We assess the realizability of our deferred tax assets quarterly and consider carryback availability, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. During 2025, we increased the valuation allowance against our net deferred tax assets by $4.7 million which primarily related to U.S. state and foreign activity.
The income taxes paid, net of refunds received, disaggregated by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):
2025
U.S. federal$(7)
U.S. state and local
New Mexico550 
Oklahoma702 
Texas925 
Other jurisdictions209 
Foreign
Canada2,079 
Ecuador680 
Oman429 
Saudi Arabia1,959 
Other jurisdictions596 
Income taxes paid$8,122 
For income tax purposes, we had approximately $1.4 billion of gross U.S. federal net operating losses, approximately $60.0 million of gross Canadian net operating losses and approximately $889 million of post-apportionment U.S. state net operating losses as of December 31, 2025, before valuation allowances. The majority of the U.S. federal net operating losses were generated after 2017 and can be carried forward indefinitely. Canadian net operating losses will expire in varying amounts, if unused, between 2036 and 2045. U.S. state net operating losses will expire in varying amounts, if unused, between 2028 and 2045.
As of December 31, 2025, we have not recognized any liabilities associated with unrecognized tax benefits. We have established a policy to account for interest and penalties related to uncertain income tax positions as operating expenses. As of December 31, 2025, the tax years ended December 31, 2010 through December 31, 2024 are open for examination by U.S. taxing authorities and the tax years ended December 31, 2017 through December 31, 2024 are open for examination by various foreign taxing authorities.
We continue to monitor income tax developments, including OECD Pillar 2 legislation, in the United States and other countries where we have legal entities or operations. We will incorporate into our future financial statements the impacts, if any, of future regulations and additional authoritative guidance when finalized.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
We provide a dual presentation of our net income (loss) per common share in our consolidated statements of operations: basic net income (loss) per common share (“Basic EPS”) and diluted net income (loss) per common share (“Diluted EPS”).
Basic EPS excludes dilution and is determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period.
Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options and non-vested performance units and non-vested restricted stock units. The dilutive effect of stock options, non-vested performance units and non-vested restricted stock units is determined using the treasury stock method.
The following table presents information necessary to calculate net income (loss) per share for the years ended December 31, 2025, 2024 and 2023, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):
 202520242023
BASIC EPS:
Net income (loss) attributable to common stockholders$(93,635)$(968,031)$246,292 
Weighted average number of common shares outstanding, excluding non-vested restricted stock units383,465 397,196 279,501 
Basic net income (loss) per common share$(0.24)$(2.44)$0.88 
 
DILUTED EPS:
Net income (loss) attributable to common stockholders$(93,635)$(968,031)$246,292 
Weighted average number of common shares outstanding, including non-vested restricted stock units383,465397,196280,061
Diluted net income (loss) per common share$(0.24)$(2.44)$0.88 
Potentially dilutive securities excluded as anti-dilutive10,4367,6749,214
v3.25.4
Employee Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits We maintain a 401(k) defined contribution retirement plan for all eligible employees. Our operating results include expenses of approximately $35.7 million in 2025, $34.6 million in 2024 and $18.7 million in 2023 for our contributions to the plan.
v3.25.4
Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
Our Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer, who has ultimate responsibility for evaluating operating performance, allocating resources, and making strategic and operational decisions for the company. Our business is organized based on the services and products we provided in three segments: (i) drilling services, (ii) completion services, and (iii) drilling products. The CODM evaluates segment performance based primarily on segment operating income (loss). This measure is used to assess operating results and to make decisions regarding the allocation of resources among segments.
Drilling Services — represents our contract drilling, directional drilling, oilfield technology and electrical controls and automation businesses.
Completion Services — represents our hydraulic fracturing, completion support services, wireline and pumpdown services, and cementing businesses.
Drilling Products — represents our manufacturing and distribution of drill bits business.
Our results for the year ended December 31, 2025 and December 31, 2024 are not comparable for our Completion Services and Drilling Products reportable segments because results for 2023 include a partial period beginning on the closing date for each transaction.
Geographic Information
Consolidated revenues by country based on sales destination of the products or services for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
Year Ended December 31,
202520242023
Revenue:
United States$4,689,212 $5,249,154 $4,057,212 
Canada34,748 33,518 12,501 
Colombia27,555 12,223 48,592 
Other Countries75,109 83,016 28,151 
Total revenues$4,826,624 $5,377,911 $4,146,456 
Property and equipment, net by country based on the location for the years ended December 31, 2025 and 2024 are as follows (in thousands):
Year Ended December 31,
20252024
Property and equipment, net:
United States$2,687,359 $2,950,342 
Canada11,612 12,695 
Colombia4,418 35,154 
Other Countries 7,648 12,151 
Property and equipment, net$2,711,037 $3,010,342 
Major Customer — During 2025, one customer accounted for approximately $597 million or approximately 12% of our consolidated operating revenues. These revenues were earned in the drilling services, completion services, and drilling products businesses. During 2024, one customer accounted for approximately $605 million or 11% of our consolidated operating revenues. These revenues were earned in the drilling services, completion services and drilling products businesses. During 2023, one customer accounted for approximately $588 million or 14% of our consolidated operating revenues. These revenues were earned in both drilling services and completion services businesses.
The following tables summarize selected financial information relating to our business segments (in thousands):
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2025
Revenues from external customers$1,557,642 $2,892,247 $343,707 $4,793,596 
Direct operating costs (1)
977,234 2,461,539 196,130 3,634,903 
Selling, general and administrative16,079 39,816 33,167 89,062 
Depreciation, amortization and impairment (1)
366,763 463,599 88,301 918,663 
Other segment items (2)
530 6,700 — 7,230 
Segment operating income (loss) (3)
$197,036 $(79,407)$26,109 $143,738 
Reconciliation of revenue:
Total segment revenues from external customers$4,793,596 
Other revenues (4)
33,028 
Total consolidated revenues$4,826,624 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$143,738 
Other (4)
(1,907)
Corporate(182,661)
Interest income6,649 
Interest expense(70,508)
Other income (expense)1,698 
Income (loss) before income taxes$(102,991)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2024
Revenues from external customers$1,727,810 $3,232,785 $351,651 $5,312,246 
Direct operating costs (1)
1,029,591 2,658,170 191,107 3,878,868 
Selling, general and administrative16,502 41,557 35,860 93,919 
Depreciation, amortization and impairment (1)
477,398 564,155 100,610 1,142,163 
Impairment of goodwill— 885,240 — 885,240 
Other segment items (2)
— (17,792)— (17,792)
Segment operating income (loss) (3)
$204,319 $(898,545)$24,074 $(670,152)
Reconciliation of revenue:
Total segment revenues from external customers$5,312,246 
Other revenues (4)
65,665 
Total consolidated revenues$5,377,911 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$(670,152)
Other (4)
(87)
Corporate(219,498)
Interest income5,729 
Interest expense(71,963)
Other income (expense)(975)
Income (loss) before income taxes$(956,946)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2023
Revenues from external customers$1,919,759 $2,017,440 $134,679 $4,071,878 
Direct operating costs (1)
1,119,200 1,567,940 81,555 2,768,695 
Selling, general and administrative15,014 26,050 11,158 52,222 
Depreciation, amortization and impairment (1)
364,312 283,230 48,467 696,009 
Other segment items (2)
(769)— — (769)
Segment operating income (loss) (3)
$422,002 $140,220 $(6,501)$555,721 
Reconciliation of revenue:
Total segment revenues from external customers$4,071,878 
Other revenues (4)
74,578 
Total consolidated revenues$4,146,456 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$555,721 
Other (4)
2,829 
Corporate(206,596)
Interest income6,122 
Interest expense(52,870)
Other income (expense)1,898 
Income (loss) before income taxes$307,104 
(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2) Other segment items for each reportable segment includes other operating expenses (income), such as legal accruals and settlements, and income (loss) from an unconsolidated joint venture.
(3)    Segment operating income (loss) is our measure of segment profitability. It is defined as revenue less operating expenses, selling, general and administrative expenses, depreciation, amortization and impairment expense, impairment of goodwill and other operating expenses (income).
(4) Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests.

Other business segment information
Year Ended December 31,
202520242023
Capital expenditures:
Drilling Services$236,517 $264,667 $334,780 
Completion Services271,528 320,329 214,746 
Drilling Products61,421 61,687 24,572 
Segment capital expenditures$569,466 $646,683 $574,098 
Other10,954 21,813 24,645 
Corporate8,609 9,890 16,947 
Total capital expenditures$589,029 $678,386 $615,690 
Identifiable assets:
Drilling Services$1,865,598 $2,047,986 $2,368,604 
Completion Services2,341,232 2,468,707 3,835,699 
Drilling Products1,018,867 966,200 1,011,870 
Segment assets$5,225,697 $5,482,893 $7,216,173 
Other29,418 55,580 59,221 
Corporate (1)
315,351 294,993 144,637 
Total assets$5,570,466 $5,833,466 $7,420,031 
(1)    Corporate assets primarily include cash on hand and certain property and equipment.
v3.25.4
Fair Values of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Fair Values of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Our valuation techniques require inputs that we categorize using the valuation hierarchy, which categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:
Level 1 - Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.
Level 2 - Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 - Unobservable inputs for which there is little or no market data and for which the Company makes its own assumptions about how market participants would price the assets and liabilities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying values of cash, cash equivalents and restricted cash, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting.
The estimated fair value of our outstanding debt balances as of December 31, 2025 and 2024 is set forth below (in thousands):
20252024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.95% Senior Notes Due 2028
$482,505 $477,694 $482,505 $461,720 
5.15% Senior Notes Due 2029
344,895 348,032 344,895 336,490 
7.15% Senior Notes Due 2033
400,000 428,615 400,000 419,265 
Equipment Loans Due 2025— — 6,395 6,424 
Total debt$1,227,400 $1,254,341 $1,233,795 $1,223,899 
The fair values of the 2028 Notes, the 2029 Notes and the 2033 Notes at December 31, 2025 and 2024 are based on quoted market prices, which are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. The borrowings outstanding under the Equipment Loans were paid off in full in June 2025.
The implied market rates of interest used to determine the fair value of our outstanding debt balances as of December 31, 2025 and 2024 are set forth below:
20252024
3.95% Senior Notes Due 2028
4.46 %5.49 %
5.15% Senior Notes Due 2029
4.89 %5.73 %
7.15% Senior Notes Due 2033
5.99 %6.42 %
Equipment Loans Due 2025— %5.28 %
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We apply the provisions of the fair value measurement standard to our non-recurring, non-financial measurements including business combinations, as well as impairment related to goodwill and other long-lived assets. See Note 2 and Note 7 for additional information on the fair value measurement of our business combinations and impairment of goodwill.
v3.25.4
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation and Qualifying Accounts
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
Additions and adjustments
DescriptionBeginning
Balance		Charged to Costs
and Expenses 		Charged to
Other Accounts		 Deductions Ending
Balance
(In thousands)
Year Ended December 31, 2025
Allowance for credit losses$15,047 $1,206 $345 $(2,129)(1)$14,469 
Deferred tax valuation allowance86,693 4,732 — — 91,425 
Year Ended December 31, 2024
Allowance for credit losses$3,490 $5,755 $6,050 $(248)(1)$15,047 
Deferred tax valuation allowance75,250 11,443 — — 86,693 
Year Ended December 31, 2023
Allowance for credit losses$2,875 $842 $43 $(270)(1)$3,490 
Deferred tax valuation allowance91,685 — 13,677 (30,112)75,250 
_____________________________________
(1)Consists of uncollectible accounts written-off.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our senior management and representatives from our business units regularly communicate with the Board of Directors on risk management matters, including cybersecurity risks. Senior management conducts regular risk assessments to identify risks that have the potential to significantly affect our business over the short-, medium- and longer term and reviews with the Board of Directors risk mitigation and oversight measures, including prioritization of risk management and allocation of responsibility within our company for the management of a particular risk.
We continue to improve our cybersecurity risk assessment program and activities for assessing, identifying and managing cybersecurity risks through industry standard security frameworks and leading practices, including risk assessments and remediations, software and services, continuous systems monitoring, vendor risk management processes, incident response plans, phishing simulations, employee training, tabletop exercises and communication programs, among other measures. We also employ processes
designed to assess, identify, and manage the potential impact of a security incident at critical third-party vendors, service providers or customers or otherwise implicating the third-party technology and systems we use.
All employees with a company-provided email are assigned annual cyber awareness training. In addition, we perform monthly phishing simulations, with remediation training required as necessary.
While we have not experienced material cybersecurity threats or incidents, or threats or incidents that are reasonably likely to materially affect us, there can be no guarantee that we will not be the subject of future successful attacks, threats or incidents. Information on cybersecurity risks and threats we face can be found in Part I, Item 1A “Risk Factors” of this Report under the heading “Our business is subject to cybersecurity risks and threats.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented and maintain a cybersecurity program that is aligned with the NIST Framework and designed to protect our information and to assess, identify, and manage risks from cybersecurity threats that may result in material adverse effects on the confidentiality, integrity, and availability of our information systems.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Audit Committee periodically reviews the measures implemented by us to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Audit Committee receives reports and presentations from members of our senior leadership for overseeing our company’s cybersecurity risk management, including the Senior Vice President and Chief Information Officer, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. We have protocols by which certain cybersecurity incidents are escalated within our company and, where appropriate, reported promptly to the Board of Directors and Audit Committee.
Our Audit Committee is responsible for overseeing information security and cybersecurity risk. Senior leadership communicates with the Audit Committee at least quarterly regarding information security and cybersecurity risk and formally reports to the entire Board of Directors on information security and cybersecurity risk at least annually.
At the management level, our Senior Vice President and Chief Information Officer, who has extensive cybersecurity knowledge and skills gained from over 20 years of work experience at our company and elsewhere, heads the team responsible for implementing, monitoring, and maintaining information security and cybersecurity practices across our businesses and reports directly to our Chief Financial Officer.
The Senior Vice President and Chief Information Officer receives reports on information security and cybersecurity threats from our Director of Infrastructure and Cybersecurity and in conjunction with management, regularly reviews risk management measures implemented by our company to identify and mitigate information security and cybersecurity risks. A number of experienced information security team members responsible for various parts of the business also report to the Senior Vice President and Chief Information Officer on an ongoing basis. In addition to our internal cybersecurity capabilities, we also regularly engage assessors, consultants, auditors, and other third parties to assist with assessing, identifying, and managing cybersecurity risks.
We have adopted a cybersecurity incident reporting process (“IRP”) that applies in the event of a cybersecurity threat or incident to provide a standardized framework for response. The IRP sets out a coordinated approach to investigating, containing, documenting, and mitigating incidents, including reporting findings and keeping senior management, the Board of Directors and other key stakeholders informed and involved as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Audit Committee periodically reviews the measures implemented by us to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Audit Committee receives reports and presentations from members of our senior leadership for overseeing our company’s cybersecurity risk management, including the Senior Vice President and Chief Information Officer, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. We have protocols by which certain cybersecurity incidents are escalated within our company and, where appropriate, reported promptly to the Board of Directors and Audit Committee.
Our Audit Committee is responsible for overseeing information security and cybersecurity risk. Senior leadership communicates with the Audit Committee at least quarterly regarding information security and cybersecurity risk and formally reports to the entire Board of Directors on information security and cybersecurity risk at least annually.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Audit Committee periodically reviews the measures implemented by us to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Audit Committee receives reports and presentations from members of our senior leadership for overseeing our company’s cybersecurity risk management, including the Senior Vice President and Chief Information Officer, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. We have protocols by which certain cybersecurity incidents are escalated within our company and, where appropriate, reported promptly to the Board of Directors and Audit Committee.
Our Audit Committee is responsible for overseeing information security and cybersecurity risk. Senior leadership communicates with the Audit Committee at least quarterly regarding information security and cybersecurity risk and formally reports to the entire Board of Directors on information security and cybersecurity risk at least annually.
Cybersecurity Risk Role of Management [Text Block] Our Board of Directors has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Audit Committee periodically reviews the measures implemented by us to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Audit Committee receives reports and presentations from members of our senior leadership for overseeing our company’s cybersecurity risk management, including the Senior Vice President and Chief Information Officer, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. We have protocols by which certain cybersecurity incidents are escalated within our company and, where appropriate, reported promptly to the Board of Directors and Audit Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] At the management level, our Senior Vice President and Chief Information Officer, who has extensive cybersecurity knowledge and skills gained from over 20 years of work experience at our company and elsewhere, heads the team responsible for implementing, monitoring, and maintaining information security and cybersecurity practices across our businesses and reports directly to our Chief Financial Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] At the management level, our Senior Vice President and Chief Information Officer, who has extensive cybersecurity knowledge and skills gained from over 20 years of work experience at our company and elsewhere, heads the team responsible for implementing, monitoring, and maintaining information security and cybersecurity practices across our businesses and reports directly to our Chief Financial Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
At the management level, our Senior Vice President and Chief Information Officer, who has extensive cybersecurity knowledge and skills gained from over 20 years of work experience at our company and elsewhere, heads the team responsible for implementing, monitoring, and maintaining information security and cybersecurity practices across our businesses and reports directly to our Chief Financial Officer.
The Senior Vice President and Chief Information Officer receives reports on information security and cybersecurity threats from our Director of Infrastructure and Cybersecurity and in conjunction with management, regularly reviews risk management measures implemented by our company to identify and mitigate information security and cybersecurity risks. A number of experienced information security team members responsible for various parts of the business also report to the Senior Vice President and Chief Information Officer on an ongoing basis. In addition to our internal cybersecurity capabilities, we also regularly engage assessors, consultants, auditors, and other third parties to assist with assessing, identifying, and managing cybersecurity risks.
We have adopted a cybersecurity incident reporting process (“IRP”) that applies in the event of a cybersecurity threat or incident to provide a standardized framework for response. The IRP sets out a coordinated approach to investigating, containing, documenting, and mitigating incidents, including reporting findings and keeping senior management, the Board of Directors and other key stakeholders informed and involved as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation — The consolidated financial statements include the accounts of Patterson-UTI Energy, Inc., its wholly-owned subsidiaries and the consolidating interest of a joint venture. All intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries and our interest in a joint venture, we have no controlling financial interests in any other entity which would require consolidation. Patterson-UTI Energy, Inc. conducts its business operations through its wholly-owned subsidiaries and has no employees or independent operations.
The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income, which is a separate component of stockholders’ equity.
The consolidated financial statements for the year ended December 31, 2023 include the results of Ulterra from August 14, 2023, and the results of NexTier from September 1, 2023.
Management estimates Management estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
Cash and cash equivalents
Cash and cash equivalents — Cash equivalents are highly liquid, short-term investments with original maturities of three months or less from their date of purchase.
Restricted cash
Restricted cash — Restricted cash includes amounts restricted as cash collateral for the issuance of standby letters of credit.
Accounts receivable Accounts receivable — Trade accounts receivable are recorded at the invoiced amount. The allowance for credit losses represents our estimate of the amount of probable credit losses existing in our accounts receivable. Significant individual accounts receivable balances and balances which have been outstanding greater than 90 days are reviewed individually for collectability. Account balances, when determined to be uncollectible, are charged against the allowance.
Inventories
Inventories — Inventories consist primarily of sand and other products to be used in conjunction with our completion services activities, materials used in our equipment servicing business, spare parts for drilling services and raw materials for drilling products. Such inventories are stated at the lower of cost or net realizable value. Our inventory is recorded using weighted average cost.
We periodically review the nature and quantities of inventory on hand and evaluate the net realizable value of items based on historical usage patterns, known changes to equipment or processes and customer demand for specific products. Provision for excess or obsolete inventories is determined based on historical usage of inventory on-hand, volume on-hand versus anticipated usage, technological advances and consideration of current market conditions. Inventories that have not turned over for more than a year are subject to slow-moving reserve provisions. In addition, inventories that have become obsolete due to technological advances or are no longer configured to operate with our equipment are written off.
Other current assets Other current assets — Other current assets include reimbursement from our workers compensation insurance carrier for claims in excess of our deductible in the amount of $30.5 million and $33.2 million at December 31, 2025 and 2024, respectively. We also maintain prepayments for items such as insurance, rent and inventory.
Long-lived assets with definite lives
Long-lived assets with definite lives — Property and equipment and definite-lived intangible assets are carried at cost less accumulated depreciation, amortization, depletion and impairment. Depreciation and amortization is recorded on the straight-line method over the estimated useful lives.
The estimated useful lives are shown below:
 Useful Lives
Equipment
1-25 years
Rental equipment
4-8 runs
Buildings and leasehold improvements
1-30 years
Other
3-20 years
Amortization of definite-lived intangible assets is calculated on the straight-lined method over the estimated useful lives of the assets, which range from 3 to 15 years.
Long-lived assets with definite lives, including property and equipment and certain intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). Assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings for impairment assessment. If there is a triggering event, we estimate undiscounted future cash flows over the life of the respective assets or asset groupings in our assessment of its recoverability. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. If estimated undiscounted cash flows expected to result from the use and eventual disposition of an asset or asset group is less than its respective carrying amount, an impairment loss is recognized in the amount by which the carrying amount exceeds its estimated fair value.
Maintenance and repairs Maintenance and repairs — Maintenance and repairs are charged to expense when incurred. Renewals and betterments which extend the life or improve existing property and equipment are capitalized.
Disposals Disposals — Upon disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected in our consolidated statements of operations.
Goodwill
Goodwill — As a result of both the Ulterra acquisition and the NexTier merger, we have recognized goodwill. Goodwill from acquisitions is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. Goodwill is considered to have an indefinite useful economic life and is not amortized. We assess impairment of goodwill at least annually, as of July 31, or on an interim basis when events or circumstances indicate that the fair value of goodwill may have decreased below its carrying value. If the carrying value of a reporting unit exceeds its fair value, we recognize an impairment in an amount equal to the excess, limited to the total amount of
goodwill allocated to the reporting unit. During the third quarter of 2024, we recorded an $885 million impairment charge to goodwill related to our completion services reporting unit. See Note 7 for details.
Goodwill — During the twelve months ended December 31, 2025, there were no additions or impairments to goodwill. As of December 31, 2025 and December 31, 2024, our goodwill balances by operating segment were as follows (in thousands):
 Completion
Services		Drilling
Products		Total
Balance, December 31, 2024 and 2025$36,885 $450,503 $487,388 
Goodwill is evaluated at least annually on July 31, or more frequently when events or circumstances occur indicating recorded goodwill may be impaired. Goodwill is tested at the reporting unit level, which is at or one level below our operating segments. We determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value after considering qualitative, market and other factors. Any necessary goodwill impairment is determined using a quantitative impairment test. If the resulting fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized for the amount of the shortfall. The fair value of a reporting unit is determined using significant unobservable inputs, or level 3 in the fair value hierarchy. These inputs are based on forecasts and significant judgment.
We determined our drilling products operating segment consists of a single reporting unit to which the goodwill from our 2023 acquisition of Ulterra was allocated. We determined our completion services operating segment consisted of two reporting units: completion services, which was primarily comprised of our hydraulic fracturing operations and other integrated service offerings, and cementing services.
Goodwill Annual Impairment Assessment (Fourth and Third Quarter of 2025) — During the fourth and third quarters of 2025, we evaluated whether events or changes in circumstances indicated that the fair value of our goodwill may be less than its carrying amount. As part of this qualitative assessment, we considered the results of our most recent quantitative analysis performed in the second quarter of 2025, along with other factors such as macroeconomic conditions, market trends and indicators of potential changes in the fair value of our reporting units. Based on this assessment, we concluded that it was more likely than not that the fair value of our goodwill exceeded its carrying amount. Therefore, no impairment was indicated, and a Step 1 quantitative goodwill impairment test was not required.
Goodwill Impairment Assessment (Second Quarter of 2025) — During the second quarter of 2025, we viewed the reduction in activity forecasts combined with the decline in the market price of our common stock as a triggering event that warranted a quantitative assessment for goodwill impairment.
We estimated the fair value of the drilling products and cementing services reporting units using the income approach. Under this approach, we used a discounted cash flow model, which utilized present values of cash flows to estimate fair value. Forecasted cash flows reflected known market conditions in the second quarter of 2025 and the expected market outlook. Future cash flows were projected based on estimates of revenue growth rates, gross profit, selling, general and administrative expense, changes in working capital, and capital expenditures. The terminal period used within the discounted cash flow model included a growth rate. Future cash flows were then discounted using a market-participant, risk-adjusted weighted average cost of capital. Financial and credit market volatility directly impacts our fair value measurement through the weighted average cost of capital used to determine a discount rate. During times of volatility, significant judgment must be applied to determine whether credit market changes are a short-term or long-term trend.
The forecast for the cementing services reporting unit assumed lower activity in 2026 compared to estimated average activity for full year 2025 and moderate growth estimates thereafter. Those estimates were based on future drilling rig count forecasts during the second quarter of 2025 and estimated market share. Based on the results of the goodwill impairment test, the fair value of the cementing services reporting unit exceeded its carrying value with a substantial cushion. Accordingly, no impairment was recorded in the second quarter of 2025.
The forecast for the drilling products reporting unit assumed lower activity during 2025 relative to 2024, with growth estimates thereafter. The increases in estimated activity assumed growth in both domestic and international markets. Those growth estimates were based on drilling rig count forecasts and estimated market share. Geopolitical instability in regions in which we expect to maintain and grow market share, an unfavorable legal proceeding outcome, a global decrease in the demand of drilling products or other unforeseen macroeconomic considerations could negatively impact the key assumptions used in our goodwill assessment for our drilling products reporting unit. Based on the results of the goodwill impairment test, the fair value of the drilling products reporting unit exceeded its carrying value by approximately 8%. Accordingly, no impairment was recorded in the second quarter of 2025.
Goodwill Impairment Assessment (Third Quarter of 2024) — During the third quarter of 2024, the forecast for the completion services reporting unit assumed lower activity in 2025 compared to average activity for full year 2024 and increases in estimated activity of 2% to 8% beginning in 2026 through 2029. Those estimates were based on future drilling rig and pressure pumping fleet count forecasts during the third quarter of 2024 and estimated market share. Additionally, the forecast reflected the expectation that industry-wide pricing pressure would persist within the completions market and continue to compress adjusted gross profit. These factors negatively impacted the estimated value of the reporting unit. The terminal period used within the discounted cash flow model for completion services consisted of a 1% growth rate. Future cash flows were then discounted using a market-participant, risk-adjusted weighted average cost of capital of 10.75%.
Based on the results of the quantitative assessment, the fair value of the completion services reporting unit was less than its carrying value. Accordingly, we recorded an $885 million impairment charge to goodwill for the completion services reporting unit during the third quarter of 2024.
Leases
Leases — We lease various offices, equipment and vehicles to support our operations and corporate activities. We determine if a contract contains a lease at inception or as a result of an acquisition. Right-of-use (“ROU”) assets and corresponding lease liabilities are recognized on our consolidated balance sheet at lease commencement based on the present value of the remaining lease payments over the lease term. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.
By our policy election, ROU assets and lease liabilities with an initial term of one year or less are not recognized for leasing arrangements, and non-lease and lease components are treated as a single lease component instead of bifurcating those components. If available, we use the rate implicit in the lease at the commencement date to discount lease payments. If the implicit rate is not readily determinable, we use our incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments.
Lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is amortized on a straight-line basis over the earlier of the useful life of the underlying asset or the lease term and recorded in depreciation and amortization expense in the consolidated statements of operations. Lease liabilities are adjusted for lease payments made and interest incurred using the effective interest method, with interest expense recorded in “Interest expense” in the consolidated statements of operations.
In the third quarter of 2023, as part of the Ulterra acquisition and the NexTier merger, we acquired certain operating and finance leases. We inherited NexTier’s and Ulterra’s lease classifications as of the time of each respective acquisition. We elected as an accounting policy election by class of underlying assets to not recognize assets or liabilities at the acquisition date for leases that had a remaining lease term of twelve months or less. See Notes 2 and 13 for details.
Revenue recognition Revenue recognition — Revenues from our drilling services, completion services, drilling products, and other activities are recognized upon the transfer of control of the related services and products to the customer. See Note 3 for details.
ASC Topic 606 Revenue from Contracts with Customers
Drilling Services and Completion Services — revenue is recognized based on our customers’ ability to benefit from our services in an amount that reflects the consideration we expect to receive in exchange for those services. This typically happens when the service is performed. The services we provide represent a series of distinct services, generally provided daily, that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period, generally measured in days, and our efforts in providing services are incurred relatively evenly over the period of performance, revenue is recognized as we provide services to the customer.
Drilling Services revenue primarily consists of daywork drilling contracts for which related revenues and expenses are recognized as services are performed. For certain contracts, we receive payments for the mobilization of rigs and other drilling equipment. We defer revenue and related direct operating expense related to mobilizations and recognize those revenues and expenses on a straight-line basis as drilling services are provided. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred and are recorded in Drilling Services operating expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). For certain contracts, we are also entitled to early termination payments if our customers choose to terminate a contract prior to the expiration of the contractual term. We recognize revenue associated with early termination payments when all contractual requirements related to early termination payments have been met.
Certain of our drilling contracts are performance-based. Performance-based contracts are contracts pursuant to which we are compensated partly based upon our performance against a mutually agreed upon set of predetermined targets. These types of contracts typically have a lower base dayrate, but give us the opportunity to receive additional compensation by meeting or exceeding certain performance targets agreed to by our customers.
Completion Services revenue consists of services and products related to our suite of completion businesses including hydraulic fracturing, completion support services, wireline and pumpdown services, and cementing. These services are provided pursuant to contractual arrangements, including pricing agreements. Revenue from these services is earned as services are rendered, which is generally on a per stage or fixed monthly rate except for our cementing services. All revenue is recognized when a contract with a customer exists, the performance obligations under the contract have been satisfied over time, the amount to which we have the right to invoice has been determined and collectability of amounts subject to invoice is probable. Contract fulfillment costs, such as mobilization costs and shipping and handling costs, are expensed as incurred and are recorded in Completion Services operating expense in the Consolidated Statements of Operations and Comprehensive Income (Loss). To the extent fulfillment costs are considered separate performance obligations that are billable to the customer, the amounts billed are recorded as revenue in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Once a stage has been completed or products and services have been provided, a field ticket is created that includes charges for the service performed and the chemicals, proppant, and compressed natural gas consumed during the course of the service. The field ticket may also include charges for the mobilization of the equipment and inventory to the location, any additional equipment used on the
job, and other miscellaneous items. The field ticket represents the amounts to which we have the right to invoice and to recognize as revenue.
A portion of our contracts contain variable consideration; however, this variable consideration is typically unknown at the time of contract inception, and is not known until the job is complete, at which time the variability is resolved. Examples of variable consideration include the number of hours that will be incurred and the amount of consumables (such as chemicals and proppants) that will be used to complete a job.
Revenue is presented net of any sales tax charged to the customer that we are required to remit to local or state governmental taxing authorities. Reimbursements for the purchase of supplies, equipment, personnel services, shipping and other services that are provided at the request of our customers are recorded as revenue when incurred. The related costs are recorded as operating expenses when incurred.
ASC Topic 842 Revenue from Equipment Rentals and Other
Drilling Products Revenue — revenues are primarily generated from the rental of drilling equipment, comprised of drill bits and downhole tools. These arrangements provide the customer with the right to control the use of the identified asset. Generally, the lease terms in such arrangements are for periods of two to three days and do not provide customers with options to purchase the underlying asset.
Other — we are a non-operating working interest owner of oil and natural gas assets primarily located in Texas and New Mexico. The ownership terms are outlined in joint operating agreements for each well between the operator of the well and the various interest owners, including us, who are considered non-operators of the well. We receive revenue each period for our working interest in the well during the period.
Our revenue is disaggregated by service category, which aligns with our reportable segments. See Note 17 for details. Management believes this disaggregation depicts the nature, amount, timing and uncertainty of revenue and cash flows, as each service category is subject to different demand drivers and contract characteristics.
Income taxes Income taxes — The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. If applicable, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. Our policy is to account for interest and penalties with respect to income taxes as operating expenses. See Note 14 for details.
Stock-based compensation Stock-based compensation — We recognize the cost of share-based payments under the fair-value-based method. Under this method, compensation cost related to share-based payments is measured based on the estimated fair value of the awards at the date of grant, net of estimated forfeitures. This expense is recognized over the expected life of the awards, as described in Note 12.
Concentration of Credit Risk
Concentration of Credit Risk — Our assets that are potentially subject to concentrations of credit risk are cash, cash equivalents and restricted cash and trade accounts receivable. Cash balances are maintained in financial institutions, which at times exceed federally insured limits. We monitor the financial condition of the financial institutions in which accounts are maintained and we have not experienced any losses in such accounts. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. There were no material changes in the allowance for credit losses in 2025 and 2024.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards
Recently Adopted Accounting Standards — In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 to improve reportable segment disclosure requirements and enhance disclosures about significant segment expenses. We adopted this new accounting pronouncement effective January 1, 2024 and expanded our consolidated financial statement disclosures in order to comply with the update. See Note 17 for details.
In December 2023, the FASB issued ASU 2023-09 to improve income tax disclosure. We adopted this accounting pronouncement effective January 1, 2025, on a prospective basis. The adoption did not have a material impact on our consolidated financial position, results of operations, or cash flows, but resulted in expanded disclosures within the Income Taxes footnote. See Note 14 for details.
Recently Issued Accounting Standards — In November 2024, the FASB issued ASU 2024-03 to expand disclosure requirements related to certain income statement expenses, which requires public entities to disclose additional information about specific expense
categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05 to provide entities the option to use a practical expedient to assume balance sheet conditions remain unchanged when developing forecasts for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06 to improve the accounting for internal-use software cost by increasing the operability of the recognition guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This guidance is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11 to clarify the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. generally accepted accounting principles. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. The update will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact this pronouncement will have on our consolidated financial statements.
ASC Topic 842 Revenue from Equipment Rentals
ASC Topic 842 Revenue from Equipment Rentals and Other
Drilling Products Revenue — revenues are primarily generated from the rental of drilling equipment, comprised of drill bits and downhole tools. These arrangements provide the customer with the right to control the use of the identified asset. Generally, the lease terms in such arrangements are for periods of two to three days and do not provide customers with options to purchase the underlying asset.
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Restricted Cash
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts shown in the statements of cash flows for the years ended December 31, 2025 and 2024 (in thousands):
Year Ended December 31,
20252024
Cash and cash equivalents$418,507 $239,182 
Restricted cash2,135 2,111 
Total cash, cash equivalents and restricted cash$420,642 $241,293 
Schedule of Estimated Useful Lives of Property and Equipment
The estimated useful lives are shown below:
 Useful Lives
Equipment
1-25 years
Rental equipment
4-8 runs
Buildings and leasehold improvements
1-30 years
Other
3-20 years
v3.25.4
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of Consideration Transferred
The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):
Shares of our common stock issued to Ulterra34,900
Our common stock price on August 14, 2023$14.94 
Common stock equity consideration$521,406 
Plus net cash consideration372,757 
Total consideration transferred$894,163 
The total fair value of the consideration transferred was determined as follows (in thousands, except exchange ratio and stock price):
Number of shares of NexTier common stock outstanding as of September 1, 2023228,846
Multiplied by the exchange ratio0.752
Number of shares of Patterson-UTI Energy, Inc. common stock issued in connection with the merger172,092
Patterson-UTI Energy, Inc. common stock price on September 1, 2023$14.91 
Common stock equity consideration2,565,895 
Acceleration of RSU awards1,997 
Fair value of replacement equity awards (1)
70,416 
NexTier long-term debt repaid by Patterson-UTI Energy, Inc.161,000 
Consideration transferred$2,799,308 
(1)In connection with the merger, each of the share-based awards held by legacy NexTier employees were replaced with our share-based awards on the merger date. The fair value of the replacement awards has been allocated between each employee’s pre-combination and post-combination services. Amounts allocated to pre-combination services have been included as consideration transferred as part of the merger. See Note 12 for replacement awards details.
Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
Assets acquired:
Cash and cash equivalents$18,426 
Accounts receivable68,467 
Inventory (1)
36,313 
Rental equipment (2)
109,055 
Property and equipment27,583 
Intangible assets313,000 
Operating lease right of use asset7,513 
Finance lease right of use asset5,228 
Other assets15,989 
Total assets acquired601,574 
 
Liabilities assumed:
Accounts payable23,258 
Accrued liabilities33,323 
Operating lease liability7,513 
Finance lease liability5,228 
Deferred tax liabilities79,863 
Total liabilities assumed149,185 
Less: noncontrolling interest(8,729)
Net assets acquired443,660 
Goodwill450,503 
Total consideration transferred$894,163 

(1)We recorded an adjustment of $5.5 million to write-up acquired drill bits classified as inventory to estimated fair value. This adjustment will be recorded as direct operating expense as acquired drill bits are sold.
(2)We recorded an adjustment of $74.4 million to write-up acquired drill bits classified as long-lived assets to estimated fair value. This adjustment will be depreciated as acquired drill bits are rented over a weighted-average estimated useful life of 7.5 runs.
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the merger (in thousands):
Assets acquired:
Cash and cash equivalents$95,815 
Accounts receivable420,200 
Inventory71,930 
Property and equipment (1)
1,045,610 
Intangible assets768,000 
Operating lease right of use asset19,091 
Finance lease right of use asset50,733 
Other assets84,677 
Total assets acquired2,556,056 
 
Liabilities assumed: 
Accounts payable358,873 
Accrued liabilities129,535 
Operating lease liability19,091 
Finance lease liability50,733 
Deferred tax liabilities86,293 
Long-term debt22,533 
Other liabilities11,815 
Total liabilities assumed678,873 
Net assets acquired1,877,183 
Goodwill922,125 
Total consideration transferred$2,799,308 
(1)We recorded an adjustment of $263 million to write-up acquired property and equipment to estimated fair value. This adjustment will be depreciated on a straight-line basis over a weighted average period of six years.
Schedule of Fair Value Consideration Transferred Assigned to Identifiable Intangible Assets
A portion of the fair value consideration transferred was assigned to identifiable intangible assets as follows:
Fair Value
(in thousands)		Weighted Average Useful Life
(in years)
Customer relationships$245,000 15
Trade name16,000 11
Developed technology52,000 5
Intangible assets$313,000 
A portion of the fair value consideration transferred was assigned to identifiable intangible assets as follows:
Fair Value
(in thousands)		Weighted Average Useful Life
(in years)
Customer relationships$540,000 10
Trade name85,000 10
Developed technology143,000 5
Intangible assets$768,000 
Schedule of Pro Forma Information The following table summarizes our selected financial information on a pro forma basis (in thousands, except per share data):
2023
(Unaudited)
Revenues$4,369,596 
Net income$190,136 
The following table summarizes our selected financial information on a pro forma basis (in thousands, except per share data):
2023
(Unaudited)
Revenues$6,604,824 
Net income$598,709 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities
Contract liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
Balance at December 31, 2023
$103,031 
Payment received/accrued and deferred94,022 
Revenue recognized during the period(121,448)
Balance at December 31, 2024
75,605 
Payment received/accrued and deferred98,448 
Revenue recognized during the period(94,547)
Balance at December 31, 2025
$79,506 
v3.25.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Raw materials and supplies$129,440 $121,694 
Work-in-process4,573 6,681 
Finished goods26,267 38,648 
Inventory$160,280 $167,023 
v3.25.4
Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets [Abstract]  
Schedule of Other Current Assets
Other current assets consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Federal and state income taxes receivable$22,194 $24,777 
Workers’ compensation receivable30,492 33,240 
Prepaid expenses34,829 34,004 
Other26,377 31,172 
Other current assets$113,892 $123,193 
v3.25.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment consisted of the following at December 31, 2025 and 2024 (in thousands):
20252024
Equipment$8,224,950 $8,416,063 
Oil and natural gas properties248,088 243,663 
Buildings and improvements235,621 248,739 
Rental equipment155,385 136,256 
Land and improvements39,591 37,847 
Total property and equipment8,903,635 9,082,568 
Less accumulated depreciation, depletion, amortization and impairment(6,192,598)(6,072,226)
Property and equipment, net$2,711,037 $3,010,342 
Schedule of Depreciation, Depletion, Amortization and Impairment Expense
Depreciation, depletion, amortization and impairment — The following table summarizes depreciation, depletion, amortization and impairment expense related to property and equipment and intangible assets for 2025, 2024 and 2023 (in thousands):
202520242023
Depreciation and impairment expense$808,252 $1,039,536 $682,672 
Amortization expense126,216 124,716 41,521 
Depletion expense5,796 7,621 7,223 
Total$940,264 $1,171,873 $731,416 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Operating Segment As of December 31, 2025 and December 31, 2024, our goodwill balances by operating segment were as follows (in thousands):
 Completion
Services		Drilling
Products		Total
Balance, December 31, 2024 and 2025$36,885 $450,503 $487,388 
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets
The gross carrying amount and accumulated amortization of intangible assets as of December 31, 2025 and 2024 are as follows (in thousands):
 20252024
 Gross Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Customer relationships$783,259 $(166,135)$617,124 $782,789 $(95,785)$687,004 
Developed technology202,771 (96,689)106,082 202,772 (56,562)146,210 
Trade name101,000 (23,406)77,594 101,000 (14,097)86,903 
Other22,729 (8,719)14,010 12,986 (3,493)9,493 
Intangible assets, net$1,109,759 $(294,949)$814,810 $1,099,547 $(169,937)$929,610 
Schedule of Remaining Amortization Expense Associated with Finite-Lived Intangible Assets
The remaining amortization expense associated with finite-lived intangible assets, excluding in-process software, is expected to be as follows (in thousands):
Year ending December 31,
2026$123,741 
2027121,639 
2028105,320 
202980,129 
203080,127 
Thereafter294,686 
Total$805,643 
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued liabilities consisted of the following at December 31, 2025 and 2024 (in thousands):
 20252024
Salaries, wages, payroll taxes and benefits$107,650 $110,212 
Insurance73,621 84,433 
Property, sales, use and other taxes45,369 54,445 
Accrued interest payable17,471 17,484 
Deferred revenue79,286 75,195 
Accrued merger and integration expense1,513 4,723 
Other41,578 39,259 
Accrued liabilities$366,488 $385,751 
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
Long-term debt consisted of the following at December 31, 2025 and 2024 (in thousands):
 Effective Interest RateDecember 31, 2025December 31, 2024
3.95% Senior Notes Due 2028
4.03%$482,505 $482,505 
5.15% Senior Notes Due 2029
5.26%344,895 344,895 
7.15% Senior Notes Due 2033
7.28%400,000 400,000 
Equipment Loans Due 2025 (1)
5.25%— 6,395 
  1,227,400 1,233,795 
Less deferred financing costs and discounts (6,362)(7,637)
Less current portion — (6,388)
Total $1,221,038 $1,219,770 
(1)The borrowings outstanding under the Equipment Loans were paid off in full in June 2025.
Schedule of Principal Repayment Requirements of Long Term Debt
Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2025 (in thousands):
Year ending December 31, 
2026$— 
2027— 
2028482,505 
2029344,895 
2030— 
Thereafter400,000 
Total$1,227,400 
v3.25.4
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Treasury Stock Acquisition
Treasury stock acquisitions during the years ended December 31, 2025, 2024 and 2023 were as follows (dollars in thousands):
202520242023
SharesCostSharesCostSharesCost
Treasury shares at beginning of period133,440,028$1,951,067 105,580,011$1,657,675 88,758,722$1,453,079 
Purchases pursuant to stock buyback program10,278,72365,274 26,646,698280,327 14,086,229168,631 
Acquisitions pursuant to long-term incentive plan716,5014,373 1,213,31913,065 2,735,06035,965 
Treasury shares at end of period144,435,252$2,020,714 133,440,028$1,951,067 105,580,011$1,657,675 
v3.25.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Plans Our share-based compensation plans at December 31, 2025 are as follows:
Plan NameShares
Authorized
for Grant    		Shares Underlying
Awards
Outstanding		Shares
Available
for Grant
2021 Plan39,074,5108,821,1229,144,162
NexTier Plan—145,631—
Former C&J Energy Plan—406,405—
2014 Plan—1,062,475—
Schedule of Stock Option Activity
Stock option activity for the year ended December 31, 2025 follows:
 Shares Weighted Average
Exercise Price Per Share
Outstanding at beginning of year1,794,005$22.26 
Exercised—$— 
Expired(656,800)$20.01 
Outstanding at end of year1,137,205$23.56 
Exercisable at end of year1,137,205$23.56 
Schedule of Restricted Stock Unit Activity
Restricted stock unit activity for the year ended December 31, 2025 follows:
 Time
Based 		Performance
Based 		Weighted Average
Grant Date Fair
Value Per Share
Non-vested restricted stock units outstanding at beginning of year5,427,657452,514$11.34 
Granted4,448,229—$6.04 
Vested(2,952,115)—$11.41 
Performance based restricted stock units settled (1)
—(39,100)$13.04 
Forfeited(249,933)(3,524)$8.95 
Non-vested restricted stock units outstanding at end of year6,673,838409,890$8.06 
(1)Performance based restricted stock units reached the end of their performance period during 2025, and no shares were issued to settle such performance based restricted stock units.
Additional information as of December 31, 2025 with respect to these non-vested restricted stock units follows (dollars in thousands):
Aggregate intrinsic value$39,593 
Weighted-average remaining vesting period1.79 years
Unrecognized compensation cost$35,764 
Cash-settled restricted stock unit activity for the year ended December 31, 2025 follows:
 Time Based
Non-vested cash settled restricted stock units outstanding at beginning of year13,134
Granted619,417
Vested(4,376)
Forfeited—
Non-vested cash-settled restricted stock units outstanding at end of year628,175
Schedule of Performance Units
Performance Units activity for the year ended December 31, 2025 follows:
Performance Units
Share-Settled
(at target)		Weighted
Average Grant
Date Fair Value
Per Share		Performance
Units
Cash-Settled
(at target)
Non-vested Performance Units outstanding at beginning of year1,869,400$15.62 —
Granted743,800$5.86 743,800
Performance Units settled (1)
(398,500)$25.95 —
Forfeited—$— —
Non-vested Performance Units outstanding at end of year2,214,700$10.49 743,800
(1)Share-settled Performance Units granted in 2022 reached the end of their performance period during 2025, and no shares were issued to settle such Performance Units.
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Options The grant date fair value calculations for these Performance Units granted during the years ended December 31, 2025, 2024 and 2023 were based on the following weighted-average assumptions set forth below:
 202520242023
Risk-free interest rate (1)
3.7%4.6%3.6%
Expected stock volatility (2)
56.2%56.9%72.1%
Expected dividend yield (3)
5.5%2.9%3.0%
Expected term (in years)333
(1)The risk-free interest rate is based on U.S. Treasury securities for the expected term of the Performance Units.
(2)Expected volatilities are based on the daily closing price of our stock based upon historical experience over a three-year period.
(3)Expected dividend yield is based on the annualized dividend in effect on the measurement date and the stock price on the grant date.
Schedule of Shares that Vested and Did Not Vest
The following table summarizes the Performance Units that, during the years ended December 31, 2025, 2024 and 2023, vested and did not vest as a result of the company’s performance during the applicable performance period:
Years Ended December 31,
202520242023
Vesting multiplier— %87.9 %200 %
Target398,500817,500500,500
Vested at the end of the performance period—718,5811,001,000
Did not vest at the end of the performance period398,50098,919—
Schedule of Compensation Expense Associated with Performance Units The following table presents stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
Share-settled awards202520242023
Restricted stock units$30,978 $37,207 $38,257 
Performance Units – TSR7,141 9,145 8,493 
Performance Units – FCF1,167 — — 
Total share-settled awards39,286 46,352 46,750 
Cash-settled awards
Cash-settled restricted stock units857 19 — 
Cash-settled Performance Units581 563 5,048 
Phantom units— — (975)
Total cash-settled awards1,438 582 4,073 
Stock-based compensation expense$40,724 $46,934 $50,823 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Expenses
Lease expense consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):

Year Ended December 31,
202520242023
Operating lease cost$21,022 $18,147 $10,073 
Finance lease cost:
Amortization of right-of-use assets7,364 21,394 6,360 
Interest on lease liabilities1,542 2,255 1,395 
Total finance lease cost8,906 23,649 7,755 
Short-term lease expense (1)
234 360 2,278 
Total lease expense (2)
$30,162 $42,156 $20,106 
(1)Short-term lease expense represents expense related to leases with a contract term of one year or less.
(2)Operating lease expense is recorded in operating costs for the respective segments and within “selling, general and administrative”, amortization of right-of-use assets is recorded within “depreciation, depletion, amortization and impairment”, and interest on lease liabilities is recorded within “interest expense” in our consolidated statements of operations.
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 Year Ended December 31,
 202520242023
Cash paid for amounts included in the measurement of lease liabilities:   
Operating cash flows from operating leases$18,298 $14,838 $8,935 
Operating cash flows from finance leases1,549 2,220 1,380 
Financing cash flows from finance leases7,823 45,484 15,915 
 
Right of use assets obtained in exchange for lease obligations:
Operating leases (1)
$16,719 $12,541 $34,802 
Finance leases (1)
3,247 21,234 73,245 
(1)Includes right of use assets acquired in business combinations in 2023.
Schedule of Lease Terms and Discount Rates
Lease terms and discount rates related to leases as of December 31, 2025 and 2024 is as follows:
Year Ended December 31,
20252024
Weighted Average Remaining Lease Term:
Operating leases3.8 years4.8 years
Finance leases2.4 years2.3 years
Weighted Average Discount Rate:
Operating leases6.0%6.5%
Finance leases7.8%7.4 %
Schedule of Maturities of Operating Lease Liabilities
Maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (in thousands):
Year ending December 31,Operating Finance
2026$20,578 $8,423 
20279,850 2,470 
20287,971 1,485 
20296,258 1,485 
20304,288 595 
Thereafter2,837 — 
Total lease payments51,782 14,458 
Less imputed interest(5,523)(1,285)
Total$46,259 $13,173 
Schedule of Maturities of Finance Lease Liabilities
Maturities of operating and finance lease liabilities as of December 31, 2025 are as follows (in thousands):
Year ending December 31,Operating Finance
2026$20,578 $8,423 
20279,850 2,470 
20287,971 1,485 
20296,258 1,485 
20304,288 595 
Thereafter2,837 — 
Total lease payments51,782 14,458 
Less imputed interest(5,523)(1,285)
Total$46,259 $13,173 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income (loss) before income taxes for the United States and non-U.S. jurisdictions for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Income (loss) before income taxes:
United States$(72,151)$(946,388)$315,897 
Non-U.S.(30,840)(10,558)(8,793)
$(102,991)$(956,946)$307,104 
Schedule of Components of Income Tax Provision
Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Federal income tax expense (benefit):
Current$1,460 $417 $— 
Deferred(3,740)(1,390)44,369 
(2,280)(973)44,369 
State income tax expense (benefit):
Current4,804 4,882 7,002 
Deferred(13,623)(1,412)11,279 
(8,819)3,470 18,281 
Foreign income tax expense (benefit):
Current5,476 5,269 1,578 
Deferred(4,314)1,687 (3,076)
1,162 6,956 (1,498)
Total income tax expense (benefit):
Current11,740 10,568 8,580 
Deferred(21,677)(1,115)52,572 
Total income tax expense$(9,937)$9,453 $61,152 
Schedule of Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the year ended December 31, 2025 are summarized as follows:
2025
AmountPercent
U.S. federal statutory tax rate$(21,628)21.0%
State and local income taxes, net of federal income tax effect (1)
(6,970)6.8
Foreign tax effects
Canada
Return to provision adjustments786 (0.8)
Other457 (0.4)
Colombia
Changes in valuation allowances7,201 (7.0)
Other1,034 (1.0)
Saudi Arabia
Assertions on indefinite reinvestment of earnings(1,484)1.4
Other153 (0.1)
Other foreign jurisdictions(509)0.5
Effect of changes in tax laws or rates enacted in the current period— 0.0
Effect of cross-border tax laws(45)0.0
Tax credits
Foreign tax credits(1,008)1.0
Research and development tax credits(2,660)2.6
Changes in valuation allowances1,289 (1.3)
Nontaxable or nondeductible items
Non-deductible meals and related expenses3,583 (3.5)
Items from consolidated pass-through entities1,086 (1.1)
Share-based compensation6,674 (6.5)
Non-deductible compensation1,183 (1.1)
Other921 (0.9)
Changes in unrecognized tax benefits— 0.0
Other adjustments— 0.0
Effective tax rate$(9,937)9.6 %
(1)State and local income taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category.
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the years ended December 31, 2024 and 2023 are summarized as follows:
20242023
Statutory tax rate21.0%21.0%
State income taxes - net of the federal income tax benefit0.53.2
State deferred tax remeasurement(0.7)(0.3)
Goodwill impairment(19.4)—
Valuation allowance(1.3)(9.2)
U.S. impact of foreign operations(0.2)—
Acquisition related costs—1.1
Effect of foreign taxes0.30.1
Non-deductible compensation(0.7)1.8
Share-based compensation(0.3)1.6
Non-deductible expenses(0.7)0.7
Other differences, net0.5(0.1)
Effective tax rate(1.0%)19.9%
Schedule of Tax Effect of Temporary Differences and Tax Attributes Representing Deferred Tax Assets and Liabilities
The tax effect of temporary differences and tax attributes representing deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows (in thousands):
 20252024
Deferred tax assets:
Net operating loss carryforwards$384,392 $406,876 
Tax credits15,525 17,254 
Expense associated with stock options and restricted stock units5,680 8,344 
Workers’ compensation allowance9,216 9,437 
Other deferred tax asset41,222 79,132 
 456,035 521,043 
Less:
Allowance to reduce deferred tax asset to expected realizable value(91,425)(86,693)
Total deferred tax assets364,610 434,350 
Deferred tax liabilities:
Property and equipment basis difference(420,401)(505,631)
Intangible asset basis difference(155,371)(148,910)
Other(4,656)(17,906)
Total deferred tax liabilities(580,428)(672,447)
Net deferred tax liability$(215,818)$(238,097)
Schedule of Income Tax Paid, Net of Refunds Received
The income taxes paid, net of refunds received, disaggregated by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):
2025
U.S. federal$(7)
U.S. state and local
New Mexico550 
Oklahoma702 
Texas925 
Other jurisdictions209 
Foreign
Canada2,079 
Ecuador680 
Oman429 
Saudi Arabia1,959 
Other jurisdictions596 
Income taxes paid$8,122 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss per Share
The following table presents information necessary to calculate net income (loss) per share for the years ended December 31, 2025, 2024 and 2023, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):
 202520242023
BASIC EPS:
Net income (loss) attributable to common stockholders$(93,635)$(968,031)$246,292 
Weighted average number of common shares outstanding, excluding non-vested restricted stock units383,465 397,196 279,501 
Basic net income (loss) per common share$(0.24)$(2.44)$0.88 
 
DILUTED EPS:
Net income (loss) attributable to common stockholders$(93,635)$(968,031)$246,292 
Weighted average number of common shares outstanding, including non-vested restricted stock units383,465397,196280,061
Diluted net income (loss) per common share$(0.24)$(2.44)$0.88 
Potentially dilutive securities excluded as anti-dilutive10,4367,6749,214
v3.25.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Consolidated revenues by country based on sales destination of the products or services for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
Year Ended December 31,
202520242023
Revenue:
United States$4,689,212 $5,249,154 $4,057,212 
Canada34,748 33,518 12,501 
Colombia27,555 12,223 48,592 
Other Countries75,109 83,016 28,151 
Total revenues$4,826,624 $5,377,911 $4,146,456 
Property and equipment, net by country based on the location for the years ended December 31, 2025 and 2024 are as follows (in thousands):
Year Ended December 31,
20252024
Property and equipment, net:
United States$2,687,359 $2,950,342 
Canada11,612 12,695 
Colombia4,418 35,154 
Other Countries 7,648 12,151 
Property and equipment, net$2,711,037 $3,010,342 
Schedule of Segment Reporting Information, by Segment
The following tables summarize selected financial information relating to our business segments (in thousands):
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2025
Revenues from external customers$1,557,642 $2,892,247 $343,707 $4,793,596 
Direct operating costs (1)
977,234 2,461,539 196,130 3,634,903 
Selling, general and administrative16,079 39,816 33,167 89,062 
Depreciation, amortization and impairment (1)
366,763 463,599 88,301 918,663 
Other segment items (2)
530 6,700 — 7,230 
Segment operating income (loss) (3)
$197,036 $(79,407)$26,109 $143,738 
Reconciliation of revenue:
Total segment revenues from external customers$4,793,596 
Other revenues (4)
33,028 
Total consolidated revenues$4,826,624 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$143,738 
Other (4)
(1,907)
Corporate(182,661)
Interest income6,649 
Interest expense(70,508)
Other income (expense)1,698 
Income (loss) before income taxes$(102,991)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2024
Revenues from external customers$1,727,810 $3,232,785 $351,651 $5,312,246 
Direct operating costs (1)
1,029,591 2,658,170 191,107 3,878,868 
Selling, general and administrative16,502 41,557 35,860 93,919 
Depreciation, amortization and impairment (1)
477,398 564,155 100,610 1,142,163 
Impairment of goodwill— 885,240 — 885,240 
Other segment items (2)
— (17,792)— (17,792)
Segment operating income (loss) (3)
$204,319 $(898,545)$24,074 $(670,152)
Reconciliation of revenue:
Total segment revenues from external customers$5,312,246 
Other revenues (4)
65,665 
Total consolidated revenues$5,377,911 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$(670,152)
Other (4)
(87)
Corporate(219,498)
Interest income5,729 
Interest expense(71,963)
Other income (expense)(975)
Income (loss) before income taxes$(956,946)
Drilling ServicesCompletion ServicesDrilling ProductsTotal
Year Ended December 31, 2023
Revenues from external customers$1,919,759 $2,017,440 $134,679 $4,071,878 
Direct operating costs (1)
1,119,200 1,567,940 81,555 2,768,695 
Selling, general and administrative15,014 26,050 11,158 52,222 
Depreciation, amortization and impairment (1)
364,312 283,230 48,467 696,009 
Other segment items (2)
(769)— — (769)
Segment operating income (loss) (3)
$422,002 $140,220 $(6,501)$555,721 
Reconciliation of revenue:
Total segment revenues from external customers$4,071,878 
Other revenues (4)
74,578 
Total consolidated revenues$4,146,456 
Reconciliation to consolidated income (loss) before income taxes:
Segment operating income (loss) (3)
$555,721 
Other (4)
2,829 
Corporate(206,596)
Interest income6,122 
Interest expense(52,870)
Other income (expense)1,898 
Income (loss) before income taxes$307,104 
(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2) Other segment items for each reportable segment includes other operating expenses (income), such as legal accruals and settlements, and income (loss) from an unconsolidated joint venture.
(3)    Segment operating income (loss) is our measure of segment profitability. It is defined as revenue less operating expenses, selling, general and administrative expenses, depreciation, amortization and impairment expense, impairment of goodwill and other operating expenses (income).
(4) Other includes our oilfield rentals business, prior to its divestiture in April 2025, and oil and natural gas working interests.
Year Ended December 31,
202520242023
Capital expenditures:
Drilling Services$236,517 $264,667 $334,780 
Completion Services271,528 320,329 214,746 
Drilling Products61,421 61,687 24,572 
Segment capital expenditures$569,466 $646,683 $574,098 
Other10,954 21,813 24,645 
Corporate8,609 9,890 16,947 
Total capital expenditures$589,029 $678,386 $615,690 
Identifiable assets:
Drilling Services$1,865,598 $2,047,986 $2,368,604 
Completion Services2,341,232 2,468,707 3,835,699 
Drilling Products1,018,867 966,200 1,011,870 
Segment assets$5,225,697 $5,482,893 $7,216,173 
Other29,418 55,580 59,221 
Corporate (1)
315,351 294,993 144,637 
Total assets$5,570,466 $5,833,466 $7,420,031 
(1)    Corporate assets primarily include cash on hand and certain property and equipment.
v3.25.4
Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Outstanding Debt Balances
The estimated fair value of our outstanding debt balances as of December 31, 2025 and 2024 is set forth below (in thousands):
20252024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.95% Senior Notes Due 2028
$482,505 $477,694 $482,505 $461,720 
5.15% Senior Notes Due 2029
344,895 348,032 344,895 336,490 
7.15% Senior Notes Due 2033
400,000 428,615 400,000 419,265 
Equipment Loans Due 2025— — 6,395 6,424 
Total debt$1,227,400 $1,254,341 $1,233,795 $1,223,899 
Schedule of Implied Market Rates of Interest
The implied market rates of interest used to determine the fair value of our outstanding debt balances as of December 31, 2025 and 2024 are set forth below:
20252024
3.95% Senior Notes Due 2028
4.46 %5.49 %
5.15% Senior Notes Due 2029
4.89 %5.73 %
7.15% Senior Notes Due 2033
5.99 %6.42 %
Equipment Loans Due 2025— %5.28 %
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 418,507 $ 239,182    
Restricted cash 2,135 2,111    
Total cash, cash equivalents and restricted cash $ 420,642 $ 241,293 $ 192,680 $ 137,553
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Polcies [Line Items]        
Number of reportable segments | segment   3    
Reimbursement of workers compensation insurance claims included in other current assets   $ 30,500,000 $ 33,200,000  
Impairment of goodwill $ 885,000,000 $ 0 $ 885,240,000 $ 0
Leases acquired from acquisition, not recognized as assets or liabilities policy election, remaining lease term       12 months
Minimum        
Accounting Polcies [Line Items]        
Amortization of definite-lived intangible assets useful lives   3 years    
Maximum        
Accounting Polcies [Line Items]        
Amortization of definite-lived intangible assets useful lives   15 years    
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
Equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful Lives 1 year
Equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful Lives 25 years
Rental equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful Lives 4 years
Rental equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful Lives 8 years
Buildings and leasehold improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Useful Lives 1 year
Buildings and leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Useful Lives 30 years
Other | Minimum  
Property, Plant and Equipment [Line Items]  
Useful Lives 3 years
Other | Maximum  
Property, Plant and Equipment [Line Items]  
Useful Lives 20 years
v3.25.4
Business Combinations - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 4 Months Ended 5 Months Ended 12 Months Ended
Sep. 01, 2023
Aug. 14, 2023
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Combination [Line Items]                  
Merger and integration expense           $ 1,016 $ 33,037 $ 98,077  
Ulterra Drilling Technologies, L.P.                  
Business Combination [Line Items]                  
Business combination, shares issued (in shares)   34,900,000              
Business combinations, consideration paid in cash   $ 372,757              
Business combination, closing price (in usd per share)   $ 14.94              
Consideration transferred   $ 894,163              
Discount rate estimated of fair values   10.50%              
Revenues         $ 135,000        
Net income attributed         (3,400)        
Merger and integration expense     $ 5,600   $ 5,600        
Acquired intangibles               77,600  
Long-lived assets               74,400  
Inventory               5,500  
Interest expense of the acquired entity               12,800 $ 28,100
Tax benefit               17,400 11,300
NexTier Oilfield Solutions Inc.                  
Business Combination [Line Items]                  
Business combination, shares issued (in shares) 172,092,000                
Business combination, closing price (in usd per share) $ 14.91                
Consideration transferred $ 2,799,308                
Discount rate estimated of fair values 14.00%                
Revenues       $ 1,100,000          
Net income attributed       $ 12,500          
Merger and integration expense     $ 92,500            
Acquired intangibles               720,700  
Interest expense of the acquired entity               17,700 30,000
Tax benefit               15,100 $ 72,700
Multiplied by the exchange ratio (in shares) 0.752                
Acquired property and equipment               $ 262,700  
v3.25.4
Business Combinations - Fair Value of Consideration Transferred (Details) - USD ($)
$ / shares in Units, $ in Thousands
Sep. 01, 2023
Aug. 14, 2023
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Number of shares of common stock outstanding (in shares)     379,301,646 387,344,755
Ulterra Drilling Technologies, L.P.        
Business Combination [Line Items]        
Number of shares of common stock issued (in shares)   34,900,000    
Common stock price (in usd per share)   $ 14.94    
Common stock equity consideration   $ 521,406    
Plus net cash consideration   372,757    
Total consideration transferred   $ 894,163    
NexTier Oilfield Solutions Inc.        
Business Combination [Line Items]        
Number of shares of common stock outstanding (in shares) 228,846,000      
Multiplied by the exchange ratio (in shares) 0.752      
Number of shares of common stock issued (in shares) 172,092,000      
Common stock price (in usd per share) $ 14.91      
Common stock equity consideration $ 2,565,895      
Acceleration of RSU awards 1,997      
Fair value of replacement equity awards 70,416      
NexTier long-term debt repaid by Patterson-UTI Energy, Inc. 161,000      
Total consideration transferred $ 2,799,308      
v3.25.4
Business Combinations - Assets Acquired and Liabilities Assumed on Fair Value (Details) - USD ($)
$ in Thousands
Sep. 01, 2023
Aug. 14, 2023
Dec. 31, 2025
Dec. 31, 2024
Liabilities assumed:        
Goodwill     $ 487,388 $ 487,388
Ulterra Drilling Technologies, L.P.        
Assets acquired:        
Cash and cash equivalents   $ 18,426    
Accounts receivable   68,467    
Inventory   36,313    
Rental equipment   109,055    
Property and equipment   27,583    
Intangible assets   313,000    
Operating lease right of use asset   7,513    
Finance lease right of use asset   5,228    
Other assets   15,989    
Total assets acquired   601,574    
Liabilities assumed:        
Accounts payable   23,258    
Accrued liabilities   33,323    
Operating lease liability   7,513    
Finance lease liability   5,228    
Deferred tax liabilities   79,863    
Total liabilities assumed   149,185    
Less: noncontrolling interest   (8,729)    
Net assets acquired   443,660    
Goodwill   450,503    
Total consideration transferred   $ 894,163    
Ulterra Drilling Technologies, L.P. | Drilling Products        
Liabilities assumed:        
Useful Lives   7 years 6 months    
Ulterra Drilling Technologies, L.P. | Inventory        
Liabilities assumed:        
Business combination, adjustment to write-up   $ 5,500    
Ulterra Drilling Technologies, L.P. | Property and Equipment        
Liabilities assumed:        
Business combination, adjustment to write-up   $ 74,400    
NexTier Oilfield Solutions Inc.        
Assets acquired:        
Cash and cash equivalents $ 95,815      
Accounts receivable 420,200      
Inventory 71,930      
Property and equipment 1,045,610      
Intangible assets 768,000      
Operating lease right of use asset 19,091      
Finance lease right of use asset 50,733      
Other assets 84,677      
Total assets acquired 2,556,056      
Liabilities assumed:        
Accounts payable 358,873      
Accrued liabilities 129,535      
Operating lease liability 19,091      
Finance lease liability 50,733      
Deferred tax liabilities 86,293      
Long-term debt 22,533      
Other liabilities 11,815      
Total liabilities assumed 678,873      
Net assets acquired 1,877,183      
Goodwill 922,125      
Total consideration transferred $ 2,799,308      
NexTier Oilfield Solutions Inc. | Property and Equipment, Other Types        
Liabilities assumed:        
Useful Lives 6 years      
NexTier Oilfield Solutions Inc. | Property and Equipment        
Liabilities assumed:        
Business combination, adjustment to write-up $ 263,000      
v3.25.4
Business Combinations - Fair Value Consideration Transferred Assigned to Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 01, 2023
Aug. 14, 2023
Ulterra Drilling Technologies, L.P.    
Acquisitions And Discontinued Operations [Line Items]    
Fair value   $ 313,000
Ulterra Drilling Technologies, L.P. | Customer relationships    
Acquisitions And Discontinued Operations [Line Items]    
Fair value   $ 245,000
Weighted Average Useful Life (in years)   15 years
Ulterra Drilling Technologies, L.P. | Trade name    
Acquisitions And Discontinued Operations [Line Items]    
Fair value   $ 16,000
Weighted Average Useful Life (in years)   11 years
Ulterra Drilling Technologies, L.P. | Developed technology    
Acquisitions And Discontinued Operations [Line Items]    
Fair value   $ 52,000
Weighted Average Useful Life (in years)   5 years
NexTier Oilfield Solutions Inc.    
Acquisitions And Discontinued Operations [Line Items]    
Fair value $ 768,000  
NexTier Oilfield Solutions Inc. | Customer relationships    
Acquisitions And Discontinued Operations [Line Items]    
Fair value $ 540,000  
Weighted Average Useful Life (in years) 10 years  
NexTier Oilfield Solutions Inc. | Trade name    
Acquisitions And Discontinued Operations [Line Items]    
Fair value $ 85,000  
Weighted Average Useful Life (in years) 10 years  
NexTier Oilfield Solutions Inc. | Developed technology    
Acquisitions And Discontinued Operations [Line Items]    
Fair value $ 143,000  
Weighted Average Useful Life (in years) 5 years  
v3.25.4
Business Combinations - Pro Forma Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Ulterra Drilling Technologies, L.P.  
Acquisitions And Discontinued Operations [Line Items]  
Revenues $ 4,369,596
Net income 190,136
NexTier Oilfield Solutions Inc.  
Acquisitions And Discontinued Operations [Line Items]  
Revenues 6,604,824
Net income $ 598,709
v3.25.4
Revenues - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Accounts receivable balances $ 723,277 $ 763,806
Deferred revenue from customer prepayment 79,286 75,195
Noncurrent portion of contract liability 200  
Revenue recognized during the period 74,400 102,000
Revenue, remaining performance obligation, amount 291,000  
Drilling And Completion Services    
Disaggregation Of Revenue [Line Items]    
Accounts receivable balances $ 660,000 $ 697,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Disaggregation Of Revenue [Line Items]    
Revenue, remaining performance obligation, percentage 9.00%  
Revenue, remaining performance obligation, period  
Minimum    
Disaggregation Of Revenue [Line Items]    
Equipment rental lease term 2 days  
Accounts receivable payment terms 30 days  
Maximum    
Disaggregation Of Revenue [Line Items]    
Equipment rental lease term 3 days  
Accounts receivable payment terms 60 days  
v3.25.4
Revenues - Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 75,605 $ 103,031
Payment received/accrued and deferred 98,448 94,022
Revenue recognized during the period (94,547) (121,448)
Ending balance $ 79,506 $ 75,605
v3.25.4
Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 129,440 $ 121,694
Work-in-process 4,573 6,681
Finished goods 26,267 38,648
Inventory $ 160,280 $ 167,023
v3.25.4
Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Federal and state income taxes receivable $ 22,194 $ 24,777
Workers’ compensation receivable 30,492 33,240
Prepaid expenses 34,829 34,004
Other 26,377 31,172
Other current assets $ 113,892 $ 123,193
v3.25.4
Property and Equipment - Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 8,903,635 $ 9,082,568
Less accumulated depreciation, depletion, amortization and impairment (6,192,598) (6,072,226)
Property and equipment, net 2,711,037 3,010,342
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 8,224,950 8,416,063
Oil and natural gas properties    
Property, Plant and Equipment [Line Items]    
Total property and equipment 248,088 243,663
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 235,621 248,739
Rental equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 155,385 136,256
Land and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 39,591 $ 37,847
v3.25.4
Property and Equipment - Depreciation, Depletion, Amortization and Impairment Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and impairment expense $ 808,252 $ 1,039,536 $ 682,672
Amortization expense 126,216 124,716 41,521
Depletion expense 5,796 7,621 7,223
Total $ 940,264 $ 1,171,873 $ 731,416
v3.25.4
Property and Equipment - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
rig
Rigs and Spare Rig Components That Would No Longer be Marketed          
Property, Plant and Equipment [Line Items]          
Impairment expense   $ 0.0 $ 114.0 $ 0.0  
Number of rigs | rig         42
Drilling Services          
Property, Plant and Equipment [Line Items]          
Impairment expense $ 27.8        
v3.25.4
Goodwill and Intangible Assets - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill And Intangible Assets Disclosure [Line Items]          
Goodwill additions     $ 0    
Goodwill     $ 487,388,000 $ 487,388,000  
Reporting units | segment     2    
Impairment of goodwill   $ 885,000,000 $ 0 885,240,000 $ 0
Amortization expense on intangible assets     126,000,000 124,000,000 $ 41,500,000
Completion Services          
Goodwill And Intangible Assets Disclosure [Line Items]          
Goodwill     36,885,000 36,885,000  
Drilling Products          
Goodwill And Intangible Assets Disclosure [Line Items]          
Goodwill     $ 450,503,000 $ 450,503,000  
Drilling Products          
Goodwill And Intangible Assets Disclosure [Line Items]          
Impairment of goodwill $ 0        
Rate of fair value of reporting unit 8.00%        
Discounted cash flow model, terminal period, growth estimate percentage   1.00%      
Cementing Services          
Goodwill And Intangible Assets Disclosure [Line Items]          
Impairment of goodwill $ 0        
Completion Services          
Goodwill And Intangible Assets Disclosure [Line Items]          
Impairment of goodwill   $ 885,000,000      
Drilling Rights          
Goodwill And Intangible Assets Disclosure [Line Items]          
Percentage of weighted average cost of capital   10.75%      
Minimum | Completion Services          
Goodwill And Intangible Assets Disclosure [Line Items]          
Activity assumptions impacting goodwill assessment by reporting unit, percentage   2.00%      
Maximum | Completion Services          
Goodwill And Intangible Assets Disclosure [Line Items]          
Activity assumptions impacting goodwill assessment by reporting unit, percentage   8.00%      
v3.25.4
Goodwill and Intangible Assets - Goodwill by Operating Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Goodwill $ 487,388 $ 487,388
Completion Services    
Goodwill [Line Items]    
Goodwill 36,885 36,885
Drilling Products    
Goodwill [Line Items]    
Goodwill $ 450,503 $ 450,503
v3.25.4
Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Acquired Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,109,759 $ 1,099,547
Accumulated Amortization (294,949) (169,937)
Net Carrying Amount 814,810 929,610
Customer relationships    
Acquired Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 783,259 782,789
Accumulated Amortization (166,135) (95,785)
Net Carrying Amount 617,124 687,004
Developed technology    
Acquired Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 202,771 202,772
Accumulated Amortization (96,689) (56,562)
Net Carrying Amount 106,082 146,210
Trade name    
Acquired Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 101,000 101,000
Accumulated Amortization (23,406) (14,097)
Net Carrying Amount 77,594 86,903
Other    
Acquired Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 22,729 12,986
Accumulated Amortization (8,719) (3,493)
Net Carrying Amount $ 14,010 $ 9,493
v3.25.4
Goodwill and Intangible Assets - Remaining Amortization Expense Associated with Finite-Lived Intangible Assets Excluding In-Process Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net Carrying Amount $ 814,810 $ 929,610
Finite-Lived Intangible Assets, Excluding In-Process Software    
Finite-Lived Intangible Assets [Line Items]    
2026 123,741  
2027 121,639  
2028 105,320  
2029 80,129  
2030 80,127  
Thereafter 294,686  
Net Carrying Amount $ 805,643  
v3.25.4
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Salaries, wages, payroll taxes and benefits $ 107,650 $ 110,212
Insurance, other than workers’ compensation 73,621 84,433
Property, sales, use and other taxes 45,369 54,445
Accrued interest payable 17,471 17,484
Deferred revenue 79,286 75,195
Accrued merger and integration expense 1,513 4,723
Other 41,578 39,259
Accrued liabilities $ 366,488 $ 385,751
v3.25.4
Long-Term Debt - Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,227,400 $ 1,233,795
Less deferred financing costs and discounts (6,362) (7,637)
Less current portion 0 (6,388)
Long-term debt, net of debt discount and issuance costs of $6,362 and $7,637 at December 31, 2025 and 2024, respectively $ 1,221,038 $ 1,219,770
3.95% Senior Notes Due 2028    
Debt Instrument [Line Items]    
Debt interest rate 3.95%  
Effective Interest Rate 4.03% 4.03%
Long-term debt, gross $ 482,505 $ 482,505
5.15% Senior Notes Due 2029    
Debt Instrument [Line Items]    
Debt interest rate 5.15%  
Effective Interest Rate 5.26% 5.26%
Long-term debt, gross $ 344,895 $ 344,895
7.15% Senior Notes Due 2033    
Debt Instrument [Line Items]    
Debt interest rate 7.15%  
Effective Interest Rate 7.28% 7.28%
Long-term debt, gross $ 400,000 $ 400,000
Equipment Loans Due 2025 (1)    
Debt Instrument [Line Items]    
Effective Interest Rate 5.25% 5.25%
Long-term debt, gross $ 0 $ 6,395
v3.25.4
Long-Term Debt - Credit Facilities - Additional Information (Details) - USD ($)
 12 Months Ended
Jan. 31, 2025
Mar. 16, 2015
Dec. 31, 2025
Debt Instrument [Line Items]      
Letters of credit outstanding     $ 39,100,000
Letter of Credit      
Debt Instrument [Line Items]      
Line of credit, borrowings outstanding     0
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit, borrowings outstanding     0
Line of credit, available borrowing capacity     $ 495,000,000
Credit Agreement      
Debt Instrument [Line Items]      
Debt service coverage ratio 150.00%    
Credit agreement, financial covenant description     as of the last day of each fiscal quarter. The Credit Agreement generally defines the total debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the end of the most recently ended fiscal quarter.
Credit Agreement | Minimum      
Debt Instrument [Line Items]      
Commitment fee rate payable to lenders based on credit rating 0.15%    
Credit Agreement | Maximum      
Debt Instrument [Line Items]      
Commitment fee rate payable to lenders based on credit rating 0.35%    
Debt to capitalization ratio, percentage the Company must not exceed at any time 50.00%    
Credit Agreement | SOFR      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.10%   1.75%
Credit Agreement | SOFR | Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 1.25%    
Credit Agreement | SOFR | Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 2.25%    
Credit Agreement | Floor Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.00%    
Credit Agreement | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.75%    
Credit Agreement | Base Rate | Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.25%    
Credit Agreement | Base Rate | Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 1.25%    
Credit Agreement | Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 500,000,000    
Credit facility, additional borrowing capacity 200,000,000    
Credit facility, total commitment 700,000,000    
Letters of credit outstanding     $ 5,000,000.0
Credit Agreement | Revolving Credit Facility | Letter of Credit      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity 100,000,000    
Credit Agreement | Bridge Loan      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 50,000,000    
Reimbursement Agreement      
Debt Instrument [Line Items]      
Letters of credit outstanding     $ 32,000,000.0
Line of credit, borrowings outstanding percentage   1.50%  
Reimbursement Agreement | London Inter Bank Offered Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   2.00%  
v3.25.4
Long-Term Debt - Senior Notes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 13, 2023
Nov. 15, 2019
Jan. 19, 2018
Dec. 31, 2025
3.95% Senior Notes Due 2028        
Debt Instrument [Line Items]        
Debt payment term       We pay interest on the 2028 Notes on February 1 and August 1 of each year.
Debt maturity date   Nov. 15, 2029 Feb. 01, 2028  
Debt instrument redemption description       100% of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, on August 15, 2029, in the case of the 2029 Notes, and on July 1, 2033, in the case of the 2033 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the applicable redemption date.
Debt instrument redemption upon the occurrence of change of control, description       of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
3.95% Senior Notes Due 2028 | Senior Notes        
Debt Instrument [Line Items]        
Long-term debt, aggregate principal amount     $ 525  
Debt interest rate     3.95%  
5.15% Senior Notes Due 2029        
Debt Instrument [Line Items]        
Debt payment term       We pay interest on the 2029 Notes on May 15 and November 15 of each year.
Debt instrument redemption description       100% of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, on August 15, 2029, in the case of the 2029 Notes, and on July 1, 2033, in the case of the 2033 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the applicable redemption date.
Debt instrument, redemption percentage       100.00%
Debt instrument redemption upon the occurrence of change of control, description       of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
5.15% Senior Notes Due 2029 | Senior Notes        
Debt Instrument [Line Items]        
Long-term debt, aggregate principal amount   $ 350    
Debt interest rate   5.15%    
7.15% Senior Notes Due 2033        
Debt Instrument [Line Items]        
Debt interest rate       7.15%
Debt payment term       We pay interest on the 2033 Notes on April 1 and October 1 of each year.
Debt maturity date Oct. 01, 2033      
Debt instrument redemption description       100% of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, on August 15, 2029, in the case of the 2029 Notes, and on July 1, 2033, in the case of the 2033 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the applicable redemption date.
Debt instrument, redemption percentage       100.00%
Redemption price percentage of principal amount of debt instrument on change of control       101.00%
Debt instrument redemption upon the occurrence of change of control, description       of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
7.15% Senior Notes Due 2033 | Senior Notes        
Debt Instrument [Line Items]        
Long-term debt, aggregate principal amount $ 400      
Debt interest rate 7.15%      
v3.25.4
Long-Term Debt - Principal Repayment Requirements of Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 0
2027 0
2028 482,505
2029 344,895
2030 0
Thereafter 400,000
Total $ 1,227,400
v3.25.4
Commitments and Contingencies - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Commitments [Line Items]      
Letters of credit outstanding $ 39,100,000    
Commitments to purchase major equipment 47,500,000    
Purchases of proppants 144,000,000 $ 103,000,000 $ 135,000,000
Remaining minimum obligation 21,700,000    
Purchase obligations for 2026 16,900,000    
Purchase obligations for 2027 4,800,000    
Surety Bond      
Other Commitments [Line Items]      
Surety bond exposure issued as financial assurance 37,000,000    
Letter of Credit      
Other Commitments [Line Items]      
Line of credit, borrowings outstanding $ 0    
v3.25.4
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
Feb. 04, 2026
Dec. 31, 2025
Feb. 29, 2024
Equity Class Of Treasury Stock [Line Items]      
Amount approved for repurchases under stock buyback program     $ 1,000
Remaining amount approved for repurchases under stock buyback program   $ 694  
Subsequent Event      
Equity Class Of Treasury Stock [Line Items]      
Dividend per share (in usd per share) $ 0.10    
v3.25.4
Stockholders' Equity - Treasury Stock Acquisition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Class Of Treasury Stock [Line Items]      
Treasury shares at beginning of period (in shares) 133,440,028 105,580,011 88,758,722
Treasury shares at end of period (in shares) 144,435,252 133,440,028 105,580,011
Treasury shares, cost at beginning of period $ 1,951,067 $ 1,657,675 $ 1,453,079
Treasury stock acquired, cost 69,647 293,392 204,596
Treasury shares, cost at end of period $ 2,020,714 $ 1,951,067 $ 1,657,675
Long Term Incentive Plan      
Equity Class Of Treasury Stock [Line Items]      
Treasury stock acquired (in shares) 716,501 1,213,319 2,735,060
Treasury stock acquired, cost $ 4,373 $ 13,065 $ 35,965
Share Repurchase Program      
Equity Class Of Treasury Stock [Line Items]      
Treasury stock acquired (in shares) 10,278,723 26,646,698 14,086,229
Treasury stock acquired, cost $ 65,274 $ 280,327 $ 168,631
v3.25.4
Stock-based Compensation - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Employee Stock Option  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Options outstanding, aggregate intrinsic value $ 0
Options exercisable, aggregate intrinsic value $ 0
Weighted-average remaining contractual term 8 months 12 days
Restricted stock units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Outstanding non-vested restricted stock (in shares) | shares 6,500,000
Accrued liabilities $ 3,300
Unrecognized compensation cost $ 35,764
Weighted-average remaining vesting period 1 year 9 months 14 days
Cash-settled restricted stock units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized compensation cost $ 3,000
Weighted-average remaining vesting period 2 years 3 months 29 days
Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized compensation cost $ 11,400
Weighted-average remaining vesting period 1 year 6 months 18 days
Awards vesting period 3 years
Performance Units | 2025 Performance Unit Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share based compensation arrangement by share based payment award grant date fair value of awards $ 4,500
Performance Units | 2024 Performance Unit Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share based compensation arrangement by share based payment award grant date fair value of awards 10,900
Performance Units | 2023 Performance Unit Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share based compensation arrangement by share based payment award grant date fair value of awards $ 8,400
Performance Units | Share-Based Payment Arrangement, Tranche One  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Performance period 1 year
Performance Units | Share-Based Payment Arrangement, Tranche Two  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Performance period 2 years
Performance Units | Share-Based Payment Arrangement, Tranche Three  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Performance period 3 years
2021 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares authorized for grant (in shares) | shares 39,074,510
2025 TSR Performance Units | Minimum | Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Award vesting rights, percentage 0.00%
2025 TSR Performance Units | Maximum | Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Award vesting rights, percentage 200.00%
2025 FCF Performance Units | Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Awards vesting period 3 years
2025 FCF Performance Units | Minimum | Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Award vesting rights, percentage 0.00%
2025 FCF Performance Units | Maximum | Performance Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Award vesting rights, percentage 200.00%
v3.25.4
Stock-based Compensation - Share-Based Compensation Plans (Details)
Dec. 31, 2025
shares
2021 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares authorized for grant (in shares) 39,074,510
Shares Underlying Awards Outstanding (in shares) 8,821,122
Shares available for grant (in shares) 9,144,162
NexTier Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares Underlying Awards Outstanding (in shares) 145,631
Former C&J Energy Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares Underlying Awards Outstanding (in shares) 406,405
2014 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares Underlying Awards Outstanding (in shares) 1,062,475
v3.25.4
Stock-based Compensation - Stock Option Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares  
Outstanding at beginning of year (in shares) | shares 1,794,005
Exercised (in shares) | shares 0
Expired (in shares) | shares (656,800)
Outstanding at end of year (in shares) | shares 1,137,205
Exercisable at end of year (in shares) | shares 1,137,205
Weighted Average Exercise Price Per Share  
Outstanding at beginning of year (in usd per share) | $ / shares $ 22.26
Exercised (in usd per share) | $ / shares 0
Expired (in usd per share) | $ / shares 20.01
Outstanding at end of year (in usd per share) | $ / shares 23.56
Exercisable at the end of the year (in usd per share) | $ / shares $ 23.56
v3.25.4
Stock-based Compensation - Restricted Stock Unit Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Time Based  
Shares  
Non-vested restricted stock outstanding at beginning of year (in shares) 5,427,657
Granted (in shares) 4,448,229
Vested (in shares) (2,952,115)
Performance based restricted stock units settled (in shares) 0
Forfeited (in shares) (249,933)
Non-vested restricted stock outstanding at end of year (in shares) 6,673,838
Performance Based  
Shares  
Non-vested restricted stock outstanding at beginning of year (in shares) 452,514
Granted (in shares) 0
Vested (in shares) 0
Performance based restricted stock units settled (in shares) (39,100)
Forfeited (in shares) (3,524)
Non-vested restricted stock outstanding at end of year (in shares) 409,890
Weighted Average Exercise Price Per Share  
Shares issued to settle performance period (in shares) 0
Restricted stock units  
Weighted Average Exercise Price Per Share  
Non-vested restricted stock outstanding at beginning of year (in usd per share) | $ / shares $ 11.34
Granted (in usd per share) | $ / shares 6.04
Vested (in usd per share) | $ / shares 11.41
Performance based restricted stock units settled (in usd per share) | $ / shares 13.04
Forfeited (in usd per share) | $ / shares 8.95
Non-vested restricted stock outstanding at end of year (in usd per share) | $ / shares $ 8.06
Time Based Restricted Stock Units -Cash-Settled  
Shares  
Non-vested restricted stock outstanding at beginning of year (in shares) 13,134
Granted (in shares) 619,417
Vested (in shares) (4,376)
Forfeited (in shares) 0
Non-vested restricted stock outstanding at end of year (in shares) 628,175
v3.25.4
Stock-based Compensation - Additional Information on Non-vested Restricted Stock Unit (Details) - Restricted stock units
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Aggregate intrinsic value $ 39,593
Weighted-average remaining vesting period 1 year 9 months 14 days
Unrecognized compensation cost $ 35,764
v3.25.4
Stock-based Compensation - Weighted Average Assumptions Used to Estimate Fair Value of Options (Details) - Performance Units
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free rate 3.70% 4.60% 3.60%
Expected stock volatility 56.20% 56.90% 72.10%
Expected dividend yield 5.50% 2.90% 3.00%
Expected term (in years) 3 years 3 years 3 years
Volatility based upon stock price performance period 3 years 3 years 3 years
v3.25.4
Stock-based Compensation - Schedule of Performance Units Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Performance Units Share-Settled  
Shares  
Non-vested restricted stock outstanding at beginning of year (in shares) 1,869,400
Granted (in shares) 743,800
Performance units settled (in shares) (398,500)
Forfeited (in shares) 0
Non-vested restricted stock outstanding at end of year (in shares) 2,214,700
Weighted Average Grant Date Fair Value Per Share  
Non-vested restricted stock outstanding at beginning of year (in usd per share) | $ / shares $ 15.62
Granted (in usd per share) | $ / shares 5.86
Performance units settled (in usd per share) | $ / shares 25.95
Forfeited (in usd per share) | $ / shares 0
Non-vested restricted stock outstanding at end of year (in usd per share) | $ / shares $ 10.49
Performance Units Cash-Settled  
Shares  
Non-vested restricted stock outstanding at beginning of year (in shares) 0
Granted (in shares) 743,800
Performance units settled (in shares) 0
Forfeited (in shares) 0
Non-vested restricted stock outstanding at end of year (in shares) 743,800
Performance Units  
Weighted Average Grant Date Fair Value Per Share  
Vesting of restricted stock units (in shares) 0
v3.25.4
Stock-based Compensation - Schedule of Shares that Vested and Did Not Vest (Details) - Performance Units - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting multiplier 0.00% 87.90% 200.00%
Target 398,500 817,500 500,500
Vested at the end of the performance period 0 718,581 1,001,000
Did not vest at the end of the performance period 398,500 98,919 0
v3.25.4
Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 40,724 $ 46,934 $ 50,823
Restricted stock units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 30,978 37,207 38,257
Performance Units – TSR      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 7,141 9,145 8,493
Performance Units – FCF      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 1,167 0 0
Total share-settled awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 39,286 46,352 46,750
Cash-settled restricted stock units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 857 19 0
Cash-settled Performance Units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 581 563 5,048
Phantom units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 0 0 (975)
Total cash-settled awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 1,438 $ 582 $ 4,073
v3.25.4
Leases - Additional Information (Details)
Dec. 31, 2025
Minimum  
Lessee Lease Description [Line Items]  
Operating leases remaining lease terms 1 month
Finance lease remaining lease term 1 month
Maximum  
Lessee Lease Description [Line Items]  
Operating leases remaining lease terms 8 years
Finance lease remaining lease term 4 years
v3.25.4
Leases - Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 21,022 $ 18,147 $ 10,073
Finance lease cost:      
Amortization of right-of-use assets 7,364 21,394 6,360
Interest on lease liabilities 1,542 2,255 1,395
Total finance lease cost 8,906 23,649 7,755
Short-term lease expense 234 360 2,278
Total lease expense $ 30,162 $ 42,156 $ 20,106
v3.25.4
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 18,298 $ 14,838 $ 8,935
Operating cash flows from finance leases 1,549 2,220 1,380
Financing cash flows from finance leases 7,823 45,484 15,915
Right of use assets obtained in exchange for lease obligations:      
Operating leases 16,719 12,541 34,802
Finance leases $ 3,247 $ 21,234 $ 73,245
v3.25.4
Leases - Lease Terms and Discount Rates (Details)
Dec. 31, 2025
Dec. 31, 2024
Weighted Average Remaining Lease Term:    
Operating leases 3 years 9 months 18 days 4 years 9 months 18 days
Finance leases 2 years 4 months 24 days 2 years 3 months 18 days
Weighted Average Discount Rate:    
Operating leases 6.00% 6.50%
Finance leases 7.80% 7.40%
v3.25.4
Leases - Maturities of Operating and Finance Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating  
2026 $ 20,578
2027 9,850
2028 7,971
2029 6,258
2030 4,288
Thereafter 2,837
Total lease payments 51,782
Less imputed interest (5,523)
Total 46,259
Finance  
2026 8,423
2027 2,470
2028 1,485
2029 1,485
2030 595
Thereafter 0
Total lease payments 14,458
Less imputed interest (1,285)
Total $ 13,173
v3.25.4
Income Taxes - Income before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Income (loss) before income taxes $ (102,991) $ (956,946) $ 307,104
United States      
Effective Income Tax Rate Reconciliation [Line Items]      
Income (loss) before income taxes (72,151) (946,388) 315,897
Non-U.S.      
Effective Income Tax Rate Reconciliation [Line Items]      
Income (loss) before income taxes $ (30,840) $ (10,558) $ (8,793)
v3.25.4
Income Taxes - Components of Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Federal income tax expense (benefit):      
Current $ 1,460 $ 417 $ 0
Deferred (3,740) (1,390) 44,369
Federal income tax benefit, Total (2,280) (973) 44,369
State income tax expense (benefit):      
Current 4,804 4,882 7,002
Deferred (13,623) (1,412) 11,279
State and Local Income Tax Expense (Benefit), Continuing Operations, Total (8,819) 3,470 18,281
Foreign income tax expense (benefit):      
Current 5,476 5,269 1,578
Deferred (4,314) 1,687 (3,076)
Foreign Income Tax Expense (Benefit), Continuing Operations, Total 1,162 6,956 (1,498)
Total income tax expense (benefit):      
Current 11,740 10,568 8,580
Deferred (21,677) (1,115) 52,572
Total income tax expense $ (9,937) $ 9,453 $ 61,152
v3.25.4
Income Taxes - Difference Between Statutory Federal Income Tax Rate and Effective Income Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (21,628)    
State and local income taxes, net of federal income tax effect (6,970)    
Effect of cross-border tax laws (45)    
Foreign tax credits (1,008)    
Non-deductible meals and related expenses 3,583    
Items from consolidated pass-through entities 1,086    
Non-deductible compensation 1,183    
Other 921    
Changes in unrecognized tax benefits 0    
Total income tax expense $ (9,937) $ 9,453 $ 61,152
Percent      
Statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 6.80% 0.50% 3.20%
Other   0.50% (0.10%)
Changes in valuation allowances   (1.30%) (9.20%)
Effect of cross-border tax laws 0.00%    
Foreign tax credits 1.00%    
Non-deductible meals and related expenses (3.50%)    
Items from consolidated pass-through entities (1.10%)    
Share-based compensation   (0.30%) 1.60%
Non-deductible compensation (1.10%)    
Other (0.90%)    
Changes in unrecognized tax benefits 0.00%    
State deferred tax remeasurement   (0.70%) (0.30%)
Goodwill impairment   (19.40%) 0.00%
U.S. impact of foreign operations   (0.20%) 0.00%
Acquisition related costs   0.00% 1.10%
Effect of foreign taxes   0.30% 0.10%
Non-deductible compensation   (0.70%) 1.80%
Non-deductible meals and related expenses   (0.70%) 0.70%
Effective tax rate 9.60% (1.00%) 19.90%
Canada      
Amount      
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount $ 786    
Other $ 457    
Percent      
Return to provision adjustments (0.80%)    
Other (0.40%)    
Colombia      
Amount      
Other $ 1,034    
Changes in valuation allowances $ 7,201    
Percent      
Other (1.00%)    
Changes in valuation allowances (7.00%)    
Saudi Arabia      
Amount      
Other $ 153    
Assertions on indefinite reinvestment of earnings $ (1,484)    
Percent      
Other (0.10%)    
Assertions on indefinite reinvestment of earnings 1.40%    
Other jurisdictions      
Amount      
Other foreign jurisdictions $ (509)    
Percent      
Other foreign jurisdictions 0.50%    
United States      
Amount      
Other $ 0    
Changes in valuation allowances 1,289    
Effect of changes in tax laws or rates enacted in the current period 0    
Research and development tax credits (2,660)    
Share-based compensation $ 6,674    
Percent      
Other 0.00%    
Changes in valuation allowances (1.30%)    
Effect of changes in tax laws or rates enacted in the current period 0.00%    
Research and development tax credits 2.60%    
Share-based compensation (6.50%)    
v3.25.4
Income Taxes - Tax Effect of Temporary Differences and Tax Attributes Representing Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 384,392 $ 406,876
Tax credits 15,525 17,254
Expense associated with stock options and restricted stock units 5,680 8,344
Workers’ compensation allowance 9,216 9,437
Other deferred tax asset 41,222 79,132
Total deferred tax assets, gross 456,035 521,043
Allowance to reduce deferred tax asset to expected realizable value (91,425) (86,693)
Total deferred tax assets 364,610 434,350
Deferred tax liabilities:    
Property and equipment basis difference (420,401) (505,631)
Deferred Tax Liabilities, Intangible Assets (155,371) (148,910)
Other (4,656) (17,906)
Total deferred tax liabilities (580,428) (672,447)
Net deferred tax liability $ (215,818) $ (238,097)
v3.25.4
Income Taxes - Schedule of Income Tax Paid, Net of Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ (7)    
Foreign:      
Total 8,122 $ 14,767 $ 27,169
New Mexico      
Effective Income Tax Rate Reconciliation [Line Items]      
State 550    
Oklahoma      
Effective Income Tax Rate Reconciliation [Line Items]      
State 702    
Texas      
Effective Income Tax Rate Reconciliation [Line Items]      
State 925    
Other jurisdictions      
Effective Income Tax Rate Reconciliation [Line Items]      
State 209    
Canada      
Foreign:      
Total Foreign 2,079    
Ecuador      
Foreign:      
Total Foreign 680    
Oman      
Foreign:      
Total Foreign 429    
Saudi Arabia      
Foreign:      
Total Foreign 1,959    
Other jurisdictions      
Foreign:      
Total Foreign $ 596    
v3.25.4
Income Taxes - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Taxes [Line Items]  
Valuation allowances against net deferred tax assets $ 4.7
Gross U.S. federal net operating losses 1,400.0
Post-apportionment U.S. state net operating losses $ 889.0
Foreign Tax Jurisdiction  
Income Taxes [Line Items]  
Net operating loss carryforwards expiration, beginning year 2036
Net operating loss carryforwards expiration, ending year 2045
Tax periods open for examination the tax years ended December 31, 2017 through December 31, 2024
Canada  
Income Taxes [Line Items]  
Gross foreign net operating losses $ 60.0
Domestic Tax Jurisdiction  
Income Taxes [Line Items]  
Tax periods open for examination the tax years ended December 31, 2010 through December 31, 2024
State and Local Jurisdiction  
Income Taxes [Line Items]  
Net operating loss carryforwards expiration, beginning year 2028
Net operating loss carryforwards expiration, ending year 2045
v3.25.4
Earnings Per Share - Calculation of Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
BASIC EPS:      
Net income (loss) attributable to common stockholders $ (93,635) $ (968,031) $ 246,292
Weighted average number of common shares outstanding, excluding non-vested restricted stock units (in shares) 383,465 397,196 279,501
Basic net income (loss) per common share (in usd per share) $ (0.24) $ (2.44) $ 0.88
DILUTED EPS:      
Net income (loss) attributable to common stockholders $ (93,635) $ (968,031) $ 246,292
Weighted average number of common shares outstanding, excluding non-vested restricted stock units (in shares) 383,465 397,196 280,061
Diluted net income (loss) per common share (in usd per share) $ (0.24) $ (2.44) $ 0.88
Potentially dilutive securities excluded as anti-dilutive (in shares) 10,436 7,674 9,214
v3.25.4
Employee Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Cash contributions to 401(K) plan $ 35.7 $ 34.6 $ 18.7
v3.25.4
Business Segments - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Number of operating segments | segment 3    
Total operating revenues | $ $ 4,793,596 $ 5,312,246 $ 4,071,878
One customer      
Segment Reporting Information [Line Items]      
Total operating revenues | $ $ 597,000 $ 605,000 $ 588,000
One customer | Customer Concentration Risk | Revenue Benchmark      
Segment Reporting Information [Line Items]      
Operating revenues, percentage 12.00% 11.00% 14.00%
v3.25.4
Business Segments - Property and Equipment, Net and Revenue for our Domestic and International Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue: $ 4,826,624 $ 5,377,911 $ 4,146,456
Property and equipment, net 2,711,037 3,010,342  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue: 4,689,212 5,249,154 4,057,212
Property and equipment, net 2,687,359 2,950,342  
Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue: 34,748 33,518 12,501
Property and equipment, net 11,612 12,695  
Colombia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue: 27,555 12,223 48,592
Property and equipment, net 4,418 35,154  
Other Countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue: 75,109 83,016 $ 28,151
Property and equipment, net $ 7,648 $ 12,151  
v3.25.4
Business Segments - Financial Information Relating to Business Segments (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Revenues from external customers   $ 4,793,596,000 $ 5,312,246,000 $ 4,071,878,000
Selling, general and administrative   255,072,000 268,337,000 169,962,000
Depreciation, depletion, amortization and impairment   940,264,000 1,171,873,000 731,416,000
Impairment of goodwill $ 885,000,000 0 885,240,000 0
Segment operating income (loss)   (40,830,000) (889,737,000) 351,954,000
Other revenues   33,028,000 65,665,000 74,578,000
Total consolidated revenues   4,826,624,000 5,377,911,000 4,146,456,000
Interest income   6,649,000 5,729,000 6,122,000
Interest expense   (70,508,000) (71,963,000) (52,870,000)
Other income (expense)   1,698,000 (975,000) 1,898,000
Income (loss) before income taxes   (102,991,000) (956,946,000) 307,104,000
Drilling Services        
Segment Reporting Information [Line Items]        
Total consolidated revenues   1,557,642,000 1,727,810,000 1,919,759,000
Drilling Products        
Segment Reporting Information [Line Items]        
Total consolidated revenues   343,707,000 351,651,000 134,679,000
Operating Segments        
Segment Reporting Information [Line Items]        
Revenues from external customers   4,793,596,000 5,312,246,000 4,071,878,000
Direct operating costs   3,634,903,000 3,878,868,000 2,768,695,000
Selling, general and administrative   89,062,000 93,919,000 52,222,000
Depreciation, depletion, amortization and impairment   918,663,000 1,142,163,000 696,009,000
Impairment of goodwill     885,240,000  
Other segment items   7,230,000 (17,792,000) (769,000)
Segment operating income (loss)   143,738,000 (670,152,000) 555,721,000
Operating Segments | Drilling Services        
Segment Reporting Information [Line Items]        
Revenues from external customers   1,557,642,000 1,727,810,000 1,919,759,000
Direct operating costs   977,234,000 1,029,591,000 1,119,200,000
Selling, general and administrative   16,079,000 16,502,000 15,014,000
Depreciation, depletion, amortization and impairment   366,763,000 477,398,000 364,312,000
Impairment of goodwill     0  
Other segment items   530,000 0 (769,000)
Segment operating income (loss)   197,036,000 204,319,000 422,002,000
Operating Segments | Completion Services        
Segment Reporting Information [Line Items]        
Revenues from external customers   2,892,247,000 3,232,785,000 2,017,440,000
Direct operating costs   2,461,539,000 2,658,170,000 1,567,940,000
Selling, general and administrative   39,816,000 41,557,000 26,050,000
Depreciation, depletion, amortization and impairment   463,599,000 564,155,000 283,230,000
Impairment of goodwill     885,240,000  
Other segment items   6,700,000 (17,792,000) 0
Segment operating income (loss)   (79,407,000) (898,545,000) 140,220,000
Operating Segments | Drilling Products        
Segment Reporting Information [Line Items]        
Revenues from external customers   343,707,000 351,651,000 134,679,000
Direct operating costs   196,130,000 191,107,000 81,555,000
Selling, general and administrative   33,167,000 35,860,000 11,158,000
Depreciation, depletion, amortization and impairment   88,301,000 100,610,000 48,467,000
Impairment of goodwill     0  
Other segment items   0 0 0
Segment operating income (loss)   26,109,000 24,074,000 (6,501,000)
Other        
Segment Reporting Information [Line Items]        
Segment operating income (loss)   (1,907,000) (87,000) 2,829,000
Corporate        
Segment Reporting Information [Line Items]        
Segment operating income (loss)   $ (182,661,000) $ (219,498,000) $ (206,596,000)
v3.25.4
Business Segments - Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total capital expenditures $ 589,029 $ 678,386 $ 615,690
Total assets 5,570,466 5,833,466 7,420,031
Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 569,466 646,683 574,098
Total assets 5,225,697 5,482,893 7,216,173
Other      
Segment Reporting Information [Line Items]      
Total capital expenditures 10,954 21,813 24,645
Total assets 29,418 55,580 59,221
Corporate      
Segment Reporting Information [Line Items]      
Total capital expenditures 8,609 9,890 16,947
Total assets 315,351 294,993 144,637
Drilling Services | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 236,517 264,667 334,780
Total assets 1,865,598 2,047,986 2,368,604
Completion Services | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 271,528 320,329 214,746
Total assets 2,341,232 2,468,707 3,835,699
Drilling Products | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 61,421 61,687 24,572
Total assets $ 1,018,867 $ 966,200 $ 1,011,870
v3.25.4
Fair Values of Financial Instruments - Estimated Fair Value of Outstanding Debt Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 1,227,400 $ 1,233,795
Fair Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 1,254,341 1,223,899
3.95% Senior Notes Due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Debt interest rate 3.95%  
3.95% Senior Notes Due 2028 | Carrying Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 482,505 482,505
3.95% Senior Notes Due 2028 | Fair Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 477,694 461,720
5.15% Senior Notes Due 2029    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Debt interest rate 5.15%  
5.15% Senior Notes Due 2029 | Carrying Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 344,895 344,895
5.15% Senior Notes Due 2029 | Fair Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 348,032 336,490
7.15% Senior Notes Due 2033    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Debt interest rate 7.15%  
7.15% Senior Notes Due 2033 | Carrying Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 400,000 400,000
7.15% Senior Notes Due 2033 | Fair Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt 428,615 419,265
Equipment Loans Due 2025 (1) | Carrying Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt 0 6,395
Equipment Loans Due 2025 (1) | Fair Value    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total debt $ 0 $ 6,424
v3.25.4
Fair Values of Financial Instruments - Implied Market Rates of Interest (Details)
Dec. 31, 2025
Dec. 31, 2024
3.95% Senior Notes Due 2028    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt interest rate 3.95%  
5.15% Senior Notes Due 2029    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt interest rate 5.15%  
7.15% Senior Notes Due 2033    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt interest rate 7.15%  
Valuation, Market Approach | Fair Value Level 2 | Measurement Input, Implied Market Rate | 3.95% Senior Notes Due 2028    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, measurement input 0.0446 0.0549
Valuation, Market Approach | Fair Value Level 2 | Measurement Input, Implied Market Rate | 5.15% Senior Notes Due 2029    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, measurement input 0.0489 0.0573
Valuation, Market Approach | Fair Value Level 2 | Measurement Input, Implied Market Rate | 7.15% Senior Notes Due 2033    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, measurement input 0.0599 0.0642
Valuation, Market Approach | Fair Value Level 2 | Measurement Input, Implied Market Rate | Equipment Loans Due 2025 (1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Long-term debt, measurement input 0 0.0528
v3.25.4
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for credit losses      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Beginning Balance $ 15,047 $ 3,490 $ 2,875
Charged to Costs and Expenses 1,206 5,755 842
Charged to Other Accounts 345 6,050 43
Deductions (2,129) (248) (270)
Ending Balance 14,469 15,047 3,490
Deferred tax valuation allowance      
Valuation And Qualifying Accounts Disclosure [Line Items]      
Beginning Balance 86,693 75,250 91,685
Charged to Costs and Expenses 4,732 11,443 0
Charged to Other Accounts 0 0 13,677
Deductions 0 0 (30,112)
Ending Balance $ 91,425 $ 86,693 $ 75,250