SynMax Research:
Patterson UTI (PTEN)
U.S. drilling and completion activity has held steady in the beginning of 2026. Oil prices have been resilient, despite increased OPEC supply and a subdued global economic growth forecast.
In natural gas basins, growing LNG exports and rising domestic demand remain a long-term tailwind for drilling and completion activity.
Patterson UTI experienced minimal holiday-related downtime in Q4 2025, as most customers maintained consistent completion activity compared to Q3 2025. For crews where dedicated customers did take extended holiday breaks, Patterson’s commercial team managed to keep frac schedules operating near full utilization. Overall, Q4 2025 completion activity and pricing were steady compared to the previous quarter.
The company expects activity to decline slightly in calendar Q1 2026 with an impact from first quarter winter weather. Patterson operated with an average rig count of 93 rigs in calendar Q4 2025. For calendar Q1 2026, the company expects their average U.S. rig count will be in the low-to-mid 90s.
Helmerich & Payne (HP)
For calendar Q1 2026 in North America, the company expects an average rig count of approximately 132 to 138 contracted rigs compared to an average of 143 rigs operated during the prior quarter. For calendar Q1 2026 in the international markets, the company expects an average rig count of 57 to 63 rigs compared to an average of 59 rigs operated during the prior quarter.
Summary
This is a consistent theme from all of the drillers and frackers where North American activity looks to be slightly lower in 2026 as compared to 2025 and with more efficiency gains for 2026.