Patterson-UTI Energy Inc 2025年度报告

(Mark One) xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025or For the transition period from _________ toCommission File Number 1-39270 Patterson-UTI Energy, Inc. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yesxor NooIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yesoor Nox Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YesxNooIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). Yesxor NooIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. xAccelerated filerSmaller reporting companyoEmerging growth company Large accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.oIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.xIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.oIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).oIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesoNox The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2025, the lastbusiness day of the registrant’s most recently completed second fiscal quarter, was approximately $2.3 billion, calculated by reference to the closingprice of $5.93 for the common stock on the Nasdaq Global Select Market on that date.As of February 4, 2026, the registrant had outstanding 379,575,200 shares of common stock, $0.01 par value, its only class of common stock. DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. TABLE OF CONTENTS PART I ITEM 1.BusinessITEM 1A.Risk FactorsITEM 1B.Unresolved Staff CommentsITEM 1C.CybersecurityITEM 2.PropertiesITEM 3.Legal ProceedingsITEM 4.Mine Safety Disclosures PART II ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities32ITEM 6.RESERVED33ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations33ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk50ITEM 8.Financial Statements and Supplementary Data50ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure50ITEM 9A.Controls and Procedures50ITEM 9B.Other Information51ITEM 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections51 PART III ITEM 10.Directors, Executive Officers and Corporate Governance52ITEM 11.Executive Compensation52ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters52ITEM 13.Certain Relationships and Related Transactions, and Director Independence52ITEM 14.Principal Accounting Fees and Services52 PART IV ITEM 15.Exhibits and Financial Statement Schedule53ITEM 16.Form 10-K Summary57 SIGNATURESS-2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Report”) and other public filings, press releases and presentations by us contain “for