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Contract Drilling Backlog
Measures the value and volume of committed future drilling work, providing visibility into near-term revenue, utilization prospects, pricing momentum, and the company’s ability to convert demand into cash flow.Backlog has declined noticeably since early‑2024, with only intermittent quarter‑end upticks, eroding forward revenue visibility and suggesting bookings are shorter duration or weaker. Management’s call, however, points to improving rig counts, early pricing recovery and a push toward higher‑return, gas‑powered and term contracts—so earnings and margins could improve even if booked backlog stays lower. Investors should watch whether backlog stabilizes as pricing/term wins convert to contracted revenue; otherwise growth will be driven by utilization and pricing, which are more cyclical.
Date | Contract Drilling Backlog |
|---|---|
Mar 31, 2026 | $260.00M |
Dec 31, 2025 | $291.00M |
Sep 30, 2025 | $256.00M |
Jun 30, 2025 | $312.00M |
Mar 31, 2025 | $407.00M |
Dec 31, 2024 | $426.00M |
Sep 30, 2024 | $401.00M |
Jun 30, 2024 | $433.00M |
Mar 31, 2024 | $527.00M |