Company Overview - Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides drilling and completion services for oil and gas companies, including hydraulic fracturing, power and logistics solutions, and supplies for oilfield tools [1] - The company reported an average of 93 drilling rigs operating in the U.S. during November 2025, with an average count of 94 rigs earning revenue under drilling contracts for the two months ending November 30, 2025 [1] Market Sentiment - Jim Cramer expressed a negative outlook on oil and gas stocks, stating that the show has not recommended these stocks for a long time and will not do so this year [1] Investment Comparison - While Patterson-UTI Energy has potential as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [2]

Core Insights - ProPetro Holding Corp. (PUMP) reported a second-quarter 2025 adjusted loss per share of 7 cents, missing the Zacks Consensus Estimate of a profit of 3 cents, primarily due to weak pricing and reduced activity [1] - Revenues totaled $326.2 million, slightly below the consensus mark of $327 million, and down 8.6% from the prior-year quarter's $357 million, attributed to lower service revenues in the Cementing segment [2] - Adjusted EBITDA was $49.6 million, down 31.8% from $72.7 million in the previous quarter, and also missed the model estimate of $61.1 million [3] Revenue and Segment Performance - The Pressure Pumping segment contributed 100% to total revenues, with service revenues decreasing 8.6% to $326.2 million from the prior-year quarter, but slightly above the estimate of $325.4 million [6] - The Cementing segment's service revenues totaled $32.4 million, down 3% from the consensus estimate [2] Costs and Financial Position - Total costs and expenses were $329.3 million, down 7.9% from the prior-year quarter but exceeding the prediction of $322.2 million [7] - Cash and cash equivalents stood at $74.8 million, with total liquidity of $178 million, including $103 million in available credit [8] Capital Expenditures and Investments - The company spent $73 million on capital projects in Q2, with $43 million allocated to PROPWR equipment development [9][10] - Full-year 2025 capital expenditures are expected to be between $270 million and $310 million, indicating a reduction at the midpoint compared to previous guidance [12] Operational Outlook - The company anticipates operating 10 to 11 hydraulic fracturing fleets in Q3, down from 13 to 14 due to market conditions [10][13] - ProPetro expects to secure long-term agreements for all currently ordered PROPWR equipment (220 megawatts) by the end of 2025 [14]