Key Highlights

  • Transocean reported Net Income of $26 million on Revenue of $937 million, down 8.9% (calculated), with Backlog near $8.0 billion.
  • Valaris reported net income of $47 million on revenue of $594 million and adjusted EBITDA of $151 million, up from $97 million.
  • Atlas Energy Solutions reported a $45.1 million net loss on revenue of $267.8 million and guided fourth quarter adjusted EBITDA to $40 million to $50 million.
  • TETRA Technologies reported revenue of $167.951 million, up 9.6% (calculated), and net income of $6.8 million.
  • Black Stone Minerals reported net income of $52.4 million and declared a $0.35 per unit distribution.

How Did Offshore Drillers and Oilfield Service Companies Report Third Quarter Results?

Five energy companies reported third quarter 2026 results on Nov 2, 2026, and four were profitable. Transocean (NYSE:RIG) reported contract drilling revenue of $937 million, down about 8.9% (calculated), and net income of $26 million. Valaris (NYSE:VAL) posted revenue of $593.6 million, down 0.4% (calculated), and net income of $46.7 million. Atlas Energy Solutions (NYSE:AESI) reported revenue of $267.8 million, up 3.1% (calculated), and a net loss of $45.1 million.

TETRA Technologies (NYSE:TTI) reported revenue of $167.951 million, up 9.6% (calculated), and net income of $6.848 million. Black Stone Minerals (NYSE:BSM) reported revenue of $99.7 million, down 24.7% (calculated), and net income of $52.4 million.

The group is not ranked and is mixed. Transocean and Valaris are offshore drilling contractors and are heading toward a combination, Atlas supplies frac sand and power, and TETRA provides completion fluids and water services. Black Stone owns oil and gas mineral interests rather than providing services, so it fits the theme loosely, and its revenue is stated after a derivative loss.

Transocean: Why Did Utilization of 74.7% Pull Revenue Down 8.9%?

Transocean's revenue of $937 million compares with $1.028 billion a year earlier and was $29 million below the second quarter, mostly on an expected drop in rig utilization. Fleet utilization was 74.7%, and ultra-deepwater utilization was 67.6%. Net income of $26 million compares with a $1.923 billion loss a year earlier that included a $1.913 billion impairment. Adjusted net income was $1 million.

Adjusted EBITDA was $313 million and free Cash Flow was $131 million. The company retired the remaining $200 million of notes tied to one drillship, leaving total Debt principal at $4.975 billion. Backlog is about $8.0 billion after nine new fixtures, and 2027 contract coverage is about 95%. Fourth quarter revenue is guided to $915 million to $965 million.

Valaris: How Did Drillships Returning to Work Lift Adjusted EBITDA to $151 Million?

Valaris posted adjusted EBITDA of $151 million, up from $97 million in the second quarter, mainly because three drillships started new contracts after idle periods and another moved to a higher day rate. Total operating revenues were $594 million, up from $539 million sequentially, and Diluted Earnings per Share were $0.66.

Floater revenue rose to $346 million from $279 million, while jackup revenue eased to $171 million because one rig spent most of the quarter in a shipyard. Tax expense rose to $55 million, including a $23 million discrete charge. Backlog rose to about $4.8 billion, and cash was $525 million. Because of the pending combination, the company does not plan future earnings calls or guidance updates.

Atlas Energy Solutions: Can Power Build-Out Funding Offset a $45.1 Million Loss?

Atlas posted revenue of $267.8 million versus $259.6 million a year earlier, but net loss widened to $45.1 million from $23.7 million. Revenue was $97.9 million of product sales, $140.8 million of services and $29.1 million of power rental. Gross Profit fell to $5.2 million from $23.8 million, and adjusted EBITDA was $30.3 million.

Management said it held pricing rather than chase uneconomic bids, which cut volumes. After quarter end the company completed a $424.0 million senior secured bridge facility, and estimated Liquidity reached $499.4 million by Oct 23, 2026. Fourth quarter adjusted EBITDA is guided to $40 million to $50 million, and a first behind-the-meter project is on track for the end of the first quarter of 2027.

TETRA Technologies: What Lifted Revenue 9.6% While Margins Slipped?

TETRA's revenue rose to $167.951 million from $153.239 million, with services revenue up to $81.7 million. Net income attributable to stockholders was $6.8 million versus $4.2 million, helped by lower net interest expense of $2.4 million and a small income tax benefit, even as gross profit slipped to $35.1 million from $36.4 million.

Revenue fell 9.5% from the second quarter, as completion fluids revenue dropped 18.8% to $91.9 million after seasonally strong European volumes. Liquidity was $208.3 million. The Arkansas Bromine Project targets mechanical completion by the end of 2026, with first production in early 2028, and the company said it must seek additional financing for the remaining cost. The article draws on a quarterly filing only.

Black Stone Minerals: Does a Mineral Owner Fit Alongside Service Providers?

Black Stone's revenue of $99.7 million is stated after a $30.2 million derivative loss, and compares with $132.5 million a year earlier. Oil and gas revenue itself rose 22.5% (calculated) to $122.7 million. Net income was $52.4 million versus $91.7 million.

Adjusted EBITDA rose to $104.1 million from $88.1 million, and the Partnership declared a $0.35 per common unit distribution, up 9% from the prior quarter and payable Nov 13, 2026. Total debt was $195.0 million, and the borrowing base was reaffirmed at $580.0 million. It earns from mineral and Royalty interests, not from providing services or rigs.

Drilling Contractors Versus Service Providers: How Do Revenue Moves and Margins Compare?

Average year-over-year revenue change across the five was negative 4.3% (calculated), with revenue up at only Atlas and TETRA, by 3.1% and 9.6% (calculated). Net income as a share of revenue (calculated) was 7.9% at Valaris, 4.1% at TETRA, 2.8% at Transocean, negative 16.8% at Atlas and 52.5% at Black Stone, the outlier.

Combined revenue was $2.066 billion and combined net income $86.8 million (calculated). The two offshore drillers accounted for 74.1% of the revenue (calculated). Bases differ, as Black Stone's revenue is after a derivative loss and Transocean's year-earlier loss included a large impairment.

What to Watch Next: The Dec 1 Combination, Socorro Start-Up and Bromine Completion

Transocean and Valaris both expect their pending combination to close on or about Dec 1, 2026, with regulatory approvals received. Black Stone holds a call on Nov 3, 2026 and pays its distribution on Nov 13, 2026, with a borrowing base redetermination due in April 2027.

Atlas targets its Socorro project coming online at the end of the first quarter of 2027, and TETRA targets mechanical completion of the bromine project by the end of 2026. No dated event beyond those was identified in the materials.