Key Highlights

  • Transocean's Net Income was $26 million on $937 million of revenue, which fell 8.9% (calculated), and Backlog sits close to $8.0 billion.
  • Valaris posted $47 million of net income and $151 million of adjusted EBITDA, which climbed from $97 million, on Revenue of $594 million.
  • Atlas Energy Solutions recorded a $45.1 million loss and guided fourth-quarter adjusted EBITDA between $40 million and $50 million.
  • TETRA Technologies grew sales 9.6% (calculated) to $167.951 million and generated $6.8 million in net income.
  • Black Stone Minerals' net income reached $52.4 million, and the Partnership set a $0.35 per-unit payout.

Which Drillers and Oilfield Service Firms Posted Q3 2026 Numbers?

Among five energy names reporting on Nov 2, 2026, four ended the third quarter with a profit. Transocean (NYSE:RIG) reported $937 million in contract drilling revenue, down roughly 8.9% (calculated), with net income at $26 million. Valaris (NYSE:VAL) pulled in $593.6 million, which is 0.4% under the prior year (calculated), and earned $46.7 million. On the service side, Atlas Energy Solutions (NYSE:AESI) hit $267.8 million of revenue, a 3.1% gain (calculated), but absorbed a $45.1 million loss.

Next, TETRA Technologies (NYSE:TTI) logged $167.951 million in revenue, a 9.6% increase (calculated), with $6.848 million of net income. Black Stone Minerals (NYSE:BSM) produced $99.7 million in revenue, 24.7% lower (calculated), and $52.4 million of net income.

This is not a ranked list. Two of the names, Transocean and Valaris, are offshore drillers with a pending combination, Atlas handles frac sand and power, and TETRA deals in completion fluids and water services. Black Stone owns mineral and Royalty interests, which makes its place in the theme a loose one, and its revenue is net of a derivative loss.

Transocean: A Smaller Top Line as Rig Use Slipped to 74.7%

Last year's figure was $1.028 billion, so the top line has contracted, and the second quarter had been $29 million higher. The main reason was a drop in rig utilization that management had anticipated. Fleet utilization was 74.7% and the ultra-deepwater fleet was at 67.6%. Net income of $26 million stands against a $1.923 billion loss in the prior-year quarter, which carried a $1.913 billion impairment. Adjusted net income came to $1 million.

Adjusted EBITDA was $313 million, free Cash Flow reached $131 million, and the company paid off the last $200 million of notes connected to one drillship, leaving $4.975 billion of total Debt principal. Contracted backlog is near $8.0 billion after nine new fixtures, roughly 95% of 2027 contract coverage is in place, and fourth-quarter revenue guidance is $915 million to $965 million.

Valaris: Drillships Back at Work Push Adjusted EBITDA Up to $151 Million

Adjusted EBITDA reached $151 million, versus $97 million in the prior quarter. The rise came mostly from three drillships resuming work after idle stretches, plus one more vessel moving onto a higher day rate. Revenue of $594 million was up from $539 million sequentially, and diluted EPS of $0.66 was reported.

Floater segment income reached $346 million, up from $279 million, and the jackup segment brought in $171 million, lower because one rig was in a shipyard for the bulk of the period. The tax line increased to $55 million, which contains a $23 million one-off discrete charge. Backlog expanded to about $4.8 billion and cash was $525 million. With the combination still pending, management will not hold earnings calls or update guidance.

Atlas Energy Solutions: Power Projects and a Bridge Loan Against a $45.1 Million Deficit

The company's sales came to $267.8 million, above the $259.6 million of a year earlier. Losses, though, widened: the net shortfall reached $45.1 million, up from $23.7 million. By line, product sales were $97.9 million, services $140.8 million and power rental $29.1 million. Gross-level profit dropped to $5.2 million, compared with $23.8 million, while adjusted EBITDA stood at $30.3 million.

Executives noted they declined to chase unprofitable contracts and kept rates firm, and Volume slid as a consequence. Once the period closed, Atlas completed a bridge Facility worth $424.0 million that is senior secured, and it put Liquidity at $499.4 million on Oct 23, 2026. The company is pointing to $40 million to $50 million of fourth-quarter adjusted EBITDA, while its initial behind-the-meter power undertaking is on track for the end of the first quarter in 2027.

TETRA Technologies: Revenue Growth Alongside Thinner Gross Profit and Bromine Financing Needs

Revenue for TETRA climbed to $167.951 million, versus $153.239 million, with the services line supplying $81.7 million. Stockholders' net income came in at $6.8 million against $4.2 million, supported by lower interest expense (down $2.4 million) and a slight tax credit. Gross profit moved down, landing at $35.1 million versus $36.4 million.

Quarter over quarter, sales declined 9.5%. Completion fluids weakened by 18.8%, reaching $91.9 million, as the previous period had benefited from strong seasonal European demand. Available liquidity was $208.3 million. The Arkansas Bromine Project should reach mechanical completion by year-end 2026 and produce its first output in early 2028, and the company conceded it must still raise money for what remains. Everything in this section comes from one quarterly filing.

Black Stone Minerals: Royalty Economics Versus Service-Sector Peers

After absorbing a $30.2 million derivative loss, Black Stone's revenue was $99.7 million, against $132.5 million previously. Oil and gas revenue alone advanced 22.5% (calculated) to $122.7 million, and net income was $52.4 million against $91.7 million.

On an adjusted basis, the figure reached $104.1 million, compared with $88.1 million. Holders of common units will receive $0.35 per unit, a 9% lift on the previous period, with payment falling due Nov 13, 2026. Borrowings total $195.0 million, while the borrowing base stays at $580.0 million. Earnings come from mineral and royalty stakes rather than from equipment or field work.

Drillers Versus Providers: Revenue Change and Net Income Margin Side by Side

On average, revenue changed by negative 4.3% (calculated) year over year, with only Atlas and TETRA posting gains of 3.1% and 9.6% (calculated). Net income relative to revenue (calculated) came in at 7.9% for Valaris, 4.1% for TETRA, 2.8% for Transocean, negative 16.8% for Atlas, and 52.5% for Black Stone, which is an outlier.

Combined, these five produced $2.066 billion in revenue and $86.8 million in net income (calculated). The pair of offshore drillers made up 74.1% of revenue (calculated). Bases are not equal: Black Stone's top line is after a derivative loss, while Transocean's earlier-year loss had a sizeable Impairment inside it.

What to Watch Next: Socorro Timing, the Bromine Finish and a Dec 1 Target

The offshore drillers aim to finalize their combination on or about Dec 1, 2026, and they have already obtained regulatory clearance. Black Stone's call is set for Nov 3, 2026, its payout is due Nov 13, 2026, and the borrowing base comes up for redetermination in April 2027.

Atlas is aiming to bring Socorro online by the time the first quarter of 2027 closes, while TETRA wants the bromine project to hit mechanical completion within 2026. The materials identify no other dated milestones.