Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Patterson-UTI Energy stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Patterson-UTI Energy IV rank is 13, so implied volatility is near the bottom of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 37.1% to 195.1%. See the PTEN implied volatility history for a longer view.

Across all open Patterson-UTI Energy options on Nov 4, 2026, net gamma exposure was $2.01M and net delta exposure was $24.29M per 1% move in the stock. The PTEN gamma exposure chart shows where that gamma sits by strike.

Patterson-UTI Energy Inc is a Texas based provider of drilling and completion services to oil and natural gas exploration and production companies, offering contract drilling, integrated well completion, directional drilling services, and specialized drill bit solutions.