Patterson-uti Energy, Inc. · NASDAQ:PTEN
Patterson-uti Energy — Q3 2026 Earnings Presentation
28 slides from Patterson-uti Energy's earnings presentation, Oct 29, 2026
Slide 1: Investor Presentation
September 2026 Investor Presentation
Slide 2: Forward Looking Statements & Disclosures
Forward Looking Statements & Disclosures This material and any oral statements made in connection with this material include "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Statements made which provide the Company’s or managemen
Slide 3: Business Update
Business Update Drilling Services Segment Completion Services Segment Drilling Products Segment General Business ▪ Averaged 100 rigs in the United States ▪ Q3 pricing and activity are tracking in ▪ Strong tailwinds in the United States ▪ Completed asset sale of idle through the first two months of t
Slide 4: Executive Summary
Executive Summary High-quality U.S. Shale asset base with strong demand for top-tier assets Premium Tier-1 drilling rigs and natural gas-powered frac assets are in high demand with limited supply Investing to drive differentiation in our core businesses Advancing core digital and automation technolo
Slide 5: Who We Are
Who We Are
Slide 6: Operating a Suite of Complementary Services and Products
Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling 137 Z Services Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Directional Drilling Wellbore Navigation Electronics Manufacturing Battery Storage Systems Completion 2.7 Z Services Millio
Slide 7: Diversified Across Drilling and Completions Markets
Diversified Across Drilling and Completions Markets Cash flow driven by drilling services and products and completion services Patterson-UTI Company Profile Patterson-UTI is a Adjusted Gross Profit1 as a % of Company Total Last Twelve Months Through 2Q26 leader across both the Drilling and Other 3 C
Slide 8: Business Overview
_i_ PATTERSON-UTI ’ Business Overview
Slide 9: Drilling Services | Reliable Cash Conversion
Drilling Services | Reliable Cash Conversion Cash Conversion1 for Drilling Services Segment Performance Drilling Patterson-UTI Drilling Services Segment 61% ▪ Drilling Services Cash Conversion1 has 57% 58% 57% remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportun
Slide 10: Completion Services | Operating One of the Highest Quality Fleets
Completion Services | Operating One of the Highest Quality Fleets in the Industry Invested in technology that will drive future completion demand High-Grading Our Fleet Patterson-UTI Fleet in Horsepower 100% Natural Gas-Powered Dual Fuel Diesel Responsibly High-Grading 100% ▪ Fleet high grading has
Slide 11: Drilling Products | Outpacing Industry Activity
Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month Drill Bit Outperformance U.S. Active Rigs $40,000 ▪ Rapid Innovation and
Slide 12: Delivering Strong and Consistent Cash Conversion
Patterson-UTI Enterprise | Delivering Strong and Consistent Cash Conversion Wellsite Efficiency Delivered with Capital Efficiency Unlevered Cash Conversion1 Patterson-UTI Consolidated Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.
Slide 13: Operational Excellence
Operational Excellence
Slide 14: Harnessing Data to Enable Higher Impact Drilling & Completion Operations
Harnessing Data to Enable Higher Impact Drilling & Completion Operations Patterson-UTI creates sustainable value with our end-to-end digital integration and data-driven optimization strategy Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled De
Slide 15: Integration Advantage: Drilling Services and Products
Integration Advantage: Drilling Services and Products Digitally enabled by: Fully integrated throughout the drill site Patterson-UTI's integrated Drill Bits | Ulterra Leading provider of PDC drill bits in North America drilling platform can improve drilling days on pad, creating Directional Services
Slide 16: Integration Advantage: Completion Services
Integration Advantage: Completion Services Fully integrated throughout the completions site Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Patterson-UTI integrates industry- Digitally enabled by: Wireline Plug, Perforate, and Pump Down Service Integra
Slide 17: Capital Allocation Framework
Capital Allocation Framework
Slide 18: Capital Allocation Framework
Capital Allocation Framework Maximize Shareholder Value and Financial Returns Repeatable Shareholder Return Program Strategic Allocation Allocation Target strategic high-return Commit to return at least 50% of Strategy adjusted Free Cash Flow annually investments that drive returns to shareholders1
Slide 19: Competitive Dividend Yield in the OFS Sector
Competitive Dividend Yield in the OFS Sector Dividend Yield Based on Annualized Dividend1 4.4% 3.2% 2.5% 2.3% 2.1% 1.8% 1.8% 1.7% 1.5% 1.4% 1.2% 0.9% 0.9% 0.3% 0.3% NE PTEN RES HP SLB HAL LBRT NOV BKR WTTR WFRD SEI WHD CLB FTI 1Data sourced from Bloomberg as of 09/04/2026, includes a select group of
Slide 20: Investment Grade Capital Structure
Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience LOW LEVERAGE CASH BALANCE TOTAL LIQUIDITY ~1 X $203 M $701 M Net Debt1 as of 6/30/2026 to Cash Position as of 6/30/2026 Includes cash and revolver as of LTM Adjusted EBITDA1 6/30/2026 Z NEAREST INTEREST COVERAGE S
Slide 21: Patterson-UTI Delivers a Repeatable Shareholder Return Program
Patterson-UTI Delivers a Repeatable Shareholder Return Program Since the beginning of ▪ We commit to return at least 50% of our adjusted FCF to 2024, we have shareholders annually through the cycle returned more than ▪ We raised our dividend 25% to $0.10 per share per quarter during 85% of our adjus
Slide 22: Sustainability as a Strategy
Sustainability as a Strategy Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 2012 2018 2019 2021 2022 2023 2024 Introduced Developed and Fielded First Acquired Controls and Deployed Industry’s First Launched Power Fi
Slide 23: A PATTERSON-UTI
A PATTERSON-UTI qerarrersonuT! NexTieR (utrenna MfSoieciins A sumerorge <] CURRENT
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Twelve Months Ended June 30, 2026 Revenues $ 1,466,195 $ 2,840,063 $ 340,784 $ 25,023 Less direct operating costs (952,313) (2,396,977) (20
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Cash Conversion, Drilling Services (dollars in thousands) Six Months Ended Twelve Months Ended Six Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended June 30, 2026 June 30, 2026 June 30, 2025 December 31, 2025 December 31, 2024 Dece
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (dollars in thousands) Twelve Months Ended December 31, Twelve Months Six Months Twelve Months Six Months Ended Ended Ended Ended 2024 2023 2022 2021 2020 2019 June 30, 2026 June 30, 2026 December 31, 2025 June 30, 2025 Adjusted Earnings
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Unlevered Cash Conversion (dollars in thousands) Twelve Months Ended December 31, Twelve Months Six Months Twelve Months Six Months Ended Ended Ended Ended 2019-2024 2024 2023 2022 2021 2020 2019 June 30, 2026 June 30, 2026 December 31, 2025 June 30, 202
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures (1) Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is not defined by accounting principles generally accepted in the United States of America (“GAAP”). We define Adjusted EBITDA as net Leverage Ratio income (l