Pioneer Energy Services — Merger or Acquisition (July 2021)
17 slides from Pioneer Energy Services's merger presentation, Jul 8, 2021
Slide 1: Patterson-UTI Energy, Inc. Update Following Announcement
Patterson-UTI Energy, Inc. Update Following Announcement July 2021 PATTERSON-UTI ENERGY INC.
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 management's intention
Slide 3: Additional Information
Additional Information Important Information for Stockholders In connection with the proposed transaction between Patterson-UTI Energy, Inc. (“Patterson-UTI”) and Pioneer Energy Services Corp. (“Pioneer”), Patterson-UTI intends to file relevant materials with the SEC, including a Registration Statem
Slide 4: Leadership - Board of Directors
Leadership - Board of Directors Curtis W. Huff Chairman of the Board of Directors Chairman, Freebird Partners Michael W. Conlon Chair of Nominating and Governance Retired Partner, Norton Rose Fulbright Tiffany (TJ) Thom Cepak Chair of Audit Committee Director, Penn Virginia Corporation Director, Cal
Slide 5: Leadership - Executive Officers
Leadership - Executive Officers! William A. (Andy) Hendricks, Jr. C. Andrew Smith President and Chief Executive Officer Exec VP and Chief Financial Officer Previous President, Schlumberger Drilling Previous CFO, Kirby Corp Kenneth N. Berns Seth D_ Wexler Exec VP and Chief Commercial Officer Sr. VP.
Slide 6: Patterson-UTI Core Values
Patterson-UTI Core Values Safety and Environment o We are committed to providing a safe, incidentfree work environment for all Operational Excellence o We deliver high-quality, value-added services and focus on innovative solutions in all aspects of our work Honesty and Integrity o We will act with
Slide 7: Patterson-UTI History
Patterson-UTI History 1978 Cloyce A. Talbott and Glenn A. Patterson TER, i> UTI ENERGY CORP. 1980 SNYDER jf TEXAS formed Patterson Drilling ; Universal was formed Company ORS - Drilling and pumping operating subsidiaries of UGI were spun-off 2001 Patterson Energy and UTI Energy merged to form Patter
Slide 8: Who We Are: An Oilfield Services Leader
Who We Are: An Oilfield Services Leader a QeparteRson.un! QuNIVERSAL PSS prectionat great plains Disncs A Superior gC <{ CURRENT DRILLING PRESSURE DIRECTIONAL RENTALS TECHNOLOGY ANALYSIS POWER High quality fleet of PUMPING Founded in 1980, MS Leading position in Designs, Advanced drilling Provides e
Slide 9: Rig Automation
seeeeeeeeees RIG AUTOMATION (APEX@TES =CORT=x° PTEN= rebar <{ CURRENT REMOTE OPERATIONS —s ste eeeeee ’ coat=x’ FIEN* P8Soviectona™ | Supenorac™ DIRECTIONAL DRILLING AUTOMATION =— «a wenneaneane P8S direction |, Supenorac™ PTIEN “B @QPATTERSON-UTI pA <n
Slide 10: Drilling the Most Complex Wells
Drilling the Most Complex Wells Week) 00 wt) sof O_O 00 $0 880520) 2800 240) 0 “104000 oo to 209020) _240 e* 10,000’ U-Shaped Lateral a0 Using Patterson-UTl’s = ¢ APEX® rig 4 « MS Directional well planning, motors 3 and MWD i * Superior QC HiFi Nav™ well placement Turned the wellbore 180° in the mid
Slide 11: Financial Strength In 2020
Financial Strength In 2020 « Protected liquidity * Increased the cash balance by more than $50 million during 2020, ending 2020 at $225 million, while reducing gross debt * Extended revolver to 2025 with $600 million available through 2024 and $550 million available in 2025 * Reduced debt in 2020 by
Slide 12: First Quarter 2021 Summary
First Quarter 2021 Summary First quarter 2021 revenues and adjusted EBITDA increased sequentially and exceeded our expectations despite challenges from the extreme winter storm in the southwest Our average rig count for the first quarter improved to 69 rigs from 62 rigs in the fourth quarter and end
Slide 13: Patterson-UTI Energy Drilling and Completion Activity
Patterson-UTI Energy Drilling and Completion Activity Patterson-UTI Rig Count and Frac Spread Count by Quarter —Average Rig Count ~——Average Frac Spread Count 200 20 180 18 160 16 € a, 140 143 € 8 § 8 120 2B 8 8 ey a % 100 10 3 ® £ e r £ 80 2% Ed 2 60 6 5 2 40 4 20 2 0 0 1a19 2019 3019 4a19 1020 202
Slide 14: Agreement to Acquire Pioneer Energy Services
Agreement to Acquire Pioneer Energy Services * On July 6, 2021, Patterson-UTI announced an agreementto acquire Pioneer Energy Services + —— * Total consideration, including retirement of Pioneer debt is approximately $295 million, comprised of PIONEER « Upto 26,275,000 shares of Patterson-UTI common
Slide 15: Strategic Rationale
Strategic Rationale « Adds 16 super-spec drilling rigs to Patterson-UTI’s current fleet of 150 super-spec drilling rigs in the United States * Expands Patterson-UTl’s geographic footprint with the addition of eight pad-capable rigs in Colombia + Expected to be accretive to cash flow per share and ad
Slide 16: What's Next
What’s Next Business “as usual” for Patterson-UTI and for Pioneer until closing Please be patient as we work to close, expected in Q4 No sharing of market or competitive information Patterson-UTI teams will begin to meet with Pioneer teams to better understand businesses (Drilling, Wireline and Serv
Slide 17: @ PATTERSON-UTI
@ PATTERSON-UTI ww
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