8-KResults of Operations and Financial Condition28 Oct
8-KInvestor Presentation September 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s website at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI 1Adjusted EBITDA is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. Business Update ▪ Q3 pricing and activity are tracking in line with expectations; limited fleet availability in Q4, absent potential for normal holiday seasonality ▪ Completion equipment appears likely to be highly utilized to start 2027 ▪ We are continuing our strategy to decommission Tier II diesel assets, with incremental investments favoring Emerald 100% natural gas equipment ▪ Lead times for new direct-drive equipment have extended to 12+ months ▪ Completed asset sale of idle components for 10 rigs from the US for use in Venezuela ▪ Expect 2026 adjusted free cash flow to more than fund our annual dividend ▪ 2026 Capital Expenditures, net of asset sales, expected to be approximately $600 million ▪ Averaged 100 rigs in the United States through the first two months of the third quarter of 2026 ▪ Expect to exit Q3 with 104 active rigs; additional rig reactivations expected beyond Q3 exit ▪ Public E&Ps are driving demand for upgraded rigs with higher structural capacity to drill deeper wells and longer laterals ▪ Continued positive momentum on leading edge dayrates, with favorable commercial terms on rigs with structural upgrades ▪ Strong tailwinds in the United States (70% of segment revenue) on rising industry demand and growing revenue per industry rig ▪ International markets have been resilient through ongoing geopolitical unrest in several of our key regions ▪ Downhole tools have continued to grow as a share of Drilling Products revenue, driven by our Mitigator shock absorber, which protects the BHA and reduces bit damage and NPT Drilling Services Segment Completion Services Segment Drilling Products Segment General Business4Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors 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 technologies and efficiencies to deliver differentiated operating results Disciplined capital allocation strategy Returns driven capital expenditures can be scaled to meet customer demand trends; committed to annually return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2029; Investment Grade credit rating at all 3 major rating agenciesWho We Are6Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 1Reflects deployed and idle equipment capacity during the second quarter of 2026. 137 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S. Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products7Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Adjusted Gross Profit is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. 2Adjusted Gross Profit for Drilling Services excludes a non-cash write-down of $20 million associated with the decision to exit our Contract Drilling operations in Colombia. 3Other business includes Patterson Petroleum. Cash flow driven by drilling services and products and completion services Drilling Services Completion Services Drilling Products Other 1% 47% 12% 39% 3 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit1 as a % of Company Total Last Twelve Months Through 2Q26 2Business Overview9Investor Presentation Patterson-UTI Cash Conversion1 for Drilling Services Segment Patterson-UTI Drilling Services Segment 1Cash Conversion for our Drilling Services segment is defined as (Drilling Services Adjusted EBITDA less Drilling Services Capital Expenditures) as a percentage of Drilling Services Adjusted EBITDA. Cash Conversion and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 57% 61% 58% 57% 2023 2024 2025 LTM 2Q26 Performance Drilling ▪ Drilling Services Cash Conversion1 has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set ▪ Drilling Services cash generation has remained resilient given high-quality assets and technology advantages Patterson-UTI’s Drilling Services investments in 2026 position the business to continue generating strong cash conversion through the cycle Drilling Services | Reliable Cash Conversion10Investor Presentation Patterson-UTI Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2027 ▪ Natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower Completion Services | Operating One of the Highest Quality Fleets in the Industry 1Includes equipment orders in progress and pending final delivery. 2Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry2 Expected YE2026 111Investor Presentation Patterson-UTI Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product design, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2023 2024 2025 LTM 2Q26 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry Drilling Products | Outpacing Industry Activity12Investor Presentation Patterson-UTI 40% 36% 37% $- 2019-2024 2025 LTM 2Q26 Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF2 returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle Wellsite Efficiency Delivered with Capital Efficiency Unlevered Cash Conversion1 Patterson-UTI Consolidated 1The Company defines Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of adjusted EBITDA. Unlevered Free Cash Flow and Unlevered Cash Conversion are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metric. 2For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Patterson-UTI Enterprise | Delivering Strong and Consistent Cash ConversionOperational Excellence14Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions15Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Tier-1 rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions for operational and cost synergies Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site16Investor Presentation Patterson-UTI Integration Advantage: Completion Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operational efficiency Power Generation Powering 250k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Digital Completions Platform Operations optimization in real-timeCapital Allocation Framework18Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2029 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors19Investor Presentation Patterson-UTI Dividend Yield Based on Annualized Dividend1 1Data sourced from Bloomberg as of 09/04/2026, includes a select group of dividend-paying stocks in the oilfield services sector. Competitive Dividend Yield in the OFS Sector 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 FTI20Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $701 M Includes cash and revolver as of 6/30/2026 LOW LEVERAGE ~1 X Net Debt1 as of 6/30/2026 to LTM Adjusted EBITDA1 CASH BALANCE $203 M Cash Position as of 6/30/2026 INTEREST COVERAGE 14 X LTM Adjusted EBITDA1 to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2029 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Financially Positioned for Through-Cycle Resilience 1Net Debt and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. Investment Grade Capital Structure21Investor Presentation Patterson-UTI Patterson-UTI Delivers a Repeatable Shareholder Return Program 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024, we have returned more than 85% of our adjusted FCF1 to investors through dividends and share repurchases ▪ We commit to return at least 50% of our adjusted FCF to shareholders annually through the cycle ▪ We raised our dividend 25% to $0.10 per share per quarter during the first quarter of 2026 ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value22Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration of Hydrogen Blending on Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® with Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump24Investor Presentation Patterson-UTI (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance. (2) Colombia contract drilling exit costs represent inventory and other asset write-downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (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) (200,973) (11,946) Less depreciation, amortization and impairment (338,578) (448,309) (82,165) (6,260) GAAP gross profit 175,304 (5,223) 57,646 6,817 Depreciation, amortization and impairment 338,578 448,309 82,165 6,260 Adjusted gross profit1 513,882 443,086 139,811 13,077 Colombia contract drilling exit costs 20,011 - - - Adjusted gross profit excluding Colombia contract drilling exit costs2 $ 533,893 $ 443,086 $ 139,811 $ 13,077 % of Company Total 47% 39% 12% 1% Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit25Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Cash Conversion, Drilling Services (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 income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Cash Conversion for our Drilling Services segment as Drilling Services Adjusted EBITDA less Drilling Services capital expenditures, expressed as a percentage of Drilling Services Adjusted EBITDA. We present Cash Conversion as a supplemental measure because we believe it is a meaningful indicator of the segment’s ability to convert earnings into cash after reinvesting in the business. This measure is useful to investors and management in evaluating the efficiency of capital deployment and the segment’s capacity to generate cash flow that may be available for financing activities or other corporate purposes. Our calculation of Cash Conversion may not be comparable to similarly titled measures used by other companies. Cash Conversion is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Six Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 256,485 $ 512,749 $ 309,950 $ 566,214 $ 681,717 $ 786,314 Less capital expenditures (114,569) (222,454) (128,632) (236,517) (264,667) (334,780) $ 141,916 $ 290,295 $ 181,318 $ 329,697 $ 417,050 $ 451,534 Cash Conversion2 55% 57% 58% 58% 61% 57%26Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (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 income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) Colombia contract drilling exit costs represent inventory and other asset write-downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded from Adjusted EBITDA as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (3) Noncontrolling investment write-down represents an impairment charge of certain minority equity investments. The charge was excluded from Adjusted EBITDA as it represents a non-operating item. (4) Legal accruals and settlements represent net expenses (income) arising from certain significant legal matters, including settlement activity and reserve adjustments related to prior-year claims. Unlike routine legal costs incurred in the ordinary course of business, these infrequent items are excluded from Adjusted EBITDA because management does not consider them representative of our current period operating performance. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 2024 2023 2022 2021 2020 2019 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Net income (loss) $ (89,398) $ (43,751) $ (93,054) $ (47,407) $ (966,399) $ 245,952 $ 154,658 $ (657,079) $ (803,692) $ (425,703) Income tax expense (benefit) (24,764) (12,243) (9,937) 2,584 9,453 61,152 13,204 (62,702) (127,326) (104,675) Net interest expense 63,469 32,216 63,859 32,606 66,234 46,748 39,896 41,756 39,516 69,191 Depreciation, depletion, amortization and impairment 882,715 436,175 940,264 493,724 1,171,873 731,416 483,945 849,178 670,910 1,003,873 Colombia contract drilling exit costs2 20,011 20,011 - - - - - - - - Noncontrolling investment write-down3 4,520 4,520 - - - - - - - - Legal accruals and settlements4 20,000 - 15,415 (4,585) (17,792) - - - (4,185) - Impairment of goodwill - - - - 885,240 - - - 395,060 17,800 Merger and integration expense 96 - 1,016 920 33,037 98,077 2,069 12,060 - - Adjusted EBITDA $ 876,649 $ 436,928 $ 917,563 $ 477,842 $1,181,646 $1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,48627Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Unlevered Cash Conversion (1) We define Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of Adjusted EBITDA. We present Unlevered Cash Conversion as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of Unlevered Free Cash Flow may not be the same as similarly titled measures of other companies. Adjusted Unlevered Free Cash Flow is not intended to represent our residual cash flow available for discretionary expenditures. Unlevered Free Cash Flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 2019-2024 2024 2023 2022 2021 2020 2019 Adjusted EBITDA $ 876,649 $ 436,928 $ 917,563 $ 477,842 $ 3,972,745 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,486 Less capital expenditures $ (555,544) $ (272,552) $ (589,029) $ (306,037) $ (2,390,186) $ (678,386) $ (615,690) $ (436,797) $ (166,320) $ (145,481) $ (347,512) $ 321,105 $ 164,376 $ 328,534 $ 171,805 $ 1,582,559 $ 503,260 $ 567,655 $ 256,975 $ 16,893 $ 24,802 $ 212,974 Unlevered Cash Conversion (1) 37% 38% 36% 36% 40% 43% 48% 37% 9% 15% 38%28Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) Colombia contract drilling exit costs represent inventory and other asset write- downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded from Adjusted EBITDA as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (3) Noncontrolling investment write-down represents an impairment charge of certain minority equity investments. The charge was excluded from Adjusted EBITDA as it represents a non-operating item. (4) Legal accruals and settlements represent net expenses (income) arising from certain significant legal matters, including settlement activity and reserve adjustments related to prior-year claims. Unlike routine legal costs incurred in the ordinary course of business, these infrequent items are excluded from Adjusted EBITDA because management does not consider them representative of our current period operating performance. (5) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP financial measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and Net Debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 Net income (loss) $ (43,751) $ (93,054) $ (47,407) Income tax expense (benefit) (12,243) (9,937) 2,584 Net interest expense 32,216 63,859 32,606 Depreciation, depletion, amortization and impairment 436,175 940,264 493,724 Colombia contract drilling exit costs2 20,011 - - Noncontrolling investment write-down3 4,520 - - Legal accruals and settlements4 - 15,415 (4,585) Merger and integration expense - 1,016 920 Adjusted EBITDA $ 436,928 $ 917,563 $ 477,842 Last Twelve Months Adjusted EBITDA $ 876,649 Last Twelve Months Net Interest Expense $ 63,469 June 30, 2026 Debt (excluding deferred financing costs and discounts) $ 1,244,895 Lease liabilities 51,408 Total Debt 1,296,303 Less cash (203,169) Net Debt5 $ 1,093,134 Ratio calculation: Debt-to-Adjusted EBITDA 1.42x Net Debt-to-Adjusted EBITDA 1.25x Adjusted EBITDA-to-Interest Coverage 13.81x8 Sep
8-KResults of Operations and Financial Condition29 Jul
8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers4 Jun
8-KInvestor Presentation May 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s website at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z 1Adjusted EBITDA is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. Z US Shale Activity Inflection Underway Drilling Services Segment ▪ Expect to exit Q2 with 95 active rigs; multiple additional rig reactivations expected in early Q3 and expect to exit 2026 with 100+ active rigs in the United States ▪ In discussion with both public and private customers for additional rigs in the second half of 2026 ▪ Leading edge dayrates on contract renewals have increased mid-single digit percentage from early 2026, with favorable commercial terms on rigs with structural upgrades ▪ Expect to incur a total of $5-10 million of costs in Q2 related to reactivations and mobilizations in Q2 and additional rig reactivations planned in early Q3 Completion Services Segment ▪ Pricing tailwinds are having a stronger positive impact on Q2 results than anticipated in our original Q2 guidance, with further pricing improvements expected in Q3 ▪ High utilization of all active equipment expected in Q3. While Q4 seasonality is difficult to predict, the additional industry drilling activity we are seeing starting in Q2 suggests completion demand is likely to increase later this year and into 2027 ▪ We are continuing our strategy to decommission Tier II diesel assets through the end of 2026, with incremental investments favoring Emerald 100% natural gas equipment additions given favorable operational performance and returns profile of new technology vs extending the life of legacy diesel assets General Business Update ▪ We expect consolidated adjusted EBITDA1 for the second quarter of 2026 to be approximately $220 million ▪ 2026 Capital Expenditures, net of asset sales, now expected to be ~$600 million; our incremental capital investments should position us to capture strong demand and attractive long-term returns, including additional drilling rig structural upgrades supported by increasing term contract coverage, expansion of Emerald 100% natural gas completions equipment, and continued digital investments ▪ Incremental growth capital investments will be made with cash on hand, with the investments expected to mostly benefit financial results in 2027 and beyond4Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Investing to drive market outperformance in our core businesses Focused on advancing technologies and efficiencies to drive improving returns in our core markets Predictable capital allocation strategy Capital expenditures can be scaled with activity; committed to annually return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2029; Investment Grade credit rating at all 3 major rating agenciesWho We Are6Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 1Reflects deployed and idle equipment capacity during the first quarter of 2026. 137 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S. Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products7Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Adjusted Gross Profit is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. 2Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental, which was divested in April 2025. Cash flow driven by drilling services and products and completion services Drilling Services Completion Services Drilling Products Other <1% 49% 13% 38% 2 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit1 as a % of Company Total Last Twelve Months Through 1Q26Business Overview9Investor Presentation Patterson-UTI Cash Conversion1 for Drilling Services Segment Patterson-UTI Drilling Services Segment 1Cash Conversion for our Drilling Services segment is defined as (Drilling Services Adjusted EBITDA less Drilling Services Capital Expenditures) as a percentage of Drilling Services Adjusted EBITDA. Cash Conversion and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 57% 61% 58% 59% 2023 2024 2025 LTM 1Q26 Performance Drilling ▪ Drilling Services Cash Conversion1 has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set ▪ Drilling Services cash generation has remained resilient given high-quality assets and technology advantages Patterson-UTI’s Drilling Services investments in 2026 should position the business to continue generating strong cash conversion through the cycle Drilling Services | Reliable Cash Conversion10Investor Presentation Patterson-UTI Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2026 ▪ 100% natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower Completion Services | Operating One of the Highest Quality Fleets in the Industry 1Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry1 Expected YE202611Investor Presentation Patterson-UTI Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2023 2024 2025 LTM 1Q26 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry Drilling Products | Outpacing Industry Activity12Investor Presentation Patterson-UTI 40% 36% 38% $- 2019-2024 2025 LTM 1Q26 Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF2 returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle ▪ Activity expected to ramp starting in the second quarter of 2026 Wellsite Efficiency Delivered with Capital Efficiency Unlevered Cash Conversion1 Patterson-UTI Consolidated 1The Company defines Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of adjusted EBITDA. Unlevered Free Cash Flow and Unlevered Cash Conversion are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metric. 2For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Patterson-UTI Enterprise | Delivering Strong and Consistent Cash ConversionOperational Excellence14Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions15Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site16Investor Presentation Patterson-UTI Integration Advantage: Completion Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Completions Platform Operations optimization in real-timeCapital Allocation Framework18Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 20292 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors 2The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026.19Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $834 M Includes cash and revolver as of 3/31/2026 LOW LEVERAGE ~1 X Net Debt1 as of 3/31/2026 to LTM Adjusted EBITDA1 CASH BALANCE $337 M Cash Position as of 3/31/2026 INTEREST COVERAGE 14 X LTM Adjusted EBITDA1 to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2 2029 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Financially Positioned for Through-Cycle Resilience 1Net Debt and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 2The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026. Investment Grade Capital Structure20Investor Presentation Patterson-UTI Patterson-UTI Delivers a Repeatable Shareholder Return Program 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024, we have returned more than 70% of our adjusted FCF1 to investors through dividends and share repurchases ▪ We commit to return at least 50% of our adjusted FCF to shareholders annually through the cycle ▪ We raised our dividend 25% to $0.10 per share per quarter during the first quarter of 2026 ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value21Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration of Hydrogen Blending on Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump23Investor Presentation Patterson-UTI (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance. Adjusted gross profit is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Twelve Months Ended March 31, 2026 Revenues $ 1,496,499 $ 2,805,754 $ 337,841 $ 23,324 Less direct operating costs (947,466) (2,385,344) (196,114) (15,319) Less depreciation, amortization and impairment (365,735) (459,245) (85,271) (8,159) GAAP gross profit 183,298 (38,835) 56,456 (154) Depreciation, amortization and impairment 365,735 459,245 85,271 8,159 Adjusted gross profit1 $ 549,033 $ 420,410 $ 141,727 $ 8,005 % of Company Total 49.0% 37.6% 12.7% 0.7% Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit24Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Cash Conversion, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Cash Conversion for our Drilling Services segment as Drilling Services Adjusted EBITDA less Drilling Services capital expenditures, expressed as a percentage of Drilling Services Adjusted EBITDA. We present Cash Conversion as a supplemental measure because we believe it is a meaningful indicator of the segment’s ability to convert earnings into cash after reinvesting in the business. This measure is useful to investors and management in evaluating the efficiency of capital deployment and the segment’s capacity to generate cash flow that may be available for financing activities or other corporate purposes. Our calculation of Cash Conversion may not be comparable to similarly titled measures used by other companies. Cash Conversion is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2026 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 128,247 $ 566,214 $ 161,286 $ 533,175 $ 681,717 $ 786,314 Less capital expenditures (54,421) (236,517) (73,458) (217,480) (264,667) (334,780) $ 73,826 $ 329,697 $ 87,828 $ 315,695 $ 417,050 $ 451,534 Cash Conversion2 58% 58% 54% 59% 61% 57%25Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended March 31, 2026 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 2024 2023 2022 2021 2020 2019 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Net income (loss) $ (118,820) $ (24,476) $ (93,054) $ 1,290 $ (966,399) $ 245,952 $ 154,658 $ (657,079) $ (803,692) $ (425,703) Income tax expense (benefit) (14,923) (3,596) (9,937) 1,390 9,453 61,152 13,204 (62,702) (127,326) (104,675) Net interest expense 62,346 14,720 63,859 16,233 66,234 46,748 39,896 41,756 39,516 69,191 Depreciation, depletion, amortization and impairment 926,792 218,394 940,264 231,866 1,171,873 731,416 483,945 849,178 670,910 1,003,873 Legal accruals and settlements 15,415 - 15,415 - (17,792) - - - (4,185) - Impairment of goodwill - - - - 885,240 - - - 395,060 17,800 Merger and integration expense 584 - 1,016 432 33,037 98,077 2,069 12,060 - - Adjusted EBITDA $ 871,394 $ 205,042 $ 917,563 $ 251,211 $1,181,646 $1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,48626Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Unlevered Cash Conversion (1) We define Unlevered Free Cash Flow as Adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of Adjusted EBITDA. We present Unlevered Cash Conversion as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of Unlevered Free Cash Flow may not be the same as similarly titled measures of other companies. Unlevered Free Cash Flow is not intended to represent our residual cash flow available for discretionary expenditures. Unlevered Free Cash Flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended March 31, 2026 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 2019-2024 2024 2023 2022 2021 2020 2019 Adjusted EBITDA $ 871,394 $ 205,042 $ 917,563 $ 251,211 $ 3,972,745 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,486 Less capital expenditures $ (543,826) $ (116,628) $ (589,029) $ (161,831) $ (2,390,186) $ (678,386) $ (615,690) $ (436,797) $ (166,320) $ (145,481) $ (347,512) $ 327,568 $ 88,414 $ 328,534 $ 89,380 $ 1,582,559 $ 503,260 $ 567,655 $ 256,975 $ 16,893 $ 24,802 $ 212,974 Unlevered Cash Conversion (1) 38% 43% 36% 36% 40% 43% 48% 37% 9% 15% 38%27Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP financial measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and Net Debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 Net income (loss) $ (24,476) $ (93,054) $ 1,290 Income tax expense (benefit) (3,596) (9,937) 1,390 Net interest expense 14,720 63,859 16,233 Depreciation, depletion, amortization and impairment 218,394 940,264 231,866 Legal accruals and settlements - 15,415 - Merger and integration expense - 1,016 432 Adjusted EBITDA $ 205,042 $ 917,563 $ 251,211 Last Twelve Months Adjusted EBITDA $ 871,394 March 31, 2026 Debt (excluding deferred financing costs and discounts) $ 1,227,400 Lease liabilities 47,514 Total Debt 1,274,914 Less cash 337,244 Net Debt2 $ 937,670 Ratio calculation: Debt-to-Adjusted EBITDA 1.46x Net Debt-to-Adjusted EBITDA 1.08x Adjusted EBITDA-to-Interest Coverage 13.98x26 May
8-KEntry into a Material Definitive Agreement19 May
8-KOther Events6 May
8-KEntry into a Material Definitive Agreement28 Apr
8-KResults of Operations and Financial Condition22 Apr
8-KResults of Operations and Financial Condition4 Feb
8-KInvestor Presentation January 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s web site at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Business Activity Update Drilling Services Segment ▪ Averaged 93 active rigs in the United States during the fourth quarter of 2025 ▪ Cost controls in the fourth quarter of 2025 exceeded expectations Completion Services Segment ▪ Saw less than expected seasonal white space during the fourth quarter of 2025 ▪ Roughly 2 million HHP expected to be deployed during the first quarter of 2026, with minimal spare capacity after factoring in normal fleet maintenance cycles; natural gas-powered assets, including our EmeraldTM 100% natural gas-powered and dual fuel assets, remain fully utilized ▪ Expect Tier II decommissioning to continue during 2026, resulting in additional reduction to our fleet size compared to current levels General Business Update ▪ Expect 2026 Capital Expenditures, net of asset sales, to be less than $500 million ▪ Expect adjusted FCF during the fourth quarter of 2025 to have been the strongest quarter of 2025, expect to see another year of strong adjusted FCF in 2026 ▪ We remain committed to annually returning at least 50% of adjusted FCF to shareholders4Investor Presentation Patterson-UTI Patterson-UTI Priorities Financial Objectives ▪ Maximize adjusted FCF per share over the long-term ▪ Responsibly invest in technologies within our core businesses to drive differentiated performance across our markets ▪ Responsibly return capital to shareholders through dividends and share repurchases ▪ Manage for long-term financial flexibility and balance sheet strength Commercial Strategy Patterson-UTI’s strategy aligns us with the most active E&Ps in the Lower 48, supporting adjusted free cash flow and returns 1Rig count is based on U.S. onshore activity as of 12/18/2025. Source: Enverus 2Based on YTD 9/30/2025 total company revenue 0% 20% 40% 60% 20 Most Active U.S. Operators Share of the US Rig Count1 20 Most Active U.S. Operators Share of PTEN Revenue25Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Investing to drive market outperformance in our core businesses Focused on advancing technologies and efficiencies to drive improving returns in our core markets Predictable capital allocation strategy Capital expenditures can be scaled with activity; remain committed to return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2028; Investment Grade credit rating at all 3 major rating agenciesWho We Are7Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 Other business includes Patterson Petroleum. 1Reflects deployed and idle equipment capacity during the fourth quarter of 2025. 2Drilling Products revenue from reported non-U.S. operations from close of Ulterra acquisition through September 30, 2025. 136 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S.2 Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products8Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental which was divested in April 2025. Cash flow driven by drilling services and products and completions services Drilling Services Completion Services Drilling Products Other 1% 51% 13% 35% 1 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit as a % of Company Total Last Twelve Months Through 3Q25Business Overview10Investor Presentation Patterson-UTI Drilling Services | Reliable Cash Generation Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Patterson-UTI Drilling Services Segment, ($, millions) Cash generation at our Drilling Services segment remains strong even as commodity prices have weakened 1Adjusted 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements, and merger and integration expense. For a reconciliation of Adjusted EBITDA less Capital Expenditures, please see the tables in the appendix. $3.6 $3.7 $3.6 2023 2024 LTM 3Q25 Performance Drilling ▪ Cash generation per active U.S. rig has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set, with lower capital expenditures expected in 2026 ▪ Drilling Services cash generation has remained relatively steady given high-quality assets and technology advantages Patterson-UTI’s Drilling Services segment is expected to deliver strong cash generation again in 202611Investor Presentation Patterson-UTI Completion Services | Operating One of the Highest Quality Fleets in the Industry Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2026 even on lower capital expenditures ▪ 100% natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower 1Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry1 Expected YE202612Investor Presentation Patterson-UTI Completion Services | Industry HHP Demand Remains Resilient Fleet Count vs. Active HHP U.S. Land Fleets1 Active HHP deployed has remained relatively steady despite reduction in fleet count HHP Demand has Remained Steady Average fleet size has grown with Simulfrac now almost 30% of active fleets 0 50 100 150 200 250 300 0 4,000,000 8,000,000 12,000,000 16,000,000 20,000,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Active HHP Active Fleets 1Patterson-UTI estimates 10% 17% 28% 2023 2024 2025 Percentage of Simulfrac Fleets Overall, U.S. Land Fleets13Investor Presentation Patterson-UTI Completion Services | Pump Hours per Day Efficiency Nearing Structural Limits Pump Hours per Day per Fleet Average U.S. Land Fleet1 With the average fleet now working 22 hours per day, incremental efficiency per fleet is limited 0 6 12 18 24 2022 2023 2024 2025e 1Patterson-UTI Estimates for on-pad efficiency Efficiency gains slow as the industry approaches limits ▪ Industry pump hours per day have risen through innovations in equipment health monitoring and higher horsepower demand on location ▪ Continuous pumping can help reach structural limits but requires significantly more horsepower on location relative to a more normal operation ▪ We expect our digital and technology investments to drive new revenue opportunities and cost improvements as we further differentiate our operations14Investor Presentation Patterson-UTI Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $0 $15,000 $30,000 $45,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry15Investor Presentation Patterson-UTI 38% 44% 36% $- 2019-2023 2024 LTM 3Q25 Patterson-UTI Enterprise | Delivering Strong and Consistent adjusted FCF Generation Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle Wellsite Efficiency Delivered with Capital Efficiency Adjusted Free Cash Flow Conversion Patterson-UTI Enterprise The Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Adjusted FCF conversion is defined as adjusted FCF as a percent of adjusted EBITDA.Operational Excellence17Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions18Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site19Investor Presentation Patterson-UTI Integration Advantage: Completions Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Completions Platform Operations optimization in real-timeCapital Allocation Framework21Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2028 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors22Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $682 M Includes cash and revolver as of 9/30/2025 LOW LEVERAGE ~1 X Net Debt as of 9/30/2025 to LTM adjusted EBITDA CASH BALANCE $187 M Cash Position as of 9/30/2025 INTEREST COVERAGE 14 X LTM adjusted EBITDA to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2028 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience23Investor Presentation Patterson-UTI Deliver a Repeatable Shareholder Return Program For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024 through 3Q25, we have returned more than 85% of our adjusted FCF to investors through dividends and share repurchases ▪ Patterson-UTI commits to return at least 50% of its adjusted FCF to shareholders annually through the cycle ▪ PTEN has paid a $0.08 per share quarterly dividend for thirteen consecutive quarters including December 2025 dividend ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value24Investor Presentation Patterson-UTI Shareholder Returns as a % of Current Market Cap Last 12 Months through 9/30/2025. Includes Dividends and Share Repurchases Shareholder Returns as a % of Current Market Cap Includes Dividends and Share Repurchases 1Peer group includes OFS comps ACDC, BKR, HAL, LBRT, NBR, PDS, PUMP, and SLB. Peer data sourced from company SEC filings, Market Cap data sourced from Bloomberg as of 12/30/2025. Peer Leading Combination of Shareholder Returns with Net Debt Reduction 9% 8% 7% 6% 4% 3% 0% 0% 0% PTEN Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H % Change i Net Debt, C pital Leases, and Operating Leases Last 12 Months through 9/30/2025 -18% -17% -10% -8% 0% 0% 8% 9% 37% Peer G Peer C Peer H PTEN Peer E Peer B Peer F Peer A Peer D25Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration Of Hydrogen Blending On Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump27Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Last Twelve Months September 30, 2025 Revenues $ 1,605,250 $ 2,841,535 $ 346,455 $ 44,706 Less direct operating costs (994,288) (2,426,409) (195,726) (27,846) Less depreciation, amortization and impairment (366,893) (488,510) (95,114) (15,587) GAAP gross profit 244,069 (73,384) 55,615 1,273 Depreciation, amortization and impairment 366,893 488,510 95,114 15,587 Adjusted gross profit1 $ 610,962 $ 415,126 $ 150,729 $ 16,860 (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.28Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Last Twelve Months September 30, 2025 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 438,174 $ 681,717 $ 523,553 $ 596,338 Less capital expenditures 175,323 264,667 210,346 229,644 $ 262,851 $ 417,050 $ 313,207 $ 366,69429Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (1) We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Last Twelve Months Nine Months Ended Twelve Months Ended September 30, September 30, December 31, 2025 2025 2024 2024 2023 2022 2021 2020 2019 Adjusted Free Cash Flow (1): Net cash provided by operating activities $ 879,527 $ 563,693 $ 859,702 $ 1,175,536 $ 1,005,914 $ 566,188 $ 95,496 $ 278,858 $ 696,203 Less capital expenditures (590,866) (450,516) (538,036) (678,386) (615,690) (436,797) (166,320) (145,481) (347,512) Plus proceeds from disposal of assets, including insurance recoveries 44,302 33,155 14,685 25,832 26,473 26,074 23,339 20,929 45,761 Adjusted free cash flow $ 332,963 $ 146,332 $ 336,351 $ 522,982 $ 416,697 $ 155,465 $ (47,485) $ 154,306 $ 394,452 Adjusted EBITDA $ 921,887 $ 696,496 $ 956,255 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 174,468 $ 560,486 Adjusted Free Cash Flow Conversion (1) 36% 21% 35% 44% 35% 22% -26% 88% 70%30Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and net debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Net income (loss) $ (83,857) $ (966,399) $ (915,007) Income tax expense (benefit) (4,008) 9,453 7,526 Net interest expense 48,614 66,234 49,437 Depreciation, depletion, amortization and impairment 719,322 1,171,873 917,274 Legal accruals and settlements 15,415 (17,792) (17,792) Impairment of goodwill - 885,240 885,240 Merger and integration expense 1,010 33,037 29,577 Adjusted EBITDA $ 696,496 $ 1,181,646 $ 956,255 Last Twelve Months Adjusted EBITDA 921,887 September 30, 2025 Debt (excluding deferred financing costs and discounts) $ 1,227,400 Lease liabilities 67,618 Total Debt 1,295,018 Less cash 186,913 Net debt 2 $ 1,108,105 Ratio calculation: Debt-to-Adjusted EBITDA 1.40x Net Debt-to-Adjusted EBITDA 1.20x Adjusted EBITDA-to-Interest Coverage 14.09x5 Jan
8-KResults of Operations and Financial Condition23 Oct 2025
8-KDirector/Officer Changes & Compensatory Arrangements19 Sep 2025
8-KInvestor Presentation September 20252Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s web site at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Business Activity Update Drilling Services Segment ▪ Expect to have averaged 96 rigs in the United States through the first two months of the third quarter of 2025 ▪ Currently operating 93 rigs in the United States and expect relatively steady activity from current levels into the fourth quarter Completion Services Segment ▪ Expect steady activity and adjusted gross profit in the third quarter of 2025 compared to the second quarter of 2025 ▪ High utilization of our natural gas-powered assets, including our 100% natural gas-powered Emerald fleets and Tier IV dual fuel General Business Update ▪ Since the start of 2025, nearly all activity reductions have been in the Permian Basin, with relatively steady or higher activity in all other basins ▪ Natural gas directed activity has been steady since our July 2025 earnings update ▪ Still expect to see stronger adjusted free cash flow in the second half of 2025 compared to the first half of 2025 ▪ Used $22 million to repurchase 4 million shares so far in the third quarter of 20254Investor Presentation Patterson-UTI Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Overall Market ▪ We are planning for U.S. shale drilling activity to remain relatively steady from current levels into 2026, with continued bifurcation in activity and financial performance between our highest quality assets and the lower tier equipment Priorities are: ▪ Continuing to structurally reduce operating costs and maintenance capital expenditures while fully maintaining our highest quality active equipment ▪ Selectively investing in long-term strategic technology opportunities that have a return on capital that exceeds our cost of capital and have a positive net present value ▪ Improving relative performance to be best-in-class in drilling and completions ▪ Maximizing long-term adjusted free cash flow per share ▪ Returning at least 50% of adjusted free cash flow to shareholders, including through our dividend (currently $0.08 per share per quarter) and share repurchases Patterson-UTI Priorities5Investor Presentation Patterson-UTI Z Z Z Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Differentiated operating capability with premier Drilling and Completions franchise Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Focus on optimizing resources and maximizing margins Aim to use technology to streamline processes to deliver the most cost-effective solutions Predictable capital allocation strategy Capital expenditures can be scaled with activity; Expect to return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2028; Investment Grade credit rating at all 3 major rating agenciesWho We Are7Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Oilfield Logistics Cementing 2.9 Million Hydraulic Horsepower1 Other business includes Patterson Petroleum. 1Reflects deployed and idle equipment capacity during the second quarter of 2025. 2Drilling Products revenue from reported non-U.S. operations from close of Ulterra acquisition through June 30, 2025. 136 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Drilling TechnologyElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits High Efficiency Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S.2 Patterson-UTI | Company Overview An Integrated OFS Company Drilling Services Completion Services Drilling Products8Investor Presentation Patterson-UTI Market Leading Presence Among the Largest E&Ps Almost 60% of Patterson-UTI's revenue is generated from the 15 most active E&Ps 1Rig count is based on U.S. onshore activity as of 8/20/2025. Source: Enverus 2Based on LTM 6/30/2025 total company revenue 15 Most Active E&Ps 0% 20% 40% 60% 15 Most Active U.S. Operators Share of the US Rig Count1 15 Most Active U.S. Operators Share of PTEN Revenue2 Operator Alignment Strong Revenue Share from the most active E&Ps Patterson-UTI is strategically aligned with the most active E&Ps in the Lower 48, supporting free cash flow and returnsBusiness Overview10Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental which was divested in April 2025. Cash flow driven by drilling services and products and completions services Drilling Services Completion Services Drilling Products Other 2% 52% 12% 34% 1 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit as a % of Company Total Last Twelve Months Through 2Q2511Investor Presentation Patterson-UTI Drilling Services | Reliable Cash Generation Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Patterson-UTI Drilling Services Segment, ($, millions) Cash generation at our Drilling Services segment serves as a foundation for PTEN's Free Cash Flow 1Adjusted 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. For a reconciliation of Adjusted EBITDA less Capital Expenditures, please see the tables in the appendix. $3.6 $3.7 $3.7 124 112 106 2023 2024 LTM 2Q25 Patterson-UTI Average Active Rig Count Performance Drilling ▪ Cash generation per active U.S. rig has remained steady ▪ Capital Expenditures can be scaled to align with the opportunity set, with lower maintenance and upgrade capital expected in 2025 ▪ Drilling Services cash generation has remained relatively steady given high-quality assets and technology advantages Patterson-UTI’s Drilling Services segment is expected to deliver strong cash generation in 2025.12Investor Presentation Patterson-UTI Completion Services | Fuel Cost Advantage Drives Asset Differentiation Effective Total System Cost of Fueling Representative U.S. Land fleet scenario1 1Patterson-UTI Estimates. Annual cost of fueling assumes $2.75 per gallon of diesel fuel and $3.25 per mmbtu of natural gas, plus fuel logistics and handling costs, assumes 70% diesel displacement for Tier 4 Dual Fuel and 50% for Tier 2 Dual Fuel. 2Capital cost of power generation assumes 35 mW of power generation for an electric frac fleet with a capital cost of $1 million per mW with a 3.5-year payback Industry capital cost of power generation gives Tier 4 Dual Fuel a slight cost advantage over Electric Frac Market Bifurcation ▪ Tier 4 Dual-Fuel fleets are a leading technology to minimize costs, balancing fuel savings without additional power generation capital investment ▪ Electric fleets offer greater natural gas substitution potential but face higher capital costs due to additional power generation equipment ▪ Legacy Diesel fleets have higher operating costs, facing significant pressure from modern natural gas- enabled solutions $0 $10 $20 $30 $40 Conventional Diesel Tier 2 Dual-Fuel Tier 4 Dual-Fuel Electric Drive Natural Gas Direct-Drive A n n u a l C o s t o f F u e li n g ( m il li o n s ) Capital Cost of Power Generation2 Fuel Cost Savings Potential ~80% of Patterson-UTI’s active fleet is natural gas-enabled, including an industry leading position in Tier 4 Dual-Fuel. Significant fuel cost arbitrage provides platform for sustained demand for Patterson-UTI’s premium natural gas-fueled equipment13Investor Presentation Patterson-UTI Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition ▪ International Growth Potential: Drilling Products 3-year international revenue CAGR of >20% through 2024 0 100 200 300 400 500 600 700 800 900 $0 $15,000 $30,000 $45,000 $60,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs U.S. Industry Drilling Rig Count2 More than just drill bits: Downhole tools and new product innovation revenue more than doubled in 202414Investor Presentation Patterson-UTI 38% 44% 38% $- 2019-2023 2024 LTM 2Q25 Patterson-UTI Enterprise | Delivering Strong and Consistent FCF Generation Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving customer returns while also delivering strong adjusted FCF for investors ▪ Patterson-UTI has benefited from lower capital intensity, resulting in steady FCF generation ▪ Patterson-UTI has seen steady FCF metrics through technology improvements and relative market outperformance Wellsite Efficiency Delivered with Capital Efficiency Adjusted Free Cash Flow Conversion Patterson-UTI Enterprise The Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Adjusted FCF conversion is defined as adjusted FCF as a percent of adjusted EBITDA.Operational Excellence16Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions17Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Warrior Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site18Investor Presentation Patterson-UTI Integration Advantage: Completions Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions siteCapital Allocation Framework20Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2028 Repeatable Shareholder Return Program Expect to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors21Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $684 M Includes cash and revolver as of 6/30/2025 LOW LEVERAGE 1 X Net Debt as of 6/30/2025 to LTM adjusted EBITDA CASH BALANCE $186 M Cash Position as of 6/30/2025 INTEREST COVERAGE 15 X LTM adjusted EBITDA to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2028 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience22Investor Presentation Patterson-UTI Deliver a Repeatable Shareholder Return Program For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Patterson-UTI targets returning at least 50% of its adjusted Free Cash Flow to shareholders annually through the cycle ▪ For 2024 we exceeded our shareholder return target of 50% of our adjusted free cash flow – returned more than $417 million to shareholders ▪ PTEN will have paid a $0.08 per share quarterly dividend for twelve consecutive quarters including September 2025 dividend ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value23Investor Presentation Patterson-UTI Shareholder Returns as a % of Current Market Cap Last 12 Months through 6/30/2025. Includes Dividends and Share Repurchases Shareholder Returns as a % of Current Market Cap Includes Dividends and Share Repurchases 1Peer group includes OFS comps ACDC, BKR, HAL, LBRT, NBR, PDS, PUMP, and SLB. Peer data sourced from company SEC filings, Market Cap data sourced from Bloomberg as of 8/29/2025. Peer Leading Combination of Shareholder Returns with Net Debt Reduction 10% 9% 8% 8% 8% 3% 3% 0% 0% PTEN Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H % Change i Net Debt, C pital Leases, and Operating Leases Last 12 Months through 6/30/2025 -19% -18% -17% -11% -6% -1% 5% 12% 13% Peer C Peer E Peer F PTEN Peer H Peer B Peer A Peer G Peer D24Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration Of Hydrogen Blending On Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators26Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Last Twelve Months June 30, 2025 Revenues $ 1,646,613 $ 2,967,827 $ 349,677 $ 55,097 Less direct operating costs (998,758) (2,536,100) (192,605) (34,880) Less depreciation, amortization and impairment (484,065) (512,382) (96,712) (22,994) GAAP gross profit 163,790 (80,655) 60,360 (2,777) Depreciation, amortization and impairment 484,065 512,382 96,712 22,994 Adjusted gross profit1 $ 647,855 $ 431,727 $ 157,072 $ 20,217 (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.27Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Six Months Ended June 30, 2024 Last Twelve Months June 30, 2025 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 314,535 $ 681,717 $ 356,676 $ 639,576 Less capital expenditures 128,632 264,667 141,219 252,080 $ 185,903 $ 417,050 $ 215,457 $ 387,49628Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (1) We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Last Twelve Months Six Months Ended Twelve Months Ended June 30, June 30, December 31, 2025 2025 2024 2024 2023 2022 2021 2020 2019 Adjusted Free Cash Flow (1): Net cash provided by operating activities $ 960,013 $ 347,890 $ 563,413 $ 1,175,536 $ 1,005,914 $ 566,188 $ 95,496 $ 278,858 $ 696,203 Less capital expenditures $ (626,974) (306,037) (357,449) (678,386) (615,690) (436,797) (166,320) (145,481) (347,512) Plus proceeds from disposal of assets, including insurance recoveries $ 44,855 28,344 9,321 25,832 26,473 26,074 23,339 20,929 45,761 Adjusted free cash flow $ 377,894 $ 70,197 $ 215,285 $ 522,982 $ 416,697 $ 155,465 $ (47,485) $ 154,306 $ 394,452 Adjusted EBITDA $ 983,092 $ 482,427 $ 698,773 $ 1,199,438 $ 1,183,345 $ 693,772 $ 183,213 $ 174,468 $ 560,48629Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Six Months Ended June 30, 2024 Net income (loss) $ (47,407) $ (966,399) $ 63,327 Income tax expense (benefit) 2,584 9,453 37,782 Net interest expense 32,606 66,234 32,192 Depreciation, depletion, amortization and impairment 493,724 1,171,873 542,594 Impairment of goodwill - 885,240 - Merger and integration expense 920 33,037 22,878 Adjusted EBITDA $ 482,427 $ 1,199,438 $ 698,773 Last Twelve Months Adjusted EBITDA 983,092 June 30, 2025 Debt (excluding deferred financing costs and discounts) $ 1,293,874 Less cash 185,891 Net debt $ 1,107,983 Ratio calculation: Debt-to-Adjusted EBITDA 1.32x Net Debt-to-Adjusted EBITDA 1.13x2 Sep 2025
8-KDirector/Officer Changes & Compensatory Arrangements7 Aug 2025

Insider Ownership(572)

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Form 4Hendricks William Andrew JR21 Sep
Form 4Drummond Robert Wayne Jr3 Sep
Form 4Wexler Seth David3 Sep
Form 4Hendricks William Andrew JR3 Sep
Form 4STEWART JAMES CARL26 Aug
Form 4Robinson Forrest C10 Jun
Form 4Hendricks William Andrew JR9 Jun
Form 4Holcomb James Michael1 Jun
Form 4Wexler Seth David12 May
Form 4BERNS KENNETH N12 May
Form 4Hendricks William Andrew JR12 May
Form 4Holcomb James Michael12 May
Form 4Smith Charles Andrew12 May
Form 4Jaime Cesar7 May
Form 4Hendricks William Andrew JR7 May

Beneficial Ownership(128)

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SC 13G/APATTERSON UTI ENERGY INC1 May
SC 13GPATTERSON UTI ENERGY INC30 Apr
SC 13GPATTERSON UTI ENERGY INC29 Apr
SC 13GPATTERSON UTI ENERGY INC9 Apr
SC 13G/APATTERSON UTI ENERGY INC27 Mar
SC 13G/APATTERSON UTI ENERGY INC8 Aug 2025
SC 13G/APATTERSON UTI ENERGY INC2 May 2025
SC 13GPATTERSON UTI ENERGY INC2 May 2025
SC 13G/APATTERSON UTI ENERGY INC30 Apr 2025
SC 13G/APATTERSON UTI ENERGY INC8 Nov 2024
SC 13G/APATTERSON UTI ENERGY INC18 Oct 2024
SC 13G/APATTERSON UTI ENERGY INC14 Feb 2024
SC 13G/APATTERSON UTI ENERGY INC13 Feb 2024
SC 13G/APATTERSON UTI ENERGY INC9 Feb 2024
SC 13G/APATTERSON UTI ENERGY INC23 Jan 2024

Other Ownership(34)

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Form 144Hendricks William Andrew JR18 Sep
Form 144Hendricks William Andrew JR2 Sep
Form 144Drummond Robert Wayne Jr2 Sep
Form 144Drummond Robert Wayne Jr1 Sep
Form 144Wexler Seth David1 Sep
Form 144STEWART JAMES CARL25 Aug
Form 144Hendricks William Andrew JR5 Jun
Form 144Holcomb James Michael28 May
Form 144Jaime Cesar5 May
Form 144Hendricks William Andrew JR1 May
Form 144Drummond Robert Wayne Jr1 May
Form 144/ADrummond Robert Wayne Jr1 May
Form 144Drummond Robert Wayne Jr16 Mar
Form 144CEPAK TIFFANY THOM4 Mar
Form 144Drummond Robert Wayne Jr13 Feb

Proxies(66)

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ARSAnnual report to security holders13 Apr
DEFA14ADefinitive additional materials13 Apr
DEF 14ADefinitive proxy statement13 Apr
DEFA14ADefinitive additional materials10 Apr 2025
DEF 14ADefinitive proxy statement10 Apr 2025
ARSAnnual report to security holders10 Apr 2025
ARSAnnual report to security holders11 Apr 2024
DEF 14ADefinitive proxy statement11 Apr 2024
DEFA14ADefinitive additional materials11 Apr 2024
PRE 14APreliminary proxy statement1 Apr 2024
DEF 14ADefinitive proxy statement11 Apr 2023
ARSAnnual report to security holders11 Apr 2023
DEFA14ADefinitive additional materials11 Apr 2023
DEFA14ADefinitive additional materials11 Apr 2022
DEF 14ADefinitive proxy statement11 Apr 2022

Registrations(138)

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S-3ASRAutomatic shelf registration statement (S-3)26 Aug
S-8Registration statement (employee benefit plan)4 Aug
424B5Prospectus filing (Rule 424(b)(5))7 May
FWPFree writing prospectus5 May
424B2Prospectus filing (Rule 424(b)(2))5 May
S-8Registration statement (employee benefit plan)6 Jun 2024
S-8 POSPost-effective amendment (employee benefit plan)23 Feb 2024
S-8 POSPost-effective amendment (employee benefit plan)23 Feb 2024
S-8 POSPost-effective amendment (employee benefit plan)23 Feb 2024
424B5Prospectus filing (Rule 424(b)(5))13 Sep 2023
FWPFree writing prospectus11 Sep 2023
424B2Prospectus filing (Rule 424(b)(2))11 Sep 2023
424B7Prospectus filing (Rule 424(b)(7))5 Sep 2023
S-3ASRAutomatic shelf registration statement (S-3)5 Sep 2023
S-8Registration statement (employee benefit plan)1 Sep 2023

Filing Review Correspondence(17)

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CORRESPFiling review correspondence28 Jul 2023
CORRESPFiling review correspondence25 Aug 2021
CORRESPFiling review correspondence7 Aug 2018
CORRESPFiling review correspondence31 Jul 2018
CORRESPFiling review correspondence25 Jun 2018
CORRESPFiling review correspondence25 Apr 2018
CORRESPFiling review correspondence22 Mar 2017
CORRESPFiling review correspondence21 Mar 2017
CORRESPFiling review correspondence13 Mar 2017
CORRESPFiling review correspondence23 Feb 2017
CORRESPFiling review correspondence12 Feb 2016
CORRESPFiling review correspondence22 Dec 2015
CORRESPFiling review correspondence4 Nov 2015
CORRESPFiling review correspondence31 Aug 2015
UPLOADFiling review upload22 Aug 2013

SEC Orders And Notices(4)

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EFFECTNotice of effectiveness31 Jul 2023
EFFECTNotice of effectiveness30 Aug 2021
EFFECTNotice of effectiveness9 Aug 2018
EFFECTNotice of effectiveness22 Mar 2017

Exempt Offerings(3)

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D06b2 Nov 2018
DNotice of exempt offering of securities (Reg D)18 Jun 2012
DNotice of exempt offering of securities (Reg D)6 Oct 2010

Other(15)

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SDSD28 May
SDSD20 May 2025
SDSD30 May 2024
SDSD15 May 2023
SDSD28 May 2021
SDSD31 May 2019
10-K405FORM 10-K FOR FISCAL YEAR END DECEMBER 31, 20002 Mar 2001
10-K40510-K40529 Mar 2000
10-K40510-K40531 Mar 1998
DEFS14ADEFS14A2 Dec 1997
PRES14APRES14A19 Nov 1997
10-K40510-K40527 Mar 1997
10KSB40/A10KSB40/A27 Jan 1997
10-C10-C5 Aug 1996
SDSD

Financials(134)

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10-QQ3ended 30 Sept 20262 Nov
10-QQ2ended 30 Jun 20264 Aug
10-QQ1ended 31 Mar 202628 Apr
10-KFY 2025ended 31 Dec 202510 Feb
10-QQ3ended 30 Sept 202528 Oct 2025
10-QQ2ended 30 Jun 202529 Jul 2025
10-QQ1ended 31 Mar 202529 Apr 2025
10-KFY 2024ended 31 Dec 202411 Feb 2025
10-QQ2ended 30 Jun 202429 Jul 2024
10-QQ1ended 31 Mar 20246 May 2024
10-KFY 2023ended 31 Dec 202327 Feb 2024
10-QQ3ended 30 Sept 20239 Nov 2023
10-QQ2ended 30 Jun 20231 Aug 2023
10-K/AFY 2022ended 31 Dec 202217 Jul 2023
10-QQ1ended 31 Mar 20231 May 2023

Events(348)

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8-KResults of Operations and Financial Condition28 Oct
8-KInvestor Presentation September 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s website at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI 1Adjusted EBITDA is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. Business Update ▪ Q3 pricing and activity are tracking in line with expectations; limited fleet availability in Q4, absent potential for normal holiday seasonality ▪ Completion equipment appears likely to be highly utilized to start 2027 ▪ We are continuing our strategy to decommission Tier II diesel assets, with incremental investments favoring Emerald 100% natural gas equipment ▪ Lead times for new direct-drive equipment have extended to 12+ months ▪ Completed asset sale of idle components for 10 rigs from the US for use in Venezuela ▪ Expect 2026 adjusted free cash flow to more than fund our annual dividend ▪ 2026 Capital Expenditures, net of asset sales, expected to be approximately $600 million ▪ Averaged 100 rigs in the United States through the first two months of the third quarter of 2026 ▪ Expect to exit Q3 with 104 active rigs; additional rig reactivations expected beyond Q3 exit ▪ Public E&Ps are driving demand for upgraded rigs with higher structural capacity to drill deeper wells and longer laterals ▪ Continued positive momentum on leading edge dayrates, with favorable commercial terms on rigs with structural upgrades ▪ Strong tailwinds in the United States (70% of segment revenue) on rising industry demand and growing revenue per industry rig ▪ International markets have been resilient through ongoing geopolitical unrest in several of our key regions ▪ Downhole tools have continued to grow as a share of Drilling Products revenue, driven by our Mitigator shock absorber, which protects the BHA and reduces bit damage and NPT Drilling Services Segment Completion Services Segment Drilling Products Segment General Business4Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors 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 technologies and efficiencies to deliver differentiated operating results Disciplined capital allocation strategy Returns driven capital expenditures can be scaled to meet customer demand trends; committed to annually return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2029; Investment Grade credit rating at all 3 major rating agenciesWho We Are6Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 1Reflects deployed and idle equipment capacity during the second quarter of 2026. 137 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S. Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products7Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Adjusted Gross Profit is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. 2Adjusted Gross Profit for Drilling Services excludes a non-cash write-down of $20 million associated with the decision to exit our Contract Drilling operations in Colombia. 3Other business includes Patterson Petroleum. Cash flow driven by drilling services and products and completion services Drilling Services Completion Services Drilling Products Other 1% 47% 12% 39% 3 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit1 as a % of Company Total Last Twelve Months Through 2Q26 2Business Overview9Investor Presentation Patterson-UTI Cash Conversion1 for Drilling Services Segment Patterson-UTI Drilling Services Segment 1Cash Conversion for our Drilling Services segment is defined as (Drilling Services Adjusted EBITDA less Drilling Services Capital Expenditures) as a percentage of Drilling Services Adjusted EBITDA. Cash Conversion and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 57% 61% 58% 57% 2023 2024 2025 LTM 2Q26 Performance Drilling ▪ Drilling Services Cash Conversion1 has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set ▪ Drilling Services cash generation has remained resilient given high-quality assets and technology advantages Patterson-UTI’s Drilling Services investments in 2026 position the business to continue generating strong cash conversion through the cycle Drilling Services | Reliable Cash Conversion10Investor Presentation Patterson-UTI Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2027 ▪ Natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower Completion Services | Operating One of the Highest Quality Fleets in the Industry 1Includes equipment orders in progress and pending final delivery. 2Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry2 Expected YE2026 111Investor Presentation Patterson-UTI Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product design, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2023 2024 2025 LTM 2Q26 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry Drilling Products | Outpacing Industry Activity12Investor Presentation Patterson-UTI 40% 36% 37% $- 2019-2024 2025 LTM 2Q26 Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF2 returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle Wellsite Efficiency Delivered with Capital Efficiency Unlevered Cash Conversion1 Patterson-UTI Consolidated 1The Company defines Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of adjusted EBITDA. Unlevered Free Cash Flow and Unlevered Cash Conversion are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metric. 2For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Patterson-UTI Enterprise | Delivering Strong and Consistent Cash ConversionOperational Excellence14Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions15Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Tier-1 rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions for operational and cost synergies Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site16Investor Presentation Patterson-UTI Integration Advantage: Completion Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operational efficiency Power Generation Powering 250k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Digital Completions Platform Operations optimization in real-timeCapital Allocation Framework18Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2029 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors19Investor Presentation Patterson-UTI Dividend Yield Based on Annualized Dividend1 1Data sourced from Bloomberg as of 09/04/2026, includes a select group of dividend-paying stocks in the oilfield services sector. Competitive Dividend Yield in the OFS Sector 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 FTI20Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $701 M Includes cash and revolver as of 6/30/2026 LOW LEVERAGE ~1 X Net Debt1 as of 6/30/2026 to LTM Adjusted EBITDA1 CASH BALANCE $203 M Cash Position as of 6/30/2026 INTEREST COVERAGE 14 X LTM Adjusted EBITDA1 to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2029 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Financially Positioned for Through-Cycle Resilience 1Net Debt and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. Investment Grade Capital Structure21Investor Presentation Patterson-UTI Patterson-UTI Delivers a Repeatable Shareholder Return Program 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024, we have returned more than 85% of our adjusted FCF1 to investors through dividends and share repurchases ▪ We commit to return at least 50% of our adjusted FCF to shareholders annually through the cycle ▪ We raised our dividend 25% to $0.10 per share per quarter during the first quarter of 2026 ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value22Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration of Hydrogen Blending on Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® with Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump24Investor Presentation Patterson-UTI (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance. (2) Colombia contract drilling exit costs represent inventory and other asset write-downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (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) (200,973) (11,946) Less depreciation, amortization and impairment (338,578) (448,309) (82,165) (6,260) GAAP gross profit 175,304 (5,223) 57,646 6,817 Depreciation, amortization and impairment 338,578 448,309 82,165 6,260 Adjusted gross profit1 513,882 443,086 139,811 13,077 Colombia contract drilling exit costs 20,011 - - - Adjusted gross profit excluding Colombia contract drilling exit costs2 $ 533,893 $ 443,086 $ 139,811 $ 13,077 % of Company Total 47% 39% 12% 1% Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit25Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Cash Conversion, Drilling Services (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 income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Cash Conversion for our Drilling Services segment as Drilling Services Adjusted EBITDA less Drilling Services capital expenditures, expressed as a percentage of Drilling Services Adjusted EBITDA. We present Cash Conversion as a supplemental measure because we believe it is a meaningful indicator of the segment’s ability to convert earnings into cash after reinvesting in the business. This measure is useful to investors and management in evaluating the efficiency of capital deployment and the segment’s capacity to generate cash flow that may be available for financing activities or other corporate purposes. Our calculation of Cash Conversion may not be comparable to similarly titled measures used by other companies. Cash Conversion is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Six Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 256,485 $ 512,749 $ 309,950 $ 566,214 $ 681,717 $ 786,314 Less capital expenditures (114,569) (222,454) (128,632) (236,517) (264,667) (334,780) $ 141,916 $ 290,295 $ 181,318 $ 329,697 $ 417,050 $ 451,534 Cash Conversion2 55% 57% 58% 58% 61% 57%26Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (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 income (loss) plus income tax expense (benefit), net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) Colombia contract drilling exit costs represent inventory and other asset write-downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded from Adjusted EBITDA as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (3) Noncontrolling investment write-down represents an impairment charge of certain minority equity investments. The charge was excluded from Adjusted EBITDA as it represents a non-operating item. (4) Legal accruals and settlements represent net expenses (income) arising from certain significant legal matters, including settlement activity and reserve adjustments related to prior-year claims. Unlike routine legal costs incurred in the ordinary course of business, these infrequent items are excluded from Adjusted EBITDA because management does not consider them representative of our current period operating performance. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 2024 2023 2022 2021 2020 2019 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Net income (loss) $ (89,398) $ (43,751) $ (93,054) $ (47,407) $ (966,399) $ 245,952 $ 154,658 $ (657,079) $ (803,692) $ (425,703) Income tax expense (benefit) (24,764) (12,243) (9,937) 2,584 9,453 61,152 13,204 (62,702) (127,326) (104,675) Net interest expense 63,469 32,216 63,859 32,606 66,234 46,748 39,896 41,756 39,516 69,191 Depreciation, depletion, amortization and impairment 882,715 436,175 940,264 493,724 1,171,873 731,416 483,945 849,178 670,910 1,003,873 Colombia contract drilling exit costs2 20,011 20,011 - - - - - - - - Noncontrolling investment write-down3 4,520 4,520 - - - - - - - - Legal accruals and settlements4 20,000 - 15,415 (4,585) (17,792) - - - (4,185) - Impairment of goodwill - - - - 885,240 - - - 395,060 17,800 Merger and integration expense 96 - 1,016 920 33,037 98,077 2,069 12,060 - - Adjusted EBITDA $ 876,649 $ 436,928 $ 917,563 $ 477,842 $1,181,646 $1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,48627Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Unlevered Cash Conversion (1) We define Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of Adjusted EBITDA. We present Unlevered Cash Conversion as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of Unlevered Free Cash Flow may not be the same as similarly titled measures of other companies. Adjusted Unlevered Free Cash Flow is not intended to represent our residual cash flow available for discretionary expenditures. Unlevered Free Cash Flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended June 30, 2026 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 2019-2024 2024 2023 2022 2021 2020 2019 Adjusted EBITDA $ 876,649 $ 436,928 $ 917,563 $ 477,842 $ 3,972,745 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,486 Less capital expenditures $ (555,544) $ (272,552) $ (589,029) $ (306,037) $ (2,390,186) $ (678,386) $ (615,690) $ (436,797) $ (166,320) $ (145,481) $ (347,512) $ 321,105 $ 164,376 $ 328,534 $ 171,805 $ 1,582,559 $ 503,260 $ 567,655 $ 256,975 $ 16,893 $ 24,802 $ 212,974 Unlevered Cash Conversion (1) 37% 38% 36% 36% 40% 43% 48% 37% 9% 15% 38%28Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense, exit costs, noncontrolling investment write-down, legal accruals and settlements, impairment of goodwill and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) Colombia contract drilling exit costs represent inventory and other asset write- downs recorded in direct operating expenses within the consolidated statements of operations. These costs were excluded from Adjusted EBITDA as they relate to our decision to exit our Colombia contract drilling operations and are not considered representative of ongoing operating performance. (3) Noncontrolling investment write-down represents an impairment charge of certain minority equity investments. The charge was excluded from Adjusted EBITDA as it represents a non-operating item. (4) Legal accruals and settlements represent net expenses (income) arising from certain significant legal matters, including settlement activity and reserve adjustments related to prior-year claims. Unlike routine legal costs incurred in the ordinary course of business, these infrequent items are excluded from Adjusted EBITDA because management does not consider them representative of our current period operating performance. (5) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP financial measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and Net Debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025 Six Months Ended June 30, 2025 Net income (loss) $ (43,751) $ (93,054) $ (47,407) Income tax expense (benefit) (12,243) (9,937) 2,584 Net interest expense 32,216 63,859 32,606 Depreciation, depletion, amortization and impairment 436,175 940,264 493,724 Colombia contract drilling exit costs2 20,011 - - Noncontrolling investment write-down3 4,520 - - Legal accruals and settlements4 - 15,415 (4,585) Merger and integration expense - 1,016 920 Adjusted EBITDA $ 436,928 $ 917,563 $ 477,842 Last Twelve Months Adjusted EBITDA $ 876,649 Last Twelve Months Net Interest Expense $ 63,469 June 30, 2026 Debt (excluding deferred financing costs and discounts) $ 1,244,895 Lease liabilities 51,408 Total Debt 1,296,303 Less cash (203,169) Net Debt5 $ 1,093,134 Ratio calculation: Debt-to-Adjusted EBITDA 1.42x Net Debt-to-Adjusted EBITDA 1.25x Adjusted EBITDA-to-Interest Coverage 13.81x8 Sep
8-KResults of Operations and Financial Condition29 Jul
8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers4 Jun
8-KInvestor Presentation May 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s website at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z 1Adjusted EBITDA is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. Z US Shale Activity Inflection Underway Drilling Services Segment ▪ Expect to exit Q2 with 95 active rigs; multiple additional rig reactivations expected in early Q3 and expect to exit 2026 with 100+ active rigs in the United States ▪ In discussion with both public and private customers for additional rigs in the second half of 2026 ▪ Leading edge dayrates on contract renewals have increased mid-single digit percentage from early 2026, with favorable commercial terms on rigs with structural upgrades ▪ Expect to incur a total of $5-10 million of costs in Q2 related to reactivations and mobilizations in Q2 and additional rig reactivations planned in early Q3 Completion Services Segment ▪ Pricing tailwinds are having a stronger positive impact on Q2 results than anticipated in our original Q2 guidance, with further pricing improvements expected in Q3 ▪ High utilization of all active equipment expected in Q3. While Q4 seasonality is difficult to predict, the additional industry drilling activity we are seeing starting in Q2 suggests completion demand is likely to increase later this year and into 2027 ▪ We are continuing our strategy to decommission Tier II diesel assets through the end of 2026, with incremental investments favoring Emerald 100% natural gas equipment additions given favorable operational performance and returns profile of new technology vs extending the life of legacy diesel assets General Business Update ▪ We expect consolidated adjusted EBITDA1 for the second quarter of 2026 to be approximately $220 million ▪ 2026 Capital Expenditures, net of asset sales, now expected to be ~$600 million; our incremental capital investments should position us to capture strong demand and attractive long-term returns, including additional drilling rig structural upgrades supported by increasing term contract coverage, expansion of Emerald 100% natural gas completions equipment, and continued digital investments ▪ Incremental growth capital investments will be made with cash on hand, with the investments expected to mostly benefit financial results in 2027 and beyond4Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Investing to drive market outperformance in our core businesses Focused on advancing technologies and efficiencies to drive improving returns in our core markets Predictable capital allocation strategy Capital expenditures can be scaled with activity; committed to annually return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2029; Investment Grade credit rating at all 3 major rating agenciesWho We Are6Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 1Reflects deployed and idle equipment capacity during the first quarter of 2026. 137 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S. Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products7Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Adjusted Gross Profit is a non-GAAP financial measure. Please see the Appendix for reconciliation to the nearest GAAP metric. 2Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental, which was divested in April 2025. Cash flow driven by drilling services and products and completion services Drilling Services Completion Services Drilling Products Other <1% 49% 13% 38% 2 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit1 as a % of Company Total Last Twelve Months Through 1Q26Business Overview9Investor Presentation Patterson-UTI Cash Conversion1 for Drilling Services Segment Patterson-UTI Drilling Services Segment 1Cash Conversion for our Drilling Services segment is defined as (Drilling Services Adjusted EBITDA less Drilling Services Capital Expenditures) as a percentage of Drilling Services Adjusted EBITDA. Cash Conversion and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 57% 61% 58% 59% 2023 2024 2025 LTM 1Q26 Performance Drilling ▪ Drilling Services Cash Conversion1 has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set ▪ Drilling Services cash generation has remained resilient given high-quality assets and technology advantages Patterson-UTI’s Drilling Services investments in 2026 should position the business to continue generating strong cash conversion through the cycle Drilling Services | Reliable Cash Conversion10Investor Presentation Patterson-UTI Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2026 ▪ 100% natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower Completion Services | Operating One of the Highest Quality Fleets in the Industry 1Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry1 Expected YE202611Investor Presentation Patterson-UTI Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 2023 2024 2025 LTM 1Q26 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry Drilling Products | Outpacing Industry Activity12Investor Presentation Patterson-UTI 40% 36% 38% $- 2019-2024 2025 LTM 1Q26 Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF2 returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle ▪ Activity expected to ramp starting in the second quarter of 2026 Wellsite Efficiency Delivered with Capital Efficiency Unlevered Cash Conversion1 Patterson-UTI Consolidated 1The Company defines Unlevered Free Cash Flow as adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of adjusted EBITDA. Unlevered Free Cash Flow and Unlevered Cash Conversion are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metric. 2For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Patterson-UTI Enterprise | Delivering Strong and Consistent Cash ConversionOperational Excellence14Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions15Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site16Investor Presentation Patterson-UTI Integration Advantage: Completion Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Completions Platform Operations optimization in real-timeCapital Allocation Framework18Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 20292 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors 2The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026.19Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $834 M Includes cash and revolver as of 3/31/2026 LOW LEVERAGE ~1 X Net Debt1 as of 3/31/2026 to LTM Adjusted EBITDA1 CASH BALANCE $337 M Cash Position as of 3/31/2026 INTEREST COVERAGE 14 X LTM Adjusted EBITDA1 to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2 2029 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Financially Positioned for Through-Cycle Resilience 1Net Debt and Adjusted EBITDA are non-GAAP financial measures. Please see the Appendix for reconciliation to the nearest GAAP metrics. 2The Company expects to redeem all of its 3.95% Senior Notes due 2028 on or about June 4, 2026. Investment Grade Capital Structure20Investor Presentation Patterson-UTI Patterson-UTI Delivers a Repeatable Shareholder Return Program 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024, we have returned more than 70% of our adjusted FCF1 to investors through dividends and share repurchases ▪ We commit to return at least 50% of our adjusted FCF to shareholders annually through the cycle ▪ We raised our dividend 25% to $0.10 per share per quarter during the first quarter of 2026 ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value21Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration of Hydrogen Blending on Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump23Investor Presentation Patterson-UTI (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance. Adjusted gross profit is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Twelve Months Ended March 31, 2026 Revenues $ 1,496,499 $ 2,805,754 $ 337,841 $ 23,324 Less direct operating costs (947,466) (2,385,344) (196,114) (15,319) Less depreciation, amortization and impairment (365,735) (459,245) (85,271) (8,159) GAAP gross profit 183,298 (38,835) 56,456 (154) Depreciation, amortization and impairment 365,735 459,245 85,271 8,159 Adjusted gross profit1 $ 549,033 $ 420,410 $ 141,727 $ 8,005 % of Company Total 49.0% 37.6% 12.7% 0.7% Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit24Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Cash Conversion, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Cash Conversion for our Drilling Services segment as Drilling Services Adjusted EBITDA less Drilling Services capital expenditures, expressed as a percentage of Drilling Services Adjusted EBITDA. We present Cash Conversion as a supplemental measure because we believe it is a meaningful indicator of the segment’s ability to convert earnings into cash after reinvesting in the business. This measure is useful to investors and management in evaluating the efficiency of capital deployment and the segment’s capacity to generate cash flow that may be available for financing activities or other corporate purposes. Our calculation of Cash Conversion may not be comparable to similarly titled measures used by other companies. Cash Conversion is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. (dollars in thousands) Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2026 Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 128,247 $ 566,214 $ 161,286 $ 533,175 $ 681,717 $ 786,314 Less capital expenditures (54,421) (236,517) (73,458) (217,480) (264,667) (334,780) $ 73,826 $ 329,697 $ 87,828 $ 315,695 $ 417,050 $ 451,534 Cash Conversion2 58% 58% 54% 59% 61% 57%25Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended March 31, 2026 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 2024 2023 2022 2021 2020 2019 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Net income (loss) $ (118,820) $ (24,476) $ (93,054) $ 1,290 $ (966,399) $ 245,952 $ 154,658 $ (657,079) $ (803,692) $ (425,703) Income tax expense (benefit) (14,923) (3,596) (9,937) 1,390 9,453 61,152 13,204 (62,702) (127,326) (104,675) Net interest expense 62,346 14,720 63,859 16,233 66,234 46,748 39,896 41,756 39,516 69,191 Depreciation, depletion, amortization and impairment 926,792 218,394 940,264 231,866 1,171,873 731,416 483,945 849,178 670,910 1,003,873 Legal accruals and settlements 15,415 - 15,415 - (17,792) - - - (4,185) - Impairment of goodwill - - - - 885,240 - - - 395,060 17,800 Merger and integration expense 584 - 1,016 432 33,037 98,077 2,069 12,060 - - Adjusted EBITDA $ 871,394 $ 205,042 $ 917,563 $ 251,211 $1,181,646 $1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,48626Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Unlevered Cash Conversion (1) We define Unlevered Free Cash Flow as Adjusted EBITDA less capital expenditures. Unlevered Cash Conversion is defined as Unlevered Free Cash Flow as a percent of Adjusted EBITDA. We present Unlevered Cash Conversion as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of Unlevered Free Cash Flow may not be the same as similarly titled measures of other companies. Unlevered Free Cash Flow is not intended to represent our residual cash flow available for discretionary expenditures. Unlevered Free Cash Flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Twelve Months Ended December 31, Twelve Months Ended March 31, 2026 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 2019-2024 2024 2023 2022 2021 2020 2019 Adjusted EBITDA $ 871,394 $ 205,042 $ 917,563 $ 251,211 $ 3,972,745 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 170,283 $ 560,486 Less capital expenditures $ (543,826) $ (116,628) $ (589,029) $ (161,831) $ (2,390,186) $ (678,386) $ (615,690) $ (436,797) $ (166,320) $ (145,481) $ (347,512) $ 327,568 $ 88,414 $ 328,534 $ 89,380 $ 1,582,559 $ 503,260 $ 567,655 $ 256,975 $ 16,893 $ 24,802 $ 212,974 Unlevered Cash Conversion (1) 38% 43% 36% 36% 40% 43% 48% 37% 9% 15% 38%27Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP financial measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and Net Debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Three Months Ended March 31, 2026 Twelve Months Ended December 31, 2025 Three Months Ended March 31, 2025 Net income (loss) $ (24,476) $ (93,054) $ 1,290 Income tax expense (benefit) (3,596) (9,937) 1,390 Net interest expense 14,720 63,859 16,233 Depreciation, depletion, amortization and impairment 218,394 940,264 231,866 Legal accruals and settlements - 15,415 - Merger and integration expense - 1,016 432 Adjusted EBITDA $ 205,042 $ 917,563 $ 251,211 Last Twelve Months Adjusted EBITDA $ 871,394 March 31, 2026 Debt (excluding deferred financing costs and discounts) $ 1,227,400 Lease liabilities 47,514 Total Debt 1,274,914 Less cash 337,244 Net Debt2 $ 937,670 Ratio calculation: Debt-to-Adjusted EBITDA 1.46x Net Debt-to-Adjusted EBITDA 1.08x Adjusted EBITDA-to-Interest Coverage 13.98x26 May
8-KEntry into a Material Definitive Agreement19 May
8-KOther Events6 May
8-KEntry into a Material Definitive Agreement28 Apr
8-KResults of Operations and Financial Condition22 Apr
8-KResults of Operations and Financial Condition4 Feb
8-KInvestor Presentation January 20262Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s web site at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Business Activity Update Drilling Services Segment ▪ Averaged 93 active rigs in the United States during the fourth quarter of 2025 ▪ Cost controls in the fourth quarter of 2025 exceeded expectations Completion Services Segment ▪ Saw less than expected seasonal white space during the fourth quarter of 2025 ▪ Roughly 2 million HHP expected to be deployed during the first quarter of 2026, with minimal spare capacity after factoring in normal fleet maintenance cycles; natural gas-powered assets, including our EmeraldTM 100% natural gas-powered and dual fuel assets, remain fully utilized ▪ Expect Tier II decommissioning to continue during 2026, resulting in additional reduction to our fleet size compared to current levels General Business Update ▪ Expect 2026 Capital Expenditures, net of asset sales, to be less than $500 million ▪ Expect adjusted FCF during the fourth quarter of 2025 to have been the strongest quarter of 2025, expect to see another year of strong adjusted FCF in 2026 ▪ We remain committed to annually returning at least 50% of adjusted FCF to shareholders4Investor Presentation Patterson-UTI Patterson-UTI Priorities Financial Objectives ▪ Maximize adjusted FCF per share over the long-term ▪ Responsibly invest in technologies within our core businesses to drive differentiated performance across our markets ▪ Responsibly return capital to shareholders through dividends and share repurchases ▪ Manage for long-term financial flexibility and balance sheet strength Commercial Strategy Patterson-UTI’s strategy aligns us with the most active E&Ps in the Lower 48, supporting adjusted free cash flow and returns 1Rig count is based on U.S. onshore activity as of 12/18/2025. Source: Enverus 2Based on YTD 9/30/2025 total company revenue 0% 20% 40% 60% 20 Most Active U.S. Operators Share of the US Rig Count1 20 Most Active U.S. Operators Share of PTEN Revenue25Investor Presentation Patterson-UTI Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Delivering best-in-class Drilling and Completions services and products Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Investing to drive market outperformance in our core businesses Focused on advancing technologies and efficiencies to drive improving returns in our core markets Predictable capital allocation strategy Capital expenditures can be scaled with activity; remain committed to return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2028; Investment Grade credit rating at all 3 major rating agenciesWho We Are7Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Cementing eosTM Completions Platform 2.7 Million Hydraulic Horsepower1 Other business includes Patterson Petroleum. 1Reflects deployed and idle equipment capacity during the fourth quarter of 2025. 2Drilling Products revenue from reported non-U.S. operations from close of Ulterra acquisition through September 30, 2025. 136 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Battery Storage SystemsElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits Geothermal Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S.2 Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling Services Completion Services Drilling Products8Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental which was divested in April 2025. Cash flow driven by drilling services and products and completions services Drilling Services Completion Services Drilling Products Other 1% 51% 13% 35% 1 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit as a % of Company Total Last Twelve Months Through 3Q25Business Overview10Investor Presentation Patterson-UTI Drilling Services | Reliable Cash Generation Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Patterson-UTI Drilling Services Segment, ($, millions) Cash generation at our Drilling Services segment remains strong even as commodity prices have weakened 1Adjusted 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements, and merger and integration expense. For a reconciliation of Adjusted EBITDA less Capital Expenditures, please see the tables in the appendix. $3.6 $3.7 $3.6 2023 2024 LTM 3Q25 Performance Drilling ▪ Cash generation per active U.S. rig has remained relatively steady ▪ Capital Expenditures can be scaled to align with the opportunity set, with lower capital expenditures expected in 2026 ▪ Drilling Services cash generation has remained relatively steady given high-quality assets and technology advantages Patterson-UTI’s Drilling Services segment is expected to deliver strong cash generation again in 202611Investor Presentation Patterson-UTI Completion Services | Operating One of the Highest Quality Fleets in the Industry Invested in technology that will drive future completion demand Responsibly High-Grading ▪ Fleet high grading has been responsibly paced, and we expect fleet quality to improve again in 2026 even on lower capital expenditures ▪ 100% natural gas-powered fleets are increasingly favored by customers as momentum shifts towards new technologies ▪ Industry total horsepower is expected to see the impact of attrition of diesel and some older Tier II dual fuel assets, and we expect to continue to retire lower return assets High-Grading Our Fleet Patterson-UTI Fleet in Horsepower 1Patterson-UTI estimates for U.S. Land. 0% 25% 50% 75% 100% YE2023 YE2024 YE2025 Expected YE2026 Overall Industry 100% Natural Gas-Powered Dual Fuel Diesel Overal Industry1 Expected YE202612Investor Presentation Patterson-UTI Completion Services | Industry HHP Demand Remains Resilient Fleet Count vs. Active HHP U.S. Land Fleets1 Active HHP deployed has remained relatively steady despite reduction in fleet count HHP Demand has Remained Steady Average fleet size has grown with Simulfrac now almost 30% of active fleets 0 50 100 150 200 250 300 0 4,000,000 8,000,000 12,000,000 16,000,000 20,000,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Active HHP Active Fleets 1Patterson-UTI estimates 10% 17% 28% 2023 2024 2025 Percentage of Simulfrac Fleets Overall, U.S. Land Fleets13Investor Presentation Patterson-UTI Completion Services | Pump Hours per Day Efficiency Nearing Structural Limits Pump Hours per Day per Fleet Average U.S. Land Fleet1 With the average fleet now working 22 hours per day, incremental efficiency per fleet is limited 0 6 12 18 24 2022 2023 2024 2025e 1Patterson-UTI Estimates for on-pad efficiency Efficiency gains slow as the industry approaches limits ▪ Industry pump hours per day have risen through innovations in equipment health monitoring and higher horsepower demand on location ▪ Continuous pumping can help reach structural limits but requires significantly more horsepower on location relative to a more normal operation ▪ We expect our digital and technology investments to drive new revenue opportunities and cost improvements as we further differentiate our operations14Investor Presentation Patterson-UTI Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition, with revenue per industry rig up 40% since the beginning of 2023 $0 $15,000 $30,000 $45,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs More than just drill bits Downhole tools and new product innovation revenue continues to outpace the industry15Investor Presentation Patterson-UTI 38% 44% 36% $- 2019-2023 2024 LTM 3Q25 Patterson-UTI Enterprise | Delivering Strong and Consistent adjusted FCF Generation Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving drilling and completion efficiency through technology investments, driving better adjusted FCF returns for our investors and a better process for our customers ▪ Patterson-UTI has successfully managed our capital to focus on sustained adjusted FCF at all points in the cycle Wellsite Efficiency Delivered with Capital Efficiency Adjusted Free Cash Flow Conversion Patterson-UTI Enterprise The Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Adjusted FCF conversion is defined as adjusted FCF as a percent of adjusted EBITDA.Operational Excellence17Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions18Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Patterson-UTI Drilling Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site19Investor Presentation Patterson-UTI Integration Advantage: Completions Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions site eosTM Completions Platform Operations optimization in real-timeCapital Allocation Framework21Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest in core markets to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2028 Repeatable Shareholder Return Program Commit to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors22Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $682 M Includes cash and revolver as of 9/30/2025 LOW LEVERAGE ~1 X Net Debt as of 9/30/2025 to LTM adjusted EBITDA CASH BALANCE $187 M Cash Position as of 9/30/2025 INTEREST COVERAGE 14 X LTM adjusted EBITDA to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2028 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience23Investor Presentation Patterson-UTI Deliver a Repeatable Shareholder Return Program For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Since the beginning of 2024 through 3Q25, we have returned more than 85% of our adjusted FCF to investors through dividends and share repurchases ▪ Patterson-UTI commits to return at least 50% of its adjusted FCF to shareholders annually through the cycle ▪ PTEN has paid a $0.08 per share quarterly dividend for thirteen consecutive quarters including December 2025 dividend ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value24Investor Presentation Patterson-UTI Shareholder Returns as a % of Current Market Cap Last 12 Months through 9/30/2025. Includes Dividends and Share Repurchases Shareholder Returns as a % of Current Market Cap Includes Dividends and Share Repurchases 1Peer group includes OFS comps ACDC, BKR, HAL, LBRT, NBR, PDS, PUMP, and SLB. Peer data sourced from company SEC filings, Market Cap data sourced from Bloomberg as of 12/30/2025. Peer Leading Combination of Shareholder Returns with Net Debt Reduction 9% 8% 7% 6% 4% 3% 0% 0% 0% PTEN Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H % Change i Net Debt, C pital Leases, and Operating Leases Last 12 Months through 9/30/2025 -18% -17% -10% -8% 0% 0% 8% 9% 37% Peer G Peer C Peer H PTEN Peer E Peer B Peer F Peer A Peer D25Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration Of Hydrogen Blending On Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators 2025 Deployed EmeraldTM 100% Natural Gas Direct Drive Frac Pump27Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Last Twelve Months September 30, 2025 Revenues $ 1,605,250 $ 2,841,535 $ 346,455 $ 44,706 Less direct operating costs (994,288) (2,426,409) (195,726) (27,846) Less depreciation, amortization and impairment (366,893) (488,510) (95,114) (15,587) GAAP gross profit 244,069 (73,384) 55,615 1,273 Depreciation, amortization and impairment 366,893 488,510 95,114 15,587 Adjusted gross profit1 $ 610,962 $ 415,126 $ 150,729 $ 16,860 (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.28Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Last Twelve Months September 30, 2025 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 438,174 $ 681,717 $ 523,553 $ 596,338 Less capital expenditures 175,323 264,667 210,346 229,644 $ 262,851 $ 417,050 $ 313,207 $ 366,69429Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (1) We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Last Twelve Months Nine Months Ended Twelve Months Ended September 30, September 30, December 31, 2025 2025 2024 2024 2023 2022 2021 2020 2019 Adjusted Free Cash Flow (1): Net cash provided by operating activities $ 879,527 $ 563,693 $ 859,702 $ 1,175,536 $ 1,005,914 $ 566,188 $ 95,496 $ 278,858 $ 696,203 Less capital expenditures (590,866) (450,516) (538,036) (678,386) (615,690) (436,797) (166,320) (145,481) (347,512) Plus proceeds from disposal of assets, including insurance recoveries 44,302 33,155 14,685 25,832 26,473 26,074 23,339 20,929 45,761 Adjusted free cash flow $ 332,963 $ 146,332 $ 336,351 $ 522,982 $ 416,697 $ 155,465 $ (47,485) $ 154,306 $ 394,452 Adjusted EBITDA $ 921,887 $ 696,496 $ 956,255 $ 1,181,646 $ 1,183,345 $ 693,772 $ 183,213 $ 174,468 $ 560,486 Adjusted Free Cash Flow Conversion (1) 36% 21% 35% 44% 35% 22% -26% 88% 70%30Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill), legal accruals and settlements and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (2) We define Net Debt as total debt, which excludes deferred financing costs and discounts and includes operating and finance lease liabilities, less cash and cash equivalents. This non-GAAP measure has inherent limitations and should not be considered in isolation or as a substitute for amounts reported in accordance with GAAP. We present both total debt and net debt because we believe these measures provide management and investors with additional useful information to assess our liquidity position. Our method of calculating Net Debt may differ from similarly titled measures used by other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Nine Months Ended September 30, 2025 Twelve Months Ended December 31, 2024 Nine Months Ended September 30, 2024 Net income (loss) $ (83,857) $ (966,399) $ (915,007) Income tax expense (benefit) (4,008) 9,453 7,526 Net interest expense 48,614 66,234 49,437 Depreciation, depletion, amortization and impairment 719,322 1,171,873 917,274 Legal accruals and settlements 15,415 (17,792) (17,792) Impairment of goodwill - 885,240 885,240 Merger and integration expense 1,010 33,037 29,577 Adjusted EBITDA $ 696,496 $ 1,181,646 $ 956,255 Last Twelve Months Adjusted EBITDA 921,887 September 30, 2025 Debt (excluding deferred financing costs and discounts) $ 1,227,400 Lease liabilities 67,618 Total Debt 1,295,018 Less cash 186,913 Net debt 2 $ 1,108,105 Ratio calculation: Debt-to-Adjusted EBITDA 1.40x Net Debt-to-Adjusted EBITDA 1.20x Adjusted EBITDA-to-Interest Coverage 14.09x5 Jan
8-KResults of Operations and Financial Condition23 Oct 2025
8-KDirector/Officer Changes & Compensatory Arrangements19 Sep 2025
8-KInvestor Presentation September 20252Investor Presentation Patterson-UTI 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 intentions, beliefs, expectations or predictions for the future are forward-looking statements and are inherently uncertain. The opinions, forecasts, projections or other statements other than statements of historical fact, including, without limitation, plans and objectives of management of the Company are forward-looking statements. It is important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include the risk factors and other cautionary statements contained from time to time in the Company’s SEC filings, which may be obtained by contacting the Company or the SEC. These filings are also available through the Company’s web site at http://www.patenergy.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. Reconciliation of Non-GAAP Financial Measures Statements made in this presentation include non-U.S. GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included on our website and/or at the end of this presentation. Forward Looking Statements & Disclosures3Investor Presentation Patterson-UTI Z Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Business Activity Update Drilling Services Segment ▪ Expect to have averaged 96 rigs in the United States through the first two months of the third quarter of 2025 ▪ Currently operating 93 rigs in the United States and expect relatively steady activity from current levels into the fourth quarter Completion Services Segment ▪ Expect steady activity and adjusted gross profit in the third quarter of 2025 compared to the second quarter of 2025 ▪ High utilization of our natural gas-powered assets, including our 100% natural gas-powered Emerald fleets and Tier IV dual fuel General Business Update ▪ Since the start of 2025, nearly all activity reductions have been in the Permian Basin, with relatively steady or higher activity in all other basins ▪ Natural gas directed activity has been steady since our July 2025 earnings update ▪ Still expect to see stronger adjusted free cash flow in the second half of 2025 compared to the first half of 2025 ▪ Used $22 million to repurchase 4 million shares so far in the third quarter of 20254Investor Presentation Patterson-UTI Z For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Z Overall Market ▪ We are planning for U.S. shale drilling activity to remain relatively steady from current levels into 2026, with continued bifurcation in activity and financial performance between our highest quality assets and the lower tier equipment Priorities are: ▪ Continuing to structurally reduce operating costs and maintenance capital expenditures while fully maintaining our highest quality active equipment ▪ Selectively investing in long-term strategic technology opportunities that have a return on capital that exceeds our cost of capital and have a positive net present value ▪ Improving relative performance to be best-in-class in drilling and completions ▪ Maximizing long-term adjusted free cash flow per share ▪ Returning at least 50% of adjusted free cash flow to shareholders, including through our dividend (currently $0.08 per share per quarter) and share repurchases Patterson-UTI Priorities5Investor Presentation Patterson-UTI Z Z Z Executive Summary For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Differentiated operating capability with premier Drilling and Completions franchise Integrated service offerings improve well delivery for customers and create value for investors High-quality asset base with strong utilization on top-tier assets Tier-1 drilling rigs and natural gas-powered frac assets are preferred by customers given differentiated performance Focus on optimizing resources and maximizing margins Aim to use technology to streamline processes to deliver the most cost-effective solutions Predictable capital allocation strategy Capital expenditures can be scaled with activity; Expect to return at least 50% of adjusted FCF to investors Strong capital structure No Senior Note maturities until 2028; Investment Grade credit rating at all 3 major rating agenciesWho We Are7Investor Presentation Patterson-UTI Z Z Z Hydraulic Fracturing Wireline Operations Natural Gas Fueling Oilfield Logistics Cementing 2.9 Million Hydraulic Horsepower1 Other business includes Patterson Petroleum. 1Reflects deployed and idle equipment capacity during the second quarter of 2025. 2Drilling Products revenue from reported non-U.S. operations from close of Ulterra acquisition through June 30, 2025. 136 Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Wellbore Navigation Drilling TechnologyElectronics ManufacturingDirectional Drilling Torque Control Bits High-Flow Rate Bits Vibration-Dampening Bits High Efficiency Bits Downhole Tools ~30% Drilling Products Revenue from Non-U.S.2 Patterson-UTI | Company Overview An Integrated OFS Company Drilling Services Completion Services Drilling Products8Investor Presentation Patterson-UTI Market Leading Presence Among the Largest E&Ps Almost 60% of Patterson-UTI's revenue is generated from the 15 most active E&Ps 1Rig count is based on U.S. onshore activity as of 8/20/2025. Source: Enverus 2Based on LTM 6/30/2025 total company revenue 15 Most Active E&Ps 0% 20% 40% 60% 15 Most Active U.S. Operators Share of the US Rig Count1 15 Most Active U.S. Operators Share of PTEN Revenue2 Operator Alignment Strong Revenue Share from the most active E&Ps Patterson-UTI is strategically aligned with the most active E&Ps in the Lower 48, supporting free cash flow and returnsBusiness Overview10Investor Presentation Patterson-UTI Diversified Across Drilling and Completions Markets 1Other business includes Patterson Petroleum and legacy Great Plains Oilfield Rental which was divested in April 2025. Cash flow driven by drilling services and products and completions services Drilling Services Completion Services Drilling Products Other 2% 52% 12% 34% 1 Patterson-UTI is a leader across both the Drilling and Completions markets with a diversified stream of cash flow Patterson-UTI Company Profile Adjusted Gross Profit as a % of Company Total Last Twelve Months Through 2Q2511Investor Presentation Patterson-UTI Drilling Services | Reliable Cash Generation Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Patterson-UTI Drilling Services Segment, ($, millions) Cash generation at our Drilling Services segment serves as a foundation for PTEN's Free Cash Flow 1Adjusted 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. For a reconciliation of Adjusted EBITDA less Capital Expenditures, please see the tables in the appendix. $3.6 $3.7 $3.7 124 112 106 2023 2024 LTM 2Q25 Patterson-UTI Average Active Rig Count Performance Drilling ▪ Cash generation per active U.S. rig has remained steady ▪ Capital Expenditures can be scaled to align with the opportunity set, with lower maintenance and upgrade capital expected in 2025 ▪ Drilling Services cash generation has remained relatively steady given high-quality assets and technology advantages Patterson-UTI’s Drilling Services segment is expected to deliver strong cash generation in 2025.12Investor Presentation Patterson-UTI Completion Services | Fuel Cost Advantage Drives Asset Differentiation Effective Total System Cost of Fueling Representative U.S. Land fleet scenario1 1Patterson-UTI Estimates. Annual cost of fueling assumes $2.75 per gallon of diesel fuel and $3.25 per mmbtu of natural gas, plus fuel logistics and handling costs, assumes 70% diesel displacement for Tier 4 Dual Fuel and 50% for Tier 2 Dual Fuel. 2Capital cost of power generation assumes 35 mW of power generation for an electric frac fleet with a capital cost of $1 million per mW with a 3.5-year payback Industry capital cost of power generation gives Tier 4 Dual Fuel a slight cost advantage over Electric Frac Market Bifurcation ▪ Tier 4 Dual-Fuel fleets are a leading technology to minimize costs, balancing fuel savings without additional power generation capital investment ▪ Electric fleets offer greater natural gas substitution potential but face higher capital costs due to additional power generation equipment ▪ Legacy Diesel fleets have higher operating costs, facing significant pressure from modern natural gas- enabled solutions $0 $10 $20 $30 $40 Conventional Diesel Tier 2 Dual-Fuel Tier 4 Dual-Fuel Electric Drive Natural Gas Direct-Drive A n n u a l C o s t o f F u e li n g ( m il li o n s ) Capital Cost of Power Generation2 Fuel Cost Savings Potential ~80% of Patterson-UTI’s active fleet is natural gas-enabled, including an industry leading position in Tier 4 Dual-Fuel. Significant fuel cost arbitrage provides platform for sustained demand for Patterson-UTI’s premium natural gas-fueled equipment13Investor Presentation Patterson-UTI Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage 1On August 14, 2023, we formed our drilling products segment through the acquisition of Ulterra Drilling Technologies. The table includes revenue and activity that predates the close of that acquisition, which presents the information as if the acquisition occurred on January 1, 2023. 2Enverus U.S. Active Rigs Drill Bit Outperformance ▪ Rapid Innovation and Customization: Ulterra leverages proprietary software to analyze drilling data and optimize product performance, resulting in consistent market outperformance ▪ Realizing Operational Synergies: Drilling Products market share on PTEN operated rigs is up more than 10% since we closed the acquisition ▪ International Growth Potential: Drilling Products 3-year international revenue CAGR of >20% through 2024 0 100 200 300 400 500 600 700 800 900 $0 $15,000 $30,000 $45,000 $60,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Pro Forma1 Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month U.S. Active Rigs U.S. Industry Drilling Rig Count2 More than just drill bits: Downhole tools and new product innovation revenue more than doubled in 202414Investor Presentation Patterson-UTI 38% 44% 38% $- 2019-2023 2024 LTM 2Q25 Patterson-UTI Enterprise | Delivering Strong and Consistent FCF Generation Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor to improved U.S. shale drilling and completion efficiency—improving customer returns while also delivering strong adjusted FCF for investors ▪ Patterson-UTI has benefited from lower capital intensity, resulting in steady FCF generation ▪ Patterson-UTI has seen steady FCF metrics through technology improvements and relative market outperformance Wellsite Efficiency Delivered with Capital Efficiency Adjusted Free Cash Flow Conversion Patterson-UTI Enterprise The Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. Adjusted FCF conversion is defined as adjusted FCF as a percent of adjusted EBITDA.Operational Excellence16Investor Presentation Patterson-UTI 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 Simplify workflows to increase scalability of the workforce Access to high quality, consistent and real-time data to run remote operations Edge processing for AI/ML deployments and job management Reduce third party costs, processing, and reliance Delivering powerful digital integration throughout the Drilling & Completion operations lifecycle Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled Decisions17Investor Presentation Patterson-UTI Patterson-UTI's integrated drilling platform can improve drilling days on pad, creating value for our customers and an opportunity for a performance-based returns premium for our investors. Integration Advantage: Drilling Services and Products Digitally enabled by: Contract Drilling | Patterson-UTI Drilling Diverse rig fleet complete with innovative software solutions Natural Gas Fueling, Well Cementing | NexTier Integrated solutions unlocked through merger Drill Bits | Ulterra Leading provider of PDC drill bits in North America Directional Services | MS Directional Directional drilling, MWD, well planning and downhole motors Survey Correction | Superior QC Leader in survey management technology and wellbore placement Power Generation | Patterson-UTI >1gW of mobile power generation capacity across our rig fleet Controls and Energy Management | Current Power Engineer electrical and automation equipment Rig Equipment Design and Manufacturing | Warrior Design and manufacture advanced pipe-handling equipment Fully integrated throughout the drill site18Investor Presentation Patterson-UTI Integration Advantage: Completions Services Patterson-UTI integrates industry- leading equipment and technology at scale to deliver unique completions value to the wellsite and improve performance per fleet for our investors. Digitally enabled by: Proppant Storage and Handling Maximum volume, precision blending Field Gas Conditioning Intelligent blending to maximize fuel cost savings Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Wireline Plug, Perforate, and Pump Down Service Integrated and digitally controlled to enable operations efficiency Power Generation Powering >200k HHP of electric frac with 100% natural gas Engineering Solutions Create better completion designs for better wells Compressed Natural Gas Fueling Highest volume capability for optimal displacement Last-Mile Logistics Automation-enabled to lower landed cost, leveraged by scale Fully integrated throughout the completions siteCapital Allocation Framework20Investor Presentation Patterson-UTI Organic Investing Strategy Targets Strong FCF Conversion Invest to protect and extend our operational advantage Strategic Allocation Target strategic high-return investments that drive returns accretion for PTEN shareholders Winning Foundation Allocation Strategy Strong Balance Sheet Investment Grade Credit Rating; Low Leverage and Strong Liquidity; No Senior Note maturities until 2028 Repeatable Shareholder Return Program Expect to return at least 50% of adjusted Free Cash Flow annually to shareholders1 through dividends and repurchases Capital Allocation Framework Maximize Shareholder Value and Financial Returns 1For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors21Investor Presentation Patterson-UTI Z TOTAL LIQUIDITY $684 M Includes cash and revolver as of 6/30/2025 LOW LEVERAGE 1 X Net Debt as of 6/30/2025 to LTM adjusted EBITDA CASH BALANCE $186 M Cash Position as of 6/30/2025 INTEREST COVERAGE 15 X LTM adjusted EBITDA to Net Interest Expense NEAREST SENIOR NOTE MATURITY 2028 CREDIT RATING Investment Grade Moody's, S&P, and Fitch Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience22Investor Presentation Patterson-UTI Deliver a Repeatable Shareholder Return Program For purposes of the shareholder return target, the Company defines adjusted free cash flow as net cash provided by operating activities less capital expenditures plus proceeds from asset sales. The shareholder return target, including the amount and timing of any dividend payments and/or share repurchases are subject to the discretion of the Company’s Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s debt agreements and other factors. Patterson-UTI targets returning at least 50% of its adjusted Free Cash Flow to shareholders annually through the cycle ▪ For 2024 we exceeded our shareholder return target of 50% of our adjusted free cash flow – returned more than $417 million to shareholders ▪ PTEN will have paid a $0.08 per share quarterly dividend for twelve consecutive quarters including September 2025 dividend ▪ We plan to remain flexible with our method of distribution over time to maximize shareholder value23Investor Presentation Patterson-UTI Shareholder Returns as a % of Current Market Cap Last 12 Months through 6/30/2025. Includes Dividends and Share Repurchases Shareholder Returns as a % of Current Market Cap Includes Dividends and Share Repurchases 1Peer group includes OFS comps ACDC, BKR, HAL, LBRT, NBR, PDS, PUMP, and SLB. Peer data sourced from company SEC filings, Market Cap data sourced from Bloomberg as of 8/29/2025. Peer Leading Combination of Shareholder Returns with Net Debt Reduction 10% 9% 8% 8% 8% 3% 3% 0% 0% PTEN Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H % Change i Net Debt, C pital Leases, and Operating Leases Last 12 Months through 6/30/2025 -19% -18% -17% -11% -6% -1% 5% 12% 13% Peer C Peer E Peer F PTEN Peer H Peer B Peer A Peer G Peer D24Investor Presentation Patterson-UTI Sustainability as a Strategy Our Vision: To safely and responsibly help provide the world with oil and gas for the products that make people’s lives better in a sustainable and profitable manner Find out more in our Sustainability Report at: https://esg.patenergy.com/ Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 Introduced High-Line Power 2010 First Dual Fuel Engine on Drilling Rig 2012 Developed and Fielded First Dual Fuel Frac Spread 2018 Acquired Controls and Automation Specialists, Current Power 2019 Deployed Industry’s First Tier-4 Dual Fuel Frac Spread 2021 Launched Power Solutions Natural Gas Fuel Service 2022 First Demonstration Of Hydrogen Blending On Drilling Rig 2023 Deployed GridAssist® 2024 Launched iFGS Intelligent Field Gas Solutions 2013 First Natural Gas Generator on Drilling Rig 2019 Introduced Automated Engine Management System for Rigs 2020 Deployed EcoCell® Lithium Hybrid Power Management System 2021 Real-Time Fuel and Emissions Monitoring 2023 Deployed First Electric Frac Spread 2023 Deployed EcoCell® With Natural Gas Generators26Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the Last Twelve Months June 30, 2025 Revenues $ 1,646,613 $ 2,967,827 $ 349,677 $ 55,097 Less direct operating costs (998,758) (2,536,100) (192,605) (34,880) Less depreciation, amortization and impairment (484,065) (512,382) (96,712) (22,994) GAAP gross profit 163,790 (80,655) 60,360 (2,777) Depreciation, amortization and impairment 484,065 512,382 96,712 22,994 Adjusted gross profit1 $ 647,855 $ 431,727 $ 157,072 $ 20,217 (1) We define “Adjusted gross profit” as revenues less direct operating costs (excluding depreciation, depletion, amortization and impairment expense, which does not include impairment of goodwill). Adjusted gross profit is included as a supplemental disclosure because it is a useful indicator of our operating performance.27Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. (dollars in thousands) Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Six Months Ended June 30, 2024 Last Twelve Months June 30, 2025 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 $ 314,535 $ 681,717 $ 356,676 $ 639,576 Less capital expenditures 128,632 264,667 141,219 252,080 $ 185,903 $ 417,050 $ 215,457 $ 387,49628Investor Presentation Patterson-UTI Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (1) We define adjusted free cash flow as net cash provided by operating activities less capital expenditures, plus proceeds from disposal of assets. We present adjusted free cash flow as a supplemental disclosure because we believe that it is an important liquidity measure and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company, that could be available for financing cash flows, such as dividend payments, share repurchases and/or repurchases of long-term indebtedness. Our computations of adjusted free cash flow may not be the same as similarly titled measures of other companies. Adjusted free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flows from operations reported in accordance with GAAP. (dollars in thousands) Last Twelve Months Six Months Ended Twelve Months Ended June 30, June 30, December 31, 2025 2025 2024 2024 2023 2022 2021 2020 2019 Adjusted Free Cash Flow (1): Net cash provided by operating activities $ 960,013 $ 347,890 $ 563,413 $ 1,175,536 $ 1,005,914 $ 566,188 $ 95,496 $ 278,858 $ 696,203 Less capital expenditures $ (626,974) (306,037) (357,449) (678,386) (615,690) (436,797) (166,320) (145,481) (347,512) Plus proceeds from disposal of assets, including insurance recoveries $ 44,855 28,344 9,321 25,832 26,473 26,074 23,339 20,929 45,761 Adjusted free cash flow $ 377,894 $ 70,197 $ 215,285 $ 522,982 $ 416,697 $ 155,465 $ (47,485) $ 154,306 $ 394,452 Adjusted EBITDA $ 983,092 $ 482,427 $ 698,773 $ 1,199,438 $ 1,183,345 $ 693,772 $ 183,213 $ 174,468 $ 560,48629Investor Presentation Patterson-UTI 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 income (loss) plus income tax expense, net interest expense, depreciation, depletion, amortization and impairment expense (including impairment of goodwill) and merger and integration expense. We present Adjusted EBITDA as a supplemental disclosure because we believe it provides to both management and investors additional information with respect to the performance of our fundamental business activities and a comparison of the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be construed as an alternative to the GAAP measure of net income (loss). Our computations of Adjusted EBITDA may not be the same as similarly titled measures of other companies. Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization1 Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Six Months Ended June 30, 2024 Net income (loss) $ (47,407) $ (966,399) $ 63,327 Income tax expense (benefit) 2,584 9,453 37,782 Net interest expense 32,606 66,234 32,192 Depreciation, depletion, amortization and impairment 493,724 1,171,873 542,594 Impairment of goodwill - 885,240 - Merger and integration expense 920 33,037 22,878 Adjusted EBITDA $ 482,427 $ 1,199,438 $ 698,773 Last Twelve Months Adjusted EBITDA 983,092 June 30, 2025 Debt (excluding deferred financing costs and discounts) $ 1,293,874 Less cash 185,891 Net debt $ 1,107,983 Ratio calculation: Debt-to-Adjusted EBITDA 1.32x Net Debt-to-Adjusted EBITDA 1.13x2 Sep 2025
8-KDirector/Officer Changes & Compensatory Arrangements7 Aug 2025