Patterson-uti Energy, Inc. · NASDAQ:PTEN
Patterson-uti Energy — Q4 2025 Earnings Presentation
30 slides from Patterson-uti Energy's earnings presentation, Feb 5, 2026
Slide 1: Investor Presentation
January 2026 Investor Presentation
Slide 2: Forward Looking Statements & Disclosures
Forward Looking Statements & Disclosures This material and any oral statements made in connection with this material include "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Statements made which provide the Company’s or managemen
Slide 3: Business Activity Update
Business Activity Update Drilling Services Segment Z ▪ 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 quarte
Slide 4: Patterson-UTI Priorities
Patterson-UTI Priorities Commercial Strategy Financial Objectives Patterson-UTI’s strategy aligns us with the most active E&Ps in the ▪ Maximize adjusted FCF per share over the long-term Lower 48, supporting adjusted free cash flow and returns ▪ Responsibly invest in technologies within our core 0%
Slide 5: Executive Summary
Executive Summary 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 fr
Slide 6: Who We Are
Who We Are
Slide 7: Operating a Suite of Complementary Services and Products
Patterson-UTI | Operating a Suite of Complementary Services and Products An Integrated OFS Company Drilling 136 Z Services Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Directional Drilling Wellbore Navigation Electronics Manufacturing Battery Storage Systems Completion 2.7 Z Services Millio
Slide 8: Diversified Across Drilling and Completions Markets
Diversified Across Drilling and Completions Markets Cash flow driven by drilling services and products and completions services Patterson-UTI Company Profile Patterson-UTI is a Adjusted Gross Profit as a % of Company Total Last Twelve Months Through 3Q25 leader across both the Drilling and Other 1 C
Slide 9: Business Overview
_i_ PATTERSON-UTI ’ Business Overview
Slide 10: Drilling Services | Reliable Cash Generation
Drilling Services | Reliable Cash Generation Cash generation at our Drilling Services segment remains strong even as commodity prices have weakened Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Performance Drilling Patterson-UTI Drilling Services Segment, ($, millions) ▪ Cash gener
Slide 11: Completion Services | Operating One of the Highest Quality Fleets in the Industry
Completion Services | Operating One of the Highest Quality Fleets in the Industry Invested in technology that will drive future completion demand High-Grading Our Fleet Patterson-UTI Fleet in Horsepower 100% Natural Gas-Powered Dual Fuel Diesel Responsibly High-Grading 100% ▪ Fleet high grading has
Slide 12: Completion Services | Industry HHP Demand Remains Resilient
Completion Services | Industry HHP Demand Remains Resilient Active HHP deployed has remained relatively steady despite reduction in fleet count Fleet Count vs. Active HHP U.S. Land Fleets1 HHP Demand has Remained Steady Active HHP Active Fleets 20,000,000 300 Average fleet size has grown with Simulf
Slide 13: Completion Services | Pump Hours per Day Efficiency Nearing Structural Limits
Completion Services | Pump Hours per Day Efficiency Nearing Structural Limits With the average fleet now working 22 hours per day, incremental efficiency per fleet is limited Pump Hours per Day per Fleet Average U.S. Land Fleet1 Efficiency gains slow as the 24 industry approaches limits 18 ▪ Industr
Slide 14: Drilling Products | Outpacing Industry Activity
Drilling Products | Outpacing Industry Activity Rapid deployment of incremental design improvements create a demonstrable & sustainable advantage Drilling Products Segment Pro Forma1 U.S. Revenue per U.S. Industry Rig per Month Drill Bit Outperformance U.S. Active Rigs $45,000 ▪ Rapid Innovation and
Slide 15: Delivering Strong and Consistent adjusted FCF Generation
Patterson-UTI Enterprise | Delivering Strong and Consistent adjusted FCF Generation Wellsite Efficiency Delivered with Capital Efficiency Adjusted Free Cash Flow Conversion Patterson-UTI Enterprise Patterson-UTI has benefited in the era of improving U.S. shale capital efficiency ▪ A key contributor
Slide 16: Operational Excellence
Operational Excellence
Slide 17: Harnessing Data to Enable Higher Impact Drilling & Completion Operations
Harnessing Data to Enable Higher Impact Drilling & Completion Operations Patterson-UTI creates sustainable value with our end-to-end digital integration and data-driven optimization strategy Integrate Critical Applications Streamline Digital Products Quality Data for Operations Automation-Enabled De
Slide 18: Integration Advantage: Drilling Services and Products
Integration Advantage: Drilling Services and Products Digitally enabled by: Fully integrated throughout the drill site Patterson-UTI's integrated Drill Bits | Ulterra Leading provider of PDC drill bits in North America drilling platform can improve drilling days on pad, creating Directional Services
Slide 19: Integration Advantage: Completions Services
Integration Advantage: Completions Services Fully integrated throughout the completions site Natural Gas-Enabled Frac Fleet Leading fleet of Tier 4 dual fuel and 100% natural gas equipment Patterson-UTI integrates industry- Digitally enabled by: Wireline Plug, Perforate, and Pump Down Service Integr
Slide 20: Capital Allocation Framework
Capital Allocation Framework
Slide 21: Capital Allocation Framework
Capital Allocation Framework Maximize Shareholder Value and Financial Returns Repeatable Shareholder Return Program Strategic Allocation Allocation Target strategic high-return Commit to return at least 50% of Strategy adjusted Free Cash Flow annually investments that drive returns to shareholders1
Slide 22: Investment Grade Capital Structure
Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience LOW LEVERAGE CASH BALANCE TOTAL LIQUIDITY ~1 X $187 M $682 M Net Debt as of 9/30/2025 to Cash Position as of 9/30/2025 Includes cash and revolver as of LTM adjusted EBITDA 9/30/2025 Z NEAREST INTEREST COVERAGE SEN
Slide 23: Deliver a Repeatable Shareholder Return Program
Deliver a Repeatable Shareholder Return Program Since the beginning of ▪ Patterson-UTI commits to return at least 50% of its adjusted FCF to 2024 through 3Q25, shareholders annually through the cycle we have returned more than 85% of our ▪ PTEN has paid a $0.08 per share quarterly dividend for thirt
Slide 24: Peer Leading Combination of Shareholder Returns with Net Debt Reduction
Peer Leading Combination of Shareholder Returns with Net Debt Reduction Shareholder Returns as a % of Current Market Cap Shareholder Returns as a % of Current Market Cap % Change Includes Dividends in andNet Debt, Share Capital Leases, and Operating Leases Repurchases Last 12 Months through 9/30/202
Slide 25: Sustainability as a Strategy
Sustainability as a Strategy Patterson-UTI has demonstrated a resilient commitment to long-term sustainability Our Timeline of Innovation in Sustainability 2006 2012 2018 2019 2021 2022 2023 2024 Introduced Developed and Fielded First Acquired Controls and Deployed Industry’s First Launched Power Fi
Slide 26: -A_ PATTERSON-UTI
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Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (dollars in thousands) Drilling Services Completion Services Drilling Products Other For the 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)
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (dollars in thousands) Nine Months Ended Twelve Months Ended Nine Months Ended Last Twelve Months September 30, 2025 December 31, 2024 September 30, 2024 September 30, 2025 Adjusted Earnings Be
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (dollars in thousands) Last Twelve Nine Months Ended Twelve Months Ended Months 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 acti
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Leverage Ratio (dollars in thousands) (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 Adjusted Earnings Before Inte