Patterson-uti Energy, Inc. · NASDAQ:PTEN
Patterson-uti Energy — Q3 2025 Earnings Presentation
29 slides from Patterson-uti Energy's earnings presentation, Oct 23, 2025
Slide 1: Investor Presentation
September 2025 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 ▪ 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 C
Slide 4: Patterson-UTI Priorities
Patterson-UTI Priorities Overall Market ▪ We are planning for U.S. shale drilling activity to remain relatively steady from current Z levels into 2026, with continued bifurcation in activity and financial performance between our highest quality assets and the lower tier equipment Priorities are: ▪ C
Slide 5: Executive Summary
Executive Summary Differentiated operating capability with premier Drilling and Completions franchise Z 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
Slide 6: Who We Are
Who We Are
Slide 7: Patterson-UTI | Company Overview
Patterson-UTI | Company Overview An Integrated OFS Company Drilling 136 Z Services Tier-1 Super-Spec Drilling Rigs1 APEX® Drilling Fleet Directional Drilling Wellbore Navigation Electronics Manufacturing Drilling Technology Completion 2.9 Z Services Million Hydraulic Horsepower1 Hydraulic Fracturing
Slide 8: Market Leading Presence Among the Largest E&Ps
Market Leading Presence Among the Largest E&Ps Almost 60% of Patterson-UTI's revenue is generated from the 15 most active E&Ps Strong Revenue Share from the most active E&Ps 0% 20% 40% 60% Operator Alignment 15 Most Active U.S. Operators Share of the US Rig Count1 Patterson-UTI is strategically alig
Slide 9: Business Overview
_i_ PATTERSON-UTI ’ Business Overview
Slide 10: 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 2Q25 leader across both the Drilling and Other 1 C
Slide 11: Drilling Services | Reliable Cash Generation
Drilling Services | Reliable Cash Generation Cash generation at our Drilling Services segment serves as a foundation for PTEN's Free Cash Flow Adjusted EBITDA1 minus Capital Expenditures per Active U.S. Rig Performance Drilling Patterson-UTI Drilling Services Segment, ($, millions) Patterson-UTI 124
Slide 12: Completion Services | Fuel Cost Advantage Drives Asset Differentiation
Completion Services | Fuel Cost Advantage Drives Asset Differentiation Industry capital cost of power generation gives Tier 4 Dual Fuel a slight cost advantage over Electric Effective Total System Cost of Fueling Representative U.S. Land fleet scenario1 Frac Market Bifurcation $40 ~80% of Patterson-
Slide 13: 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 $60,000 U.S. Industry Drilling
Slide 14: Patterson-UTI Enterprise | Delivering Strong and Consistent FCF Generation
Patterson-UTI Enterprise | Delivering Strong and Consistent 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 44% 38% 38% ▪ A key contribut
Slide 15: Operational Excellence
Operational Excellence
Slide 16: 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 17: 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 18: Integration Advantage: Completions Services
Integration Advantage: Completions Services Fully integrated throughout the completions site Natural Gas-Enabled Frac Fleet Patterson-UTI integrates industry- Digitally enabled by: Leading fleet of Tier 4 dual fuel and 100% natural gas equipment leading equipment and technology at scale to deliver u
Slide 19: Capital Allocation Framework
Capital Allocation Framework
Slide 20: Capital Allocation Framework
Capital Allocation Framework Maximize Shareholder Value and Financial Returns Repeatable Shareholder Return Program Strategic Allocation Allocation Target strategic high-return Expect to return at least 50% of Strategy adjusted Free Cash Flow annually investments that drive returns to shareholders1
Slide 21: Investment Grade Capital Structure
Investment Grade Capital Structure Financially Positioned for Through-Cycle Resilience LOW LEVERAGE CASH BALANCE TOTAL LIQUIDITY 1X $186 M $684 M Net Debt as of 6/30/2025 to Cash Position as of 6/30/2025 Includes cash and revolver as of LTM adjusted EBITDA 6/30/2025 Z NEAREST INTEREST COVERAGE SENIO
Slide 22: Deliver a Repeatable Shareholder Return Program
Deliver a Repeatable Shareholder Return Program ▪ For 2024 we exceeded our shareholder return target of 50% of our Patterson-UTI targets adjusted free cash flow – returned more than $417 million to returning at least shareholders 50% of its adjusted ▪ PTEN will have paid a $0.08 per share quarterly
Slide 23: 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 6/30/202
Slide 24: 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 25: -A_PATTERSON-UTI
-A_PATTERSON-UTI Qearterson NEXxTIER QMucrerra AFSoiecionn [\ supenorgc
Slide 26: 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 June 30, 2025 Revenues $ 1,646,613 $ 2,967,827 $ 349,677 $ 55,097 Less direct operating costs (998,758) (2,536,100) (192
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA less Capital Expenditures, Drilling Services (dollars in thousands) Six Months Ended Twelve Months Ended December Six Months Ended Last Twelve Months June 30, 2025 31, 2024 June 30, 2024 June 30, 2025 Adjusted Earnings Before Interest, Ta
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow (dollars in thousands) Last Twelve Six Months Ended Twelve Months Ended Months 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 $ 96
Slide 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Leverage Ratio (dollars in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation Six Months Ended Twelve Months Ended Six Months Ended (1) Adjusted earnings before interest, taxes, depreciation and Amortization1 June 30, 2025 December 31, 202