#1C Investor Presentation Cactus, Inc. (NYSE: WHD) March 2022 safety Strong All Year Long अ#2Important Disclosures Non-GAAP Measures This presentation includes references to EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and EBIT, which are not measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of EBITDA, Adjusted EBITDA and EBIT to net income, the most directly comparable measure calculated in accordance with GAAP, is provided in the Appendix included in this presentation. While management believes such measures are useful for investors, these measures should not be used as a replacement for financial measures that are calculated in accordance with GAAP. Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words "may," "hope," "potential," "could," "believe," "anticipate,” “intend," "estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Cactus' current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the operation of our business. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included in our SEC filings. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: demand for our products and services, which is affected by, among other things, changes in the price of crude oil and natural gas in domestic and international markets; the number of rigs, pad sizes, drilling and completion efficiencies, well spacings and associated well counts; availability of takeaway and storage capacity; the number of workover rigs; availability of capital and the associated capital spending discipline exercised by customers; overall service cost inflation; the financial health of our customers and our credit risk of customer non-payment; changes in the number of drilled but uncompleted wells and the level of well completion activity; the size and timing of orders; availability and cost of raw materials, components and imported items; increased inland and ocean shipping costs; the availability of containers and vessels from Asia as well as port congestion and domestic trucking capacity; transportation differentials associated with reduced capacity in and out of the storage hub in Cushing, Oklahoma; expectations regarding overhead and operating costs and margins; availability and cost of skilled and qualified workers; potential liabilities such as warranty and product liability claims arising out of the installation, use or misuse of our products; the possibility of cancellation of orders; our business strategy; our financial strategy, operating cash flows, liquidity and capital required for our business; our future revenue, income and operating performance; our ability to pay dividends and the amount of any such dividends; corporate consolidation activity involving our customers; the addition or termination of relationships with major customers or suppliers; laws and regulations, including environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations; disruptions in political, regulatory, economic and social conditions domestically or internationally; the severity and duration of the ongoing outbreak of coronavirus (COVID-19) and the extent of its impact on our business, including employee absenteeism; outbreaks of other pandemic or contagious diseases that may disrupt our operations, suppliers or facilities or impact demand for oil and gas; the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and other oil and gas producing countries affecting the supply of oil and natural gas; the impact of potential disruptions in Russian gas deliveries into Europe resulting from the conflict in Ukraine; increases in import tariffs or duties assessed on products and imported raw materials used in the production and assembly of our goods which could negatively impact margins and our working capital; the significance of future liabilities under the tax receivable agreement (the "TRA") we entered into with certain current or past direct and indirect owners of Cactus LLC in connection with our initial public offering; a failure of our information technology infrastructure or any significant breach of security; potential uninsured claims and litigation against us; competition and capacity within the oilfield services industry; our dependence on the continuing services of certain of our key managers and employees; currency exchange rate fluctuations associated with our international operations; and plans, objectives, expectations and intentions contained in this presentation that are not historical. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Industry and Market Data This presentation has been prepared by Cactus and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Some data is also based on Cactus' good faith estimate. Although Cactus believes these third-party sources are reliable as of their respective dates, Cactus has not independently verified the accuracy or completeness of this information. Information Presented Except as otherwise indicated or required by the context, references in this presentation to the "Company," "Cactus," "we,” “us” and “our” refer to (i) Cactus Wellhead, LLC ("Cactus LLC") and its consolidated subsidiaries prior to the completion of our IPO and (ii) Cactus, Inc. ("Cactus Inc.") and its consolidated subsidiaries (including Cactus LLC) following the completion of our IPO on February 12, 2018. Cactus LLC is our accounting predecessor. 2#3Experienced Executive Team Scott Bender President & CEO Joel Bender Senior Vice President & Chief Operating Officer ■ Mr. Bender has served as President and CEO since co-founding Cactus Wellhead, LLC ("Cactus LLC") in 2011. ■ Mr. Bender previously was President of Wood Group Pressure Control from 2000 to 2011. Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group Pressure Control's profitable expansion until its sale to General Electric in 2011. Mr. Bender graduated from Princeton University in 1975 with a Bachelor of Science in Engineering and from the University of Texas at Austin in 1977 with a Master of Business Administration. ■ Mr. Bender has served as Senior Vice President and COO since co-founding Cactus LLC in 2011. ■ Mr. Bender previously was Senior Vice President of Wood Group Pressure Control from 2000 to 2011. Mr. Bender successfully built and monetized Ingram Cactus Company (sold to Cameron in 1996) and led Wood Group Pressure Control's profitable expansion until its sale to General Electric in 2011. Mr. Bender graduated from Washington University in 1981 with a Bachelor of Science in Engineering and from the University of Houston in 1985 with a Master of Business Administration. Steven Bender Vice President of Operations Mr. Bender has served as Vice President of Operations of Cactus LLC since 2011, managing all US service center and field operations. ■ Mr. Bender previously was Rental Business Manager of Wood Group Pressure Control from 2005 to 2011. ■ Mr. Bender graduated from Rice University in 2005 with a Bachelor of Arts in English and Hispanic Studies and from the University of Texas at Austin in 2010 with a Master of Business Administration. Steve Tadlock Vice President, Chief Financial Officer & Treasurer David Isaac Vice President of Administration and General Counsel ■ Mr. Tadlock has served as Vice President, Chief Financial Officer & Treasurer, since March 2019. ■ Mr. Tadlock previously served as Vice President and Chief Administrative Officer since March 2018 and has also served as VP of Corporate Services since June 2017. He has worked with Cactus LLC since its founding in 2011 as a Board observer. Mr. Tadlock previously worked at Cadent Energy Partners, where he served as a Partner from 2014 to 2017. Mr. Tadlock graduated from Princeton University in 2001 with a Bachelor of Science in Engineering and from the Wharton School at the University of Pennsylvania in 2007 with a Master of Business Administration. Mr. Isaac has served as Vice President of Administration and General Counsel since September 2018. Mr. Isaac previously worked at Rockwater Energy Solutions, Inc. and most recently served as Senior Vice President of Human Resources and General Counsel. ■ Mr. Isaac previously was the Vice President of Human Resources and General Counsel of Inmar, Inc. Mr. Isaac graduated from The College of William & Mary in 1983 with a Bachelor of Arts in Economics and from The Ohio State University in 1986 with a Juris Doctor. 3#4Investment Highlights 1 A Leading Pure Play Pressure Control Equipment Solutions Provider for Onshore Markets 2 Innovative and Differentiated Products & Services that Sustain Relative Margin Resilience G 3 Dynamic Operating and Manufacturing Capabilities Through-Cycle Outperformance 4 Returns Focused with Large Net Cash Balance 5 Experienced Management Team with Significant Equity Ownership & Strong Industry Relationships 4#5Company Overview Cactus designs, manufactures, sells and rents highly engineered products which generate improved drilling and completions efficiencies while enhancing safety 2021 Revenue by Type Field Service and Other 22% Rental 14% Revenue ($ in millions) $628.4 $544.1 $341.2 $519.7 $438.6 $348.6 2019 2020 2021 4Q 2021 Ann. Product 64% 2017 2018 Adjusted EBITDA(1) ($ in millions) $112.1 $212.6 $229.0 $146.5 $121.0 $120.4 *Product Revenue Includes Drilling and Production Consumables Selected Active Basins 2017 2018 2019 2020 2021 4Q 2021 Ann. Adj. EBITDA(1) as % of 32.9% 39.1% 36.4% 34.7% 27.4% 28.2% ■ Bakken ■DJ / Powder River | Revenue ■ Eagle Ford Adjusted EBITDA(1) Net Capital Expenditures (2) as % of Revenue ■Marcellus / Utica 26.5% 27.5% 29.5% ■ Permian ■ Haynesville 23.9% 24.8% 25.7% ■ Uinta ■ Cooper, Australia 2017 2018 2019 2020 2021 4Q 2021 Ann. Note: 4Q 2021 Ann. represents the fourth quarter annualized. Source: Company filings. 1) 2) EBITDA and Adjusted EBITDA are non-GAAP financial measures. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Net Capital Expenditures equals net cash flows from investing activities. 5#6Proprietary Equipment Across Drilling, Completion, and Production Phases of a Well Technologically advanced wellhead and frac solutions deliver greater reliability and time savings ■ Designed for pad drilling and intense completion environments ■Principal products: Safe DrillⓇ wellheads, frac related rentals and production trees Time savings can exceed 30 hours of rig time per well Drilling Consumable Sale Completion (Frac) Temporary Rental Production Consumable Sale Cactus Also Provides Field Service, Installation & Maintenance 6#7Market Leader with Strong Market Share Growth Historical U.S. Onshore Market Share(1) Cactus Rigs Followed (1) Market Share 61 110 169 211 272 270 34.8% 29.5% 26.9% 19.9% 24.8% 10 99 14.4% 145 G 41.8% 193 9.4% 6.4% 15 0.8% 3.4% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 U.S. Onshore Rigs 1,931 1,814 1,699 1,800 755 495 853 1,011 918 417 463 Significant U.S. Market Share Gains 1) Source: Baker Hughes Rig Count Data, as published on the Friday on or immediately preceding the 15th day of each month presented, and Cactus analysis. Represents the number of active U.S. onshore rigs Cactus followed divided by the total number of active U.S. onshore rigs. Data represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each referenced period divided by the Baker Hughes U.S. onshore rig count during the corresponding period. 2011 represents December 2011 figures as of the middle of the month. 2012-2016 represents the average of mid-month June and December rig counts. 2017-2021 represents the average mid-month figure for Cactus for each month of the year and the annual Baker Hughes average for the U.S. onshore rig count. The number of active U.S. onshore rigs Cactus followed represents the approximate number of active U.S. onshore drilling rigs to which Cactus was the primary provider of wellhead products and corresponding services during drilling, as of mid-month. Cactus believes that comparing the total number of active U.S. onshore rigs to which it is providing its products and services at a given time to the total number of active U.S. onshore rigs on or about such time provides Cactus with a reasonable approximation of its market share with respect to its wellhead products sold and the corresponding services it provides. 7#8Differentiated Margin Profile Through the Cycle Total Adjusted EBITDA Margin (2014 - 2021) (1)(2) 2021 Adjusted EBITDA Margin (1)(2) 33% 26% 22% 18% 14% 13% 13% 13% Peer A Peer B Peer C Peer D Peer E Peer F Peer G 27% 18% 15% G 9% 8% 7% 5% 4% Peer A Peer C Peer G Peer D Peer E Peer B Peer F Strength of margin profile relative to peers maintained through the cycle Source: Factset, Company filings. 1) 2) Peer data represents Adjusted EBITDA where available per company filings and presentations. Peers include: ChampionX, Core Laboratories, DMC Global Inc., Dril-Quip, National Oilwell Varco, Oil States International and TechnipFMC. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. TechnipFMC data represents FMC Technologies financial data from 2014 to 2016 and TechnipFMC plc data pro forma for the separation of Technip Energies for 2017-2021.. Cactus data represents Adjusted EBITDA, defined as EBITDA excluding (gain) loss on debt extinguishment, stock-based compensation, severance expenses, non-cash adjustments for the revaluation of the liability related to the tax receivable agreement, and equity offering expenses. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Adjusted EBITDA Margin is defined as Adjusted EBITDA expressed as a percentage of Revenue. 8#9Technologically Advanced Pad Drilling Wellhead Systems Cactus Safe Drill® Safe Drill® Advantages Safety Fewer trips into confined space (cellar) Time Savings Eliminates time consuming BOP manipulation No BOP manipulation after intermediate casing has been installed No waiting on cement after running casing strings Conventional Wellhead No "hot work" required to cut casing with torch Mandrel hangers, pack offs run and set through BOPS 9#10Favorable Macro Trends Benefit Cactus Improving Activity Environment ■Recovery in energy demand driving. increased need for oil & gas production ■Industry underinvestment in 2020 and 2021 driving potential multi-year growth in rig and well counts ■■U.S. land rig count forecasted to grow by as much as 50% in 2022 Average Active U.S. Onshore Rigs (1) 460 419 811 700 2020A 2021A 2022E 2023E 2022E U.S. Frac Jobs (1) 1. 2,425 3,218 3,105 2,891 Total U.S. Onshore Wells Drilled(1) 12,898 21,683 19,284 16,794 1Q22E 2Q22E 3Q22E 4Q22E 2020A 2021A 2022E 2023E Source: Spears and Associates. 10 10#11G Innovations Enhance Rental Business Value Proposition ■ Significantly reduce non-productive time ("NPT") by increasing reliability and automation ■ Increase safety and reduce costs by removing personnel from the exclusion zone ■ Additional product investments awaiting more constructive pricing environment as activity increases ■ SafeLink™ ■ Singular, continuous, compact & adaptable connection between missile and multiple frac trees ■ SafelnjectⓇ ■ Digital & remotely operated method to perform frac tree maintenance and collect valuable data at wellsite ■ SafeClampⓇ ■Reliable method to connect the wireline lubricator to the frac tree without the need for human intervention within the exclusion zone Safeinject SafeClamp Legacy Setup SafeLink TM SafeLink™M 11#12Differentiated Offerings Enable Customers to Meet ESG-Related Goals Faster ■ Cactus enables customers to drill and complete wells faster Translates to fewer rig and frac days & associated equipment ■Lower operator emissions per barrel of production ■Reduced carbon intensity per well ■Fewer drilling days per well More frac stages completed per day Safer ■ Cactus' equipment increases employee safety by enabling: ■ Automation of human- performed connections ■ Routine tasks to be performed remotely ■Fewer trips into underground cellars ■No "hot work" required to cut casing with torch Cleaner ■Recently began deploying equipment allowing for: ■ Environmentally friendly method for powering Cactus' equipment and operations ■ Electric power generation at the wellsite ■Reduced diesel usage 12#13Small Expenditures Can Have a Big Impact on Operators Cactus Value Proposition Cactus offerings make up a relatively small portion of the overall cost to drill & complete a well Efficiency and reliability can cause a disproportionate amount of benefit for operators ■ Operators prioritize cost savings on Components of Onshore Well Costs (1) Drilling 29% Other 15% larger ticket items 1) Source: EIA and Management estimates. Completion 54% Cactus Products Cactus Rentals 1% 1% 13#14Flexible and Scalable Operating Footprint U.S. Operations ■ Service centers support field services and provide repair services ■ Spread across all key producing basins ■Flexible cost structure at branches & Bossier City ■ Ability to scale costs and right-size in real-time ■Minimal maintenance capex required United States Bossier City, Louisiana Manufacturing Facility International Operations Established onshore business in Australia in 2014 Started to provide rental equipment in the Middle East in late 2021 Approved as vendor in key Middle East markets ■ Expected to ship first wellhead equipment into the South. American market in first half of 2022 ■Low fixed cost for Chinese manufacturing base limits impact from changes in activity levels Manufacturing Service Centers Headquarters Australia China Suzhou, China Manufacturing Facility Moomba Brisbane Adelaide Middle East South America 14 14#15A Dynamic Manufacturing Advantage; Responsive, Highly Scalable and Lower Cost Responsive manufacturing in the U.S. supplemented by high volume production in China Bossier City Facility ■Rapid-response manufacturing of equipment ■5-axis computer numerically controlled machines "Just-in-time" product capabilities allow Cactus to offer fast delivery time for parachute orders ■No large near-term capital equipment needs following 2018 expansion ■Cash cost of operations is highly variable Suzhou Facility ■Less time-sensitive, high-volume wellhead equipment ■ Wholly foreign owned enterprise (WFOE) Continue to increase product types assembled and tested in Suzhou ■Low cost of operation with low sensitivity to utilization Identified additional international sourcing 2 ·仓库周转区() Highly Scalable and Low Fixed Cost Manufacturing Footprint 15#16Experienced and Well Aligned Management Team with Strong Industry Relationships ■ Management is well incentivized as it owns approximately 20% of the business ■ Over 80% of executive compensation deemed “at risk” ■ Performance-based stock compensation tied to Return on Capital Employed ("ROCE") ■ Management team has built the foundation of this company over four decades ■Track record of building and successfully monetizing similar businesses G ■ Strength of leadership and loyalty is attested by management and operating teams that joined from past ventures 1959 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Joel Bender appointed Vice President of ICC sold to I Cooper Cameron I Corporation CWE (1984) Scott Bender appointed President of Wellhead CWE Merges with Ingram Petroleum Services, forming Ingram Cactus Cactus Cactus Pipe founded Equipment (1959) ("CWE"), a subsidiary of Cactus Pipe (1977) I (1996) CAMERON I A Schlumberger Company Scott Bender leaves WGPC (2010) Cactus, Inc. IPO (2018) Company ("ICC") ■ Scott and Joel Bender become President and VP Operations, respectively, of ICC (1986) Scott and Joel Bender appointed President and SVP, respectively, of Wood Group Pressure Control ("WGPC") Steven Bender appointed Rental Business Manager of WGPC (2005) WGPC I Sold to GE I Oil and Gas (2011) I GE GE Oil & Gas Scott and Joel Bender found Cactus LLC with 18 key managers (2011) Cactus, Inc. initiates regular quarterly dividend (2019) WOOD GROUP 16#17Well Established Relationships With High-Quality Customer Base 2021 Total Revenue by Customer Type 2021 Product Revenue by Customer Type 2021 Rental Revenue by Customer Type Majors 8% Majors 5% Private 27% Private 27% SMID E&P 3% Large E&P 62% SMID E&P 4% Large E&P 64% Private 29% SMID E&P 1% Large E&P 51% Majors 19% Majority of customer base represented by larger, well capitalized operators Note: Cactus' Field Service revenue driven by the Company's Product & Rental activity. Large E&P represents exploration & production companies with market capitalization of over $3bn as of March 14, 2022 per FactSet. Majors include international oil companies that engage in upstream and downstream activities 17#18Recent Success With Private Operators Cactus' U.S. Onshore Rigs Followed (Private Operators) (1) 20 17 29 365% Increase Since Q3 2020 42 62 79 72 G Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Cactus' Onshore Rigs Followed with Private Operators Has More Than Quadrupled Since Mid-2020 Note: Private operators are firms that are not listed on a publicly traded stock exchange. 1. The average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each of the three months in the applicable quarter. 18#19Returns & Margins Have Outperformed Peers 2021 Adjusted EBITDA Margin (%) 40.0% 30.0% 20.0% 10.0% OIL STATES DRIL QUIP 0.0% (10.0%) 0.0% CHAMPIONx 10.0% DMC 20.0% Core Lab 30.0% Cactus (1) G ROCE(2) (2017-2021) (%) 40.0% Source: Company filings and Factset. 1) 2) Note: Adj. EBITDA Margins based on latest publicly available annual data. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus EBIT Adjusted EBITDA - depreciation and amortization. The Appendix at the back of this presentation contains a reconciliation of Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. ROCE reflects weighted average of 2017, 2018, 2019, 2020 and 2021. ROCE = (Adj. EBITDA less D&A) / (Average of the subject year and preceding year capitalization including capital leases). ChampionX ROCE data represents legacy Apergy for 2016-2019 and ChampionX for 2020 and 2021. Year-end 2021 DMC Global Inc. capital employed figure excludes $480mm related to the acquisition of Arcadia and assocaited noncontrolling interest for comparative purposes. 19#20Execution Has Driven Equity Outperformance Share Price Performance of Cactus vs. the OSX since IPO 0% 167% WHD (49%) G OSX Share Price Outperformed the OSX in 2018, 2019, 2020 and 2021 Note: Data based on share price performance from 2/7/2018 to 3/17/2022.Cactus 2/7/2018 price set as IPO price of $19 per share. Source: Factset 20 20#21History of Prudent Investment Strategy Goodwill, Intangible, Long-Lived & Other Asset Impairment Expenses ($mm) (2015-2021) ($mm) $1,000 $10,597 $7,722 $750 $500 $250 $664 $656 $251 $133 $37 $0 $- Peer A Peer B Peer C Peer D Peer E Peer F Peer G Cactus Has Recorded Zero Impairment Charges Through the Cycle Note: Peers include: ChampionX, Dril-Quip, Core Labratories, DMC Global, National Oilwell Varco, Oil States International and TechnipFMC. ChampionX data represents legacy Apergy prior to merger. TechnipFMC financial data represents FMC Technologies from 2015-2016 and TechnipFMC pro forma for the separation from Technip Energies from 2017 - 2021. Source: Company filings and annual reports. 21#22Clean Balance Sheet & Low Capital Intensity Balance Sheet & Capital Summary ■■ Year-end 2021 cash balance of approximately $302 million ■Full year 2022 net capital expenditure guidance of $20 million to $30 million ■Modest maintenance capex requirements 2022 capex driven by: ■Roofline expansion at Bossier City manufacturing facility ■R&D facility buildout Electrification and additions to rental asset fleet as activity is expected to grow ■ General maintenance Adjusted EBITDA (1) - Net Capital Expenditures (2) ($ in millions) $14.8 $81.4 $173.1 $144.4 $108.7 $102.9 2016 2017 2018 2019 2020 2021 Net Capital Expenditures (2) ($ in millions) $30.7 $17.4 $68.2 $55.9 $18.1 $11.6 2016 2017 2018 2019 2020 2021 Strong balance sheet with track record of cash flow generation Source: Company filings. 1) 2) EBITDA and Adjusted EBITDA are non-GAAP financial measures. Cactus defines Adjusted EBITDA as EBITDA excluding (gain) loss on debt extinguishment, stock-based compensation, non-cash adjustments for the revaluation of the liability related to the tax receivable agreement, and equity offering expenses. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Net Capital Expenditures equals net cash flows from investing activities. 22 22#23G 23 23 1. 2. Recent Performance & Outlook Fourth Quarter 2021 Performance ■ Revenues up 13% sequentially Product market share (1) of 42% ■ Adjusted EBITDA margin (2) increased to approximately 28% Outlook & Recent Developments Q1 2022 Product revenues expected to be up at least 5% sequentially Rigs followed expected to be up at least 10% versus Q4 2021 ■ Margins expected to improve sequentially Q1 2022 Rental revenues expected to be up by approximately 15% sequentially ■Margins expected to improve sequentially Temporary Field Service headwinds due to labor & onboarding costs Represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each of the three months in the applicable quarter divided by the Baker Hughes U.S. onshore rig count quarterly average. The Appendix at the back of this presentation contains a reconciliation of EBITDA and Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. Incremental Adjusted EBITDA margin represents the sequential change in Adjusted EBITDA divided by the sequential change in revenue during the quarter.#24Significant Growth Potential Through Geographic Expansion Percentage of 2021 Global Rig Count (Excluding Russia & Central Asia) Areas of potential expansion 76% G 24% Countries where Cactus provided wellhead equipment prior to 2022 ■ U.S. & Australia (1) ■Rest-of-World Cactus has not yet sold into regions that make up the majority of global rig activity Source: Company estimates. Spears & Associates. 1. Excludes rigs in Russia and Central Asia. 24 24#25Cactus Is Committed to ESG Environmental ■ Cactus, Inc. is committed to reducing its impact on the environment. We will continue to strive to improve our environmental performance over time and to initiate projects and activities that will further reduce our impact on the environment. Cactus Environmental Policy Statement October 4, 2019 Cactus, Inc. is committed to reducing its impact on the environment. We will continue to strive to improve our environmental performance over time and to initiate projects and activities that will further reduce our impact on the environment. Our commitment to the environment extends to our customers, our Associates and the communities in which we operate. We also expect our suppliers and vendors to join us in our efforts to reduce environmental impacts via our Code of Vendor Conduct. To that end, we are committed to the following Compliance with all applicable environmental regulations ⚫ Seeking to use resources efficiently and reduce waste; • Avoiding environmental damage resulting from our operations; Reviewing and improving our Environmental Management System (EMS) [Note that our EMS is not 50 14001 certified. Educating our Associates about our Environmental Policy Statement and encouraging their efforts to help fulfil our commitment to reducing our impact on the environment ■Communicating our environmental commitment to our suppliers and vendors, as well as our customers, our Associates and the public. Working to improve the fuel economy of our fleet by routinely updating our fleet, ensuring proper maintenance, reducing iding time and avoiding unnecessary travel. In 2018, our fleet consumed 629,000 gallons of fuel. [Note that 0% of the consumption is from renewable resources.) Improving our water recycling program currently in place in 20 locations. We estimate that in 2018, approximately 8 million gallons of water was treated for reuse in our recycling program ⚫Board oversight and consideration of climate-related risks and opportunities as part of our Enterprise Risk Management process which is conducted semi-annually. Recognizing that the right to water is a fundamental human right. All manufacturing facilities API and ISO 9001 certified to ensure the highest level of quality and safety ■Products & equipment reduce the need for personnel and equipment at the well site and oil & activities' impact on the environment Social Cactus, Inc. is dedicated to improving lives and protecting human rights. We seek to make the world a better place by encouraging fairness, equal opportunity and human dignity. Cactus Social, Human and Labor Rights Policy Statement October 4, 2019 Cactus, Inc. is dedicated to improving lives and protecting human rights. We seek to make the world a better place by encouraging fairness, equal opportunity and human dignity. Our commitment to social, human and labor rights extends to our customers, our Associates and the communities in which we operate. We abo expect our suppliers and vendors to join us in our efforts to improve lives via our Code of Vendor Conduct. To that end, we are committed to the following Recognizing that the right to water is a fundamental human right Working with our suppliers and vendors to help them improve in the area of human rights. Prostating the use of child labor and forced labor among our suppliers and vendors Supporting the precepts set forth in the UN Universal Declaration of Human Rights Ensuring that workforce rights are fully realized by developing a safe work environment than is free from unlawful discrimination and harassment and one that ensures Associates' rights under the law are fully protected. •Extending anti-discrimination protections to all legally protected classes induding gender, race, disability, ethnicity, national origin, religion, age and sexual orientation Expecting that our suppliers and vendors embrace workforce rights to the same extent as Improving our occupational health and safety program and policies designed to protect Associates and invitees from harm at all our facilities and locations as well as any other locations where they work. Working with our suppliers and vendors to ensure they too embrace our occupational health and safety policy. Compensating our Associates with a fair wage supporting their efforts to adequately provide for their familles. Active Board and Senior Executive oversight of our anti-bribery and anti-corruption program Providing awareness training to all Associates on our Code of Business Conduct and Ethics to ensure all Associates are familiar with our anti-bribery and anti-corruption policy Reporting to the Board of Directors during its regularly scheduled meetings regarding environmental, health and safety issues The Director of Health, Safety and Environmental reports directly to the General Counsel ■Our board of directors believes that sound governance practices and policies provide an important framework to assist it in fulfilling its duty to stockholders ■ Bylaws amended to permit Eligible Stockholders to make nominations for election to the Board and to have those nominations included in the Company's proxy materials under certain circumstances Source: Company filings. Governance 2021 CEO Target Pay Mix Independent Directors 7 6 5 4 3 At IPO Current LTI 72% Base Salary 14% STI Target 14% 86% at risk 25 25#26Appendix safety Strong All Year Long#27Company Organizational Structure Company Profile Ticker Organizational Structure(1) WHD (NYSE) Class A Shares Outstanding(1) 60.2mm Class B Shares Outstanding (1) 15.7mm Total Shares Outstanding (1) 75.9mm Market Capitalization(2) ~$3.8bn Finance Lease Obligations (3) $10.7mm Cash and Cash Equivalents (3) Quarterly Dividend Per Share Annual Dividend Yield(2) Ownership Profile (4) Management & Employees 21% $301.7mm $0.11 0.9% CW Unit Holders G Public Investors Class B Common Stock (20.7% voting power) Class A Common Stock (79.3% voting power) 15.7mm CW Units (20.7% economic rights) Cactus, Inc. (NYSE: WHD) 60.2mm CW Units (79.3% economic rights) Cactus Wellhead, LLC (operating subsidiary) 100% Subsidiaries Public Float 79% Class A & Class B Shareholders Have Equal Voting Rights Source: Company filings. 1. 234 As of March 15, 2022. Excludes effect of dilutive securities. As of March 17, 2022. Market capitalization utilizes total shares outstanding. As of December 31, 2021. As of March 15, 2022. Management and employees made up of Class B shares owned by Cactus WH Enterprises, Lee Bouquet and members of the Board of Directors. 27#28Cactus Equipment Positioned on a Multi-Well Pad 4 3 2 4 G 1 Cactus Wellhead 1 Product Sold 2 Equipment Rented 3 Equipment Rented 4 Services Provided 3 ■ Wellheads are required by each well over production life ■ One of the first pieces of equipment to be installed Cactus wellheads installed below surface ■ Production trees installed on the wellhead after the frac stacks are removed ■ Frac stacks are connected to the wellhead for the fracturing phase of a well ■ Must reliably withstand all liquids and proppants that are pumped downhole to fracture Zipper manifolds, mono- bore flowline and remote greasing units used during the fracturing process ■ Allow fracing to seamlessly shift from well to well while reducing connections for high- pressure equipment ■ Assist with the installation, maintenance and handling of the wellhead and pressure control equipment ■ Variety of equipment to install and service, such as high-pressure flow iron, closing units, crane trucks and testing units Note: Cactus equipment shown not inclusive of all Rental innovations described on preceding slides. 20 28#29Non-GAAP Reconciliation Important Disclosure Regarding Non-GAAP Measures EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDA as net income excluding net interest, income tax and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding severance expenses, revaluation of tax receivable agreement, (gain) loss on debt extinguishment, stock-based compensation, and equity offering expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue. Our management believes EBITDA and Adjusted EBITDA are useful, because they allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business. Year Ended ($ in thousands) Net income (loss) Interest (income) expense, net Income tax expense December 31, 2021 2020 2019 2018 2017 2016 2015 Annualized Three Months Ended December 31, 2021 Three Months Ended December 31, 2021 $67,470 $59,215 $156,303 $150,281 774 (701) (879) 3,595 $66,547 20,767 7,675 10,970 32,020 19,520 1,549 ($8,176) 20,233 809 $21,224 21,837 $81,532 568 $20,383 142 EBIT 75,919 69,484 187,444 173,396 88,863 12,866 784 43,845 28,356 7,089 110,456 27,614 Depreciation and amortization 36,308 40,520 38,854 30,153 23,271 21,241 20,580 35,312 8,828 EBITDA $112,227 $110,004 $226,298 $203,549 $112,134 $34,107 $64,425 $145,768 $36,442 Severance expenses Revaluation of tax receivable agreement liability. Secondary offering related expenses (898) 406 1,864 555 (5,336) 1,042 (7,608) (1,902) (Gain) loss on debt extinguishment Stock-based compensation 8,620 Adjusted EBITDA $120,355 8,599 $121,022 6,995 $228,999 4,305 4,704 $212,558 $112,134 (2,251) 361 $32,217 (1,640) 359 $63,144 8,296 $146,456 2,074 $36,614 Revenue Net income (loss) margin Adjusted EBITDA margin $438,589 15.4% 27.4% $348,566 17.0% 34.7% $628,414 24.9% 36.4% $544,135 27.6% 39.1% $341,191 19.5% 32.9% $155,048 (5.3%) 20.8% $221,395 9.6% 28.5% $519,664 15.7% 28.2% $129,916 15.7% 28.2% 29 29 *For the year ended December 31, 2014, we had EBITDA of $88.8 million, representing net income of $59.1 million, excluding net interest expense of $11.2 million, income tax expense of $0.3 million and depreciation and amortization of $18.2 million. There was no early extinguishment of debt in 2014. Stock-based compensation was $1.3 million in 2014. Adjusted EBITDA was equal to $90.1 million. Revenue was $259.5 million, Net Income margin was 22.8% and Adjusted EBITDA margin was 34.7%.#30Investor Relations Contact John Fitzgerald Director of Corporate Development & Investor Relations 713-904-4655 [email protected] 121270 Ht G Cactus 30 30