#1L ✓ PATTERSON-UTI NEXTIER Patterson-UTI Energy & NexTier Oilfield Solutions Creating a New Industry Leading Drilling and Completions Services Provider June 2023#2Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's and NexTier's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this presentation that are not historical statements, including statements regarding Patterson-UTI's and NexTier's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's and NexTier's control, which could cause actual results to differ materially from the results expressed or implied by the statements. The statements include, without limitation, projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on Patterson-UTI's and NexTier's business and future financial and operating results, the amount and timing of synergies from the proposed transaction, the combined company's projected revenues, adjusted EBITDA and cash flow, accretion, business and employee opportunities, capital return policy, and the closing date for the proposed transaction, are based on management's estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond Patterson-UTI's and NexTier's control. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the press release announcing the transaction and otherwise from time to time in Patterson-UTI's or NexTier's SEC filings, both of which are available through the Securities and Exchange Commission's (the "SEC") Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov, or with respect to Patterson-UTI's SEC filings, Patterson-UTI's website at http://www.patenergy.com, or with respect to NexTier's SEC filings, NexTier's website at https://nextierofs.com. Patterson-UTI and NexTier undertake no obligation to publicly update or revise any forward-looking statement. Important Additional Information Regarding the Merger of Equals Will Be Filed With the SEC In connection with the proposed transaction, Patterson-UTI intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Patterson-UTI and NexTier that also constitutes a prospectus of Patterson-UTI. Each of Patterson-UTI and NexTier also plan to file other relevant documents with the SEC regarding the proposed transaction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Any definitive joint proxy statement/prospectus (if and when available) will be mailed to shareholders of Patterson-UTI and NexTier. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain free copies of these documents (if and when available) and other documents containing important information about Patterson-UTI and NexTier once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Patterson-UTI will be available free of charge on Patterson-UTI's website at http://www.patenergy.com or by contacting Patterson-UTI's Investor Relations Department by phone at (281) 765-7170. Copies of the documents filed with the SEC by NexTier will be available free of charge on NexTier's website at https://nextierofs.com or by contacting NexTier's Investor Relations Department by phone at (346) 242-0519. Participants in the Solicitation Patterson-UTI, NexTier and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Patterson-UTI is set forth in its proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on April 11, 2023, and Patterson-UTI's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 13, 2023. Information about the directors and executive officers of NexTier is set forth in its proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on April 28, 2023, and NexTier's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 16, 2023. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Patterson-UTI or NexTier using the sources indicated above. No Offer or Solicitation This document is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. PATTERSON-UTI NEXTIER 2#3RIG 285 285 A Compelling Combination Establishes a premier drilling and completions provider in U.S. land positioned among the leaders in contract drilling, pressure pumping, and directional drilling Attractive investment opportunity with greater size and scale facilitating increased share float and liquidity and a more stable and sustainable returns profile Brings together best-in-class operational execution and technology portfolio to enhance value creation opportunities and maximize returns for both the combined company and its customers Expected to be accretive to earnings per share and free cash flow (FCF) per share in 2024 Additional value driven by ~$200 million annual synergies realization within 18 months post-close Intend to remain good stewards of capital and target high FCF conversion; 50%+ of FCF expected to be returned to shareholders through a combination of dividends and share repurchases Strong balance sheet with net debt to combined trailing 12-month Adjusted EBITDA of 0.5x as of March 31, 2023; maintain strong liquidity and a favorable debt maturity profile Leadership position in low-carbon alternative fuel sources for drilling and completions using natural gas, high-line power, and lithium battery solutions 3#4Transaction Overview • Structure Ownership Leadership and Governance Company and Headquarters Path to Close No-premium all-stock merger of equals Implies total enterprise value of approximately $5.4 billion 0.7520 shares of Patterson-UTI common stock issued per outstanding share of NexTier common stock Share exchange expected to be tax-free to shareholders of both companies Pro-forma ownership of 55% Patterson-UTI shareholders and 45% NexTier shareholders on fully diluted basis Andy Hendricks, President and Chief Executive Officer of Patterson-UTI, to serve as President and Chief Executive Officer Robert Drummond, President and Chief Executive Officer of NexTier, to serve as Vice Chair of Board Curtis Huff, Patterson-UTI's Chair of the Board, to serve as Chair of Board 11-member Board will comprise six directors from Patterson-UTI (including Mr. Hendricks) and five from NexTier Combined entity to be named Patterson-UTI Energy and traded under symbol PTEN Completions segment to operate under the NexTier Completions brand Combined company to be headquartered in Houston Targeted close in Q4 of 2023 Subject to Patterson-UTI and NexTier shareholder approvals, regulatory approvals and satisfaction of other customary closing conditions PATTERSON-UTI NEXTIER MSA 4#5Compelling Value Creation Opportunity Revenue ~$6.9B 1Q23 annualized combined Accretive To earnings per share and free cash flow per share in 2024 Strong Balance Sheet Net Debt to combined trailing 12-month Adjusted EBITDA of 0.5x as of March 31, 2023; maintain strong liquidity and a favorable debt maturity schedule Improved Free Cash Flow Generation Adjusted EBITDA ~$1.9B 1Q23 annualized combined Synergies $200M expected within 18 months post-close and annually thereafter Significant Shareholder Returns Combined company committed to continuing to return 50%+ FCF to shareholders through dividends and share repurchases Cash Returned to Shareholders ($mm) 350 300 250 $201 200 150 $297 $288 $105 $225 $111 $145 $255 $103 $55 $170 $162 100 $72 $67 $70 $74 $14 $8 $40 $74 50 $27 $23 $22 $58 $59 $21 $30 $29 $24 $7 $16 $32 $31 $6 $43 $19 $16 $17 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 NexTier Share Repurchases Patterson-UTI Share Repurchases Patterson-UTI Dividends 2023 LO 5#6Operations Across the Most Active U.S. Basins 172 Super-Spec Drilling Rigs 3.3 Million Hydraulic Horsepower Nearly 2/3 Dual Fuel Capable Frac Fleets Leading Provider Drilling & Completions Services Using Low Carbon Fuel Sources PATTERSON-UTI NEXTIER PTEN Drilling PTEN Drilling and Pressure Pumping NexTier Colombia 6#7Creates a New North American Player with Revenue Generation Among the Industry Leaders... North American Oilfield Services Revenue Comparison (Q1 2023A Annualized) $11.1 $6.9 $6.8 $5.0 $4.0 $3.7 $3.4 $3.3 $3.1 $2.8 $2.3 H slb Combined LIBERTY Baker > Hughes NEXTIER PROFRAC ΝΟΥ PATTERSON-UTI ENERGY INC. CHAMPIONx HALLIBURTON PATTERSON-UTI NEXTIER Source: Company filings. Note: $ in billions. Data as of 31-Mar-2023, represents 1023 annualized revenue. Includes publicly traded oilfield services companies with North American revenue greater than $2bn. 7#8...with a Significantly Expanded North American Frac Footprint Current Energy Services Frac Horsepower Landscape (United States Market Only) 52 3300 45 44 42 3290 33 2500 2450 H Combined PROFRAC HALLIBURTON PATTERSON-UTI NEXTIER 2100 15 12 10 10 10 O 1315 1190 728 639 450 NEXTIER PROPETRO PATTERSON-UTI VRPC WS evolution An Oil & Gas Services Company CAL FRAC WELL SERVICES U.S. Active Frac Fleet Count Frac Reported Horsepower Source: Public filings, Company provided information, Rystad & Wall Street Research 7 540 2 490 BJ STEP energy services 46 2898 Others 00 8#9Significant Cost Savings and Operational Synergies Opportunity ~$200M estimated cost savings and operational synergies within 18 months¹ following close and annually thereafter '8 Operations integration Reductions in sales, general and administrative Supply chain management Expected to create significant efficiencies. for well completions operations PATTERSON-UTI NEXTIER 1One-time costs expected to be incurred to achieve the synergies are approximately $80 million 6#10Creates a New Industry Leader with Significant Size Enterprise Value $ 5.4 $ 3.9 $3.9 $ 3.4 $ 3.1 $ 2.7 $ 2.3 $ 1.6 $ 1.5 $ 1.3 $ 0.9 $ 0.6 $ 0.5 Combined NABORS HP PROFRAC | PATTERSON-UTI C NEXTIER Precision VRPC ENSIGN PROPETRO TRICAN WS An Oil & Gas Services Company DRILLING LIBERTY CAL FRAC PATTERSON-UTI NEXTIER Source: Company filings, Capital IQ, Bloomberg, IBES. Data as of 13-Jun-2023. Note: $ in billions. 10 10#11Leading Provider of Contract Drilling Services 172 super-spec drilling rigs in the U.S. of which 120 are Tier-1, super-spec rigs having the capabilities most in demand by customers to drill complex wells Super-spec rigs are the necessary platform through which efficiency enhancing technologies such as advanced automation and remote operations are delivered Patterson-UTI is a leading provider of drilling rigs capable of using alternative power sources including: • Dual fuel capable drilling rigs • 100% natural gas capable drilling rigs . • High-line power EcoCellTM lithium battery hybrid power management system PATTERSON-UTI NEXTIER A super-spec rig is defined as at least a 1,500 horsepower, AC-powered rig that has at least a 750,000-pound hookload, a 7,500-psi circulating system, and is pad-capable. A Tier-1, super-spec rig is defined as a super-spec rig that also has a third mud pump and raised drawworks that allow for more clearance underneath the rig floor. RIGS 11#12Patterson-UTI's MS Directional A leading provider of directional drilling services Strong reputation for the reliability and durability of downhole performance motors and measurement-while-drilling (MWD) tools Remote MWD operations with reduced personnel are standard on all directional drilling jobs PATTERSON-UTI NEXTIER G 12 112#13310 320 330 340 350 250 260 270 280 290 300 310 360.370 10 20 49 Patterson-UTI's Superior QC Space flight navigation algorithms HIELNAV HIFI GUIDANCE Improved well placement allowing for better frac designs Better steering to target zones Better wellbore quality TM 13#14A Leader in U.S. Land Completions Services Combined company will be the second largest pressure pumping company in the U.S., owning 3.3 million horsepower with 45 active frac spreads Nearly 2/3 of the combined company's fleet will be dual-fuel capable reducing fuel costs and lowering emissions and making the combined company the largest operator of natural gas powered frac fleets Wellsite integration offers opportunities to improve profitability in a capital efficient manner: • Power Solutions natural gas fueling business . Proppant last mile logistics and wellsite storage Wireline and pumpdown • Reservoir Engineering 14#15Leveraging NexTier's Wellsite Integration Model Innovative Reservoir Engineering Integrated Wireline Service $7M/Fleet Potential Annual Incremental Adjusted EBITDA & CapEx Reduction Value per Fleet with fully realized Integrated Solutions Power Solutions NexMile Logistics NEXHUB DIGITAL CENTER NexHub Digital Operations Last-Mile Logistics Merger creates significant value creation potential by expanding NexTier's proven wellsite integration strategy across a larger completions footprint Achieves capital efficient growth for the combined company Value synergies not inclusive of Product Service Line Profit Engineering/ Client IntelliStim™ NEXTIER Natural Gas-Powered Fleet Th Fully Integrated Wellsite Power Solutions CNG Fueling Pumpdown Wireline NEXT NEXTIER 20 15#16Integrated Wireline Plug & Perforation Spare Wireline Capacity Has Potential to Add Profitability with Minimal Incremental Capital Pumping Hour Comparison 2022 Results, NexTier Frac with Integrated P&P vs. 3rd Party Pump-Hrs per Day 18% Increase in Daily Frac Operating Efficiency¹ Integrated w/ NexTier Wireline vs. w/ Non-NEX Wireline Crew Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 PATTERSON-UTI NEXTIER Source: 'NexTier 2022 Regional Case Study The Winning P&P Formula... NEXHUB. DIGITAL CENTER Digitally connected through NexHub™ for seamless data integration Single-point operations management with incentives aligned to win Maximum daily completions efficiency that Lowers Cost per BOE 16#17Proppant Logistics and Storage NexMile™ Scalability Offers Further Upside Through Integration Truckloads per Well Estimated for a 12,500 ton well 581 510 Logistics NPT per Fleet NexMile Logistics vs. 3rd Party Logistics 35 w/ Lowest 30 Carbon Avg. 3rd Party Logistics NPT Footprint 25 463 Hours per Month 75% less NPT 20 NexMile Logistics NPT 15 with NexMile™ Logistics 10 LO 5 0 Box System Traditional Pneumatic NexMile's Scorpion System Maximum Payload = Fewest Trucks 27 Tons per load means up to 30% fewer truck trips to location PATTERSON-UTI NEXTIER سارار Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 NEXHUB DIGITAL CENTER Digital Integration = Highest Efficiency Automation-enabled logistics are optimized from mine to well 17#18Power Solutions Natural Gas Fueling Elevating the Value of Natural Gas-Powered Frac Fleets Diesel Displacement Comparison Long-Term Trial Results with NexTier Integrated Permian Client Diesel Displacement 80% 70% 60% 50% I 40% 3rd Party could not ! blend with 30% CNG 20% 15% 10% 0% Field Gas Blend 49% 71% 73% CNG Field Gas Blend 3rd Party Provider PATTERSON-UTI NEXTIER NEXTIER CNG The Power Solutions Bottom Line... Р Power Solutions consistently increases natural gas consumption Less diesel consumption results in a lower emissions profile Every 10% of increased diesel displacement reduces fuel costs by more than $1.5M annually per fleet 18#19NexHub™ Equipment Health Management drives higher equipment performance at lower operating costs NEXHUB DIGITAL CENTER provement: Engine Lifecycle +110% NEXTIER COMPLETION SOLUTIONS Annual CapEx reduced by $1.5M annually, per fleet PATTERSON-UTI NEXTIER NexHub Implementation Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Power End Lifecycle +125% Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Transmission Lifecycle +65% Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21#20Unlocking Value and Enhancing Efficiency Through Data Analytics PTEN+* Patterson-UTI's portal for the real time collection, aggregation, analysis, and visualization of data from drilling rigs and frac spreads Connects rigs and frac spreads through a digital interface to PTEN engineers and customers Allows for custom performance applications and advanced algorithms when combined on drilling rigs with PTEN'S CORTEX® KEY edge server • Advanced algorithmic monitoring of PTEN's drilling rig fleet with near real time alerts using the REX® system + NEXHUB. DIGITAL CENTER The NexHub Digital Center is a cutting edge platform that enables highly efficient field operations and enhances corporate returns • Equipment health management: Predictive analytics to lower maintenance spend and extend asset life Digital Engineering: 24/7 technical support reduces downtime and drives consistency of service delivery Power Solutions: Maximize fuel cost savings through remote control of CNG equipment and fuel delivery • Logistics Control Tower: Optimize truck movements for all of US Land Best-in-Class Operational and Technology Portfolio and Data Analytics to Maximize Well Performance PATTERSON-UTI NEXTIER 20 20#21Sustainability Leadership Position in Low Carbon Solutions 50%+ combined company fleet capable of being powered by natural gas છે. PATTERS eco cel Combined Company Will Lead the Industry in Next Generation Equipment Sustainability leadership position in low-carbon emissions utilizing natural gas as a primary fuel NexTier has deployed its first electric frac fleet in 2023 UTERSON-UTI Engine control automation across business, EcoCell™ lithium battery hybrid technology and high-line power on drilling operations Natural gas lowers CO2 emissions by 30% compared to diesel² AMITERSON. Dual fuel can lower annual fuel costs by more than $10 million per fleet¹ Additional natural gas-powered fleets would be replacements as the combined company will continue the strategy to upgrade diesel powered assets, responsibly, over time, to maximize the return on investment PATTERSON PATTERSON-UTI NEXTIER Patterson-UTI has been successfully testing remote engine automation for reduced fuel usage Sources: 1NEX Internal Estimates, 2U.S. Energy Information Administration 21 24#22Г PATTERSON-UTI Combined Company Focused on Human Capital Management Shared commitment to investing in and developing employees to create employer of choice in the energy industry PATTER DRILLIN Commitment to safety Promoting diversity and inclusion initiatives Formalized leadership training Performance management and development programs Focus on recruitment in local communities we operate in LIVESAFE™ PTEN cares NEXTIER UNIVERSITY 22 22#23North A Compelling Investment Opportunity 30/308 74 9.579 90.6 2 ☑ Expands customer base and service capabilities 852 33736 Supports low-carbon strategy ☑ 08 Drives improved free cash flow outlook 04/304 ☑ Delivers meaningful cross-selling opportunities and cost synergies ☑ Accelerates capital returns to shareholders and selectively invest in value accretive opportunities PATTERSON-UTI NEXTIER 23 23