#1Investor Presentation Cactus, Inc. (NYSE: WHD) September 2020 safety Strong All Year Long#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 level of growth or decline in the number of rigs, pad sizes, well spacings and associated well count; availability of takeaway and storage capacity; availability of capital and the associated capital spending discipline exercised by customers; 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 completion activity; the size and timing of orders; availability of raw materials and imported items; transportation differentials associated with reduced capacity in and out of the storage hub in Cushing, Oklahoma; expectations regarding raw materials, overhead and operating costs and margins; availability 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; the 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 the political, regulatory, economic and social conditions domestically or internationally; the ultimate severity and duration of the ongoing outbreak of coronavirus (COVID-19) and the extent of its impact on our business; outbreaks of other pandemic or contagious diseases that may disrupt our operations, suppliers or customers 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; increases in import tariffs assessed on products from China and imported raw materials used in the manufacture of our goods in the United States 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 IPO; a failure of our information technology infrastructure or any significant breach of security; potential uninsured claims and litigation against us; competition 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#3Executive 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 Wellhead and Pressure Control Equipment Solutions Provider for Onshore Markets 2 Innovative and Differentiated Products & Services That Drive Margin Stability Through the Cycle 3 Dynamic & Variable-Cost Operating and Manufacturing Capabilities 4 5 Returns Focused with Large Net Cash Balance Experienced Management Team with Significant Equity Ownership & Strong Industry Relationships G Through-Cycle Outperformance 4#5Company Overview Cactus designs, manufactures, sells and rents highly engineered products which yield greater pad drilling and completions efficiencies while enhancing safety Q2 2020 LTM Revenue by Type Field Service Revenue ($ in millions) $628.4 $544.1 $521.7 $341.2 $155.0 and Other 21% Rental 21% Product 58% 2016 2017 2018 2019 LTM Q2 2020 Adjusted EBITDA(1) ($ in millions) $212.6 $229.0 $183.9 *Product Revenue Includes Drilling and Production Consumables $112.1 $32.2 2016 2017 2018 2019 LTM Q2 2020 Selected Active Basins | Adj. EBITDA(1) as % of 20.8% 32.9% 39.1% 36.4% 35.2% ■ Bakken ■DJ / Powder River Revenue ■ Eagle Ford Adjusted EBITDA(1) Net Capital Expenditures (2) as % of Revenue ■Marcellus / Utica ■ Permian ■SCOOP / STACK 26.5% 27.5% ■ Cooper, Australia 23.9% 9.6% 26.9% 2016 2017 2018 2019 LTM Q2 2020 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 Market Share (1) 179 14.4% 14.5% 158 119 100 9.8% 75 8.9% 7.0% 47 5.9% 4.3% 15 2.5% 0.8% 119 99 17.5% 68 G 32.7% 30.9% 29.3% 28.2% 27.0% 26.6% 295 24.4% 275 276 21.5% 245 220 129 240 22 87 U.S. Onshore Rigs Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 1 1,931 1,899 1,729 1,694 1,703 1,780 1,820 825 684 388 601 902 909 1,035 1,045 941 777 266 2015-2016 Downturn Was Source of Significant Market Share Gains 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. 1) Represents the number of active U.S. onshore rigs Cactus followed divided by the total number of active U.S. onshore rigs, as of mid-month. 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#8Cactus was Well Positioned for the Downturn... Well Prepared for a Downturn 2014-2019 Trough Annual Adjusted EBITDA Margin (2)(3)(4) Management team has operated through several industry cycles 22% 21% ◉ No bank debt and over $270 million in cash (1) ■ Variable cost structure & low capex requirements 14% 6% 6% 5% 4% ◉ One of the few oilfield service companies to maintain dividend level Playbook includes: ◉ Partner with customers to become more efficient Reduce organizational costs ◉ ■ $85 million in payroll cost reductions implemented Cost to achieve savings limited to < $2 million Significant reduction in capital expenditures Retention of key talent in R&D, Engineering & Sales (2%) (9%) Peer A WHD Peer B Peer C Peer D Peer E Peer F Peer G Peer H Net Cash / (Net Debt) Position ($mm)(5) $346 $262 $45 $5 ($8) ($220) ($267) ($582) Focus on safety, returns, margins and market share expansion ($961) Peer E WHD Peer H Peer C Peer G Peer D Peer A Peer F Peer B As of June 30, 2020. Source: Factset, Company filings. 1) 2) 3) Peer data represents Adjusted EBITDA where available per company filings and presentations. Peers include: ChampionX, Dril-Quip, Core Labratories, DMC Global, Hunting, National Oilwell Varco, Oil States International, Schoeller-Bleckmann. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus data represents Adjusted EBITDA. 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. Trough margin represents lowest annual Adjusted EBITDA margin during the period of 2014 - 2019. 4) 5) Net debt calculated as principal value of debt and capital leases less cash & cash equivalents. Represents latest publicly available data. 8#9...and Cactus is Well Prepared for a Recovery Highlights ■ Positive operating leverage generally benefits margins as revenue increases ■Incremental EBITDA margins were strong during the last market recovery (2017) ■ Slower activity environment provides opportunity to improve internal processes and provide solutions to issues faced by clients ■ Portion of cost savings achieved to date expected to be maintained through the cycle 2017 Incremental EBITDA Margins(1)(2) 45% 80% 28% G 43% ■ Cactus has maintained key sales & engineering talent through the downturn (3) Product Rental Field Service & Other Total Adj. EBITDA Total Company Incremental Adjusted EBITDA Margins Over 40% in 2017(2)(3) 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. Product, Rental and Field Service & Other incremental EBITDA margins represent annual change in category gross profit (excluding depreciation & amortization) divided by change in category revenue in 2017 versus 2016. Incremental Total Adj. EBITDA margin represents change in annual Adjusted EBITDA divided by change in annual revenue in 2017 versus 2016. 1. 2. 3. Includes selling, general and administrative expenses. 9#10Technologically 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 10 10#11Innovations Enhance Rental Business Value Proposition Complement & enhance legacy rental offerings while requiring no additional personnel ■ Significantly reduce non-productive time ("NPT") by increasing reliability and automation ■ Increase safety and reduce costs by removing personnel from the exclusion zone ■ Differentiated vs. competing offerings ■ SafeLink™ ■ Singular & continuous large bore connection between missile and multiple frac trees ■Compact design & adaptable to pad layouts ■Reduces rig-up/down time, leaks and maintenance that cause NPT ■ SafelnjectⓇ ■ Digital & remotely operated method to perform frac tree maintenance and collect valuable data at wellsite ■ Eliminates need for personnel to enter exclusion zone ■ SafeClampⓇ ■ Reliable method to connect the wireline lubricator to the frac tree without the need for human intervention within the exclusion zone ■ Reduces NPT associated with transition between wireline and frac operations G SafeClamp® Safelnject Legacy Setup SafeLink T TM SafeLinkTM 11#12Improvements in Operator Efficiencies Beneficial to Cactus U.S. Drilling Days Per 1,000 Lateral Ft. U.S. Well Completions Utilizing Zipper Fracs Days 7 6.4 5.9 6 5 4 3 2 1 5.2 4.4 Pct 90% 80% 3.6 3.5 3.3 3.3 70% 2.9 60% 56% 0 50% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Credit Suisse Research. Faster drilling times translates into more wells drilled per rig ■More wells per rig drives more wellhead equipment demand per drilling rig in operation 61% 69% 79% 76% 2017 2018 2019 2020E 2021E Source: Raymond James, DrillingInfo. ■ Cactus' rental equipment is tailored toward more advanced completion techniques & difficult well conditions ■Larger pad sizes and zipper fracs drive more demand for Cactus' rental equipment 12#13Small Expenditures Can Have a Big Impact on Operators Cactus Value Proposition Components of Onshore Well Costs (1) ■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 Drilling 29% Other 15% larger ticket items 1) Source: EIA and Management estimates. Cactus Products Cactus Rentals 1% 1% Completion 54% 13#14Flexible and Scalable Operating Footprint U.S. Operations ■ Service centers support field services and provide repair services ■ Well-diversified across all key producing basins ■Flexible cost structure at branches & Bossier City ■ Leased facility arrangements reduce capital needs ■ Ability to scale costs and right-size in real-time Minimal maintenance capex required for up-keep International Operations Forming key partnerships and expanding services in the Middle East ■Modest capital requirement for facilities ■ Australian operations predominantly natural gas focused Low fixed cost for Chinese manufacturing base limits impact from changes in activity levels Bakken United States Bossier City, Louisiana Powder Manufacturing Facility River Basin Marcellus Utica DJ/Niobrara SCOOP/STACK Delaware Barnett 00 O Midland Haynesville Eagle Ford Gulf Coast Manufacturing ★ Headquarters ● Service Centers Oil & Gas Basin Australia China Middle East Suzhou, China Manufacturing Facility 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 near-term capital 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 ■ Assessing additional international sourcing CD CAP 3 TOWA 2 仓库周转区) Highly Scalable and Low Fixed Cost Manufacturing Footprint 15#16G Experienced and Well Aligned Management Team with Strong Industry Relationships ■ Management team is well incentivized as it owns more than 25% of the business 2020 executive management salaries reduced by 33 - 55% ■ 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 ■ Strength of leadership is attested by management and operating teams that joined from past ventures 1959 1975 1980 1985 1990 1995 2000 2005 2010 2015 Joel Bender appointed Vice President of CWE (1984) Scott Bender appointed President of Cactus Cactus Pipe Wellhead founded (1959) Equipment ("CWE"), a subsidiary of Cactus Pipe (1977) CWE Merges with Ingram Petroleum Services, forming Ingram Cactus Company ("ICC") ■Scott and Joel Bender become President and VP Operations, respectively, of ICC (1986) ICC sold to I Cooper Cameron I | Corporation 1 (1996) CAMERON I A Schlumberger Company L Scott and Joel Bender appointed President and SVP, respectively, of Wood Group Pressure Control ("WGPC") Steven Bender appointed Rental Business Manager of WGPC (2005) Scott Bender leaves WGPC (2010) Cactus, Inc. IPO (2018) WGPC I Sold to GE I I Oil and I Gas (2011) Scott and Joel Bender found Cactus LLC with 18 key managers Baker Hughes (2011) Cactus, Inc. initiates regular quarterly dividend (2019) WOOD GROUP 16#17Well Established Relationships with High-Quality Customer Base 1H20 Total Revenue by Customer Type 1H20 Product Revenue by Customer Type 1H20 Rental Revenue by Customer Type SMID E&P 10% Other 1% Majors 8% Other Majors 1% 2% Private 20% Private 22% Large E&P 61% SMID E&P 11% SMID E&P 9% Other Private 14% 0% Majors 23% Large E&P 64% Large E&P 54% Majority of customer base represented by larger, well capitalized operators 17 Note: Large E&P represents exploration & production companies with market capitalization of over $1bn as of September 1, 2020 per FactSet. Majors include international oil companies that engage in upstream and downstream activities#18Returns & Margins Have Outperformed Peers LTM Adjusted EBITDA Margin (%) 40.0% 30.0% 20.0% SCHOELLER 10.0% OIL STATES 0.0% (10.0%) BLECKMANN OILFIELD EQUIPMENT HUNTING NOV CHAMPIONx DRIL QUIP 0.0% 10.0% DMC 20.0% 30.0% Core Lab Cactus (1) 40.0% G ROCE(2) (2015-2019) (%) Note: LTM Adj. EBITDA Margins based on latest publicly available data as of August 2020. Cactus' computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus EBIT = Adjusted EBITDA - depreciation and amortization. The Appendix at the back of this presentation contains a reconciliation of Adjusted EBITDA to net income, the most comparable financial measure calculated in accordance with GAAP. ROCE reflects weighted average of 2015, 2016, 2017, 2018 and 2019. ROCE = (Adj. EBITDA less D&A)/ (Average of the subject year and preceding year capitalization including capital leases). ChampionX ROCE data represents legacy Apergy. 1) 2) 18 Source: Company filings and Factset.#19History of Prudent Investment Strategy Goodwill, Intangible, Long-Lived & Other Asset Impairment Expenses ($mm) (2015 - YTD 2020) ($mm) $1,000 $10,597 $750 $664 $613 $500 $250 $0 $- I $487 G $179 $132 $68 $30 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Cactus Has Recorded Zero Impairment Charges Through the Cycle Note: Peers include: ChampionX, Dril-Quip, Core Labratories, DMC Global, Hunting, National Oilwell Varco, Oil States International, Schoeller-Bleckmann. ChampionX data represents legacy Apergy. Source: Company filings and annual reports. 19#20Execution Has Driven Post-IPO Equity Performance Indexed Share Price Performance of Cactus vs. Indexed Share Price Performance of OSX 5x 4x 3x 2x G 4.7x 1x Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Cactus' Share Price Has Outperformed the OSX by Nearly 5x Since IPO Note: Data based on share price performance from 2/7/2018 to 9/3/2020.Cactus 2/7/2018 price set as IPO price of $19 per share. Source: Factset 20 20#21Clean Balance Sheet & Low Capital Intensity Balance Sheet & Capital Summary June 30, 2020 cash balance of $270.7 million Expect 2020 to be a year of meaningful cash generation Ability to quickly scale back growth capital expenditures ■Modest maintenance capex requirements ■ Full year 2020 net capital expenditure guidance of $20 to $25 million ■Majority of capital expenditures committed to before March of 2020 ■ Anticipate annualized run-rate of approximately $10 million by year-end Adjusted EBITDA (1) - Net Capital Expenditures (2) ($ in millions) $14.8 $81.4 2016 2017 $173.1 $144.4 $140.1 2018 2019 LTM Q2 2020 Net Capital Expenditures (2) ($ in millions) $68.2 $55.9 $43.7 $30.7 $17.4 2016 2017 2018 2019 LTM Q2 2020 Strong balance sheet with track record of cash flow generation 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. Source: Company filings. 1) 2) Net Capital Expenditures equals net cash flows from investing activities. 21#22G Recent Performance & Outlook Second Quarter 2020 Performance ■ Generated Adjusted EBITDA margins of nearly 34% Innovations represented approximately 15% of Rental revenue ■ Increased cash position by over $40mm during the quarter net of nearly $7mm in dividend & distribution payments Reduced annualized payroll-related costs by approximately $85mm Outlook & Recent Developments ■ Q3 2020 revenues expected to be down sequentially across all business lines due to lower Q3 2020 starting point ■ Overall revenue change expected to outperform the sequential decline in U.S. rig count Expect to increase market share in Product business from Q2 2020 levels (achieved Company records in July & August) ■ U.S. completion activity improving versus mid-year bottom ■ Now expect rigs followed to meaningfully increase from mid- year levels by year-end 2020 ■Majority of tariff exemptions not extended past August 2020 22 22#23Positive Developments with Limited Capital Required ■ Product ■ Potential for share gains given strong customer profile and operator search for efficiency gains Downturns typically drive increased rig efficiency as operators drop least efficient rigs More wells drilled per rig ■ Opportunity to gain market share with Majors ■ Rental Recent rental innovations potentially drive market share gains when activity resumes ■Introduction of additional completion technologies currently in development ■ International ■ Australian business predominantly natural gas- focused ■Forming key partnerships in the Middle East to provide platform for growth with modest capex DUS 19157 Cactus Walilead 295 23 23#24Cactus 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 SO 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 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 Pakcy 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 taimness, 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 also expect our supplers and vendors to join us in our efforts to improve lives via our Code of Vendor Conduct. To that end, we are commited 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 Prohibiting 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 that 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 Cactu 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 location 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 families. 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 regalarly scheduled meetings regarding environmental, health and safety issues The Director of Health, Safety and Environmental reports directly to the General Counsel Governance 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 recently 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 Named executive officers agreed to implement base salary reductions of 33-55% during 2020 Board compensation reduced by 25% during 2020 Source: Company filings. CEO Target Pay Mix Independent Directors 6 5 3 At IPO Current LTI 72% Base Salary 14% STI Target 14% 86% at risk 24 24#25Appendix safety Strong All Year Long#26Company Organizational Structure Company Profile Ticker Organizational Structure(1) WHD (NYSE) Class A Shares Outstanding(1) 47.5mm Class B Shares Outstanding (1) 27.8mm Total Shares Outstanding (1) 75.4mm Market Capitalization(2) ~$1.7bn Finance Lease Obligations (3) Cash and Cash Equivalents (3) Quarterly Dividend Per Share Annual Dividend Yield(2) Ownership Profile (4) Cadent Energy Partners 11% $8.4mm $270.7mm $0.09 1.6% Management & Employees 26% Public Float 63% CW Unit Holders G Public Investors Class B Common Stock (36.9% voting power) Class A Common Stock (63.1% voting power) Cactus, Inc. (NYSE: WHD) 27.8mm CW Units (36.9% economic rights) 47.5mm CW Units (63.1% economic rights) Cactus Wellhead, LLC (operating subsidiary) 100% Subsidiaries Class A & Class B Shareholders Have Equal Voting Rights 1. 2. Source: Company filings. As of September 3, 2020. Excludes effect of dilutive securities. As of September 3, 2020. Market capitalization utilizes total shares outstanding. 3. As of June 30, 2020. 4. As of September 3, 2020. Management and employees made up of Cactus WH Enterprises and Lee Boquet. 26 26#27Cactus Equipment Positioned on a 4-Well Pad 4 3 4 2 4 Product Sold 2 Equipment Rented 3 Equipment Rented 4 Services Provided 1 Cactus Product Sold ■ Wellheads are required by each well over production life ■ One of the first pieces of equipment to be installed ■ Cactus wellheads installed below surface ■ 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 used during the fracturing process ■ Allow fracing to seamlessly shift from well to well without connecting and disconnecting high- pressure equipment Variety of equipment to install and service pressure control equipment, such as high-pressure flow iron, closing units, crane trucks, grease units and testing units ■ Production trees (not pictured above) are installed on the wellhead after the frac stacks are removed ■ Manage the production flow over the life of the well Note: Cactus equipment shown not inclusive of recent innovations described on preceding slides. 27#28G Non-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. ($ in thousands) LTM June 30, 2020 Year Ended December 31, 2019 2018 2017 2016 2015 Net income (loss) Interest (income) expense, net Income tax (benefit) expense $109,300 $156,303 $150,281 $66,547 (1,396) (879) 3,595 20,767 ($8,176) 20,233 $21,224 21,837 31,010 32,020 19,520 1,549 809 784 EBIT 138,914 187,444 173,396 88,863 12,866 43,845 Depreciation and amortization 42,097 38,854 30,153 23,271 21,241 20,580 EBITDA $181,011 $226,298 $203,549 $112,134 $34,107 $64,425 Severance expenses 1,864 Revaluation of tax receivable agreement liability (6,646) (5,336) Secondary offering related expenses 1,042 (Gain) loss on debt extinguishment 4,305 Stock-based compensation 7,631 Adjusted EBITDA $183,860 6,995 $228,999 4,704 $212,558 $112,134 (2,251) 361 $32,217 (1,640) 359 $63,144 Revenue Adjusted EBITDA Margin $521,733 35.2% $628,414 36.4% $544,135 39.1% $341,191 32.9% $155,048 20.8% $221,395 28.5% 28 20#29G Non-GAAP Reconciliation Important Disclosure Regarding Non-GAAP Measures EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDA as net income excluding net interest, income tax and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding severance expenses, revaluation of tax receivable agreement, (gain) loss on debt extinguishment, stock-based compensation, and equity offering expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Revenue. Our management believes EBITDA and Adjusted EBITDA are useful, because they allow management to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business. ($ in thousands) Revenues Product revenue Rental revenue Field service and other revenue Total revenues Costs and expenses Cost of product revenue Cost of rental revenue Cost of field service and other revenue Selling, general and administrative expenses Total costs and expenses Income from operations Year Ended December 31, 2017 2016 $189,091 77,469 $77,739 44,372 74,631 32,937 $341,191 $155,048 $124,030 $62,766 40,519 33,990 60,602 28,470 27,177 19,207 $252,328 $144,433 $88,863 $10,615 Depreciation and amortization Product depreciation and amortization $3,169 $2,869 Rental depreciation and amortization 14,912 15,121 Field service and other depreciation and amortization 4,786 2,659 Selling, general and administrative expense depreciation and amortization Total depreciation and amortization 404 592 $23,271 $21,241 EBITDA Product EBITDA Rental EBITDA Field Service EBITDA Selling, general and administrative expense EBITDA Total EBITDA Stock-based compensation Total Adjusted EBITDA $68,230 $17,842 51,862 25,503 18,815 (26,773) 7,126 (18,615) $112,134 $31,856 361 $112,134 $32,217 29 29#30Investor Relations Contact John Fitzgerald Director of Corporate Development & Investor Relations 713-904-4655 [email protected] 121270 H G Cactus 30 30