Investor Presentaiton
Compelling 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
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