Message from Our Chief Executive Officer

I am pleased to share with you Patterson-UTI’s 2022 sustainability report.

A reduced demand for crude oil and refined products related to the COVID-19 pandemic led to a significant reduction in crude oil prices and demand for drilling and completion services in 2020 and early 2021. However, market fundamentals in 2022 were strong, crude oil prices recovered, as demand increased for drilling and completions equipment and services, and industry supply of services provided by our businesses remained constrained. As you will see reflected in this report, we experienced a higher activity level in 2022 as a result of these many different drivers.

Our corporate culture is built on our core values, and we are proud to conduct our business in line with those values.

Our core values are:

• Safety and Environment: The safety of our employees and the protection of our environment is a cornerstone, and we are committed to providing a safe, incident-free work environment for all.
• Operational Excellence: We partner with our customers to achieve their goals, through delivering high-quality performance, value-added services and with a focus on innovative technology and solutions in all aspects of our work.
• Honesty and Integrity: We will act with honesty and integrity in everything we do. 
• Diversity, Inclusion and Respect: We are committed to diversity in recruiting, opportunity and leadership and to fostering a culture of inclusion and respect.
• Development of our People: We are committed to support the growth, development and career advancement of every employee.
• Profitable Business and Financial Stability: We are committed to delivering best-in-class profitability and maintaining financial strength.

Consistent with these core values, we are committed to effective environmental, social and governance (ESG) management for the long-term benefit of our shareholders, employees, customers and communities.

As part of this commitment to ESG management, we aim to minimize our environmental impact in the communities in which we work and live, while providing services for our customers in a safe and responsible manner. We invest extensively in the safety, health, development and well-being of our people, who, through the diversity of their backgrounds, experiences and talents, are our greatest strength. We value and promote a respectful and supportive culture for our employees. We maintain a rigorous focus on ethics and integrity at every level of our operations, a practice on which all of our success depends.

Our employees and our Company have taken significant steps to positively impact ESG issues, while delivering value to our customers. As a Company, we remain focused on our priorities of maintaining a safe and positive work environment for our employees, providing high quality services and products to our customers, being a good steward of capital for our shareholders, and respecting the environment. We welcome your feedback.

Thank you,

Andy Hendricks

President & Chief Executive Officer