* Includes 47 new FlexRigs under construction with customer commitments and scheduled for completion during fiscal 2012 and fiscal 2013.

H&P’s Global Rig Fleet * Estimates include existing rigs and announced new build commitments.

Five-Year Relative Shareholder Return Source: Yahoo! Finance as of November 21, 2011

Most Profitable Driller in U.S. Land Business * PTEN’s operating income includes drilling operations in Canada. ** NBR’s operating income corresponds to its U.S. Lower 48 Land Drilling segment.

Organic U.S. Land Fleet Growth * Estimates include existing rigs and announced new build commitments. 297 49

Highest U.S. Activity Level in Company History As of 11/17/11

As of November 16, 2001 Lower 48 U.S. Land Market Share Active Rig Market Share – Ten Years Ago Note: The above estimates corresponding to U.S. land rig market share are derived from Smith Bits S.T.A.T.S..

As of November 18, 2011 Lower 48 U.S. Land Market Share Organically Growing Active Rig Market Share Note: The above estimates corresponding to U.S. land rig market share are derived from Smith Bits S.T.A.T.S..

Market Trends Favor H&P Drilling today involves more complex well designs directed at oil and liquid rich plays. Customers continue to focus on efficiency and technology to achieve lower total well costs. Major customers are increasingly proactive in terms of safety and environmental protection. The U.S. new build replacement cycle continues...

The New Build Replacement Cycle Continues Industry is undersupplied with high performance AC drive rigs With reportedly over 150 mechanical rigs retired in 2011, it is increasingly clear that older rigs are not well suited for this more complex drilling environment High-efficiency AC drive new builds continue to replace old rigs With 71 new build contracts announced since January 2011, H&P continues to lead the replacement effort

Rigs Active (~1,900) in the U.S. Land Market Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. (By Power Type)

H&P’s Lead in U.S. High-Efficiency Rig Offering Note: The above estimates corresponding to U.S. lower 48 AC Drive fleets and new build commitments are derived from Rig Data and corporate filings.

Technology & Quality Service Make a Difference * Does not include the impact of early contract termination revenue. ** Represents weighted-average rig margin per day for PTEN, NBR and UNT through Q3CY11. H&P’s Margin Premium

Technology & Quality Service Make a Difference * Utilization is herein calculated to be average active rigs divided by estimated available marketable rigs during the period. ** Represents estimated average combined utilization for PTEN, NBR and UNT in the Lower 48 through Q3CY11. H&P’s Utilization Premium

H&P New Builds Total of 71 new builds announced since January 2011 Delivering new FlexRigs at the rate of four per month As of November 17, 2011, 47 new builds left to deliver in fiscal 2012 and 2013 10 delivery slots remain open in calendar 2012 Encouraging conversations with customers continue regarding additional new build commitments

H&P’s U.S. Land Operations Industry rig counts and spot pricing remain strong. Driven primarily by incremental new builds, we expect total revenue days in the U.S. land segment to increase by approximately five percent from the fourth fiscal quarter of 2011 to the first fiscal quarter of 2012. Quarterly average rig revenue per day is expected to increase between $200 and $300 per day from the fourth fiscal quarter of 2011 to the first fiscal quarter of 2012.

H&P’s U.S. Land Fleet Activity ** Includes completed new builds that were waiting on customers and which generated revenue but did not generate revenue days. * Active rigs on term (in blue) generated both revenue and revenue days.

 (275 H&P Contracted Land Rigs as of 11/17/11*) Leading U.S. Unconventional Driller * Includes new FlexRigs with customer commitments scheduled for completion by the first fiscal quarter of 2013.

H&P’s Offshore Operations Seven of the Company’s nine offshore platform rigs remain active, including two under long-term contracts. The number of revenue days during the first fiscal quarter of 2012 is expected to decrease by approximately five percent as compared to the fourth fiscal quarter of 2011. Average rig margin per day is expected to be roughly flat during the first fiscal quarter of 2012 as compared to the fourth fiscal quarter of 2011.

H&P’s International Land Operations Of the 25 rigs assigned to international operations, 19 are currently active including nine under long-term contracts. Additionally, a fourth FlexRig on a term contract is in transit to Bahrain with the rig scheduled to begin operations during the second fiscal quarter of 2012. Total revenue days during the first fiscal quarter of 2012 are expected to increase by approximately six percent sequentially from the fourth fiscal quarter of 2011. Average rig margin per day is expected to decrease by approximately ten percent in the first fiscal quarter of 2012 as compared to the fourth fiscal quarter of 2011.

H&P’s Growing Exposure to Oil & Liquids Estimated proportion of H&P’s active U.S. Land rigs by primary hydrocarbon target.

AC Drive U.S. Rig Market Share (~500 Rigs) Note: The above estimates corresponding to market share are derived from multiple sources including Rig Data, Smith Bits, and corporate filings.

Total Industry Available U.S. Land Fleet (by Power Type) Note: The above estimates corresponding to the available rig fleet in the U.S. are derived from multiple sources including Rig Data, Smith Bits, and corporate filings.

H&P U.S. Land Fleet by Power Type* * Includes New Build Commitments.

H&P’s New Build Advantages We have been improving and honing the process for over 10 years, prompting our assertion that we build a better rig for less Safety is our first priority, followed by a relentless focus on strong execution and performance in the field Exceptional fleet uniformity Extensive collaboration with customers and suppliers A strong organizational orientation to consistent, repeatable, field execution

The FlexRig Difference: Key Advantages Increased drilling productivity and reliability Variable frequency (AC) drives with increased precision and measurability Computerized electronic driller that more precisely controls weight on bit, rotation and pressure Designed to move quickly from well to well Accelerated well programs and NPV gains A significantly enhanced and safer workplace Minimized impact to the environment Total well cost savings even at premium dayrates H&P’s FlexRig Advantage

Performance is Not Only About Better Rigs It’s also about: People Safety Experience Training Culture Support Structure Processes Organizational Network Maintenance Supply Chain

A Value Proposition Example – H&P vs. Competitors Estimated Estimated Peer H&P FlexRig3 Conventional Fit-for-purpose Average Average Average 2011 (Spot Market) (Spot Market) (Spot Market) 1. Drilling days 20 11 9 Completion days 3 3 3 Moving days 7 5 3.5 Total rig revenue days per well 30 19 15.5 2. Drilling contractor dayrate $17,500 $23,000 $26,000 Operator’s other intangible $25,000 $25,000 $25,000 cost per day estimate Total daily cost estimate $42,500 $48,000 $51,000 Total cost per well (daily services) $1,275,000 $912,000 $790,500 3. Total well savings with H&P – per well $484,500 $121,500 per year $11.4MM $2.9MM Increased wells per rig per year versus conventional average: 11 wells Increased wells per rig per year versus peer fit-for-purpose: 4 wells

Source: EnergyPoint Research, Inc. Customer Satisfaction Index 10 = “Highly Satisfied”, 1 = “Highly Dissatisfied”