* Includes 34 announced new FlexRigs under construction with customer commitments as of May 21, 2012 that are 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: Thomson Financial as of May 18, 2012

Most Profitable Driller in U.S. Land Business (2) PTEN’s operating income includes drilling operations in Canada. (1) NBR’s operating income corresponds to its U.S. Lower 48 Land Drilling segment. (2) (1)

Comments on Today’s Market Spot pricing remains steady in the U.S. Land market, especially for AC drive rigs. We are pleased to announce incremental commitments to build and operate three additional FlexRigs. Although the pace of inquiries has slowed relative to calendar year 2011, conversations with customers continue regarding additional new build commitments. Our operational outlook for the third fiscal quarter remains unchanged for all three segments.

Announcing Three Additional New Builds Three-year term contracts with two customers to build and operate three incremental FlexRigs in the U.S. Like previously announced contracts, these new contracts are expected to generate attractive economic returns for the Company. As of May 21, 2012, 34 announced new builds remain under construction and are scheduled to be delivered at a rate of approximately four per month. Once these three rigs are completed, the Company’s global fleet is expected to include 296 FlexRigs.

H&P’s New Build Advantages We have been improving and honing the process for over ten 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

Organic U.S. Land Fleet Growth * Estimates include existing rigs and announced new build commitments. 304 49

Highest U.S. Activity Level in Company History As of 5/21/12 * Represents the sum of the average active rigs for PTEN, NBR and UNT.

 (276 H&P Contracted Land Rigs as of 5/21/12*) Leading U.S. Unconventional Driller * Includes announced new FlexRigs with customer commitments scheduled for completion in fiscal 2012 and fiscal 2013.

As of May 10, 2002 Lower 48 U.S. Land Market Share Active Rig Market Share - Ten Years Ago Note: The above estimates are derived from Smith Bits S.T.A.T.S.

Lower 48 U.S. Land Market Share Organically Growing Active Rig Market Share Note: The above estimates are derived from Smith Bits S.T.A.T.S. As of May 11, 2012

Week Ended October 4, 2008 By Power Type 2008 Peak Rig Count (~1,925) - U.S. Land Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, each land rig included in the above analysis was greater than 600 horsepower. Certain assumptions were made on approximately 10% of the active rigs that were not readily identified. 18

Week Ended May 11, 2012 By Power Type Current Rig Count (~1,850) - U.S. Land Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, each land rig included in the above analysis was greater than 600 horsepower. Certain assumptions were made on approximately 5% of the active rigs that were not readily identified. 19

An Undersupply of AC Drive Rigs Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. (~1,850 Active Rigs in the U.S. By Power Type)

H&P’s Lead in U.S. Land AC Drive Rigs 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.

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.

Market Trends Favor H&P The transition towards oil and liquids-rich-gas directed drilling continues, along with a clear trend towards more complex well designs and faster cycle times. H&P is fortunate to have a customer roster with substantial multi-year drilling inventory capable of shifting targets and taking advantage of strong oil prices. We will continue to focus on safety and innovation, delivering performance efficiencies and repeatability to the customer. Enhanced drilling efficiencies are expected to continue to drive lower total well costs for our customers.

H&P’s Growing Exposure to Oil & Liquids Estimated proportion of H&P’s active U.S. Land rigs by primary hydrocarbon target (1) Oil and liquids-rich gas percentage includes a small number of contracted rigs that are moving or will soon move from dry gas plays. (2) Includes rigs in the spot market and rigs with term contracts expiring by June 30, 2012. (3) Includes three rigs with contracts expiring in the quarter ending 9/30/12 and two in the quarter ending 12/31/12. Dry Gas (Spot Market) 1% (1) (2) (3)

H&P vs. Industry U.S. Land Customer Base Note: The above estimates corresponding to the active rig fleet in the U.S. are derived from multiple sources including Rig Data, Smith Bits, and corporate filings.

Technology & Quality Service Make a Difference (1) Does not include the impact of early contract termination revenue. (2) Represents weighted-average rig margin per day for PTEN, NBR and UNT. (3) Utilization is herein calculated to be average active rigs divided by estimated available marketable rigs. (4) Represents estimated average combined utilization for PTEN, NBR, and UNT in the Lower 48 land market. H&P’s Margin Premium H&P’s Utilization Premium (1) (2) (3) (4)

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

H&P’s U.S. Land Operations We expect total revenue days in the U.S. Land segment to increase by approximately two percent from the second to the third fiscal quarter of 2012. Quarterly average rig revenue per day is expected to improve slightly, by as much as $200 per day from the second to the third fiscal quarter of 2012. The average rig expense per day during the third fiscal quarter of 2012 may potentially decline by a few hundred dollars to a range of $13,500 to $13,800 per day.

H&P’s U.S. Land Fleet Activity (1) Active rigs on term (in blue) generated both revenue and revenue days. (2) Includes completed new builds that were waiting on customers and which generated revenue but did not generate revenue days. (1) (2)

H&P’s Offshore Operations Seven of the Company’s nine offshore platform rigs are generating revenue days, including two under long-term contracts. One of the stacked rigs is expected to go back to work in the fourth fiscal quarter of 2012. The number of revenue days during the third fiscal quarter of 2012 is expected to be flat to down five percent as compared to the second fiscal quarter of 2012. Average rig margin per day is expected to decrease by ten to 15 percent during the third fiscal quarter of 2012 as compared to the second fiscal quarter, as one rig transitions between projects and a previously-stacked rig begins a new project.

H&P’s International Land Operations Of the 27 rigs assigned to international operations, 20 are currently active and three additional rigs are contracted and expected to begin new projects in the fourth fiscal quarter of 2012. Additionally, one recently-completed new build FlexRig and an idle U.S. Land FlexRig are expected to transfer in the near future to the International Land segment and deploy to the U.A.E. and Argentina, respectively. The total number of revenue days during the third fiscal quarter is expected to increase by approximately five percent as compared to the second fiscal quarter of 2012. The average rig margin per day is expected to increase by ten to 20 percent during the third fiscal quarter as compared to the second fiscal quarter of 2012.

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

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 An enhanced and significantly safer workplace Minimized impact to the environment Total well cost savings even at premium dayrates H&P’s FlexRig Advantage