* Includes 40 announced new FlexRigs under construction with customer commitments as of January 31, 2012 that are scheduled for completion during fiscal 2012 and fiscal 2013.

The U.S. Land Market Today Oil-directed drilling has been on a steady march up, while “dry” gas drilling has lost ground. Although the gas-directed count may accelerate its decline trend, the fallout should be partially or fully offset by displaced rigs being re-directed to oil and liquids-rich targets. The shift has been combined with the transition towards more complex well designs and higher performance rig requirements.

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 Growing Exposure to Oil & Liquids Estimated proportion of H&P’s active U.S. Land rigs by primary hydrocarbon target. Less than 10% of H&P’s rigs are targeting dry gas in the spot market.

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.

The Replacement Cycle Continues AC drive rigs are best positioned to make the transition. Older, underperforming rigs are more likely to be sidelined. High efficiency rigs continue to displace mechanical and SCR rigs. 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.

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.

Organic U.S. Land Fleet Growth * Estimates include existing rigs and announced new build commitments. 299 49

As of January 25, 2002 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 March 16, 2001 As of January 27, 2012 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..

Highest U.S. Activity Level in Company History As of 1/31/12

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.

Five-Year Relative Shareholder Return Source: Yahoo! Finance as of February 1, 2012

Growing Shareholder Value Lead Innovation Drive Well Costs Down Satisfy Customers Expand Market Share

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

Innovation & Applied Technology AC Driven Systems & Integrated Top Drive Mechanized Tubular Handling Computerized Controls BOP Handling Driller’s Cabin Satellite Communications Rig Move Capabilities

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

Unconventional Plays Shaping Landscape Well Complexity is increasing: Technology solutions that provide safe, environmentally sound and efficient operations are required by contractors to be competitive Extended reach laterals progressively longer Multi-well pad drilling gaining acceptance in more areas A factory approach to drilling wells is required This all creates an expanding level of demand for FlexRigs

 (276 H&P Contracted Land Rigs as of 1/31/12*) Leading U.S. Unconventional Driller * Includes announced new FlexRigs with customer commitments scheduled for completion in fiscal 2012 and fiscal 2013.

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

H&P New Builds Total of 74 new builds announced over the past 13 months Delivering new FlexRigs at the rate of four per month As of January 31, 2012, 40 announced new builds left to deliver in fiscal 2012 and fiscal 2013 Encouraging conversations with customers continue regarding additional new build commitments

A Few Performance Metrics on FlexRigs Over the last 13 months we have completed and deployed 43 new FlexRigs on time and on budget. These 40 newly commissioned FlexRigs were able to deliver safety performance during the first year of operation at a rate approximately two times better than the industry average. FlexRig productivity continues to improve, even as drilling complexity and well depths increase. From 2007 to 2011, H&P’s U.S. land fleet experienced the following: Increase in % of directional or horizontal drilling: 42% (62% to 88%) Increase in average well depth: 35% Increase in productivity (average feet per day): 38%

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 Driven primarily by incremental new builds, we expect total revenue days in the U.S. land segment to increase between two and three percent from the first to the second fiscal quarter of 2012. Quarterly average rig revenue per day is expected to improve slightly, by up to $200 per day excluding expenses that are passed through to customers from the first to the second fiscal quarter of 2012. In the second fiscal quarter of 2012, we expect the base level of average rig expense per day to return to a $12,700 per day range, excluding any expenses that are passed through to customers. Additionally, we expect wages in the second fiscal quarter to increase by approximately $500 per day. Wage increases are passed through to customers and are expected to impact expense and revenue per day in equal amounts.

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 operators and which generated revenue but did not generate revenue days. (3) The number of active rigs as of 1/31/2012 includes two contracted rigs in transition from project to project and soon to be generating revenue days. (1) (2) (3)

H&P’s Offshore Operations Seven of the Company’s nine offshore platform rigs remain active, including two under long-term contracts. The Trinidad rig is returning to the U.S. and is expected to stack at the end of the second fiscal quarter. The number of revenue days during the second fiscal quarter of 2012 is expected to decrease by approximately ten percent as compared to the first fiscal quarter of 2012. Average rig margin per day is expected to decrease by ten to 15 percent during the second fiscal quarter of 2012 as compared to the first fiscal quarter.

H&P’s International Land Operations Of the 26 rigs assigned to international operations, 20 are currently active and an additional two are contracted and in transit to new projects. Total revenue days during the second fiscal quarter are expected to be roughly flat from the first fiscal quarter of 2012. Average rig margin per day is expected to decrease by ten to 15 percent during the second fiscal quarter of 2012 as compared to the first fiscal quarter.

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

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.

How Does H&P Define a “New Build” Land Rig? A new build rig consists of all new structures and equipment for the purpose of: Eliminating legacy issues Achieving Safety-by-Design Maximizing drilling efficiency Improvement of ergonomics for rig site personnel Packaging of components for enhanced mobility

Lean Manufacturing New Electrical Systems Test Assembly and Outfitting Unitizing Packages Fabricating New Structures Processing Raw Materials Building a New FlexRig Commissioning / Delivery

FlexRig3 – Performance Sample Note: Information from third party well database provider FlexRig3 Bakken Shale

FlexRig3 Eagle Ford Shale FlexRig3 – Performance Sample Note: Information from third party well database provider

FlexRig3 Cana Woodford Shale FlexRig3 – Performance Sample Note: Information from third party well database provider

FlexRig4 Permian Basin FlexRig4 – Performance Sample Note: Information from third party well database provider

Delivering Safety – H&P vs. Industry (IADC) U.S. Land Safety Performance (1994 – 2011) OSHA Recordable Injury Incidence Rates H&P 2011 = 1.15 IADC 3Q11 = 3.09

Safety Excellence Also Generates Savings Reduced Workers Comp and General Liability Losses per Man Hour EMR = Experience Modifier Ratio (Industry Average = 1.00)