DNOW : Investor Presentation Fourth Quarter 2023

Investor Presentation

March 1, 2024

Disclosure Statement

Statements made in the course of this presentation that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time- to-time in the Company's filings with the U.S. Securities and Exchange Commission (SEC). Any decision regarding the Company or its securities should be made upon careful consideration of not only the information here presented, but also other available information, including the information filed by the Company with the SEC. Copies of these filings may be obtained by contacting the Company or the SEC.

In an effort to provide investors with additional information regarding our results as determined by U.S. Generally Accepted Accounting Principles (GAAP), we disclose various non-GAAP financial measures in our quarterly earnings press releases and other public disclosures. We use these non-GAAP financial measures internally to evaluate and manage the Company's operations because we believe it provides useful supplemental information regarding the Company's ongoing economic performance. The non-GAAP financial measures include: (i) earnings before interest, taxes, depreciation and amortization (EBITDA) excluding other costs (sometimes referred to as "EBITDA"), (ii) net income (loss) attributable to NOW Inc. excluding other costs and (iii) diluted earnings (loss) per share attributable to NOW Inc. excluding other costs. Each of these financial measures excludes the impact of certain other costs and therefore has not been calculated in accordance with GAAP. A reconciliation of each non-GAAP financial measure to its most comparable GAAP financial measure can be found in our earnings press release.

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DNOW Investment Highlights

• Leadership in the energy, industrial and energy evolution markets
• Significantly improved financial results with powerful cash-generation abilities
• Solid balance sheet, debt free* and $299M* in cash
• Total liquidity, including cash, of $626M* to fuel organic growth, pursue accretive acquisitions and repurchase shares, opportunistically
• Expanding set of solutions for the energy transition / evolution
• Evolving technology and AI capabilities
• 160-yearhistory of finding solutions for customers

• As of December 31, 2023

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2023 Key Results and 2024 Outlook

• Revenue increased $185M, or 9%, from 2022
• Operating profit totaled $140M, driving $184M in EBITDA* for the year, a company record high
• Generated $188M in cash from operating activities, or $171M of free cash flow for the year
• Share repurchases accumulating to $57M of the $80M authorized
• Debt free, $299M in cash, and total liquidity $626M at December 31, 2023
• Announced the intent to acquire Whitco Supply, expanding our access to the midstream market

Outlook

• Full-year2024 revenue expected to increase 0-5% from 2023; approaching 8% EBITDA* for full-year 2024
• 1Q24 revenue expected to increase 0-5% from 4Q23; 1Q24 EBITDA* dollars unchanged from 4Q23, due to reset of payroll taxes and reduced vendor consideration
• Full-year2024 free cash flow targeted at $150M
• • Excluding other costs (non-GAAP)

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Strategic Growth Update

Defend and grow market share within core energy markets

Growth from customer investments tied to decarbonization and energy evolution

Additional growth through adjacent industrial markets

Capital allocation to support organic and M&A growth

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• Expand wallet share and market share in upstream market
• Expand opportunities in midstream market
• Leverage strengths through Supercenter expansions and enhanced service model
• Provide PVF products for aged infrastructure and industrial air compressors for methane emission reduction projects
• Expand opportunities from customer investments in CCUS and new energy
• Expand opportunities from customer investment in renewable fuels
• Targeting chemicals, mining and water markets that align with our pump supplier agreements to expand and diversify markets
• Low CapEx core business
• Announced intent to acquire Whitco Supply expanding midstream opportunities
• Target companies that support our growth strategy

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DNOW At A Glance

NYSE Ticker	DNOW	Locations	165
Countries	18	Employees	2,475

▪	Operating for more than 160 years	▪ Support major land and offshore operations for key
▪		energy producing regions around the world
Comprehensive network of energy centers,	▪ Key markets: North America, South America, North Sea,
	customer onsite and process solutions locations
	complemented with an online commerce channel	the Middle East, Asia Pacific

2023 Revenue by Reporting Segment

13%

United States

12%

Canada

International

75%

2023 United States Revenue by Channel

30%

U.S. Energy

U.S. Process Solutions

70%

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Top Tier Supply Partners and Customers Across the Globe

	Thousands of Suppliers in ~40 countries
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and affiliated brands

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Supporting Customer Operations in ~80 countries

Drilling and Production

Midstream

Downstream

Industrial, Renewable Fuels and Mining

Providing Value-Added Solutions Across All Channels

Energy Centers

Global branch network supplying products locally to upstream, midstream and downstream energy customers

Customer Onsite

And Integrated Supply

On-site model offering customizable products, services and solutions to the energy and industrial markets

U.S. Process Solutions

Process, production and fluid handling equipment in the form of engineering, design, installation, fabrication, rental and aftermarket service

Provides wide array of products and

value locally in major oil and gas regions

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Reduces customers' total costs including	Meets demand for tank battery production
operating expenses and invested capital	facilities, midstream gathering and transmission,
	downstream and adjacent industrial markets
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Differentiated Value and Product Offerings

• Talent with deep product-application knowledge
• Leveraging technology complemented with an efficient regionalized distribution model to grow market share and drive productivity
• Retaining proximity to customers through offsite, onsite and digital channels

2023 Revenue by Product Line

Pipe	Valves
18%	19%

Pumps,	Fittings and
Flanges
Production
19%
and Drilling
27%
	Mill Tool,
	MRO, Safety
	and Other
	17%

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Global Operational Presence

Company Locations

Locations

Supercenters

Supercenters:

United States

Houston, TX

Odessa, TX

Kenedy, TX

CANADA

Edmonton

Estevan

Williston

Casper

NORWAY

UK

Aberdeen

NETHERLANDS

KAZAKHSTAN

AZERBAIJAN

Casper, WY

Williston, ND

Canada

Edmonton, Alberta Estevan, Saskatchewan

Europe

Aberdeen, Scotland

USA

Odessa

Houston

Kenedy

COLOMBIA

BRAZIL

KUWAIT

EGYPT UAE

Jebel Ali

INDIA

OMAN

Jurong

SINGAPORE

INDONESIA

MENA

Jebel Ali, U.A.E.

Asia

Jurong, Singapore

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AUSTRALIA

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