Dril Quip : Investor Presentation – Second Quarter 2023

Investor Presentation

Second Quarter 2023

© 2023 Dril-Quip®, Inc. All Rights Reserved.

Disclaimer | Cautionary Statement

Forward-Looking Statements

The information furnished in this presentation contains "forward-looking statements" within the

meaning of the federal securities laws. Forward-looking statements include, but are not limited to, the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, the impact of the COVID-19 pandemic and the effects thereof, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment with respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, the Company's international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil-fuel production to renewable energy resources, goals, projections, estimates, expectations, market outlook, forecasts, plans and objectives, including revenue and new product revenue, capital expenditures and other projections, project bookings, bidding and service activity, acquisition opportunities, forecasted supply and demand, forecasted drilling activity and subsea investment, liquidity, cost savings, and share repurchases and are based on assumptions, estimates and risk analysis made by management of Dril- Quip, Inc. ("Dril-Quip") in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. No assurance can be given that actual future results will not differ materially from those contained in the forward-looking statements in this presentation.

Although Dril-Quip believes that all such statements contained in this presentation are based on reasonable assumptions, there are numerous variables of an unpredictable nature or outside of Dril- Quip's control that could affect Dril-Quip's future results and the value of its shares. Each investor must assess and bear the risk of uncertainty inherent in the forward-looking statements contained in this presentation.

Please refer to Dril-Quip's filings with the Securities and Exchange Commission ("SEC") for additional

discussion of risks and uncertainties that may affect Dril-Quip's actual future results. Dril-Quip undertakes no obligation to update the forward-looking statements contained herein.

Use of Non-GAAP Financial Measures

Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. Adjusted Net Income and Adjusted Diluted EPS are defined as net income (loss) and earnings per share, respectively, excluding the impact of foreign currency gains or losses as well as other significant non-cash items and certain charges and credits. Adjusted EBITDA is defined as net income excluding income taxes, interest income and expense, depreciation and amortization expense, stock- based compensation, non-cash gains or losses from foreign currency exchange rate changes as well as other significant non-cash items and items that can be considered non-recurring. Free Cash Flow is defined as cash provided by operating activities less cash used in the purchase of property, plant and equipment. We believe that these non-GAAP measures enable us to evaluate and compare more effectively the results of our operations period over period and identify operating trends by removing the effect of our capital structure from our operating structure and certain other items including those that affect the comparability of operating results. In addition, we believe that these measures are supplemental measurement tools used by analysts and investors to help evaluate overall operating performance, ability to pursue and service possible debt opportunities and make future capital expenditures. These measures do not represent funds available for our discretionary use and are not intended to represent or to be used as a substitute for net income or net cash provided by operating activities, as measured under U.S. generally accepted accounting principles ("GAAP"). Non-GAAP financial information supplements should be read together with, and is not an alternative or substitute for, our financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the appendix.

Use of Website

Investors should note that Dril-Quip announces material financial information in SEC filings, press releases and public conference calls. Dril-Quip may use the Investors section of its website (wwwˌdril- quipˌcom) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Information on Dril-Quip's website is not part of this presentation.

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© 2023 Dril-Quip®, Inc. All Rights Reserved.

About Us

© 2023 Dril-Quip®, Inc. All Rights Reserved.

Who We Are | Dril-Quip Overview

Dril-Quip, Inc. is a leading developer of innovative technologies for the energy industry, designing and manufacturing best-in-class products for traditional oil and gas, and certain energy transition applications.

$844 Million

Houston, TX

$361.9 Million

NYSE since 1997

Operations

Global Employees

Market Cap1

	20%			15%
Headquarters
	2022 Revenue		20%	2022 Revenue
	by Product		by
2022 Revenue
& Service	54%		Geography
	26%			65%
DRQ

19 Countries

	Subsea Products	Western Hemisphere
	Subsea Services	Eastern Hemisphere
1,356
Well Construction	Asia Pacific

Notes: As of 7/27/23

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© 2023 Dril-Quip®, Inc. All Rights Reserved.

Our History| Dril-Quip Over the Years

1986

15,000 psi

Subsea

Wellhead

Systems

Introduced1990 1st Subsea

2021

Announces

collaboration

agreement

with

OneSubsea

2022

JANUARY

Jeff Bird and Kyle McClure become

CEO

& CFO, respectively

FEBRUARY

"Operational

Excellence" program

begins -

streamlining

1983

First

international

manufacturing

facility opens

(Scotland)

1981

Dril-Quip is

founded

	completion
	delivered
1990							2009
Singapore						20,000 psi
manufacturing						Subsea
facility opens	1997	2000		Wellhead
			Dril-Quip		Brazil	Systems
			goes public	Manufacturing facility	introduced
			(NYSE: DRQ)		established

2016

Dril-Quip

acquires TIW

2021

Launches

ESG platform

leadership,

operations, and

optimizing company

footprint

Announced CCUS

collaboration

agreement with

Aker Solutions

JUNE

Announced

decarbonization

targets

2023

Dril-Quip

acquires Great

North

Wellhead

1980s	1990s	2000s

2010s

2020s

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© 2023 Dril-Quip®, Inc. All Rights Reserved.