Well Completion and Wellbore Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES

The Whole Group Gives Ground While Contract Wins Keep Coming

This update covers share moves, company announcements and transaction activity in Well Completion and Wellbore Services from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES

   Cover slide introducing the Well Completion and Wellbore Services bi-weekly industry events and M&A update for September 14–28, 2026.

   This is our bi-weekly read on Well Completion and Wellbore Services: what moved in the shares, what companies announced, and what transacted. We open with the two-week snapshot before turning to the events and the deal record that explain it.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES The Whole Group Gives Ground While Contract Wins Keep Coming This update covers share moves, company announcements and transaction activity in Well Completion and Wellbore Services from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Drawdown in the Shares While the Operating News Kept Pointing Forward

   Summarizes the two-week period: all ten covered names declined while the market and operating news moved differently.

   Across the ten names we track, every single one fell this period, with a median move of -4.9% against a S&P 500 gain of +1.6%. That gap tells us the pressure was concentrated in this sector rather than reflecting broader market conditions. Yet the announcements kept coming, from new contract wins to expansion into new markets, so the selling was not matched by an operating slowdown. That combination — falling shares, advancing operations — is what the rest of this update unpacks.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Drawdown in the Shares While the Operating News Kept Pointing Forward The two-week period in one page · 10 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 10 Covered Names Fell; The Median Move Was -4.9% The S&P 500 returned +1.6% over the same two-week period. On NeuraCap's read, the pressure was sector-specific rather than market-wide. 2 The Selling Crossed Every Tier of the Study Core Laboratories N.V. (CLB), a Premium-tier name, fell -15.0%, and Patterson-UTI Energy, Inc. (PTEN), a Discount-tier name, fell -12.2%. ProPetro Holding Corp. (PUMP) fell -8.7%. Position in the valuation range offered no shelter this period. 3 Work Awards and Market Expansion Continued Through the Drawdown Halliburton Company (HAL) secured a bundled deepwater well construction and completions contract for an ultra-deepwater development offshore Cyprus, and signed memorandums of understanding to support oil and gas development in Venezuela. 4 No New Transactions; The Existing Reference Set Does the Work The trailing record carries 22 transactions at a median of 3.8x EV/EBITDA, against the study's 6.0x CY2027E median for the public set. The gap between asset-referenced deal pricing and forward public multiples is unchanged by this period. -1.3% Best mover — Oil States International, Inc. (OIS) worst: CLB -15.0% · 0 up / 10 down of 10 covered -4.9% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   A Uniform Drawdown, Not a Sorting of Winners from Losers

   Shows that the drawdown spanned every valuation tier rather than separating winners from losers.

   The sector median move was -4.9%, well within our 7.3% materiality bar, but the pattern beneath it is uniform: Premium-tier and Discount-tier names alike gave ground, with Core Laboratories N.V. down -15.0% and Patterson-UTI Energy down -12.2%. We link each move to the filings and headlines recorded in the window, and where no driver is on record, we say so plainly. For investors and advisors, that means position in the valuation range offered no protection this period.

   Everything on this page

   PUBLIC MARKET MOVERS A Uniform Drawdown, Not a Sorting of Winners from Losers Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.9% · S&P 500 +1.6% · materiality bar ±7.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.9% Core Laboratories N.V. (CLB) -15.0% No notable in-window news was identified that clearly explains the move. At -15.0%, Core Laboratories N.V. posted the deepest fall in the set against a median move of -4.9%. Premium-tier placement in the study did not cushion the two-week drawdown. UNEXPLAINED ProPetro Holding Corp. (PUMP) -8.7% No notable in-window news was identified that clearly explains the move. ProPetro Holding Corp. fell -8.7%, steeper than the -4.9% median. The covered set traded as a block; company-level news did not separate names over two weeks. UNEXPLAINED Patterson-UTI Energy, Inc. (PTEN) -12.2% No notable in-window news was identified that clearly explains the move. Patterson-UTI Energy, Inc. fell -12.2%, well past the -4.9% median for the covered set. Discount-tier names moved with the group rather than apart from it. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Halliburton Keeps Adding Scope While the Shares Sell Off

   Highlights Halliburton's new contract wins and market-development activity during the period.

   Halliburton secured a bundled deepwater well construction and completions contract for an ultra-deepwater development offshore Cyprus, and signed memorandums of understanding to support oil and gas development in Venezuela. These are scope additions and new-market steps, not one-off wins, even as the shares moved lower alongside the rest of the group. We read that split as evidence the drawdown was not driven by a change in the company's order book. So what: fundamentals and shares told two different stories this period, and we'd watch the operating record for confirmation ahead of price.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Halliburton Keeps Adding Scope While the Shares Sell Off The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire Halliburton won a bundled deepwater well construction and completions contract offshore Cyprus Bundled construction-and-completions scope on an ultra-deepwater development is the kind of work that carries calendar visibility rather than spot exposure. Offshore and international scope is where calendar visibility showed up this period. Sep 15 · NEWS · Business Wire Halliburton set an October date for its third quarter 2026 earnings call The scheduling puts a dated marker on the calendar for a Premium-tier name, and it is the sector's next hard read on pricing, fleet activity and cash conversion after maintenance capex. The next detailed check on completion activity is dated, not immediate. Sep 21 · NEWS · Business Wire Halliburton signed memorandums of understanding to support energy development in Venezuela The agreements extend a Premium-tier name's international reach into a market that has been largely closed to service work. Geographic mix is doing more work than fleet count in the current stretch. Sep 21 · NEWS · Reuters Halliburton's Venezuela agreements point at a possible revival of investment in the country Reuters framed the agreements as part of a broader push by companies toward renewed Venezuelan oil and gas investment, which would widen the addressable market for wellbore and completion service providers over time. New-market access is an option on future work, not a contribution to this year's pumping hours. Sep 18 · NEWS · Newsfile Corp Oil States International scheduled a presentation at an investor insights conference A Core-tier equipment and services provider putting its story in front of investors during a broad drawdown signals confidence in how its product and service mix is positioned. Core-tier names are keeping their profile up through a soft stretch in the shares.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions; The Existing Record Still Sets the Reference

   Confirms no new transactions closed in the period, leaving the trailing 22-deal record as the pricing reference.

   No new deals were recorded in this window, so the trailing set of 22 transactions at a median 3.8x EV/LTM EBITDA remains the working reference for asset-level pricing. That multiple sits well below the study's 6.0x CY2027E median for the public set, a gap this period does nothing to close. For acquirers and advisors framing next conversations, the precedent record still carries the weight until fresh deals are struck.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions; The Existing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 22 recorded deals · median 3.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 22 transactions at a median of 3.8x EV/EBITDA, against a 6.0x CY2027E median for the public set in NeuraCap's standing study. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 22 Recorded precedent transactions the reference set buyers and sellers price against 3.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Uniform Drawdown Changes for the Next Conversation

   Translates the uniform drawdown into distinct implications for owners, acquirers and advisors.

   For owners and operators, the separators this period are operational — active fleets, calendar white space, stages per day, and per-fleet revenue and EBITDA — not where a stock sits in the valuation range. For acquirers, the reference set is unchanged: 22 trailing transactions at 3.8x EV/EBITDA against a 6.0x CY2027E public median. For advisors, the story is a uniform drawdown against a rising market, so the case for a name has to rest on cash conversion rather than headline EBITDA. These are observations from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What a Uniform Drawdown Changes for the Next Conversation The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.0x 10 companies in the study 3 valuation tiers Standing thesis: Well Completion and Wellbore Services trades in a tight band, with completion tooling and downhole products at the top FOR OWNERS & OPERATORS The Separators Are Operational, Not Positional Companies across the space moved together this period, so the differences show up in the operating record: active fleets and deployed horsepower, white space in the calendar, stages per day and pumping hours, revenue and EBITDA per active fleet FOR ACQUIRERS The Reference Set Is Unchanged, so the Older Records Carry the Weight No new transactions were added during the two-week period, leaving 22 trailing records at a median of 3.8x EV/EBITDA as the working reference, against the study's 6.0x CY2027E public median. FOR ADVISORS Lead with Cash Conversion, Not Headline EBITDA The theme is a uniform drawdown against a market that rose: 10 of 10 covered names fell with a median move of -4.9%, while the S&P 500 returned +1.6%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and disclosures underlying the bi-weekly update.

   Every figure in this update links back to the record it was taken from, and we hold to a fixed source hierarchy — SEC filings, press releases, then established outlets — with no video or social sourcing. Driver attributions are calibrated NeuraCap reads of the recorded evidence, not asserted causation. This page lets you trace any number in the deck back to its origin before you act on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Well Completion and Wellbore Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T084245Z_300_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · reuters.com · newsfilecorp.com

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