Well Completion and Wellbore Services Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 22

←→Full screen

ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES

Well Completion & Wellbore Services: A Narrow Group Holds the Top of the Valuation Range

How the market currently separates completion tooling, pressure pumping capacity and intervention exposure across this sector, and what the transaction record shows buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 22 · Well Completion & Wellbore Services: A Narrow Group Holds the Top of the Valuation Range

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01
   ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES

   Well Completion & Wellbore Services: A Narrow Group Holds the Top of the Valuation Range

   Cover slide introducing the September 2026 sector outlook on Well Completion and Wellbore Services with the primary valuation basis noted.

   We open with the finding that carries this deck: valuation in Well Completion and Wellbore Services sits in a narrow band, and a small group holds the top of it. Everything that follows works from EV/EBITDA on CY2027E consensus, as of September 28, 2026.

   Everything on this page

   ENERGY › ENERGY › WELL COMPLETION AND WELLBORE SERVICES Well Completion & Wellbore Services: A Narrow Group Holds the Top of the Valuation Range How the market currently separates completion tooling, pressure pumping capacity and intervention exposure across this sector, and what the transaction record shows buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections plus the appendix.

   We've built this report so the bottom line comes first — read section one alone and you have the full argument. The sections that follow layer in the landscape, valuation drivers, precedent deals and the strategic questions they raise, so what you take away scales with how much time you have.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line One Sector Label, Two Ways Buyers Underwrite It 02 The Landscape Completion Tooling Holds Eight of the Ten Names 03 Valuation & Situations The Premium at the Top Survives a Forward Lens 04 Precedent Transactions Tooling and Intervention Agreed Above Pumping Capacity 05 Strategic Implications What to Run Differently Before the Next Contracting Round 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Well Completion and Wellbore Services Trades in a Tight Band, with Completion Tooling and Downhole Products at the Top

   Summary page stating that the sector trades in a tight band with completion tooling and downhole products at the top.

   This is the whole story on one page: Well Completion and Wellbore Services trades in a tight band, and completion tooling and downhole products sit at the top of it. The basis throughout is EV/EBITDA on CY2027E consensus, with nine of ten companies eligible for a rated multiple. So what: the premium at the top is real and it holds on a forward-looking basis, not just today's numbers.

   Everything on this page

   01 · THE BOTTOM LINE Well Completion and Wellbore Services Trades in a Tight Band, with Completion Tooling and Downhole Products at the Top The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Holds Its Premium Through a Forward Lens The 3 names at the top of the range price at 7.1x forward EV / EBITDA, against 4.7x for the 3 names at the bottom, on the 9 names with a forward estimate. A CY2027E lens already credits the forecast, so a premium that survives it points to earnings power the market treats as durable across the frac calendar. 2 Pace Alone Is Not Separating These Names Split at the set's revenue growth midpoint, the 5 faster-growing names sit at 6.0x and the 4 slower-growing names at 5.9x. The separation across this set is associated with what a company keeps per active fleet after maintenance capex rather than with the pace of the top line. 3 Most of the Sector Sits in Completion Tooling and Downhole Products 8 of the 10 companies sell completion tools, downhole products and wellbore equipment — 80% of the set — and that group's middle sits at 6.2x. The other 2 names sit in adjacent models, where 1 carries a forward estimate, so that group reads as a single data point rather than a segment price. 4 Buyers Agreed More for Tooling than for Added Pumping Capacity Weatherford International plc's completed purchase of NCS Multistage Holdings, Inc. was recorded at 6.8x EBITDA, and an announced well intervention carve-out at 8.8x. The peer-to-peer pressure pumping combinations in the same record were agreed lower, at 3.4x and 4.1x. 6.0x Sector median EV/EBITDA CY2027E consensus · 9 rated of 10 companies 7.1x Premium end EV/EBITDA vs 4.7x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 22 recorded in this tier · 2 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   Section divider introducing the market map on completion tooling's weight in the sector.

   Before we map the landscape, here's the headline: completion tooling holds eight of the ten names in this sector. So what: understanding what each group sells into the wellbore tells you what the market is actually pricing.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Completion Tooling Holds Eight of the Ten Names What each group sells into the wellbore, and what the market is paying for it today. 02 of 06 Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   The Sector's Weight Sits in Completion Tools and Wellbore Equipment

   Chart grouping the ten approved companies by business segment with median EV/EBITDA per group.

   The sector's weight sits squarely in completion tools and wellbore equipment, and we've grouped all ten approved companies by segment to show it. Each group's median EV/EBITDA (CY2027E) tells you where the market's attention — and premium — currently sits. So what: capital allocation decisions should start from this map, not from the sector label.

   Everything on this page

   02 · MARKET MAP The Sector's Weight Sits in Completion Tools and Wellbore Equipment 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 COMPLETION TOOLS, DOWNHOLE PRODUCTS AND WELLBORE EQUIPMENT 8 cos median 6.2x Halliburton (HAL) Liberty Energy (LBRT) National Energy (NESR) ProFrac Holding (ACDC) ProPetro Holding (PUMP) RPC (RES) Core (CLB) Oil States (OIS) 80% of the set sells here, from pressure pumping fleets to perforating, downhole tools and wellbore hardware, and this is where fleet unit economics and operator qualification decide who gets calendar priority. ADJACENT MODELS 2 cos 4.7x · 1 rated Patterson-UTI (PTEN) Mammoth Energy (TUSK) Two names sit alongside the core group on integrated drilling and diversified completions models, and with 1 forward estimate between them the market's read on this group is thin.

6. 06
   02 · LANDSCAPE

   Completion Tooling Carries the Sector; The Adjacent Names Are Thinly Covered

   Segment view showing completion tooling carries the sector while adjacent segments are thinly covered.

   Completion tooling carries this sector on coverage as well as weight; the adjacent names are thinly covered by comparison. So what: read any adjacent-segment multiple as a single data point, not a segment price, until coverage deepens.

   Everything on this page

   02 · LANDSCAPE Completion Tooling Carries the Sector; The Adjacent Names Are Thinly Covered Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Completion tools, downhole products and wellbore equipment 8 80% 6.2x Halliburton Company (HAL) · Liberty Energy Inc. (LBRT) · +6 more Eight names, one currency. Pressure pumping, perforating, downhole tools and wellbore equipment sit together here, and the group's median is 6.2x forward EV / EBITDA. Inside it the businesses are underwritten on different evidence: pump hours, fluid end consumption and maintenance capex on the fleet side, operator qualification and repeat pull-through on the tooling and diagnostics side. Adjacent models 2 20% 4.7x n=1 Patterson-UTI Energy, Inc. (PTEN) · Mammoth Energy Services, Inc. (TUSK) Two names, thin coverage. Patterson-UTI Energy, Inc. (PTEN) and Mammoth Energy Services, Inc. (TUSK) sit outside the core group on integrated drilling and diversified completions models. Only 1 of the 2 carries a forward estimate, so treat this row as a read on one company rather than a price for a segment.

7. 07
   SECTION 03

   03

   Section divider setting up the public market valuation analysis across three tiers.

   We split the rated universe into three names at the top, three in the middle, three at the bottom. So what: the next few pages test whether that premium survives a forward lens — it does.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Premium at the Top Survives a Forward Lens Three names at the top of the range, three in the middle band, three at the bottom. 03 of 06 Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   A Forward Multiple Already Credits Growth, and the Top Still Holds a Premium

   Bar chart ranking all nine rated companies by EV/EBITDA (CY2027E) against a sector median of 6.0x.

   On EV/EBITDA (CY2027E), the sector median sits at 6.0x, and the top tier still holds its premium once you move to a forward-looking basis. Because CY2027E already credits expected growth, a premium that survives this lens points to earnings power the market treats as durable. So what: the top tier is not just riding today's numbers — it's priced for what these companies keep doing.

   Everything on this page

   03 · PUBLIC MARKET VALUATION A Forward Multiple Already Credits Growth, and the Top Still Holds a Premium EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 6.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 7.1x CORE · median 6.0x DISCOUNT · median 4.7x Sector median 6.0x WHAT SEPARATES THE TWO ENDS The top holds 7.1x. The 3 names at the premium end carry a median of 7.1x on CY2027E EV / EBITDA. Because the lens is forward, the forecast is already inside the number, so what is left is earnings the market expects to hold through a softer completion calendar rather than one strong print. The bottom sits at 4.7x. The 3 names at the discount end carry a median of 4.7x, with EBITDA margins in that group running from 13% to 21%. The gap to the top is associated with earnings visibility and contract structure — dedicated work against spot work — as much as with current profitability. The split is even. Of the 9 names with a forward estimate, 3 sit at the premium end, 3 in the middle band and 3 at the bottom. In our judgment the distance between the two ends is short enough that sustained cash conversion after maintenance capex can shift where a company sits within it.

9. 09
   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 6.4x Against 5.6x Below It

   Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort, split at the covered medians.

   Profitability, not growth pace, is what separates the two ends of this range: names above the 16% margin line carry 6.4x against 5.6x below it. So what: an owner or acquirer building the case for a higher multiple should lead with margin and cash conversion, not top-line growth alone.

   Everything on this page

   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 6.4x Against 5.6x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 16% The Growth Split Barely Registers Split at 9% forward revenue growth, the 5 faster-growing names carry a median of 6.0x and the 4 slower-growing names 5.9x. On a CY2027E lens the forecast is already in the price, so pace on its own is not what separates this set. What Is Left After Maintenance Capex Practitioners here underwrite EBITDA less maintenance capex: fluid ends, power ends and coil strings are recurring cost in all but name. Two companies with identical EBITDA can be underwritten very differently once pump hours, fluid end replacement cycles and capex per pumping hour are in view. Calendar Visibility and Fleet Type EBITDA margins across the 9 names with a forward estimate reach 22%, and the higher-margin names do not sit together at the top of the range. Dedicated agreements with consolidated operators, e-fleet and dual-fuel share, and density in a core basin are the operating variables buyers test against that profitability. Mix That Dampens the Completion Cycle Production, intervention and plug-and-abandonment work carries demand that does not move with the frac spread count, including state abandonment obligations. This screen does not split service lines, but the transaction record shows an intervention carve-out agreed above the pumping combinations.

10. 10
    03 · SITUATION MAP

    The Higher Multiples Split Between Growth Names and Steady Earners

    Two-by-two map cutting the rated names on EV/EBITDA versus the sector median and on revenue growth versus the covered median.

    The higher multiples split between two different stories: growth names and steady earners, not one uniform group. So what: due diligence should identify which story a target is telling before assuming its multiple reflects the same thing as its neighbor's.

    Everything on this page

    03 · SITUATION MAP The Higher Multiples Split Between Growth Names and Steady Earners Cut on EV / EBITDA vs the sector median (6.0x) (rows) and revenue growth vs the covered median (9%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced for Pace Above-median multiple · above-median revenue growth 3 names Liberty Energy Inc. (LBRT) · National Energy Services Reunited Corp. (NESR) · ProFrac Holding Corp. (ACDC) Liberty Energy Inc. (LBRT), National Energy Services Reunited Corp. (NESR) and ProFrac Holding Corp. (ACDC) sit above the middle of the set on both multiple and revenue growth. For this profile the live question is whether dedicated work, e-fleet share and cash conversion after maintenance capex hold the multiple when the calendar softens. Paid for Durability Above-median multiple · below-median revenue growth 2 names Halliburton Company (HAL) · Core Laboratories N.V. (CLB) Halliburton Company (HAL) and Core Laboratories N.V. (CLB) hold above-median multiples on below-median growth. That combination is associated with breadth, international reach and work that is less tied to any single basin's completion calendar. Growth Without the Premium Below-median multiple · above-median revenue growth 2 names ProPetro Holding Corp. (PUMP) · Oil States International, Inc. (OIS) ProPetro Holding Corp. (PUMP) and Oil States International, Inc. (OIS) grow faster than the middle of the set while pricing below it. Where growth arrives with spot exposure or legacy diesel iron, buyers in this record have discounted it; converting that growth into committed calendar and lower maintenance capex per pumping hour is the lever. Below on Both Counts Below-median multiple · below-median revenue growth 2 names Patterson-UTI Energy, Inc. (PTEN) · RPC, Inc. (RES) Patterson-UTI Energy, Inc. (PTEN) and RPC, Inc. (RES) sit below the middle on both counts. For this profile the practical reference is tangible asset value against reactivation cost, and the route up runs through mix — intervention, abandonment and tooling revenue that does not move with the frac spread count.

11. 11
    03 · GROWTH VS PROFITABILITY

    Names Above Both the Growth and the Margin Bar Are Not Priced Higher Here

    Quadrant chart of revenue growth against EBITDA margin with median EV/EBITDA per quadrant across nine companies.

    Names above both the growth and margin bar are not priced higher here than names that clear only one of the two. So what: hitting both thresholds does not automatically earn a premium in this set — the market appears to be pricing something else, and that's worth investigating name by name.

    Everything on this page

    03 · GROWTH VS PROFITABILITY Names Above Both the Growth and the Margin Bar Are Not Priced Higher Here Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (9% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=3; growth-only n=3; neither n=1). Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 14% 16% 18% 20% 22% MARGIN ONLY median 7.1x BALANCED median 5.2x NEITHER median 4.7x GROWTH ONLY median 6.0x RES CLB HAL PTEN LBRT OIS ACDC PUMP NESR x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Read it as two bars: 9% forward revenue growth across, 16% EBITDA margin up. ProPetro Holding Corp. (PUMP) and National Energy Services Reunited Corp. (NESR) clear both, and on those 2 names the median is 5.2x. 3 names clear the margin bar alone, 3 the growth bar alone and 1 clears neither. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 9 names clear it (NESR).

12. 12
    03 · THE AGENDA

    Fleet, Calendar and Tooling: Owners Can Move Utilisation and Revenue Mix Without Waiting on the Cycle

    NeuraCap view framing fleet, calendar and tooling questions for owners and acquirers to resolve.

    Fleet composition, calendar commitments and tooling ownership are levers an owner can move without waiting on the broader cycle. So what: this agenda turns the valuation drivers we've just shown into an operating checklist.

    Everything on this page

    03 · THE AGENDA Fleet, Calendar and Tooling: Owners Can Move Utilisation and Revenue Mix Without Waiting on the Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Fund Electrification or Run the Legacy Iron Out Operators give calendar priority to electric and dual-fuel fleets, and diesel iron carries conversion or retirement cost. The choice is whether to spend into e-fleet and dual-fuel share now, or harvest cash from legacy equipment and accept more spot work at spot pricing. What changes the answer: The dedication terms offered on e-fleet work against spot pricing quoted on diesel spreads in the next contracting round. Buy Calendar Visibility, Not Just Volume The gap between the two ends of this range is associated with earnings visibility as much as with profitability. Shifting mix toward dedicated agreements with well-capitalized operators, and toward production, intervention and abandonment work, is what dampens the swing a buyer has to underwrite. What changes the answer: The share of next year's pumping hours already committed, and the cancellation terms behind those dedications. Integrate Proppant and Last Mile, or Stay Lighter Vertical integration into proppant, chemicals and last-mile logistics can lower delivered cost per stage, and it becomes a captive cost base when activity softens. The alternative is a lighter balance sheet competing on service quality, stages per day and non-productive time. What changes the answer: Delivered cost per stage against third-party quotes through a quarter of white space in the calendar. Own Tooling and Diagnostics, or Rent Them In this transaction record, completion tooling and intervention assets were agreed at higher multiples than added pumping capacity. That makes build-versus-buy in tooling, perforating systems and diagnostics a capital allocation question rather than a product question. What changes the answer: How long operator qualification takes on in-house tooling against the time an acquisition would save.

13. 13
    SECTION 04

    04

    Section divider introducing the precedent transaction record across nine recorded deals on this page.

    Tooling and intervention deals were agreed above pumping capacity in this record. So what: the next pages show what buyers actually paid, and where.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Tooling and Intervention Agreed Above Pumping Capacity What buyers agreed to pay across the 9 recorded transactions on this page, statuses ranging from announced to completed. 04 of 06 Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

14. 14
    04 · DEAL CASE STUDIES

    The Transactions with Disclosed Terms Are the Benchmarks Owners Get Measured Against

    Two case studies drawn from thirteen disclosed-term transactions, with multiples on LTM financials at announcement.

    Weatherford International plc's completed purchase of NCS Multistage Holdings, Inc. closed at 6.8x EBITDA, while an announced well intervention carve-out was agreed at 8.8x. The peer-to-peer pressure pumping combinations in the same record were agreed lower, at 3.4x and 4.1x. So what: buyers are paying up for qualification-led tooling and intervention assets, not for added pumping capacity.

    Everything on this page

    04 · DEAL CASE STUDIES The Transactions with Disclosed Terms Are the Benchmarks Owners Get Measured Against 2 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2026 $122M Weatherford International plc Weatherford International plc acquires NCS Multistage Holdings, Inc. EV / LTM revenue 0.7x EV / LTM EBITDA 6.8x WHY THE DEAL HAPPENED Weatherford International plc moved for NCS Multistage Holdings, Inc. in May-2026; the record shows it as completed. HOW THE TARGET WAS VALUED The filing records $122M of enterprise value, struck at 6.8x LTM EBITDA, the benchmark buyers in this segment start from. Nov-2022 $157M ProPetro Holding Corp. ProPetro Holding Corp. acquires Silvertip Completion Services Operating, LLC EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED ProPetro Holding Corp. moved for Silvertip Completion Services Operating, LLC in Nov-2022; the record shows it as completed. HOW THE TARGET WAS VALUED The filing records $157M of enterprise value, the benchmark buyers in this segment start from.

15. 15
    SECTION 05

    05

    Section divider introducing strategic implications for the next contracting round.

    The questions ahead are about fleet type, calendar commitment and where tooling sits in capital allocation. So what: this section turns the data into decisions for the next twelve months.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS What to Run Differently Before the Next Contracting Round Fleet type, calendar commitment and where tooling sits in capital allocation. 05 of 06 Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

16. 16
    05 · STRATEGIC IMPLICATIONS

    Run the Business for Revenue Mix, Contract Quality and Capital Allocation

    NeuraCap view setting out the questions this data puts on the table for owners, boards, buyers and investors.

    Revenue mix, contract quality and capital allocation are the three levers this data puts in front of management teams. So what: the report closes with the specific choices each audience — owners, boards, buyers — should be resolving now.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Run the Business for Revenue Mix, Contract Quality and Capital Allocation NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Cash After Maintenance Capex Is the Argument Pace alone is not separating this set, so the case for standing higher in the range rests on what the fleet keeps: pumping hours, fluid end consumption per stage and maintenance capex per fleet. Pricing discipline and contract selection are where an owner has direct control over that number. FOR BOARDS Mix Is the Cycle Defence Production, intervention and plug-and-abandonment exposure carries demand that does not track the completion calendar, including state abandonment programmes. A board can set a target share for that revenue the same way it sets fleet capex, and review it against basin and operator concentration. FOR BUYERS AND INVESTORS Tooling and Intervention Agreed Above Capacity Across the 9 transactions on this page, tooling and intervention assets were agreed at higher multiples than the peer-to-peer pumping combinations. Precedent transactions favour buyers with conviction in qualification-led assets, while pumping capacity keeps being referenced to appraised fleet value and reactivation cost.

17. 17
    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    Everything behind every figure in this report lives in this section. So what: any number you want to trace back to its source can be, page by page.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Table of all rated companies on EV/EBITDA (CY2027E) grouped by valuation tier, with one company unrated.

    This table carries all nine rated companies on the same EV/EBITDA (CY2027E) basis, shaded against the 6.0x sector median. So what: this is the primary reference table for every multiple quoted earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.0x); amber marks below · 9 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.5x · median 7.1x · 3 companies Core Laboratories N.V. CLB Completion tools, downhole products and wellbore… $630M 7.5x 5% 16% 20 Halliburton Company HAL Completion tools, downhole products and wellbore… $33.5B 7.1x 5% 20% 25 ProFrac Holding Corp. ACDC Completion tools, downhole products and wellbore… $2.2B 6.5x 11% 15% 26 CORE — 4.7x–6.5x · median 6.0x · 3 companies National Energy Services Reunited Corp. NESR Completion tools, downhole products and wellbore… $3.5B 6.4x 23% 22% 45 Liberty Energy Inc. LBRT Completion tools, downhole products and wellbore… $4.0B 6.0x 9% 13% 22 Oil States International, Inc. OIS Completion tools, downhole products and wellbore… $513M 5.2x 10% 14% 24 DISCOUNT — <4.7x · median 4.7x · 3 companies Patterson-UTI Energy, Inc. PTEN Integrated drilling and completion service platforms $5.1B 4.7x 7% 21% 28 RPC, Inc. RES Completion tools, downhole products and wellbore… $1.2B 4.7x 2% 13% 16 ProPetro Holding Corp. PUMP Completion tools, downhole products and wellbore… $1.2B 4.0x 18% 21% 39

19. 19
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First of two tables listing all thirteen precedent transactions with disclosed terms, newest first.

    Thirteen transactions with disclosed terms sit in this tier, out of twenty-two recorded, with multiples on LTM financials at announcement. So what: this is the underlying record behind the deal read on the earlier pages.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Weatherford International plc → NCS Multistage Holdings, Inc. $122M 0.7x 6.8x Weatherford International plc paid $122M at 0.7x LTM revenue. Apr-2026 C-Dive, L.L.C. → Helix Energy Solutions Group, Inc. $292M n/a n/a C-Dive, L.L.C. paid $292M. Jan-2023 ProFrac Holding Corp. → REV Energy Holdings, LLC $6M n/a n/a ProFrac Holding Corp. paid $6M. Nov-2022 ProPetro Holding Corp. → Silvertip Completion Services Operating, LLC $157M n/a n/a ProPetro Holding Corp. paid $157M. Aug-2021 NexTier Oilfield Solutions Inc. → Alamo Pressure Pumping, LLC n/a n/a 3.4x NexTier Oilfield Solutions Inc. paid n/a. Sep-2020 Liberty Oilfield Services Inc. → OneStim n/a n/a 4.1x Liberty Oilfield Services Inc. paid n/a. Jul-2019 Keane Group Holdings, LLC → C&J Energy Services, Inc. n/a n/a 2.9x Keane Group Holdings, LLC paid n/a. Nov-2018 ProPetro Holding Corp. → Pioneer Natural Resources Pumping Services LLC n/a n/a 2.9x ProPetro Holding Corp. paid n/a. Nov-2013 EQT → Aker Solutions (Well Intervention services business) n/a n/a 8.8x EQT paid n/a.

20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second of two tables continuing the full precedent transaction list, newest first.

    The list continues here, carrying the remainder of the thirteen disclosed-term transactions in this tier. So what: together with the prior page, this is the complete disclosed-term record supporting the deal conclusions in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (22 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2011 Superior Energy Services, Inc. → Complete Production Services, Inc. n/a n/a 5.8x Value shown as recorded in the filing; deal value unit unresolved. Aug-2009 Baker Hughes, Inc. → BJ Services Company n/a n/a 6.7x Value shown as recorded in the filing; deal value unit unresolved. n/a Devon Energy Corporation → Validus Energy Services LLC n/a n/a 2.0x n/a ARC Financial Corp. → STEP Energy Services Ltd. n/a n/a 0.4x

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Page setting out sources, assumptions and data-quality notes behind the report.

    Every figure in this report links back to the record it was taken from, and this page explains the basis where a figure has no direct link. So what: this is where to check assumptions before using any number in this deck externally.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Well Completion and Wellbore Services and it clears the coverage gate with 9 of 10 companies (90%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 16 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 318 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (317) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    Across These 10 Names, Steadier Earnings Sat at the Top of the Range.

    Closing slide restating that steadier earnings sat at the top of the range across the ten names.

    Across these ten names, steadier earnings sat at the top of the range. So what: the companion tables carry the full universe and source index for any figure a client wants to verify further.

    Everything on this page

    Across These 10 Names, Steadier Earnings Sat at the Top of the Range. NeuraCap AI — Well Completion and Wellbore Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Well Completion and Wellbore Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

More coverage in Energy

• Sector Report · Sep 28, 2026Oil and Gas Marine Transportation Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Oil and Gas Midstream and Pipelines Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Oil and Gas Midstream and Pipelines Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 28, 2026Oil and Gas Refining and Marketing Bi-Weekly Industry Events & M&A Update — September 14–28, 2026