Superior Energy Services : Announces Fourth Quarter 2022 Results and Conference Call

FOR FURTHER INFORMATION CONTACT: Jamie Spexarth, Chief Financial Officer 1001 Louisiana St., Suite 2900 Houston, TX 77002

Investor Relations, [e-mail], [phone]

SUPERIOR ENERGY SERVICES ANNOUNCES

FOURTH QUARTER 2022 RESULTS AND CONFERENCE CALL

Houston, March 15, 2023 - Superior Energy Services, Inc. (the "Company") filed its Form 10-K for the period ending December 31, 2022 on March 15, 2023. In accordance with the Company's Shareholders Agreement, it will host a conference call with shareholders on Tuesday, March 21, 2023.

For the fourth quarter of 2022, the Company reported net income from continuing operations of $175.0 million, or $8.69 per diluted share, and revenue of $239.1 million. This compares to net income from continuing operations of $48.5 million, or $2.41 per diluted share, and revenue of $222.3 million, for the third quarter of 2022. Net income from continuing operations for the fourth quarter includes a tax benefit of $110.5 million primarily driven from the recognition of a worthless stock deduction in the U.S. related to deductible outside basis differences in certain domestic subsidiaries.

For the year ended December 31, 2022, the Company's net income from continuing operations was $291.0 million, or $14.49 per diluted share, and revenue of $884.0 million. This compares to net income from continuing operations of $147.0 million in the combined year of 2021 on revenue of $694.7 million. The combined year of 2021 included $335.6 million of income related to reorganization items.

The Company's Adjusted EBITDA (a non-GAAP measure) was $79.9 million for the fourth quarter of 2022, an increase of 6% compared to $75.1 million in the third quarter of 2022. For the full year, Adjusted EBITDA was $282.1 million compared to $126.2 million in the combined year of 2021. Refer to page 12 for a Reconciliation of Adjusted EBITDA to GAAP results.

Brian Moore, Chief Executive Officer, commented, "I'm extremely proud of our team's execution during the quarter delivering a strong finish to an outstanding 2022 for Superior. Our leadership's commitment to free cash flow generation, businesses critical to our customers, and operational excellence enabled us to achieve our transformative strategic objectives including the $250 million distribution to shareholders in December, our debt free balance sheet and strong competitive positions, especially in our Rentals segment.

While we certainly benefited from a more favorable commodity price environment, our experienced and knowledgeable teams also effectively mitigated inflation and significant supply chain challenges with a disciplined approach to our businesses and processes aimed to deliver exceptional, sustainable performance through our industry's cycles."

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Fourth Quarter 2022 Geographic Breakdown

U.S. land revenue was $49.4 million in the fourth quarter of 2022 compared to revenue of $49.5 million in the third quarter of 2022. Increases in market share and price for our premium drill pipe business were offset by a reduction in hydraulic workover activity and well control activity within our Well Services segment.

U.S. offshore revenue was $72.3 million in the fourth quarter of 2022, an increase of 18% compared to revenue of $61.4 million in the third quarter of 2022. This change was primarily driven by the delivery of a large Deepwater Gulf of Mexico Project in our completion services business unit.

International revenue was $117.4 million in the fourth quarter of 2022, an increase of 5% compared to revenue of $111.4 million in the third quarter of 2022. This increase was driven by increased tool rentals within our premium drill pipe business and an increase in well control activity in Latin America within the Well Services segment.

Fourth Quarter 2022 Segment Reporting

The Rentals segment revenue in the fourth quarter of 2022 was $105.9 million, a 1% increase compared to revenue of $104.6 million in the third quarter of 2022. Adjusted EBITDA of $62.6 million contributed 69% of the Company's total Adjusted EBITDA before including corporate costs. Fourth quarter Adjusted EBITDA Margin (a non-GAAP measure further defined on page 5) within Rentals was 59%, a 2% decrease from the third quarter margin of 61% driven by startup costs to ready accommodations units for deployment and reduction in activity in Canada for our bottom hole assembly business.

The Well Services segment revenue in the fourth quarter of 2022 was $133.2 million, a 13% increase compared to revenue of $117.7 million in the third quarter of 2022. Adjusted EBITDA for the fourth quarter of 2022 was $28.7 million for an Adjusted EBITDA Margin of 22%, roughly equal to the third quarter. An increase in margins for our completions services business was offset by lower well control margins internationally.

Calendar Year 2022 Segment Reporting

The Rentals segment revenue in 2022 was $402.9 million, a 40% increase compared to revenue of $287.0 million in 2021. The increase was driven by higher utilization and price of our premium drill pipe and bottom hole assembly inventory across all regions. This was partially offset by the exit of our non-core US accommodations business in late-2021. Adjusted EBITDA of $237.7 million contributed 71% of the Company's total Adjusted EBITDA before including corporate costs. Full year 2022 Adjusted EBITDA Margin within Rentals was 59%, a 9% increase from the 2021 margin of 50%. The increase in margins was primarily driven by higher prices and utilization for our rentals businesses.

The Well Services segment revenue in 2022 was $481.0 million, an 18% increase compared to revenue of $407.6 million in 2021. Revenues increased with greater industry activity across all regions, with non-core divestitures offsetting much of this increase. Adjusted EBITDA for 2022 was $95.8 million for an Adjusted EBITDA Margin of 20%, a 12% increase from the 2021 margin of 8%. This increase was driven by higher activity in our completion services business unit, as well as the divestiture of non-core,low-margin businesses within the segment.

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Liquidity

As of December 31, 2022, the Company had cash, cash equivalents, and restricted cash of approximately $339.1 million and the availability remaining under our ABL Credit Facility was approximately $85.1 million, assuming continued compliance with the covenants under our ABL Credit Facility. We had no balances outstanding under the Credit Facility at December 31, 2022.

Total cash proceeds received during the fourth quarter of 2022 from the disposal of all of our remaining shares of Select were $21.3 million, and we received $4.0 million in proceeds from the sale of non-core assets. Proceeds from the sale of non-core assets in the third quarter of 2022 were $31.2 million. No shares of Select were sold during the third quarter of 2022.

For the year ended December 31, 2022, proceeds from the sale of non-core assets were $50.4 million and we received $34.7 million from the sale of Select shares. In the combined year of 2021 we received proceeds from the sale of non-core assets of $98.3 million and $4.1 million from the sale of Select shares.

The Company remains focused on cash conversion. Free cash flow (net cash from operating activities less payments for capital expenditures) for the fourth quarter of 2022 totaled $30.5 million compared to $31.4 million for the third quarter of 2022. Free cash flow for the year ended December 31, 2022 totaled $109.6 million.

In the fourth quarter of 2022, our Board declared a special cash dividend of $12.45 per share on our outstanding Class A common stock. The special dividend, which totaled $250.0 million, was paid on December 28, 2022.

Capital expenditures for the fourth quarter of 2022 were $22.9 million compared to $22.4 million for the third quarter of 2022 and $65.8 million for the full year 2022. Approximately 79% of total 2022 capital expenditures were for the replacement of existing assets. Of the total capital expenditures, approximately 81% was invested in the Rentals segment.

2023 Guidance

Regarding 2023 guidance, we expect the first quarter 2023 results of our Rentals segment to be in-line with fourth quarter 2022 results. Our Well Services segment will be down, based on the non-repeat of a very strong fourth quarter from our completion services business unit. We expect first quarter revenue to come in between $210 million to $220 million and first quarter Adjusted EBITDA should be between $62 million and $70 million.

In regards to full year 2023 guidance, we expect revenue to come in at a range of $750 million to $850 million with Adjusted EBITDA in a range of $260 million to $330 million. Depreciation expense for 2023 is expected to align with annualized fourth quarter 2022 results. Full year capital spending is expected to be in a range of $75 million to $90 million.

Strategic Outlook

We continue to explore alternatives to enhance shareholder value, including through potential merger or acquisition opportunities. As part of this process, we remain in and continue to pursue preliminary or exploratory dialogue with various potential counterparties. Resources will be allocated accordingly should strategic alternatives, including meaningful consolidation opportunities, become actionable in 2023. Our Board has not set a timetable or made any decisions related to further actions or potential strategic alternatives at this time. Additionally, any potential transaction would depend upon entry into definitive agreements with a potential

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counterparty on terms acceptable to us. There can be no assurance that we will enter any such transaction or consummate or pursue any transaction or other strategic alternative.

As we focus our financial strength, flexibility, and leading market position on converting operating margins to free cash flow generation, we will continue to be opportunistic and disciplined in our approach to growth and strategic capital expenditure allocations intended to support our well established brands.

We are striving to build a sustainable future through our commitment to Environmental, Social, and Governance (ESG) initiatives. Our Shared Core Values are critical to achieving our ESG goals and helping our customers, suppliers, and business partners achieve theirs. We continue to advance our ESG initiatives for the benefit of stakeholders with plans to publish our inaugural 2023 Sustainability Report in 2024.

Conference Call Information

The Company's management team will host a conference call on Tuesday, March 21, 2023, at 10:00 a.m. Eastern Time. The call will be available via live webcast in the "Events" section at ir.superiorenergy.com. To access via phone, participants can register for the callhere,where they will be provided a phone number and access code. The call will be available for replay until March 20, 2024 on Superior's website at ir.superiorenergy.com. If you are a shareholder and would like to submit a question, please email your question beforehand to Jamie Spexarth at [e-mail].

About Superior Energy Services

Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit: www.superiorenergy.com.

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Non-GAAP Financial Measure

To supplement Superior's consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company also uses Adjusted EBITDA and Adjusted EBITDA Margin. Management uses Adjusted EBITDA and Adjusted EBITDA Margin internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company also believes these non-GAAP measures provide investors useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings and may not be comparable to similar measures presented by other public companies. Adjusted EBITDA and Adjusted EBITDA Margin should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before net interest expense, income tax expense (benefit) and depreciation, amortization and depletion, adjusted for reduction in value of assets and other charges, which management does not consider representative of our ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA by segment as a percentage of segment revenues. For a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, please see the tables under "―Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA" included on pages 12 and 13 of this press release.

Free cash flow is considered a non-GAAP financial measure under the SEC's rules. Management believes, however, that free cash flow is an important financial measure for use in evaluating the Company's financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

The Company is unable to provide a reconciliation of the forward-lookingnon-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-lookingnon-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-lookingnon-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

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