Essential Energy Services : Peters & Co. Winter Energy Conference

Peters & Co. Winter Energy Conference

Garnet Amundson, President & CEO

January 18, 2022

Disclaimer

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements and forward-looking information regarding Essential Energy Services Ltd. (the "Corporation", "Essential" or "ESN") within the meaning of applicable securities laws. In particular, this presentation contains forward-looking statements including expectations regarding industry outlook including an anticipated industry recovery, E&P capital reinvestment ratio, the impact of E&P cash flow increases and their uses of cash flow, E&P capital spending and the anticipation of increased spending and the potential for improved service pricing; outlook for the oilfield service sector; the need for hydrocarbons and Canadian energy; expectations regarding Essential's positioning for stronger industry activity, businesses/service lines, areas of growth, ability to grow, product development, opportunities, activity, labour challenges, cost structure, outlook, market share, competitive advantages, services offered, the demand for those services and pricing for services including the potential for improvement; scalability of the coil tubing fleet; Essential's strong financial position and cash position provides a competitive advantage, provides liquidity and financial flexibility to meet near-term financial needs and is a strategic advantage as the industry transitions to a period of expected growth; and Essential is well prepared for an anticipated service-industry recovery. By their nature, forward-looking statements and information involve known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. Many of these factors and risks are described under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended Dec 31/20 and the Corporation's other filings on record with the securities regulatory authorities, which may be accessed through the SEDAR website (www.sedar.com). Although the Corporation believes the expectations and assumptions on which such forward-looking statements and information are based are reasonable, the Corporation can not provide assurance these expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and are cautioned that the foregoing factors are not exhaustive. The forward-looking statements and information contained in this presentation are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This presentation contains an EV/EBITDAS measure based on analyst consensus estimates for EBITDAS as of a particular point in time. The Corporation includes this measure for reference only and not for the purpose of endorsement. The estimates underlying the EBITDAS estimate reflect the views of the analysts and may not reflect the views of management of the Corporation as at the point in time when the applicable estimate was given or as of the date of this presentation.

NON-IFRS MEASURES

Throughout this presentation, certain terms used are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS including:

• EBITDAS - earnings before finance costs, income taxes, depreciation, amortization, transaction costs, losses or gains on disposal, write-down of assets, impairment loss, foreign exchange gains or losses and share-based compensation, which includes both equity-settled and cash-settled transactions.
• Working capital - current assets less current liabilities.

A reconciliation of EBITDAS to the IFRS measure, net income (loss), can be found in Essential's Management's Discussion & Analysis ("MD&A"), which may be accessed through the SEDAR website (www.sedar.com). These measures may not be consistent with the calculation of other companies.

® Registered trademark of Essential Energy Services Ltd.

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Why Invest in Essential?

• Canadian Oilfield Service (OFS) sector set for growth due to strong commodity prices and tight OFS supply
• Essential has navigated multiple downturns and growth cycles and has proven expertise
• Critical workforce in place (300 employees) and ready to grow
• Leading Canadian market positions in two service lines:

• Coil Tubing:
• • Record coil tubing completion at 7,760 meters
  • Estimated 40% market share in 6,500+ meter deep coil tubing market
• Tools:
• • Estimated #1 market share in Canadian conventional tools

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Canadian OFS at an Inflection Point for Growth

• Improved fundamentals for exploration & production (E&P) companies sets the stage for stronger OFS demand
• Canada and the world will need hydrocarbon energy for decades to come. The world needs more Canadian energy!
• Canadian OFS sector has been battling downturn conditions since the end of 2014
• COVID and Oil Price-War in March 2020 hit the sector hard
• U.S. OFS sector now suffering some of the same access to capital and anti-fossil fuel challenges as Canada

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Our Share Price and Valuation!

Share Price:

• 81% share price growth in 2021
• Even after this significant 2021 increase, Essential's valuation is low compared to peers

Valuation:

• Trading (enterprise value) is equal tothe value of working capital at Jan 14/22

• Nominal value recognized for our industry leading coil tubing and fluid pumping fleet
• Nominal value recognized for our Downhole Tools & Rentals business
• Trading at one of the lowest EV/EBITDAS multiples in our sector
• Price/book of 0.5x

Significant share price growth in 2021; low valuation metrics

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