Nine Energy Service, Inc.

Nine Energy Service, Inc. provides completion services for unconventional oil and gas wells, with operations across major North American basins and select international markets. Its work centers on downhole tools, cementing, wireline, and related technologies used to prepare horizontal, multistage wells for production.

4,5 %

−9,1 %

+1,4 %

1.85

1.23

— Nine Energy Service, Inc.
%
Cementing services40% Cement placement and related pump-down services used to isolate well zones and support completion operations.
Wireline services25% Wireline operations used to deploy tools and support staged completion work in horizontal wells.
Completion tools20% Downhole tools and proprietary equipment used in multistage well completion programs.
Other completion services15% Additional field services, technical support, and related completion offerings across customer projects.

Nine sells primarily to exploration and production companies that develop unconventional oil and natural gas resources...

  • Integrated E&P companiesprimary

    Large upstream operators that buy completion services and tools for multi-well development programs and operational consistency.

  • Independent E&P companiesprimary

    Smaller and mid-sized producers that outsource cementing, wireline, and downhole completion work to improve well economics.

  • North American shale operatorsprimary

    Operators in major onshore basins that need horizontal, multistage completion services and field execution support.

  • International E&P customerssecondary

    Select non-U.S. customers that purchase completion tools and services for unconventional development projects.

Nine operates across major onshore basins in the United States and Canada, with additional business abroad...

  • •United States is the core market for completion services
  • •Canada is a meaningful operating market for basin coverage
  • •Select international work supports tools and service expansion
  • •Major onshore basins drive customer demand and equipment deployment
  • •Regional activity levels affect utilization, pricing, and logistics

Nine’s strategy is to win share with existing and new customers while broadening its tools and completion offerings...

01
Grow share in core completion marketsshort-term

Higher utilization and stronger customer relationships support the service network and equipment base.

02
Expand tools and technology offeringsmedium-term

Proprietary tools and smarter applications can improve differentiation and customer retention.

03
Broaden geographic reachmedium-term

A wider footprint reduces dependence on any single basin and opens new demand pools.

Nine is exposed to cyclical oil and gas spending, so demand can weaken when customers reduce drilling and completion...

high

Cyclical upstream spending

Customers cut completion activity when oil and gas prices weaken or budgets tighten.

Scope
Oil and natural gas E&P customers
Materiality
high
high

Customer concentration

A small number of customers account for a meaningful portion of revenue, so lost work can quickly affect utilization.

Scope
Top five customers were about 24% of revenue
Materiality
high
high

Competitive pressure

Large integrated oilfield service firms and local competitors can compete aggressively on price, technology, and execution.

Scope
Completion services and tools markets
Materiality
high
medium

Supplier concentration

Certain product lines depend on limited third-party manufacturers and vendors.

Scope
Proprietary products and service inputs
Materiality
medium
medium

Cybersecurity and IT disruption

Operations depend on information systems for coordination, data, and field execution.

Scope
Operational systems and customer data
Materiality
medium
Property and equipment
Fleet and tools valuation
Impairment assessments
Non-cash charges and asset values
Revenue timing and utilization
Quarterly comparability
Debt and financing costs
Cash flow and earnings presentation

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: 29/04/2026