bluelogoa.jpg    EXHIBIT 99.1

Oil States Announces Second Quarter 2026 Results
•Consolidated revenues of $157 million increased 8%, sequentially
•Net income of $6 million, or $0.10 per share
•Adjusted net income totaled $8 million, or $0.14 per share, excluding charges and credits (a non-GAAP measure(1))
•Adjusted EBITDA (a non-GAAP measure(1)) of $19 million rose 14% from the prior quarter
•Offshore Manufactured Products segment's backlog increased 5% sequentially, with quarterly bookings totaling $114 million, yielding a book-to-bill ratio of 1.2x
•Downhole Technologies segment generated revenues of $40 million, the highest level reported since the second quarter of 2023
•Retired the remaining $53 million principal amount of our convertible senior notes on April 1
•Purchased $5 million of our common stock
HOUSTON, July 30, 2026 – Oil States International, Inc. (NYSE: OIS):
Three Months Ended% Change
(Unaudited, In Thousands, Except Per Share Amounts)
June 30,
2026		March 31,
2026		June 30,
2025		SequentialYear-over-Year
Consolidated results:
Revenues$156,659 $145,363 $165,406 8 %(5)%
Operating income(2)
11,712 4,278 5,277 174 %122 %
Adjusted operating income, excluding charges and credits(1)
10,615 8,350 8,936 27 %19 %
Net income5,910 1,108 2,811 433 %110 %
Adjusted net income, excluding charges and credits(1)
8,407 5,180 5,401 62 %56 %
Adjusted EBITDA(1)
18,989 16,687 21,089 14 %(10)%
Revenues by segment:
Offshore Manufactured Products
$92,724 $91,419 $106,586 1 %(13)%
Completion and Production Services24,274 21,498 29,424 13 %(18)%
Downhole Technologies39,661 32,446 29,396 22 %35 %
Revenues by destination:
Offshore and international
$111,593 $104,674 $119,114 7 %(6)%
U.S. land
45,066 40,689 46,292 11 %(3)%
Operating income (loss) by segment(2):
Offshore Manufactured Products
$13,936 $14,412 $16,989 (3)%(18)%
Completion and Production Services3,917 3,490 1,877 12 %109 %
Downhole Technologies2,737 (445)(3,992)n.m.n.m.
Corporate
(8,878)(13,179)(9,597)33 %7 %
Adjusted Segment EBITDA(1):
Offshore Manufactured Products
$17,907 $18,523 $21,105 (3)%(15)%
Completion and Production Services6,570 6,136 8,254 7 %(20)%
Downhole Technologies4,243 1,094 1,220 288 %248 %
Corporate
(9,731)(9,066)(9,490)(7)%(3)%
___________________
(1)These are non-GAAP measures. See “Reconciliations of GAAP to Non-GAAP Financial Information” tables below for reconciliations to their most comparable GAAP measures as well as further clarification and explanation.
(2)Operating income (loss) for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025 included charges totaling $3.1 million, $4.1 million and $3.7 million, respectively. Additionally, operating income for the three months ended June 30, 2026 included credits totaling $4.1 million. See “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information.


Oil States International, Inc. reported net income of $5.9 million, or $0.10 per share, and Adjusted EBITDA of $19.0 million for the second quarter of 2026 on revenues of $156.7 million. These results compare to revenues of $145.4 million, net income of $1.1 million, or $0.02 per share, and Adjusted EBITDA of $16.7 million reported in the first quarter of 2026.
Oil States’ President and Chief Executive Officer, Lloyd Hajdik, stated:
“Our second quarter results demonstrated the resilience of Oil States’ product and services portfolio, as Adjusted EBITDA was in line with our expectations despite revenue being tempered by the timing of certain customer awards. We are encouraged by the continued strength of our backlog, with quarterly bookings totaling $114 million, yielding a 1.2x quarterly book-to-bill ratio and total backlog of $451 million, the highest level in over a decade. With sequential quarterly improvements reported in our Downhole Technologies and Completion and Production Services segments, we believe we are in the early stages of increased investment by our customers.
“The sustained growth in our backlog, combined with improving activity across offshore, international and military markets, reinforces our confidence in the long-term opportunity set ahead of us. As we progress through the second half of 2026, we continue build upon our differentiated portfolio of products and services that are aligned with our customers’ most critical projects, and we remain focused on growing our backlog, expanding margins and improving cash generation for our stockholders.”
Business Segment Results
(See Segment Data and Adjusted Segment EBITDA tables below)
Offshore Manufactured Products
Offshore Manufactured Products reported revenues of $92.7 million, operating income of $13.9 million and Adjusted Segment EBITDA of $17.9 million in the second quarter of 2026, compared to revenues of $91.4 million, operating income of $14.4 million and Adjusted Segment EBITDA of $18.5 million reported in the first quarter of 2026. Adjusted Segment EBITDA margin was 19% in the second quarter of 2026, compared to 20% in the first quarter of 2026.
Backlog totaled $451 million as of June 30, 2026, our highest level since March 2015. Second quarter bookings totaled $114 million, yielding a quarterly book-to-bill ratio of 1.2x and 1.1x year-to-date. Second quarter segment bookings were augmented by a significant contract award for production platform and pipeline equipment.
Completion and Production Services
Completion and Production Services reported revenues of $24.3 million, operating income of $3.9 million and Adjusted Segment EBITDA of $6.6 million in the second quarter of 2026, compared to revenues of $21.5 million, operating income of $3.5 million and Adjusted Segment EBITDA of $6.1 million reported in the first quarter of 2026. Adjusted Segment EBITDA margin was 27% in the second quarter of 2026, compared to 29% in the first quarter of 2026.
Downhole Technologies
Downhole Technologies reported revenues of $39.7 million, operating income of $2.7 million and Adjusted Segment EBITDA of $4.2 million in the second quarter of 2026, compared to revenues of $32.4 million, an operating loss of $0.4 million and Adjusted Segment EBITDA of $1.1 million in the first quarter of 2026.
Corporate
Corporate operating expenses in the second quarter of 2026 totaled $8.9 million.
In the second quarter of 2026, the Company recognized charges of $6.6 million associated with the extinguishment of debt, facility exits and the pending retirement of its former President and Chief Executive Officer. These costs were partially offset by a gain of $4.1 million recognized in connection with the sale of a previously idled facility.
Interest Expense, Net
Net interest expense totaled $0.5 million in the second quarter of 2026, which included $0.2 million of non-cash amortization of deferred debt issuance costs.


Income Taxes
During the second quarter of 2026, the Company recognized income tax expense of $2.0 million, which included the impact of changes in valuation allowances recorded against deferred tax assets, certain discrete tax items and other non-deductible expenses, on pre-tax income of $7.9 million.
Cash Flows
During the second quarter of 2026, the Company used $6.3 million of cash flows in operations, driven by net working capital increases of $21.3 million. Proceeds from the sale of assets totaled $7.1 million during the quarter, which were partially offset by $2.9 million in capital expenditures. The Company used $50.5 million in cash to settle its 2026 Notes and $5.1 million in cash was used to fund stock repurchases.
Financial Condition
On January 28, 2026, the Company entered into an amended and restated cash-flow based credit agreement (the “Cash Flow Credit Agreement”) providing for aggregate lender commitments of up to: $75.0 million under a revolving credit facility (the “Revolving Credit Facility”) and $50.0 million under a multi-draw term loan facility (the “Term Loan Facility”), which was available for a six-month period. Subsequent to June 30, 2026, the Company repaid $20.0 million of outstanding borrowings under the Revolving Credit Facility with borrowings under the Term Loan Facility. The remaining lender commitments under the Term Loan Facility lapsed on July 28, 2026.
On April 1, 2026, the Company retired the remaining $52.7 million of outstanding principal of its 4.75% convertible senior notes (the “Convertible Notes”), with a combination of $50.5 million of cash and the issuance of 529,428 shares of the Company’s common stock (with a fair value of $5.9 million). The Company recognized a $3.6 million loss on the extinguishment of the Convertible Notes in the second quarter of 2026 due to their settlement at a premium.


Conference Call Information
The call is scheduled for July 30, 2026 at 9:00 a.m. Central Daylight Time, is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (833) 461-5787 in the United States or by dialing +1 (585) 542-9983 internationally and using the passcode 647 603 275. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company’s website at www.ir.oilstatesintl.com.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, military and industrial sectors. The Company’s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange and NYSE Texas under the symbol “OIS”.
For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.
Cautionary Language Concerning Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of geopolitical conflicts and tensions, changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries (“OPEC”) and other producing nations (together with OPEC, “OPEC+”) with respect to crude oil production levels and pricing, supply chain disruptions, including as a result of natural disasters, industrial accidents, additional trade restrictions or the adoption of or increase in tariffs, or the threat thereof, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K, as amended by its Annual Report on Form 10-K/A, for the year ended December 31, 2025, and the subsequently filed Quarterly Report on Form 10-Q and Periodic Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Revenues:
Products$98,753 $92,580 $107,342 $191,333 $207,893 
Services57,906 52,783 58,064 110,689 117,451 
156,659 145,363 165,406 302,022 325,344 
Costs and expenses:
Product costs77,724 74,367 83,936 152,091 164,265 
Service costs
40,227 37,222 41,404 77,449 83,752 
Cost of revenues (exclusive of depreciation and amortization expense presented below)117,951 111,589 125,340 229,540 248,017 
Selling, general and administrative expense
23,127 20,024 22,981 43,151 45,511 
Depreciation and amortization expense8,061 8,189 11,898 16,250 23,923 
Impairments of operating lease assets— — 1,358 — 1,358 
Impairments of assets held for sale— 1,384 — 1,384 — 
Other operating income, net
(4,192)(101)(1,448)(4,293)(4,381)
144,947 141,085 160,129 286,032 314,428 
Operating income
11,712 4,278 5,277 15,990 10,916 
Interest expense, net(508)(1,175)(1,692)(1,683)(3,270)
Other income (expense), net
(3,281)148 636 (3,133)774 
Income before income taxes
7,923 3,251 4,221 11,174 8,420 
Income tax provision
(2,013)(2,143)(1,410)(4,156)(2,451)
Net income
$5,910 $1,108 $2,811 $7,018 $5,969 
Net income per share:
Basic$0.10 $0.02 $0.05 $0.12 $0.10 
Diluted0.10 0.02 0.05 0.12 0.10 
Weighted average number of common shares outstanding:
Basic58,479 57,785 59,154 58,132 59,661 
Diluted58,627 58,439 59,154 58,541 59,661 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30, 2026December 31, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$19,802 $69,914 
Accounts receivable, net196,926 202,445 
Inventories, net209,621 183,409 
Assets held for sale
18,584 17,350 
Prepaid expenses and other current assets19,572 22,173 
Total current assets464,505 495,291 
Property, plant, and equipment, net232,247 244,382 
Operating lease assets, net13,945 12,731 
Goodwill, net70,337 70,524 
Other intangible assets, net28,637 31,455 
Other noncurrent assets29,820 29,048 
Total assets$839,491 $883,431 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$650 $53,370 
Accounts payable69,000 68,090 
Accrued liabilities32,208 38,480 
Current operating lease liabilities5,676 7,286 
Income taxes payable1,746 1,759 
Deferred revenue88,321 97,195 
Total current liabilities197,601 266,180 
Long-term debt17,778 1,670 
Long-term operating lease liabilities12,118 12,654 
Deferred income taxes5,607 5,765 
Other noncurrent liabilities25,011 23,971 
Total liabilities258,115 310,240 
Stockholders’ equity:
Common stock821 805 
Additional paid-in capital1,156,353 1,145,642 
Retained earnings171,301 164,283 
Accumulated other comprehensive loss(66,772)(66,264)
Treasury stock(680,327)(671,275)
Total stockholders’ equity
581,376 573,191 
Total liabilities and stockholders’ equity
$839,491 $883,431 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income$7,018 $5,969 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense16,250 23,923 
Impairments of operating lease assets— 1,358 
Impairments of assets held for sale1,384 — 
Stock-based compensation expense4,851 3,859 
Amortization of deferred financing costs910 660 
Deferred income tax provision (benefit)(133)669 
Gains on disposals of assets(4,837)(4,282)
Losses (gains) on extinguishment of 4.75% convertible senior notes3,594 (381)
Other, net(2,617)(1,423)
Changes in operating assets and liabilities:
Accounts receivable4,746 2,601 
Inventories(26,675)1,348 
Accounts payable and accrued liabilities(7,997)(1,014)
Deferred revenue(8,874)(2,092)
Other operating assets and liabilities, net4,238 (6,905)
Net cash flows provided by (used in) operating activities(8,142)24,290 
Cash flows from investing activities:
Capital expenditures(7,139)(19,480)
Proceeds from disposition of property and equipment
737 4,217 
Proceeds from disposition of assets held for sale
7,276 8,409 
Other, net(9)(62)
Net cash flows provided by (used in) investing activities865 (6,916)
Cash flows from financing activities:
Revolving credit facility borrowings67,744 204 
Revolving credit facility repayments(49,167)(204)
Extinguishment of 4.75% convertible senior notes(50,452)(14,284)
Other debt and finance lease repayments, net(355)(344)
Payment of financing costs(2,014)(7)
Purchases of treasury stock
(5,100)(12,043)
Shares added to treasury stock as a result of net share settlements
due to vesting of stock awards		(3,952)(2,432)
Net cash flows used in financing activities(43,296)(29,110)
Effect of exchange rate changes on cash and cash equivalents461 231 
Net change in cash and cash equivalents(50,112)(11,505)
Cash and cash equivalents, beginning of period69,914 65,363 
Cash and cash equivalents, end of period$19,802 $53,858 
Cash paid for:
Interest$1,593 $3,628 
Income taxes, net 4,170 3,660 


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Revenues:
Offshore Manufactured Products
Project-driven:
Products$51,954 $51,887 $68,653 $103,841 $127,777 
Services32,420 30,710 27,907 63,130 52,331 
84,374 82,597 96,560 166,971 180,108 
Military and other products8,350 8,822 10,026 17,172 19,074 
Total Offshore Manufactured Products
92,724 91,419 106,586 184,143 199,182 
Completion and Production Services24,274 21,498 29,424 45,772 63,943 
Downhole Technologies39,661 32,446 29,396 72,107 62,219 
Total revenues$156,659 $145,363 $165,406 $302,022 $325,344 
Operating income (loss):
Offshore Manufactured Products
$13,936 $14,412 $16,989 $28,348 $31,265 
Completion and Production Services
3,917 3,490 1,877 7,407 5,380 
Downhole Technologies
2,737 (445)(3,992)2,292 (6,116)
Corporate
(8,878)(13,179)(9,597)(22,057)(19,613)
Total operating income (loss)
$11,712 $4,278 $5,277 $15,990 $10,916 
Adjusted operating income (loss)(1):
Offshore Manufactured Products
$13,936 $14,604 $17,262 $28,540 $31,538 
Completion and Production Services
3,917 3,490 4,056 7,407 8,489 
Downhole Technologies
2,737 (445)(2,785)2,292 (4,909)
Corporate
(9,975)(9,299)(9,597)(19,274)(19,613)
Total adjusted operating income (loss)
$10,615 $8,350 $8,936 $18,965 $15,505 
________________
(1)These are non-GAAP measures. See “Reconciliations of GAAP to Non-GAAP Financial Information” tables below for reconciliations to their most comparable GAAP measures as well as for further detail of charges and credits excluded from adjusted operating income (loss) in each of the periods presented.



OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED OPERATING INCOME, EXCLUDING CHARGES AND CREDITS (A)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Operating income
$11,712 $4,278 $5,277 $15,990 $10,916 
Impairments of:
Operating lease assets— — 1,358 — 1,358 
Assets held for sale— 1,384 — 1,384 — 
Facility consolidation/closure and other charges1,395 2,688 2,301 4,083 3,231 
Gain on disposal of facility held for sale(4,149)— — (4,149)— 
Executive transition costs1,657 — — 1,657 — 
Adjusted operating income, excluding charges and credits$10,615 $8,350 $8,936 $18,965 $15,505 
________________
(A)Adjusted operating income, excluding charges and credits consists of operating income plus impairments of assets and facility consolidation/closure and other charges and executive transition costs, less gain on disposal of facility held for sale. Adjusted operating income, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income as prepared in accordance with GAAP. The Company has included adjusted operating income, excluding charges and credits as a supplemental disclosure because its management believes that adjusted operating income, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT OPERATING INCOME (LOSS), EXCLUDING CHARGES AND CREDITS (B)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Offshore Manufactured Products:
Operating income$13,936 $14,412 $16,989 $28,348 $31,265 
Facility consolidation/closure and other charges
— 192 273 192 273 
Adjusted Segment Operating Income, excluding charges and credits$13,936 $14,604 $17,262 $28,540 $31,538 
Completion and Production Services:
Operating income$3,917 $3,490 $1,877 $7,407 $5,380 
Impairments of operating lease assets— — 403 — 403 
Facility consolidation/closure and other charges
— — 1,776 — 2,706 
Adjusted Segment Operating Income, excluding charges and credits$3,917 $3,490 $4,056 $7,407 $8,489 
Downhole Technologies:
Operating income (loss)$2,737 $(445)$(3,992)$2,292 $(6,116)
Impairments of operating lease assets— — 955 — 955 
Facility consolidation/closure and other charges
— — 252 — 252 
Adjusted Segment Operating Income (Loss), excluding charges and credits$2,737 $(445)$(2,785)$2,292 $(4,909)
Corporate:
Operating loss$(8,878)$(13,179)$(9,597)$(22,057)$(19,613)
Impairments of assets held for sale
— 1,384 — 1,384 — 
Facility consolidation/closure and other charges
1,395 2,496 — 3,891 — 
Gain on disposal of facility held for sale(4,149)— — (4,149)— 
Executive transition costs1,657 — — 1,657 — 
Adjusted Segment Operating Loss, excluding charges and credits$(9,975)$(9,299)$(9,597)$(19,274)$(19,613)
________________
(B)Adjusted Segment Operating Income (Loss), excluding charges and credits consists of operating income (loss) plus impairments of assets, facility consolidation/closure and other charges, and executive transition costs, less gain on disposal of facility held for sale. Adjusted Segment Operating Income (Loss), excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for segment operating income (loss) as prepared in accordance with GAAP. The Company has included Adjusted Segment Operating Income (Loss), excluding charges and credits as a supplemental disclosure because its management believes that Adjusted Segment Operating Income (Loss), excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA (C)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net income$5,910 $1,108 $2,811 $7,018 $5,969 
Interest expense, net508 1,175 1,692 1,683 3,270 
Income tax provision2,013 2,143 1,410 4,156 2,451 
Depreciation and amortization expense8,061 8,189 11,898 16,250 23,923 
Impairments of:
Operating lease assets— — 1,358 — 1,358 
Assets held for sale
— 1,384 — 1,384 — 
Facility consolidation/closure and other charges1,395 2,688 2,301 4,083 3,231 
Gain on disposal of facility held for sale(4,149)— — (4,149)— 
Losses (gains) on extinguishment of 4.75% convertible senior notes3,594 — (381)3,594 (381)
Executive transition costs1,657 — — 1,657 — 
Adjusted EBITDA$18,989 $16,687 $21,089 $35,676 $39,821 
________________
(C)The term Adjusted EBITDA consists of net income plus net interest expense, taxes, depreciation and amortization expense, impairments of assets, facility consolidation/closure and other charges, losses (gains) on extinguishment of Convertible Notes and executive transition costs, less gain on disposal of facility held for sale. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles (“GAAP”) and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted EBITDA as a supplemental disclosure because its management believes that Adjusted EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted EBITDA to net income, which is the most directly comparable measure of financial performance calculated under GAAP.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED SEGMENT EBITDA (D)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Offshore Manufactured Products:
Operating income$13,936 $14,412 $16,989 $28,348 $31,265 
Other income (expense), net39 (21)140 18 182 
Depreciation and amortization expense3,932 3,940 3,703 7,872 7,311 
Facility consolidation/closure and other charges
— 192 273 192 273 
Adjusted Segment EBITDA$17,907 $18,523 $21,105 $36,430 $39,031 
Completion and Production Services:
Operating income$3,917 $3,490 $1,877 $7,407 $5,380 
Other income, net219 129 115 348 211 
Depreciation and amortization expense2,434 2,517 4,083 4,951 8,355 
Impairments of operating lease assets— — 403 — 403 
Facility consolidation/closure and other charges
— — 1,776 — 2,706 
Adjusted Segment EBITDA$6,570 $6,136 $8,254 $12,706 $17,055 
Downhole Technologies:
Operating income (loss)$2,737 $(445)$(3,992)$2,292 $(6,116)
Depreciation and amortization expense1,506 1,539 4,005 3,045 8,034 
Impairments of operating lease assets— — 955 — 955 
Facility consolidation/closure and other charges
— — 252 — 252 
Adjusted Segment EBITDA$4,243 $1,094 $1,220 $5,337 $3,125 
Corporate:
Operating loss$(8,878)$(13,179)$(9,597)$(22,057)$(19,613)
Other income (expense), net(3,539)40 381 (3,499)381 
Depreciation and amortization expense189 193 107 382 223 
Impairments of assets held for sale
— 1,384 — 1,384 — 
Facility consolidation/closure and other charges
1,395 2,496 — 3,891 — 
Gain on disposal of facility held for sale(4,149)— — (4,149)— 
Losses (gains) on extinguishment of 4.75% convertible senior notes3,594 — (381)3,594 (381)
Executive transition costs1,657 — — 1,657 — 
Adjusted Segment EBITDA$(9,731)$(9,066)$(9,490)$(18,797)$(19,390)
________________
(D)The term Adjusted Segment EBITDA consists of operating income (loss) plus other income (expense), depreciation and amortization expense, impairments of assets and facility consolidation/closure and other charges, losses (gains) on extinguishment of Convertible Notes and executive transition costs, less gain on disposal of facility held for sale. Adjusted Segment EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. The Company has included Adjusted Segment EBITDA as supplemental disclosure because its management believes that Adjusted Segment EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth reconciliations of Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under GAAP.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
ADJUSTED NET INCOME, EXCLUDING CHARGES AND CREDITS (E) AND
ADJUSTED NET INCOME PER SHARE, EXCLUDING CHARGES AND CREDITS (F)
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net income$5,910 $1,108 $2,811 $7,018 $5,969 
Impairments of:
Operating lease assets— — 1,358 — 1,358 
Assets held for sale
— 1,384 — 1,384 — 
Facility consolidation/closure and other charges1,395 2,688 2,301 4,083 3,231 
Gain on disposal of facility held for sale(4,149)— — (4,149)— 
Losses (gains) on extinguishment of 4.75% convertible senior notes3,594 — (381)3,594 (381)
Executive transition costs1,657 — — 1,657 — 
Total adjustments, before taxes
2,497 4,072 3,278 6,569 4,208 
Income tax benefit impact of adjustments, net— — (688)— (884)
Total adjustments, net of taxes
2,497 4,072 2,590 6,569 3,324 
Adjusted net income, excluding charges and credits$8,407 $5,180 $5,401 $13,587 $9,293 
Adjusted weighted average number of diluted common shares outstanding58,627 58,439 59,154 58,541 59,661 
Adjusted diluted net income per share, excluding charges and credits$0.14 $0.09 $0.09 $0.23 $0.16 
________________
(E)Adjusted net income, excluding charges and credits consists of net income plus impairments of assets and facility consolidation/closure and other charges, losses (gains) on extinguishment of Convertible Notes, executive transition costs, less gain on disposal of facility held for sale and the impact of these adjustments on income tax provision (benefit). Adjusted net income, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income as prepared in accordance with GAAP. The Company has included adjusted net income, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods.
(F)Adjusted net income per share, excluding charges and credits is calculated as adjusted net income, excluding charges and credits divided by the weighted average number of common shares outstanding. Adjusted net income per share, excluding charges and credits is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for net income per share as prepared in accordance with GAAP. The Company has included adjusted net income per share, excluding charges and credits as a supplemental disclosure because its management believes that adjusted net income per share, excluding charges and credits provides investors a helpful measure for comparing its operating performance with previous and subsequent periods.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL INFORMATION
FREE CASH FLOW (G)
(In Thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net cash flows provided by (used in) operating activities
$(6,257)$(1,885)$14,995 $(8,142)$24,290 
Less: Capital expenditures
(2,912)(4,227)(10,322)(7,139)(19,480)
Plus: Proceeds from disposition of property and equipment341 396 2,532 737 4,217 
Proceeds from disposition of assets held for sale6,803 473 909 7,276 8,409 
Free cash flow
$(2,025)$(5,243)$8,114 $(7,268)$17,436 
________________
(G)The term free cash flow consists of net cash flows provided by (used in) operating activities less capital expenditures plus proceeds from the disposition of property and equipment and assets held for sale. Free cash flow is not a measure of financial performance under GAAP and should not be considered in isolation from or as a substitute for cash flow measures prepared in accordance with GAAP. The table above sets forth reconciliations of free cash flow to net cash flows provided by (used in) operating activities, which is the most directly comparable measure of financial performance calculated under GAAP.
Company Contact:
Matthew Autenrieth
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
(713) 652-0582
SOURCE: Oil States International, Inc.