This presentation (and any oral statements made regarding the matters in this presentation, including those related to the proposed merger with Keane) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements that address circumstances, activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. In addition, words such as “anticipate,” “believe,” “ensure,” “expect,” “if,” “once” “intend,” “plan,” “focus,” “estimate,” “project,” “forecasts,” “predict,” “outlook,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely” and similar expressions that convey the uncertainty of future events or outcomes, and the negative thereof, are intended to identify forward-looking statements. Forward-looking statements contained in this presentation, which are not generally historical in nature, include those that express a belief, expectation or intention regarding our future activities, plans and goals and our current expectations with respect to, among other things: our ability to successfully integrate acquisitions; our operating cash flows, the availability of capital and our liquidity; our future revenue, income and operating performance; our ability to sustain and improve our utilization, revenue and margins; our ability to maintain acceptable pricing for our services; future capital expenditures; our ability to finance equipment, working capital and capital expenditures; our ability to execute our long-term growth strategy; our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements; and the timing and success of strategic initiatives and special projects. Forward-looking statements are not assurances of future performance and actual results could differ materially from our historical experience and our present expectations or projections. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for our existing operations, experience, expectations and perception of historical trends, current conditions, anticipated future developments and their effect on us, and other factors believed to be appropriate. Although management believes the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Our forward-looking statements involve significant risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks associated with the following: we may be unable to obtain governmental, stockholder and/or regulatory approvals required for the proposed Merger, or required approvals may delay the proposed Merger or result in the imposition of conditions that could cause the parties to abandon the proposed Merger; conditions to closing the proposed Merger may not be satisfied or the timing to complete the proposed Merger may change; we may not realize, or it may take longer to realize, expected cost savings, benefits and any other synergies from the proposed Merger; disruption from the proposed Merger may make it more difficult to maintain relationships with customers, employees or suppliers; a decline in demand for our services, including due to supply of oil and gas, declining or perceived instability of commodity prices, overcapacity of supply, constrained pipeline capacity and other competitive factors affecting our industry; the cyclical nature and volatility of the oil and gas industry, which impacts the level of drilling, completion and production activity and spending patterns by our customers; a decline in, or substantial volatility of, crude oil and gas commodity prices, which generally leads to decreased spending by our customers and negatively impacts drilling, completion and production activity; pressure on pricing for our services, including due to competition and industry and/or economic conditions, which may impact, among other things, our ability to implement price increases or maintain pricing and margin on our services; the loss of, or interruption or delay in operations by, one or more of our significant customers; the failure by one or more of our significant customers to pay amounts when due, or at all; adverse weather conditions in oil or gas producing regions; changes in customer requirements in the markets we serve; costs, delays, compliance requirements and other difficulties in executing our short-and long-term business plans and growth strategies; the effects of recent or future acquisitions or customer opportunities on our business, including our ability to successfully integrate our operations and the costs incurred in doing so and the costs and potential liabilities associated with new or expanded areas of operational risks (such as offshore or international operations); business growth outpacing the capabilities of our infrastructure; operating hazards inherent in our industry, including the possibility of accidents resulting in personal injury or death, property damage or environmental damage; the loss of, or interruption or delay in operations by, one or more of our key suppliers, including resulting from product defects, recalls or suspensions; the effect of environmental and other governmental regulations on our operations, including the risk that future changes in the regulation of hydraulic fracturing could reduce or eliminate demand for our hydraulic fracturing services; the incurrence of significant costs and liabilities resulting from litigation or governmental proceedings; the incurrence of significant costs and liabilities or severe restrictions on our operations or the inability to perform certain operations or provide certain services resulting from a failure to comply, or our compliance with, new or existing regulations; the effect of new or existing regulations, industry and/or commercial conditions on the availability of and costs for raw materials, consumables and equipment; the loss of, or inability to attract, key management and other competent personnel; a shortage of qualified workers; our ability to implement new technologies and services; damage to or malfunction of equipment; our ability to maintain sufficient liquidity and/or obtain adequate financing to allow us to execute our business plan; and our ability to comply with covenants under our debt facilities. For additional information regarding known material factors that could cause our actual results to differ from our present expectations and projected results, please see our filings with the U.S. Securities and Exchange Commission, including our Current Reports on Form 8-K that we file from time to time, Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All subsequent written or oral forward-looking statements concerning us are expressly qualified in their entirety by the cautionary statements above. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All subsequent written or oral forward-looking statements concerning us are expressly qualified in their entirety by the cautionary statements above. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law. All information in this presentation is as of June 30, 2019 unless otherwise indicated. Non-GAAP Financial Measures: This presentation includes consolidated Adjusted EBITDA, Adjusted EBITDA per fully-utilized fleet, Adjusted Net Income, and Free Cash Flow, all of which are measures not calculated in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP"). Please see slides 28 – 31 or a reconciliation of net income (loss) to each of Adjusted Net Income (loss) and Adjusted EBITDA, a reconciliation of net increases (decreases) in cash and cash equivalents to free cash flow, a reconciliation of fracturing net income (loss) to Adjusted EBITDA, and a reconciliation of SG&A to Adjusted SG&A. Segment Adjusted EBITDA: Adjusted EBITDA at the segment level is not considered to be a non-GAAP financial measure as it is our segment measure of profit or loss and is required to be disclosed pursuant to ASC 280, Segment Reporting. Certain Definitions: We calculate “margin %” as the specified metric divided by revenue.

2Q’19 Revenue: $501MM Committed to Safety Unwavering Focus on Quality and Quality Management and Safety Record Fluids Management Specialized Completions, Well New Well 7% Focused Services Construction & Intervention Services Rig Services 14% Scalable Footprint, Active in Geographic Diversity Most U.S. Land Basins Fracturing Coiled 44% Tubing 5% Focused on Generating Disciplined Capital Allocation to Shareholder Returns Maximize Value for Our Shareholders 10% Cementing Diversity of Service Lines Disciplined Growth Supports Sustainable Growth 2% Other 18% Standardized Equipment Leads to Focused on Execution Completions Best-In-Class Service Quality Wireline & Pumpdown Technology Enhanced R&T Focused on Safety, Efficiencies 79% of Revenue from New Well Focused Services Efficiencies and Profitability

Operating Footprint 2Q’19 Revenue by Basin 9% 15% 34% 13% 10% 19% West Texas South Texas / East Texas Rockies / Bakken California Mid-Continent Northeast 1. Based on internal market assessment as of June 30, 2019.

Objectives Strategies Results ● Deliver safe, high-quality and reliable services that focus on Price Structure reducing customer total well cost Competitive Reflects Value ● Maintain built-for-purpose, well-maintained quality equipment We Provide Margins Across to Customers ● Partner with efficient customers using dedicated fleets to All Service Lines maximize utilization and capture efficiencies ● Equipment designed for lowest cost of ownership Significant Lower Costs to ● Invest in value-add technologies that increase safety, Improve Profitability efficiencies, profitability and minimize environmental impact Operating ● Optimize supply chain through strategic partnerships Leverage ● Deploy capital to highest cycle returns and shortest payback periods Strong Returns, Allocate Capital to ● Consider both internal investments and external opportunities Higher Return Free Cash Flow Projects ● Eliminate underperforming businesses and Balance ● “Deploy or Return” philosophy focused on long-term Sheet value creation Committed to Creating Long-Term Shareholder Value

● Operating segments compete for capital based on returns Balanced Capital ● Capital deployed with clear visibility on revenue generation Expenditures ● Flexibility to divert or suspend in changing markets ● Continuous drive to improve our cost structure Prudent Strategic ● Balance returns vs. longer payback periods Initiatives ● Build businesses that drive long-term free cash flow ● Monetize or shut-down dilutive business lines Sensible Portfolio Management ● M&A strategy focused on consolidating the industry and acquiring accretive businesses Prioritize Generating ● NOLs provide enhanced returns potential Best Returns and ● Executed $40MM of $150MM stock Free Cash Flow buyback program in 2018 MAXIMIZING SHAREHOLDER RETURNS

Why Customers Choose C&J Diverse Customer Base ─ No Individual Exposure Greater than 10% of 2018 Revenues Reputation for Safety and Service Quality High Quality Assets and Execution Service Line and Geographic Diversity Value-Add, Reliability-Focused Technologies Logos from next few pages Recent Customer Award Congratulations to Congratulations to C&J Well Services, Inc. C&J Well Services, Inc. 2018 Safety Award 2017 Top Business Partner Gold Award, Group V V&V Conformance

2Q’19 Market Conditions Consolidated Revenue ● Revenue decreased 18% y-o-y and 2% sequentially; Adj. ($ in MM) EBITDA decreased 43% y-o-y, but increased 5% sequentially $611 ● Results negatively affected by increased white space in our frac calendar and lower customer activity levels and competitive $568 pricing in most of our non-fracturing businesses ● Wireline and Pumpdown experienced improved activity levels in $511 $501 $491 most basins; however, pricing has remained competitive ● Returned two large diameter coiled tubing units to service by late May, but lower drilling rig count and competitive pricing in our cementing business negatively affected WC&I results 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 ● Well Support Services segment activity levels increased mostly from improved workover rig counts in California resulting in improved segment profitability Consolidated Adjusted EBITDA(1) Consolidated Adjusted Net Income (loss)(1) ($ in MM) Margin (%) ($ in MM) 15% $35 $92 14% $77 11% 10% 10% $11 $52 $53 $50 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 -$13 -$18 -$19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 1. See slide 28 for a reconciliation of net income (loss) to Adjusted Net Income (loss) to Adjusted EBITDA.

($ in MM) ● Segment revenue decreased 22% year-over-year and 1% sequentially to $322MM $413 $373 ● Segment Adjusted EBITDA decreased 43% year- over-year and 12% sequentially to $48MM $327 $322 $293 ● Fracturing revenue decreased 24% year-over-year and 7% sequentially to $220MM ● Fracturing experienced increased white space in the frac calendar mostly due to operational inefficiencies 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 ● Stacked two horizontal and one vertical fracturing fleet due to decreased utilization Margin (%) ($ in MM) ● Annualized Adjusted EBITDA per fully-utilized fleet(1) 20% declined 6% sequentially to $11.3 million $84 18% $67 17% ● Wireline and Pumpdown revenue decreased 20% 15% 15% $54 year-over-year, but increased 11% sequentially $48 $44 ● Wireline and Pumpdown experienced a sequential increase in customer activity levels, especially in our largest operating basin of the Bakken 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 ● Wireline and Pumpdown activity levels are expected to remain stable relative to 2Q’19 exit rates; however, pricing is expected to remain competitive 1. See slide 30 for a reconciliation of fracturing net income (loss) to fracturing Adjusted EBITDA per fully-utilized fleet.

($ in MM) ● Focused on efficient, committed customers who appreciate the value we provide $289 $252 $236 ● Best-in-class execution and technology-enhanced $220 efficiencies attract “blue-chip” customers $193 ● Expecting a ~30% reduction of annual maintenance capex per fleet compared to 2018 due to the younger profile of our fracturing fleet ● Will consider redeploying stacked fleets only when customer demand supports it and targeted returns 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 and payback periods can be achieved ($ in MM) $14.6 $12.0 $11.3 17 17 15 15 $8.2 $7.4 10 YE'16 YE'17 YE'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 1. Represents exit rate for stated period. 2. Includes Fracturing Adjusted EBITDA only, and assumes 41,000 HHP per horizontal equivalent fleet. See slide 30 for a reconciliation of fracturing net income (loss) to fracturing Adjusted EBITDA per fully-utilized fleet.

Leading ● The #1 service provider and market leader(1) Position ● Introduced advance pressure control and greaseless cable systems Scalable ● Established in most U.S. basins Footprint ● Ability to flex deployment based on market conditions and customer demand Equipment Summary(2) Wireline Pumpdown ● Large and diversified group of customers, Active 57 79 providing services to over 300 customers in 2018 Available Capacity 65 2 Total 122 81 Research & ● In-house manufacturing and technology Technology provides value-add innovation ($ in MM) Advantage ● Lower cost perf guns and switches increases $115 $113 wireline profitability $93 $92 $83 ● New perf gun design, greaseless cable systems, and “quick connect” technologies increase efficiencies and safety 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 1. Based on internal market assessment as of June 30, 2019. 2. 2Q’19 average.

($ in MM) ● Segment revenue decreased 27% year-over-year and 8% sequentially to $73 million $99 $96 ● Segment Adjusted EBITDA decreased year-over- $94 year, but increased 8% sequentially to $7 million $79 $73 ● Segment profitability improved due to the: o Return of two large diameter coiled tubing units to service by late-May o Stacking of under-utilized equipment, closing 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 unprofitable facilities and further streamlining corporate overhead in Cementing Margin (%) ● Cementing revenue decreased 30% year-over-year ($ in MM) and 11% sequentially to $48MM 20% ● Coiled Tubing revenue decreased 18% year-over- 18% year and 3% sequentially to $24MM $20 17% $17 $16 ● Return to service of large diameter units should 8% 10% increase Coiled Tubing revenue, but lower rig count $7 $7 and competitive pricing in Cementing will cause WC&I revenue to decline in 3Q’19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Market ● Top 5 provider of cementing services in U.S. Position land with purchase of O-Tex(1) ● Targeting more profitable long lateral cementing work ● A market leader in high spec coiled tubing(1) Scalable nd (1) ● 2 largest cementer in the Permian Basin (2) Footprint Equipment Summary Cementing Coiled Tubing ● Added two newbuild 2⅝” coil units late 2Q’18 Active 65 16 ● Two additional newbuild 2⅝” coil units to Available Capacity 47 12 arrive in 1Q’20 Total 112 28 High-Quality ● Advanced cementing fleet with bulk plants Assets and in-house lab capabilities ● 13 large diameter (≥2⅜”) coil tubing units capable of supporting depths of up to 25,000 feet 1. Based on internal market assessment as of June 30, 2019. 2. 2Q’19 average.

($ in MM) ● Segment revenue increased 8% year-over-year to $106MM and was essentially flat sequentially $106 $104 $105 ● Segment Adjusted EBITDA increased 17% year-over- $99 $99 year and doubled sequentially to $13MM ● Segment profitability increased primarily due to: o Higher customer activity levels in most operating basins 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 o Improved weather conditions o Additional workdays with longer daylight hours Margin (%) ● Rig Services experienced highest deployed rig count ($ in MM) in California and the Mid-Continent in over a year, 13% 13% partially offset by rig declines in West Texas 12% 11% $13 $13 $11 $11 ● Divested most of our South and West Texas Fluids 7% Management assets on July 31, 2019 $7 ● Segment revenue to decline in 3Q’19 due to the announced Fluids Management asset divestiture, which should be partially offset by slightly higher activity levels in our Rig Services and Special 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 Services businesses

Market ● A top well services company in the U.S. Position with a proven brand name(1) ● Divested majority of Fluids Management assets on July 31, 2019 ● Top 10 customers are majors and large independents – recurring and stable Diversified ● Strong operating presence in California, Footprint & Rockies, Permian and South Texas Scale ● ~62% class 4+ rigs capable of the most complex jobs Equipment Summary(3) Rigs Trucks SWDs Attractive ● Focused on generating double-digit Active 145 652 23 segment Adjusted EBITDA margin Financial Idle & Stacked 219 306 - Returns ● Limited capital investment needed to drive cash flow improvement Total 364 958 23 364 Total Service Rigs ✓ A top rig services position in the U.S. 227 ✓ Over 62% of the rig fleet is high-spec Capable of HZ Services Conventional High Spec 1. Based on internal market assessment as of June 30, 2019. 2. Conventional rigs: 100 – 400 HP rigs; High Spec: 400+ HP. 3. 2Q’19 average.

R&T and Operations Collaborate to Improve Equipment …While Increasing Safety and Reducing the Reliability and Reduce Operating Costs… Environmental Impact of Our Operations • NPT tracking drives Root Cause Analysis by Operations and Asset • Technology investments that enable safer worksite conditions Integrity teams • Through our technology initiatives, we strive to lower our • R&T Team design or source components that provide longer life in environmental impact and help our customers do the same our operating envelope • R&T and Operations test and validate life improvements with new components C&J C&J C&J Hibernate™ Warm Start System Realtime Cloud & Data Analytics Blender Life Enhancements Evolved to Meet Higher Reduced Operation Cost Realtime Streaming to the Cloud Completion Intensity ● Warm start being installed on all ● View frac operations from a web browser ● Performance and reliability refurbished pumps in any location o MDT Controls improve job execution o Monitor wellsite operations with real o Based on proprietary MDT controls and stream data to the cloud time data to reduce risk and maximize o Longer life wear components including efficiencies o Allows frac pumps to be shut down discharge pump, piping and manifold between stages o Maintenance monitor equipment status o Upgraded densitometer and clutch to plan activities o Reduces engine hours, fuel consumption, maintenance, noise o Data in the cloud used for data analytics and emissions to drive condition-based maintenance

Research and Technology Innovation Drives Leadership in Plug and Perf Operation Significant Savings Delivered in 2019 YTD(1) ● Lowest cost of consumables in the industry for guns and switches ● Generated over $8 million of internal cost savings and over $15 million in third party sales(1) ● Advanced pressure control increases efficiency and safety at the wellsite C&J C&J Perforating Leadership Advanced Pressure Control Equipment GameChanger™ Gun System Operational Efficiency & Safety ● Our enhanced portless gun system ● Remote operated wellhead connection o Improved Reliability – Eliminates and ball drop system for Wireline ~60% of misruns operations o C&J proprietary ball drop system o Increased Efficiency – Quicker and easier to connect and deploy o Hydraulic quick connect for wireline lubricator increases efficiency ● Uses C&J proprietary addressable switch o Eliminates safety hazard for crew o Achieved milestone of one million addressable switches sold 1. As of June 30, 2019. Based on 3rd party average market pricing.

SG&A Expense D&A Expense ($ in MM) ($ in MM) $61 $63 $60 $57 $60 $58 $54 $55 $54 $50 $50 $50 $49 $52 $46 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 (1) SG&A Adjusted SG&A 2Q’19 Highlights 3Q’19 Cost Guidance ● SG&A expense decreased 9% year-over-year but increased ● D&A expense to range between $54MM – $58MM 2% sequentially to $55MM ● SG&A expense to range between $50MM – $55MM, which o Included ~$6MM of severance and business includes expected merger-related costs divestiture costs and ~$3MM of merger-related ● Not expected to be a cash tax payer with the exception of transaction costs certain state and local taxes o Adjusted SG&A(1) totaled $46MM falling to 9.2% of ● Capital expenditures expected to range between $35MM – consolidated revenue primarily due to an 11% $40MM reduction in SG&A headcount since YE’18 ● Capital expenditures decreased both year-over-year and sequentially to $43MM mostly due to lower growth capex 1. See slide 31 for a reconciliation of SG&A to Adjusted SG&A.

No Leverage and Ample Liquidity Revised 2019 Capital Budget ($ in MM) Cash ABL Availability Corporate, Facilities, $393 R&T and Other $371 $364 $380 7% 8% Growth $235 $266 $317 $275 85% Maintenance $136 $114 $76 $89 9/30/2018 12/31/2018 3/31/2019 6/30/2019 ● One of the strongest balance sheets in the sector ● Reduced 2019 capital expenditure guidance range by 6% at the mid-point to $140MM – $160MM ● Strong liquidity position to fund capital expenditures and invest in technologies to further enhance efficiencies ● Allocating ~$3.0MM of annual maintenance capex per deployed fleet in our Fracturing business, a 30% reduction ● As of 6/30/19, excluding letters of credit, no outstanding compared to 2018 due to our younger fleet profile borrowings under our asset-based credit facility ● Growth capital expenditures mostly pertain to: o Two large diameter coiled tubing units with expected delivery in 1Q’20 o Ancillary components that increase efficiency and safety in our Fracturing and Wireline businesses

3Q’19 Outlook(1) 2H’19 Thoughts(1) ● Currently expecting consolidated revenue to decline mid to ● Focused on dedicating deployed fracturing fleets with long- upper single digits sequentially due to the divestiture of our standing, efficient customers South and West Texas fluids management assets on July 31, 2019, continued white space in the frac calendar, and ● Will prudently manage asset base in all core businesses in competitive pricing in our non-fracturing businesses line with current market conditions, customer demand, and expectations for customer budget exhaustion ● Fracturing revenue currently expected to decrease mid to upper single digits due to instances of white space in the ● Focused on keeping large diameter coiled tubing units frac calendar from customer budget exhaustion and delayed deployed with high utilization and deploy two new build 2⅝ completion activity inch units with efficient customers in 1Q’20 o Deployed fleet counts will be further adjusted based on market conditions and customer demand ● Will accelerate cost reductions by further streamlining corporate overhead, stacking under-utilized equipment, ● Wireline and Pumpdown revenue currently expected to consolidating facilities, and closing unprofitable districts remain flat sequentially due to higher customer activity o Upgraded SAP ERP system positions us well for levels being offset by continued pricing pressure further cost saving over the coming quarters ● WC&I segment revenue currently expected to decrease upper single to low double digits sequentially due to lower ● Reduced 2019 capital expenditure program by 6% at the drilling rig count, soft customer activity levels and mid-point to $140MM – $160MM competitive pricing in our Cementing business ● Focused on free cash flow generation during 2H’19 ● Currently expecting Well Support Services segment revenue to decline upper single digits due to the divestiture of select fluids management assets as well as other market-driven closures; however, profitability should remain stable 1. As of August 6, 2019.

$MM; unless otherwise stated Full Year 1Q'18 2Q'18 3Q'18 4Q'18 2018 1Q'19 2Q'19 Revenue Completion Services $374 $413 $373 $293 $1,454 $327 $322 Well Construction & Intervention Services 88 99 96 94 376 79 73 Well Support Services 91 99 99 104 393 105 106 Total Revenue $553 $611 $568 $491 $2,222 $511 $501 Total Gross Profit (1) $134 $147 $122 $94 $497 $94 $93 % Margin 24% 24% 21% 19% 22% 18% 18% Net Income (Loss) $21 $28 $10 ($190) ($130) ($24) ($110) Adjusted EBITDA Completion Services $82 $84 $67 $44 $277 $54 $48 Well Construction & Intervention Services 16 20 17 16 70 7 7 Well Support Services 6 11 11 13 41 7 13 Corporate / Eliminations (25) (24) (19) (21) (88) (18) (16) Total Adjusted EBITDA (2) $79 $92 $77 $53 $300 $50 $52 % Margin 14% 15% 14% 11% 13% 10% 10% 1. Gross profit defined as revenue less direct costs. 2. Please see slide 28 for a reconciliation of net income (loss), the nearest measure calculated in accordance with U.S. GAAP.

C&J ENERGY SERVICES INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) TO ADJUSTED EBITDA (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 Net income (loss) $ (110,306) $ (23,573) $ (189,527) $ 10,433 $ 28,496 Adjustments, net of tax: Severance and business divestiture costs 7,668 3,336 - 129 1,150 Loss on disposal of assets 6,881 - - - - Impairment expense 79,935 - 146,015 - - Asset impairment - - 21,410 - - Inventory reserve - - 6,131 - - Merger/transaction-related costs 2,640 - - - 243 Non-cash deferred financing charge - - - - 1,508 Restructuring costs and other 70 1,707 (1,879) 726 3,563 Adjusted net income (loss) $ (13,112) $ (18,530) $ (17,850) $ 11,288 $ 34,960 Depreciation and amortization 58,093 59,756 63,389 60,748 54,387 (Gain) loss on disposal of assets 1,881 1,956 3,536 2,471 (1,061) Interest expense, net 442 347 617 669 677 Other (income) expense, net 449 (465) (316) (370) (294) Income tax expense (benefit) (1,065) 920 43 (1,504) (893) Non-cash share-based compensation, excluding severance 5,292 5,573 3,145 4,071 4,138 Adjusted EBITDA $ 51,980 $ 49,557 $ 52,564 $ 77,373 $ 91,914 Per common share: Net income (loss) diluted $ (1.69) $ (0.36) $ (2.87) $ 0.16 $ 0.42 Adjusted net income (loss) diluted $ (0.20) $ (0.28) $ (0.27) $ 0.17 $ 0.52 Diluted weighted average common shares outstanding $ 65,082 $ 65,030 $ 66,138 $ 67,021 $ 67,268 Note: Adjusted Net Income (Loss) is defined as net income (loss) plus the after-tax amount of acquisition-related costs and other non- routine items. Adjusted Net Income (Loss) per diluted share is calculated as Adjusted Net Income (Loss) divided by diluted weighted average common shares outstanding. Adjusted EBITDA is defined as earnings before net interest expense, income taxes, depreciation and amortization, other income (expense), gain or loss on disposal of assets, acquisition-related costs, non-cash share-based compensation expense and other non-routine items.

C&J ENERGY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS TO FREE CASH FLOW GENERATION (USAGE) (In thousands) (Unaudited) Three Months Six Months June 30, 2019 Net increase (decrease) in cash and cash equivalents $ 25,544 $ (21,372) Share repurchases (1) - 3,298 Other financing activities 49 967 Free Cash Flow generation (usage) $ 25,593 $ (17,107) 1. These share repurchases were transacted in December 2018 and settled in cash in January 2019. Note: Free Cash Flow is defined as the net increase (decrease) in cash and cash equivalents before financing activities, including share repurchase activity.

C&J ENERGY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF FRACTURING NET INCOME (LOSS) TO ADJUSTED EBITDA (In thousands, except average active fleet data) (Unaudited) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Fracturing net income $ 5,539 $ 10,423 $ (19,748) $ 7,613 $ 22,746 $ 42,609 Adjustments, net of tax: Depreciation and amortization 26,670 29,172 26,107 23,860 21,991 17,064 Loss on disposal of assets 2,409 2,058 19,027 941 3,788 (350) Non-cash share-based compensation 210 209 107 257 265 269 Severance and business divestiture costs 248 - - - - - Fracturing adjusted EBITDA $ 35,076 $ 41,862 $ 25,493 $ 32,671 $ 48,790 $ 59,592 Average active fleets 16.1 16.1 15.8 17.7 16.5 15.3 Fleet utilization 77 % 87 % 86 % 90 % 81 % 86 % Annualized Adjusted EBITDA per fully-utilized fleet $ 11,284 $ 11,962 $ 7,412 $ 8,163 $ 14,615 $ 18,100 Note: Adjusted EBITDA per fully-utilized fleet on an annualized basis, is a non-GAAP measure and is defined as (i) the earnings before net interest expense, income taxes, depreciation and amortization, other income (expense), gain or loss on disposal of assets, acquisition-related costs and other non-routine items for the fracturing product line, (ii) divided by the fully-utilized fleets (average active fleets multiplied by fleet utilization) per quarter, and then (iii) multiplied by four.

C&J ENERGY SERVICES INC. AND SUBSIDIARIES RECONCILIATION OF SG&A TO ADJUSTED SG&A (In thousands) (Unaudited) Three Months Ended June 30, 2019 March 31, 2019 June 30, 2018 SG&A $ 54,562 $ 53,684 $ 59,908 Severance and business divestiture costs (5,748) (1,079) (40) Merger/transaction-related costs (2,640) - (243) Restructuring costs and other (70) (861) (2,163) Adjusted SG&A $ 46,104 $ 51,744 $ 57,462 Revenue $ 501,082 $ 510,769 $ 610,521 Adjusted SG&A as a percentage of revenue 9.2 % 10.1 % 9.4 % Note: Adjusted SG&A is defined as selling, general and administrative expenses adjusted for severance and business divestiture costs, merger/transaction-related costs, restructuring costs and other non-routine items.

Fracturing Stages Wireline Runs 16,203 15,849 5,100 15,546 4,823 4,872 4,743 4,197 13,132 12,628 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 Coiled Tubing Jobs Cementing Jobs 843 2,357 2,248 2,097 721 721 1,898 610 1,715 560 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

U.S. Rig Hours U.S. Truck Hours 336,261 337,306 335,892 96,208 95,985 95,149 310,445 93,911 305,546 92,956 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

RigLock Wellhead Lone Monitor Program. Acts OSHA Voluntary Protection Taking care of our people (1) like an observer for our people and supporting their health Connections® . Enables our when working alone and Program (VPP). Five of the and well-being, both inside field personnel to avoid the provides near real-time six sites participating in dangers of the red zone notification of a worker in and outside of work, distress OSHA’s VPP nationwide are including: C&J sites, including Decatur, Rotary Ball Dispenser (RBD) Fire Suppression System. System. Enables our field Automatically applies a foam Texas; Snyder, Texas; Hobbs, • Breast Cancer personnel to avoid working near fire suppressant if a fire starts, N.M.; and Carlsbad, N.M. Awareness / Mobile high-pressure wellhead protecting our people, Mammography customers worksites, and the equipment environment Respirable Silica Protection. Through a combination of • Wellness Fair and Digital Technology. Help Driving Safety. In-Vehicle engineering and safety Campaigns customers actively monitor Monitoring Systems (IVMS) and MobilEye in company vehicles protocols, minimize exposure • Monthly Holistic wellsite operations and make to improve driver performance to respirable silica to levels as better-informed decisions that and enhance road safety Wellness Newsletters reduce risk, maximize efficiencies low as reasonably achievable and optimize production through Stop Work Authority (SWA) • Health Improvement Mandate. Our people are Challenges advanced data-acquisition empowered and obligated to products that deliver key data to exercise their right and duty to the right people at the right time stop any unsafe operations • Dependent Scholarship through SWA Program

• Board commitment to ensuring • Robust corporate governance • Priority veteran recruitment director and work force diversity practices • Community Impact Program • Employee engagement and • “Speak-Up” and Core Values enables community/charitable development initiatives to improve campaigns, regular interactive investments, volunteer time-off and workforce parity, including enhanced townhalls, “Speak Your Mind” citizens grant initiatives maternity leave, flexible work sessions and other cultural impact schedules, leadership training, equal initiatives • Disaster relief and emergency pay monitoring and equal opportunity • Ethical mandate and frequent hardship program and employment practices communications promoting policies • Active stakeholder engagement with and procedures that protect our an open mind to understand priorities people, setting “tone at the top” high and consider change standards reinforced by training and other initiatives • Recognized in the Institutional Investor poll for one of the best IR • Board reviews all hotline complaints programs / IR professionals out of 16 OFS companies nominated

• Hibernate™ Warm-Start System turns off frac • Curbing waste generation and working to pump engines between stages, resulting in reduce, re-use and recycle reduced fuel consumption, improved air quality and less noise – which leads to • Flexible work program reduces cars on the road greener worksite, improved economics and safer conditions at peak times

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