Exhibit 99.1

DRIL-QUIP, INC. ANNOUNCES THIRD QUARTER 2022 RESULTS

HOUSTON, October 27, 2022 — Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the third quarter of 2022.

Results for the third quarter of 2022 included:

Jeff Bird, Dril-Quip’s President and Chief Executive Officer, commented, “Gross bookings in the quarter were $75.0 million reflecting the ongoing upcycle in the offshore market, but we were negatively impacted by a large project cancellation in the period. The geographies of Brazil, Saudi Arabia and Norway are continued bright spots for the Company and we are focusing additional resources there to capitalize in 2023 and beyond. We experienced foreign exchange rate headwinds in the period which when coupled with supply chain delays in our downhole tool business, caused us to be slightly lower than our revenue expectations for the quarter.

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“The benefits of our new product-line focused teams continue to emerge as we are evaluating our 2023 strategies and key priorities. Our product line leadership is focused on our customer and supplier partnerships, eliminating excess costs, and improving operational efficiency and profitability. We also continue to progress on our footprint rationalization plan, with the sale of the Houston forge facility closing in the third quarter netting $17.3 million in proceeds. We continue to anticipate reaching agreements on the two remaining properties by year-end. For the remaining two properties for sale, we expect the combined net proceeds to be in the $20 to $30 million range. We used approximately $3.7 million of the third quarter sale proceeds to fund a portion of the manufacturing investment for our subsea wellhead product line. This will ultimately lower costs and improve productivity upon installation in late 2023. There is approximately $18 million remaining on that investment authorization.

“Additionally, I am proud to announce that Dril-Quip received an upgraded ESG rating by MSCI, Inc. of an “A” this quarter. This evidences our commitment to reduction in our greenhouse gas emissions. Tangible progress was also made in the third quarter with the conversion of our Singapore facilities to solar power. We are committed to continuously improving our ESG reporting and the identification of meaningful steps we can take to reduce our global emissions.

“As we look to the conclusion of this year, we now expect our full year bookings to grow 15% to 20% compared to 2021, due to the two customer project cancellations in the second and third quarters. Incremental adjusted EBITDA margins are expected to be in the 30% - 40% range for the full year 2022. We are also revising our free cash flow margin target to be break-even for the full year 2022, due to increased working capital investment in stocking programs to secure forging supplies.

“As we look forward to 2023, leading indicators such as tender volume and average quote value have recovered to pre-pandemic levels. We are well positioned to capitalize on what is clearly a constructive offshore market and believe the order trends will continue to accelerate into next year. This will be led by activity growth in markets such as Brazil, Middle East and the North Sea across all our product and service lines. We believe that the strategic moves related to the organization, footprint, and investment in manufacturing this year, and those we are currently targeting, will serve to benefit the company in years to come. We look forward to updating investors on our 2023 outlook and updates to our strategic initiatives for further improved profitability on our year-end earnings conference call in February 2023.”

In conjunction with today’s release, the Company posted a new investor presentation entitled “Third Quarter 2022 Supplemental Earnings Information” to its website, www.dril-quip.com, on the “Events & Presentations” page under the Investors tab. Investors should note that Dril-Quip announces material financial information in Securities and Exchange Commission (“SEC”) filings, press releases and public conference calls. Dril-Quip may use the Investors section of its website (www.dril-quip.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Information on Dril-Quip’s website is not part of this release.

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Operational and Financial Results

Revenue, Cost of Sales and Gross Operating Margin

Consolidated revenue for the third quarter of 2022 was $88.1 million, down $5.8 million from the second quarter of 2022 and up $5.1 million compared to the third quarter of 2021. The sequential decrease was primarily a result of lower product sales in downhole tools due to supply chain impacts and foreign exchange rate impacts. Service revenues in subsea also decreased due to lower rental tool utilization due to the completion of certain customer projects. The increase in revenue year-over-year was driven by higher subsea product sales volumes primarily in Asia-Pacific and Europe. This was partially offset by decreased downhole tools product revenues.

Cost of sales for the third quarter of 2022 was $65.7 million, a decrease of $4.0 million from the second quarter of 2022 and an increase of $2.9 million compared to the prior year. Gross operating margin for the third quarter of 2022 was 25.4%, a slight decrease from 25.9% in the second quarter of 2022 and an increase from 24.3% in the third quarter of 2021. The improvement in gross margins year-over-year is primarily attributed to increased absorption of fixed costs and favorable revenue mix.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses for the third quarter of 2022 were $22.4 million, essentially flat compared to the second quarter of 2022 and a decrease of $2.8 million compared to the third quarter of 2021. The year-over-year decrease in SG&A is primarily attributable to lower legal expenses in connection with the FMC Technologies, Inc. lawsuit and decreased administrative costs associated with the importation tax settlement under the Brazilian tax amnesty program. Engineering and product development expenses were down $0.1 million sequentially and down $0.9 million year-over-year due to lower research and development expenses as a result of the completion of investments in certain strategic projects. We are in the process of reprioritizing new research and development initiatives.

Net Income, Adjusted EBITDA and Free Cash Flow

For the third quarter of 2022, the Company reported net income of $15.2 million, or $0.45 earnings per share. Adjusted EBITDA totaled $7.0 million for the third quarter of 2022 compared to $9.3 million for the second quarter 2022. The decline in adjusted EBITDA sequentially can be attributed to decreased revenues across all product lines and subsea services. Adjusted EBITDA for the third quarter of 2022 was up $3.1 million compared to the third quarter of 2021. The increase in adjusted EBITDA year-over-year can be mostly attributed to increased revenues and reductions in administrative and engineering expense.

Net cash provided by operations was $1.0 million and free cash flow was a negative $9.2 million for the third quarter of 2022. Capital expenditures in the third quarter of 2022 were approximately $10.3 million, up approximately $8.9 million compared to the second quarter of 2022 due to investments in manufacturing equipment.

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Share Repurchases

For the three-month period ended September 30, 2022, the Company purchased 457,467 shares under its share repurchase plan at an average price of $24.35 per share, totaling $11.1 million, and retired such shares. As of September 30, 2022, the company year-to-date has purchased 888,197 shares at an average price of $23.41 per share, totaling $20.8 million and retired such shares. The Company has approximately $103 million remaining of the current authorization by the Board of Directors. The Company continues to evaluate the amount and timing of its share repurchases as part of the Company’s overall capital allocation strategy.

About Dril-Quip

Dril-Quip is a developer, manufacturer and provider of highly engineered equipment, service and innovative technologies for use in the energy industry.

Forward-Looking Statements

Statements contained herein relating to future operations and financial results that are forward-looking statements, including those related to market conditions, anticipated project bookings, expected timing of completing strategic restructuring, anticipated timing of delivery of new orders, anticipated revenues, costs, cost synergies and savings, possible acquisitions, new product offerings and related revenues, share repurchases and expectations regarding operating results, are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the impact of the ongoing COVID-19 pandemic, the effects of actions taken by third parties, including, but not limited to, governmental authorities, customers, contractors and suppliers, in response to the COVID-19 pandemic, the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, the impact of general economic conditions, including inflation, on economic activity and on our operations, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment with respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, the Company’s international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil-fuel production to renewable energy resources, and other factors detailed in the Company’s public filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Non-GAAP Financial Information

Adjusted Net Income (Loss), Adjusted Diluted EPS, Free Cash Flow and Adjusted EBITDA are non-GAAP measures.

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Adjusted Net Income (Loss) and Adjusted Diluted EPS are defined as net income (loss) and earnings per share, respectively, excluding the impact of foreign currency gains or losses as well as other significant non-cash items and certain charges and credits.

Free Cash Flow is defined as net cash provided by operating activities less cash used in the purchase of property, plant and equipment.

Adjusted EBITDA is defined as net income excluding income taxes, interest income and expense, depreciation and amortization expense, stock-based compensation, non-cash gains or losses from foreign currency exchange rate changes as well as other significant non-cash items and other adjustments for certain charges and credits.

The Company believes that these non-GAAP measures enable it to evaluate and compare more effectively the results of our operations period over period and identify operating trends by removing the effect of its capital structure from its operating structure. In addition, the Company believes that these measures are supplemental measurement tools used by analysts and investors to help evaluate overall operating performance, ability to pursue and service possible debt opportunities and make future capital expenditures. Adjusted Net Income (Loss), Adjusted EBITDA and Free Cash Flow do not represent funds available for our discretionary use and are not intended to represent or to be used as a substitute for net income or net cash provided by operating activities, as measured under U.S. generally accepted accounting principles (“GAAP”).

See “Unaudited Non-GAAP Financial Measures” below for additional information concerning non-GAAP financial information, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures.

Investor Relations Contact

Erin Fazio, Director of Corporate Development, Investor Relations & FP&A

(713) 939-7711

[email protected]

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Dril-Quip, Inc.

Comparative Condensed Consolidated Income Statement

(Unaudited)

ril-Quip, Inc. Comparative Condensed Consolidated Income Statement (Unaudited) Three months ended September 30, 2022 June 30, 2022 September 30, 2021 (In thousands, except per share data) Revenues: Products $58,508 $61,979 $53,622 Services 20,443 19,596 19,560 Leasing 9,190 12,403 9,815 Total revenues 88,141 93,978 82,997 Costs and expenses: Cost of sales 65,710 69,663 62,834 Selling, general and administrative 22,431 22,498 25,265 Engineering and product development 2,645 2,720 3,510 Restructuring and other charges 2,180 5,765 - Gain on sale of property, plant and equipment (17,276) (380) (13) Foreign currency transaction gains (1,901) (2,419) (1,663) Total costs and expenses 73,789 97,847 89,933 Operating income (loss) 14,352 (3,869) (6,936) Interest income 379 573 188 Interest expense (131) (99) (94) Income tax provision (benefit) (610) 2,175 4,301 Net income (loss) $15,210 $(5,570) $(11,143) Income (Loss) per share Basic $0.45 $(0.16) $(0.31) Diluted $0.44 $(0.16) $(0.31) Depreciation and amortization $7,123 $7,670 $7,899 Capital expenditures $10,283 $1,363 $2,303 Weighted Average Shares Outstanding Basic 33,948 34,476 35,387 Diluted 34,232 34,476 35,387

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Dril-Quip, Inc.

Comparative Condensed Consolidated Balance Sheets

(Unaudited)

ril-Quip, Inc. Comparative Condensed Consolidated Balance Sheets (Unaudited) September 30, 2022 December 31, 2021 (In thousands) Assets: Cash and cash equivalents $290,279 $355,451 Short-term investments 25,287 - Other current assets 430,192 390,098 PP&E, net 181,359 216,200 Other assets 43,407 48,677 Total assets $970,524 $1,010,426 Liabilities and Equity: Current liabilities $89,287 $93,663 Deferred Income taxes 3,918 3,925 Other long-term liabilities 12,482 15,730 Total liabilities 105,687 113,318 Total stockholders equity 864,837 897,108 Total liabilities and equity $970,524 $1,010,426

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Dril-Quip, Inc.

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share and Adjusted Diluted Earnings (Loss) per Share

Dril-Quip, Inc. Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share and Adjusted Diluted Earnings (Loss) per Share Adjusted Net Income (Loss) and EPS: Three months ended September 30, 2022 June 30, 2022 September 30,2021 Effect on net income (loss) (after-tax) Impact on diluted earnings (loss) per share Effect on net income (loss) (after-tax) Impact on diluted earnings (loss) per share Effect on net income (loss) (after-tax) Impact on diluted earnings (loss) per share (In thousands, except per share amounts) Net income (loss) $15,210 $0.44 $(5,570) $(0.16) $(11,143) $(0.31) Adjustments (after tax): Reverse the effect of foreign currency transaction gains (1,502) (0.04) (1,911) (0.06) (1,314) (0.04) Restructuring and other costs, including severance 1,722 0.05 4,554 0.13 - - Gain on sale of property, plant and equipment (13,648) (0.40) (300) (0.01) (10) - Adjusted net income (loss) $1,782 $0.05 $(3,227) $(0.10) $(12,467) $(0.35)

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Dril-Quip, Inc.

Reconciliation of Net (Loss) to Adjusted EBITDA

Dril-Quip, Inc. Reconciliation of Net Income (Loss) to Adjusted EBITDA Adjusted EBITDA: Three months ended September 30, 2022 June 30, 2022 September 30, 2021 (In thousands) Net income (loss) $15,210 $(5,570) $(11,143) Add: Interest (income) expense, net (248) (474) (94) Income tax provision (benefit) (610) 2,175 4,301 Depreciation and amortization expense 7,123 7,670 7,899 Restructuring and other costs, including severance 2,180 5,765 1,400 Gain on sale of property, plant and equipment (17,276) (380) (13) Foreign currency transaction gains (1,901) (2,419) (1,663) Stock compensation expense 2,569 2,573 3,276 Adjusted EBITDA $7,047 $9,340 $3,963

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Dril-Quip, Inc.

Reconciliation of Net Cash Provided by Operating Activities to Cash Flow

Dril-Quip, Inc. Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Free Cash Flow: Three months ended September 30, 2022 June 30, 2022 September 30, 2021 (In thousands) Net cash provided (used) by operating activities $1,042 $(9,281) $9,323 Less: Purchase of property, plant and equipment (10,283) (1,363) (2,303) Free cash flow $(9,241) $(10,644) $7,020

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Third Quarter 2022 Supplemental Earnings Information Exhibit 99.2

Forward-Looking Statements The information furnished in this presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, the effects of the COVID-19 pandemic, and the effects of actions taken by third parties including, but not limited to, governmental authorities, customers, contractors and suppliers, in response to the ongoing COVID-19 pandemic, the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment with respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, the Company’s international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil-fuel production to renewable energy resources, goals, projections, estimates, expectations, market outlook, forecasts, plans and objectives, including revenue and new product revenue, capital expenditures and other projections, project bookings, bidding and service activity, acquisition opportunities, forecasted supply and demand, forecasted drilling activity and subsea investment, liquidity, cost savings, and share repurchases and are based on assumptions, estimates and risk analysis made by management of Dril-Quip, Inc. (“Dril-Quip”) in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. No assurance can be given that actual future results will not differ materially from those contained in the forward-looking statements in this presentation. Although Dril-Quip believes that all such statements contained in this presentation are based on reasonable assumptions, there are numerous variables of an unpredictable nature or outside of Dril-Quip’s control that could affect Dril-Quip’s future results and the value of its shares. Each investor must assess and bear the risk of uncertainty inherent in the forward-looking statements contained in this presentation. Please refer to Dril-Quip’s filings with the Securities and Exchange Commission (“SEC”) for additional discussion of risks and uncertainties that may affect Dril-Quip’s actual future results. Dril-Quip undertakes no obligation to update the forward-looking statements contained herein. Use of Non-GAAP Financial Measures Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. Adjusted Net Income and Adjusted Diluted EPS are defined as net income (loss) and earnings per share, respectively, excluding the impact of foreign currency gains or losses as well as other significant non-cash items and certain charges and credits. Adjusted EBITDA is defined as net income excluding income taxes, interest income and expense, depreciation and amortization expense, stock-based compensation, non-cash gains or losses from foreign currency exchange rate changes as well as other significant non-cash items and items that can be considered non-recurring. Free Cash Flow is defined as cash provided by operating activities less cash used in the purchase of property, plant and equipment. We believe that these non-GAAP measures enable us to evaluate and compare more effectively the results of our operations period over period and identify operating trends by removing the effect of our capital structure from our operating structure and certain other items including those that affect the comparability of operating results. In addition, we believe that these measures are supplemental measurement tools used by analysts and investors to help evaluate overall operating performance, ability to pursue and service possible debt opportunities and make future capital expenditures.  These measures do not represent funds available for our discretionary use and are not intended to represent or to be used as a substitute for net income or net cash provided by operating activities, as measured under U.S. generally accepted accounting principles (“GAAP”).  Non-GAAP financial information supplements should be read together with, and is not an alternative or substitute for, our financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the appendix. Use of Website Investors should note that Dril-Quip announces material financial information in SEC filings, press releases and public conference calls. Dril-Quip may use the Investors section of its website (www.dril-quip.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Information on Dril-Quip’s website is not part of this presentation. Disclaimer| Cautionary Statement

Leading Manufacturer of Highly Engineered Drilling & Production Equipment Technically Innovative, Environmentally Responsible Products & First-class Service Strong Financial Position Results Driven Management Team Dril-Quip Investment Highlights

Product & Service Revenue Segments Subsea Products Subsea Services Downhole Tools Eastern Hemisphere 19% 69% Western Hemisphere 70% 64% Asia Pacific 17% 22% 14% 11% 14% 50% Downhole Tools* 19% Subsea Products 20% 55% Subsea Services 53% 28% 27% 26% 22% Q3 ‘21 Q2 ‘22 Q3 ‘22 Q2 ’22 Q3 ‘21 Q3 ‘22 Geographic Revenue Segments Q3 2022| Revenue Breakdown * Includes downhole tools products, leasing and services

Revenue of $88.1 million for the third quarter of 2022, a decrease of $5.8 million from the second quarter of 2022 driven by unfavorable foreign exchange rate impacts, supply chain delays in downhole tools and reduced leasing revenues in subsea service; Net income of $15.2 million, or $0.45 earnings per share, an improvement of $20.8 million, or $0.61 per share compared to the second quarter of 2022, due to the gain on sale of the Houston forge facility, favorable income taxes, and lower restructuring costs in the period; Generated adjusted EBITDA of $7.0 million, or 8.0% of revenue; a decrease of $2.3 million from the second quarter of 2022; Cash and short-term investments ended the quarter at $315.6 million. Third quarter net cash provided by operating activities of $1.0 million and free cash flow of negative $9.2 million, inclusive of $10.3 million of capital expenditures; Closed on the sale of the Houston Forge facility during the third quarter of 2022 driving a net gain on sale of $17.3 million; Booked $75.0 million of gross new orders during the third quarter of 2022, net of $13.3 million of cancellations and adjustments, bookings were $61.7 million; Repurchased $11.1 million of shares at an average price of $24.35 during the third quarter of 2022. Year-to-date repurchases through the third quarter of 2022 total approx. $21 million; and Received upgraded MSCI ESG rating of an “A” in the quarter. Adjusted EBITDA and free cash flow are non-GAAP measures. See appendix for reconciliation to GAAP measures. Q3 2022| Highlights

Market Environment| Constructive Geographies Brazil’s plans to drill ~350 wells in coming years highlights importance of our strong relationship with Petrobras Saudi Arabia activity increases to continue to drive subsea products and downhole tools growth in 2023 and beyond Norway/North Sea represents long-term CCUS potential through our collaboration agreement with Aker Solutions to complement the opportunity in our product and service portfolio Collaboration agreements to provide tailwinds in improving offshore market.

($ millions) Q3’21 Q2’22 Q3’22 $83 $94 $88 Strong incremental margins compared to prior year. Decline in sequential revenue mitigated by cost reduction efforts. Quarterly Comparisons Note: Sum of components may not foot due to rounding. Adjusted EBITDA is a non-GAAP measure. See appendix for reconciliation to GAAP measure. Revenue down $5.8 million sequentially due to unfavorable foreign exchange rate impacts, supply chain delays in downhole tools and reduced leasing revenues in subsea service Revenue increased year-over-year due to higher subsea wellhead product sales primarily in Asia-Pacific and Europe Adjusted EBITDA was approximately $7.0 million, down sequentially due to lower revenues Year-over-year increase in adjusted EBITDA driven primarily by increased revenue and reductions in administrative and engineering expense. Q3 ’21 Q2 ‘22 Q3 ‘22 Adj. EBITDA Q3 2022| Financial Performance Downhole Tools Subsea Services Subsea Products Revenue

YE 2019 Q3’22 YE 2020 YE 2021 Historical Backlog Trends ($M) Backlog Q3’22 Q2’22 Q4’21 Q1’22 Historical Booking Trends ($M) Bookings Commercial Update| Bookings

Q3 2022| Cash, Cash Equivalents & Short-term Investments Note: Adj FCF is Free Cash Flow less restructuring costs and the manufacturing investment

Strategic Growth Pillars Continue to execute on collaboration agreements, downhole tools growth and e-Series technology expansion Organizational Alignment Streamlined operations and leadership around more focused and integrated product and service lines Optimized Footprint Further transformation of our operational footprint to improve efficiency and reduce excess capacity Capital Allocation Disciplined deployment of capital to generate attractive returns on capital employed Strategy| 2022 Focus Areas

Organizational Alignment| Updating Our Operating Structure Subsea Products Wellheads, Connectors & SPS Remain Tier 1 wellhead provider Execute collaboration & license agreements Increase shallow water tree share Grow deepwater presence through VXTe monetization Downhole Tools Liner Hangers and Services Continue share gains in key markets Convert from conventional to expandable liner hangers Expand through current and future collaborations Increase test & assembly in local markets Subsea Services Technical Service, Rentals and Rework Highly reactive support for equipment installation Global network of trained technicians and specialized tooling Dedicated facilities for refurbishment and rework Energy Transition Expansion into Decarbonization Opportunities Wellhead and tree injection offering for CCUS Collaborations with integrated providers (i.e. Aker Solutions) New technology introduction SBTe XT BBIIe Wellhead XPak De

Strategy| Q3 Progress Update Footprint Optimization Capital Allocation Closed on the sale of the Forge facility at the Houston, TX campus netting $17.3 million gain on sale Terms being negotiated for two additional properties at Houston, TX campus Total proceeds from two additional sales expected to be in the $20-$30 million range, net of expenses Initial cash outlay for manufacturing investment of $3.7M. Additional $18.3M remaining on authorization in coming twelve months Capex range for the year of $15 million - $17 million $11.1M of stock repurchased in Q3 Year-to-date, inclusive of Q3, $20.8M of cash returned to shareholders *As of October 27, 2022

Priority to organic growth, then attractive acquisitions that drive size and scale Capex / Internal Share Repurchase Acquisition Growth Returning excess cash to shareholders Fund high return internal investments Targeted investments for franchise products Manufacturing, IT Systems, etc. Selective opportunities (energy and energy adjacent) Capital Allocation| Framework

2022 Estimated Product Bookings Up 15% - 20% from 2021 2022 Estimated Revenue: Up ~10% from 2021 levels 2022 Estimated Adj. EBITDA: 30% to 40% Incremental margins 2022 Estimated Capex of $15M to $17M Targeting Break-Even 2022 Free Cash Flow* Margin 2022 Outlook| Updated Financial Outlook *Free Cash Flow = Operating Cash Flow less Capital Expenditures and does not include potential real estate divestures

Appendix dril-quip.com | NYSE: DRQ

Q3 2022| Capital Expenditures $1 $10 Q4 2021 $3 Q1 2022 Q1 2021 Q2 2021 Q3 2021 $3 $2 $2 $2 Note: Sum of components may not foot due to rounding. Other Facilities Rental Tools Mach. & Equip. $ Millions 2021 CAPEX of ~$10 million Q2 2022 Q3 2022 Capital expenditures in 2022 are expected to be $15 to $17 million driven by investments in manufacturing, rental tools and information technology upgrades to support growth.

Dril-Quip| Market Performance Ticker Share Price (at close: 10/19/22) 52-Week Range Cash per Share (as of 9/30/2022) 9.30 $ Performance: DRQ OSX SPX Since Q2 Filing (7/28/22) -35% 99% 14% Year-to-Date 15% 37% -22% NYSE: DRQ $22.70 $18.17 - $41.23 MARKET INFORMATION Source: FactSet, Market data as of 10/19/2022

Financial Statements| Income Statement

Financial Statements| Balance Sheet

Financial Statements| Non-GAAP Financial Measures

Financial Statements| Non-GAAP Financial Measures

Market Capitalization = Share Price x Total Shares Outstanding Enterprise Value = Market Capitalization + Debt – Cash and Cash Equivalents Non-cash Working Capital = (Current Assets – Cash) – Current Liabilities Book Value / Share = Total Shareholders’ Equity / Total Shares Outstanding Cash / Share = Cash, Cash Equivalents & Short-Term Investments / Total Shares Outstanding Non-cash Working Capital (WC) / Share = Noncash Working Capital / Total Shares Outstanding Total Debt / Capitalization = Total Debt (Short-term + Long-term) / (Total Debt + Total Shareholders’ Equity) Financial Metrics| Definitions

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