International Revenue per Rig

1
BJ Services Company
Raymond James 27th Annual Institutional Investors
ConferenceMarch 6, 2006
2
Revenue Profile
WellConstruction
Production Enhancement

• Stimulation
• Coiled Tubing
• Completion Tools
• Completions Fluids
• Production Chemicals

• Cementing
• Tubular Services

28 of Total Revenue
66 of Total Revenue
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Global Market Participation
2005 Revenue - 3.2 Billion
United States 56
Canada 12
Latin America9
Europe / Africa / CIS12
Middle East /Asia11
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Revenue and Margin Performance
Revenue ( mm)
Operating Income Margins
o Revenue Growth - Strong North
America activity - Steady International
growth o Operating Income Margins
More Than Doubled
Note Q4 05 operating income margin excludes 13
million from asset impairments and
hurricane storm damage.
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Worldwide Pressure Pumping Market
(Includes Coiled Tubing)
Market (millions)
Worldwide Rigs

• 2005E vs 2000
• 47 rig count growth
• 103 Pumping market growth
• Market Drivers
• N. America drilling orientation (gas)
• Unconventional formations
• International stimulation growth

Source Spears and Associates - calendar year
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Worldwide Average Drilling Rig Mix
International Rigs up 274 44
North America Rigs up 567 48
Source Baker Hughes Incorporated
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Fracturing Market - 1995
Established Fracturing Market
Developing Fracturing Market
8
Lower 48 U.S. Gas Production
Increase in Gas Drilling Higher Horsepower
Requirements Improved Revenue per Rig Technology
Demands
Tight Gas SandsShale Coalbed Methane
Source Energy Information Administration non
affiliated natural gas production
9
Fracturing Market - 2005
Established Fracturing Market
Developing Fracturing Market
10
North America Intl Stimulation
Revenue ( mm)
Worldwide Rigs
11
International Stimulation Growth Drivers
(excludes U.S. and Canada)
Intl Revenue ( mm)
International Rigs

• Unconsolidated Formation
• Maturing Fields
• Production Optimization
• Natural Gas Drilling

12
International Growth Strategies

• Stimulation Growth
• Product Line Expansion
• Geographic Expansion
• Margin Improvement/Efficiency Improvement
• Capital Expansion

13
International Margin Improvement
Q1 04
Q3 04
Q1 05
Q3 05
Q4 04
Q2 05
Q2 04
Q4 05
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Capital Investment
( milllions)
15
Equipment Investment
Latest Technology More Capacity per
Unit Redundant Systems Practical
Automation Enhanced Reliability
16
Hydraulic Fracturing Efficiencies
17
Research Engineering Commitment
( milllions)
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Research Engineering Accomplishments

• Differentiating Technologies
• DeepComTM Systems
• LOTISTM
• Ice CheckTM
• Liquid StoneTM Slurry
• ComPlete MST TM
• TornadoSM Services
• RotoPulseTM
• VistarTM
• SpectraFracTM
• Enzyme Breakers
• LitePropTM Proppant
• Lightning Frac Fluid System
• EXCAPESM Completion Systems
• FlexSandTM Additive
• Gorilla HP Frac Units
• AquaConTM
• LEGSTM

• 695 Patents Patents Pending
• 496 SPE Papers Available

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U.S. Technology Index
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Financial Overview
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Q1 2006 Operating Results
(s in millions except per share amounts)
Year over Year
Q1 06 Q1 05 Change Revenue 956
738 30 Average Rigs 2,979
2,531 18 Gross Margins 303
188 61 Revenue 31.7 25.4
6.3 Operating Income 230
131 76 Revenue 24.0
17.6 6.4 Earnings per Share 0.48
0.29 66
Incremental Operating Income Margins of 46
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Q1 2006 Operating Results
(s in millions except per share amounts)
Sequential
Q1 06 Q4 05 Change Revenue 956
892 7 Average Rigs 2,979
2,840 5 Gross Margins 303
270 12 Revenue 31.7 30.2
1.5 Operating Income 230
194 19 Revenue 24.0
21.8 2.2 Earnings per Share 0.48
0.41 17
Incremental Operating Income Margins of 55
Excludes asset write-off of 11.7 for Q4 2005.
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Financial Strength
( millions)
Net Debt / Cap
Net Debt
Net Debt / Cap
Financial Liquidity _at_
12/31/05Borrowing Capacity (35 debt / cap)
1,400 Outstanding Debt
(82) Incremental Borrowing Capacity 1,318
Cash Balance 427 Total
Liquidity 1,745
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Financial Flexibility

• Organic Growth
• Strategic Acquisitions
• Debt Retirement
• Treasury Share Purchases
• Dividends

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Treasury Share Purchases
Stock Price
Index Ratio
Cumulative Treasury Share Purchases Total
Dollars 615.8 millionTotal Shares
56.8 million shares Average Price 10.84 per
share
18.9 million.5 million shares _at_ 35.24 per share
198.4 million17.1 million shares _at_ 11.60 per
share
103.8 million7.3 million shares _at_ 14.22 per
share
98.3 million4.0 million shares _at_ 24.69 per
share
196.4 million27.9 million shares _at_ 7.04 per
share
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FY 2006 Outlook
o Consolidated Revenue up 20-25 from FY 2005 -
U.S. / Mexico Revenue up 25-30 - Canada
Revenue 25-30 - International Revenue up
10-15 - Other Oilfield Services Revenue up
5-10 o Earnings per share up 45-52 over FY
2005
27
BJ Services Company
Raymond James 27th Annual Institutional Investors
ConferenceMarch 6, 2006