ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Cactus Announces Third Quarter 2021 Results

November 3, 2021 GMT

HOUSTON--(BUSINESS WIRE)--Nov 3, 2021--

Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the third quarter of 2021.

Third Quarter Highlights

  • Revenue of $115.4 million, up 6% sequentially;
  • Income from operations of $20.8 million, up 20% sequentially;
  • Net income of $17.2 million (1) and diluted earnings per Class A share of $0.21 (1);
  • Net income, as adjusted (2) of $14.7 million and diluted earnings per share, as adjusted (2) of $0.19;
  • Adjusted EBITDA (3) and related margin (4) of $32.0 million and 27.7%, respectively;
  • Cash flow from operations of $8.9 million; and
  • Cash balance of $302.0 million and no bank debt outstanding as of September 30, 2021.

Financial Summary

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

 

(in thousands)

Revenues

$

115,363

 

 

$

108,893

 

 

$

59,789

 

Income from operations

$

20,766

 

 

$

17,314

 

 

$

12,556

 

Operating income margin

18.0

%

 

15.9

%

 

21.0

%

Net income (1)

$

17,177

 

 

$

14,774

 

 

$

10,886

 

Net income, as adjusted (2)

$

14,736

 

 

$

12,336

 

 

$

9,517

 

Adjusted EBITDA (3)

$

32,002

 

 

$

28,908

 

 

$

24,550

 

Adjusted EBITDA margin (4)

27.7

%

 

26.5

%

 

41.1

%

ADVERTISEMENT
ADVERTISEMENT

(1)

 

Net income during the third quarter of 2021 is inclusive of a $0.7 million income tax benefit associated with a partial release of a valuation allowance in connection with the redemption of units (“CW Redemption”) in Cactus Wellhead, LLC (“Cactus LLC”) by Cadent and other members and a $0.5 million income tax benefit related to the finalization of our 2020 tax returns. Net income during the second quarter of 2021 is inclusive of a $3.0 million income tax benefit associated with a CW Redemption during the period, $0.6 million of income tax expense related to changes in our foreign tax credit position and $1.0 million in other expense related to the revaluation of the tax receivable agreement liability. Net income during the third quarter of 2020 is inclusive of $1.9 million in expense related to the revaluation of the tax receivable agreement liability.

(2)

 

Net income, as adjusted and diluted earnings per share, as adjusted are non-GAAP financial measures. These figures assume Cactus, Inc. held all units in Cactus LLC, its operating subsidiary, at the beginning of the period. Additional information regarding net income, as adjusted and diluted earnings per share, as adjusted and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.

(3)

 

Adjusted EBITDA is a non-GAAP financial measure. See definition of Adjusted EBITDA and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables.

(4)

 

The percentage of Adjusted EBITDA to Revenues.

Scott Bender, President and CEO of Cactus, commented, “We were pleased to achieve sequential revenue growth and margin expansion during the third quarter. In our Product business line, our market share (1) actually increased slightly despite continued disproportionate activity gains from private operators, which have historically represented a smaller portion of our business. Product margins improved notwithstanding considerable inflationary cost pressures, highlighting our ability to execute and the value proposition of our business model. In our Rental business line, revenue growth was broadly in-line with the sequential change in U.S. completion activity while margin expansion was achieved through careful control of reactivation costs. In addition, we recorded our first Rental and Field Service revenues in the Middle East during the quarter.

“Looking ahead to the fourth quarter, we anticipate revenue growth across all our business lines during what is typically the slowest quarter of the calendar year. Based on conversations with operators, we now expect meaningful rig additions in the U.S. during the fourth quarter of this year and in early 2022. In addition, our Middle East operations should benefit from higher utilization of our rental equipment during the quarter.”

Mr. Bender concluded, “Cactus continues to successfully add new customers as we capitalize on this market recovery. In addition, our team has been steadfast in its ability to navigate the cost inflation and supply chain headwinds that have plagued the global business environment. I am more confident than ever that our associates will maintain their focus on differentiating Cactus from its peers while we maintain our reputation for best in class equipment and execution.”

(1)

 

Additional information regarding market share and rigs followed is located in the Supplemental Information tables.

Revenue Categories

Product

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

 

(in thousands)

Product revenue

$

74,835

 

 

$

70,345

 

 

$

35,857

 

Gross profit

$

25,127

 

 

$

22,245

 

 

$

15,978

 

Gross margin

33.6

%

 

31.6

%

 

44.6

%

Third quarter 2021 product revenue increased $4.5 million, or 6.4%, sequentially, as sales of wellhead and production related equipment increased primarily due to higher drilling activity in the U.S. and, to a lesser degree, increased production tree sales. Gross profit increased $2.9 million, or 13.0%, sequentially, with margins increasing 200 basis points despite continued supply chain headwinds.

Rental

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

 

(in thousands)

Rental revenue

$

15,271

 

 

$

14,644

 

 

$

9,881

 

Gross profit

$

2,021

 

 

$

241

 

 

$

234

 

Gross margin

13.2

%

 

1.6

%

 

2.4

%

Third quarter 2021 rental revenue increased $0.6 million, or 4.3%, sequentially, due to a combination of higher customer completion activity and revenue generated in the Middle East. Gross profit increased $1.8 million sequentially and margins increased 1,160 basis points due to higher revenues, a reduction in costs associated with repairs and the reactivation of equipment and depreciation representing a lower percentage of revenues.

Field Service and Other

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

 

(in thousands)

Field service and other revenue

$

25,257

 

 

$

23,904

 

 

$

14,051

 

Gross profit

$

5,767

 

 

$

6,212

 

 

$

4,728

 

Gross margin

22.8

%

 

26.0

%

 

33.6

%

Third quarter 2021 field service and other revenue increased $1.4 million, or 5.7%, sequentially, as higher customer activity drove an increase in associated billable hours and ancillary services. Gross profit decreased $0.4 million, or 7.2%, sequentially, with margins decreasing by 320 basis points sequentially due to higher labor costs associated with increased activity and labor inefficiencies related to onboarding of new associates during the period.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expense for the third quarter of 2021 was $12.1 million (10.5% of revenues), compared to $11.4 million (10.5% of revenues) for the second quarter of 2021 and $8.4 million (14.0% of revenues) for the third quarter of 2020. The sequential increase was primarily due to higher payroll expenses, upgrades to our information technology infrastructure and increased professional fees.

Liquidity, Capital Expenditures and Other

As of September 30, 2021, the Company had $302.0 million of cash and no bank debt outstanding. Operating cash flow was $8.9 million for the third quarter of 2021. During the third quarter, the Company made dividend payments and associated distributions of $7.6 million. The Company also made tax receivable agreement payments and associated distributions of $12.5 million related to 2020 tax savings provided by this agreement.

Net cash used in investing activities was $4.1 million during the third quarter of 2021, driven largely by additions to the Company’s fleet of rental equipment. For the full year 2021, the Company expects capital expenditures to be in the range of $10 to $15 million.

As of September 30, 2021, Cactus had 58,947,306 shares of Class A common stock outstanding (representing 77.9% of the total voting power) and 16,757,347 shares of Class B common stock outstanding (representing 22.1% of the total voting power).

Quarterly Dividend

The board of directors has approved a quarterly cash dividend of $0.10 per share of Class A common stock with payment to occur on December 16, 2021 to holders of record of Class A common stock at the close of business on November 29, 2021. A corresponding distribution of up to $0.10 per CW Unit has also been approved for holders of CW Units of Cactus Wellhead, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results tomorrow, Thursday, November 4, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Institutional investors and analysts may participate by dialing (833) 665-0603. International parties may dial (929) 517-0394. The access code is 5080526. Please access the webcast or dial in for the call at least 10 minutes ahead of start time to ensure a proper connection.

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia. Cactus also conducts rental and service operations in the Kingdom of Saudi Arabia.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement.

Cactus, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2021

 

2020

 

2021

 

2020

 

(in thousands, except per share data)

Revenues

 

 

 

 

 

 

 

Product revenue

$

74,835

 

 

$

35,857

 

 

$

197,136

 

 

$

163,781

 

Rental revenue

15,271

 

 

9,881

 

 

42,404

 

 

57,579

 

Field service and other revenue

25,257

 

 

14,051

 

 

69,133

 

 

59,116

 

Total revenues

115,363

 

 

59,789

 

 

308,673

 

 

280,476

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of product revenue

49,708

 

 

19,879

 

 

134,329

 

 

101,976

 

Cost of rental revenue

13,250

 

 

9,647

 

 

39,824

 

 

39,661

 

Cost of field service and other revenue

19,490

 

 

9,323

 

 

51,645

 

 

44,620

 

Selling, general and administrative expenses

12,149

 

 

8,384

 

 

33,160

 

 

30,739

 

Severance expenses

 

 

 

 

 

 

1,864

 

Total costs and expenses

94,597

 

 

47,233

 

 

258,958

 

 

218,860

 

Income from operations

20,766

 

 

12,556

 

 

49,715

 

 

61,616

 

 

 

 

 

 

 

 

 

Interest income (expense), net

(299)

 

 

218

 

 

(632)

 

 

851

 

Other expense, net

 

 

(1,865)

 

 

(1,410)

 

 

(555)

 

Income before income taxes

20,467

 

 

10,909

 

 

47,673

 

 

61,912

 

Income tax expense

3,290

 

 

23

 

 

586

 

 

8,833

 

Net income

$

17,177

 

 

$

10,886

 

 

$

47,087

 

 

$

53,079

 

Less: net income attributable to non-controlling interest

4,560

 

 

4,653

 

 

12,518

 

 

21,835

 

Net income attributable to Cactus, Inc.

$

12,617

 

 

$

6,233

 

 

$

34,569

 

 

$

31,244

 

 

 

 

 

 

 

Earnings per Class A share - basic

$

0.22

 

 

$

0.13

 

 

$

0.64

 

 

$

0.66

 

Earnings per Class A share - diluted (a)

$

0.21

 

 

$

0.13

 

 

$

0.58

 

 

$

0.64

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

58,248

 

 

47,510

 

 

54,188

 

 

47,406

 

Weighted average shares outstanding - diluted (a)

76,082

 

 

75,622

 

 

76,045

 

 

75,427

 

(a)

 

Dilution for the three and nine months ended September 30, 2021 includes $4.7 million and $13.2 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 28.0% and 17.5 and 21.4 million weighted average shares of Class B common stock outstanding, respectively, plus the effect of dilutive securities. Dilution for the three and nine months ended September 30, 2020 includes $4.7 million and $23.2 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 25.5%, and 27.9 million weighted average shares of Class B common stock outstanding plus the dilutive effect of restricted stock unit awards.

Cactus, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

 

September 30,

 

December 31,

 

2021

 

2020

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

301,974

 

 

$

288,659

 

Accounts receivable, net

79,401

 

 

44,068

 

Inventories

101,137

 

 

87,480

 

Prepaid expenses and other current assets

9,289

 

 

4,935

 

Total current assets

491,801

 

 

425,142

 

 

 

 

 

Property and equipment, net

133,006

 

 

142,825

 

Operating lease right-of-use assets, net

22,263

 

 

21,994

 

Goodwill

7,824

 

 

7,824

 

Deferred tax asset, net

307,999

 

 

216,603

 

Other noncurrent assets

1,037

 

 

1,206

 

Total assets

$

963,930

 

 

$

815,594

 

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

43,405

 

 

$

20,163

 

Accrued expenses and other current liabilities

24,317

 

 

11,392

 

Current portion of liability related to tax receivable agreement

10,976

 

 

9,290

 

Finance lease obligations, current portion

4,836

 

 

3,823

 

Operating lease liabilities, current portion

4,417

 

 

4,247

 

Total current liabilities

87,951

 

 

48,915

 

 

 

 

 

Deferred tax liability, net

699

 

 

786

 

Liability related to tax receivable agreement, net of current portion

272,017

 

 

195,061

 

Finance lease obligations, net of current portion

5,596

 

 

2,240

 

Operating lease liabilities, net of current portion

17,967

 

 

17,822

 

Total liabilities

384,230

 

 

264,824

 

 

 

 

 

Equity

579,700

 

 

550,770

 

Total liabilities and equity

$

963,930

 

 

$

815,594

 

Cactus, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Nine Months Ended
September 30,

 

2021

 

2020

 

(in thousands)

Cash flows from operating activities

 

 

 

Net income

$

47,087

 

 

$

53,079

 

Reconciliation of net income to net cash provided by operating activities

 

 

 

Depreciation and amortization

27,480

 

 

31,262

 

Deferred financing cost amortization

126

 

 

126

 

Stock-based compensation

6,546

 

 

6,436

 

Provision for expected credit losses

112

 

 

341

 

Inventory obsolescence

2,462

 

 

3,376

 

Gain on disposal of assets

(1,136)

 

 

(1,810)

 

Deferred income taxes

(1,404)

 

 

5,182

 

Loss from revaluation of liability related to tax receivable agreement

1,004

 

 

555

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(35,634)

 

 

48,190

 

Inventories

(16,491)

 

 

19,188

 

Prepaid expenses and other assets

(4,239)

 

 

1,127

 

Accounts payable

22,944

 

 

(23,753)

 

Accrued expenses and other liabilities

12,924

 

 

(7,607)

 

Payments pursuant to tax receivable agreement

(9,697)

 

 

(14,207)

 

Net cash provided by operating activities

52,084

 

 

121,485

 

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures and other

(10,382)

 

 

(21,908)

 

Proceeds from sale of assets

1,965

 

 

5,414

 

Net cash used in investing activities

(8,417)

 

 

(16,494)

 

 

 

 

 

Cash flows from financing activities

 

 

 

Payments on finance leases

(3,839)

 

 

(4,298)

 

Dividends paid to Class A common stock shareholders

(15,249)

 

 

(12,847)

 

Distributions to members

(8,074)

 

 

(15,560)

 

Repurchase of shares

(3,192)

 

 

(1,385)

 

Net cash used in financing activities

(30,354)

 

 

(34,090)

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

2

 

 

437

 

 

 

 

 

Net increase in cash and cash equivalents

13,315

 

 

71,338

 

 

 

 

 

Cash and cash equivalents

 

 

 

Beginning of period

288,659

 

 

202,603

 

End of period

$

301,974

 

 

$

273,941

 

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
Net income, as adjusted and diluted earnings per share, as adjusted
(unaudited)

Net income, as adjusted and diluted earnings per share, as adjusted are not measures of net income as determined by GAAP. Net income, as adjusted and diluted earnings per share, as adjusted are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines net income, as adjusted as net income assuming Cactus, Inc. held all units in Cactus LLC, its operating subsidiary, at the beginning of the period, with the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Net income, as adjusted, also includes certain other adjustments described below. Cactus defines diluted earnings per share, as adjusted as net income, as adjusted divided by weighted average shares outstanding, as adjusted. The Company believes this supplemental information is useful for evaluating performance period over period.

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

 

(in thousands, except per share data)

Net income

$

17,177

 

 

$

14,774

 

 

$

10,886

 

Adjustments:

 

 

 

 

 

Other non-operating expense, pre-tax (1)

 

 

1,004

 

 

1,865

 

Income tax expense differential (2)

(2,441)

 

 

(3,442)

 

 

(3,234)

 

Net income, as adjusted

$

14,736

 

 

$

12,336

 

 

$

9,517

 

 

 

 

 

 

 

Diluted earnings per share, as adjusted

$

0.19

 

 

$

0.16

 

 

$

0.13

 

 

 

 

 

 

 

Weighted average shares outstanding, as adjusted (3)

76,082

 

 

75,997

 

 

75,662

 

(1)

 

Represents non-cash adjustments for the revaluation of the liability related to the tax receivable agreement.

(2)

 

Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of Cactus LLC at the beginning of the period, calculated as the difference in tax expense recorded during each period and what would have been recorded, adjusted for pre-tax items listed above, based on a corporate effective tax rate of 28.0% on income before income taxes for the three months ended September 30, 2021, 28.0% for the three months ended June 30, 2021 and 25.5% for the three months ended September 30, 2020.

(3)

 

Reflects 58.2, 55.0, and 47.5 million weighted average shares of basic Class A common stock outstanding and 17.5, 20.7 and 27.9 million of additional shares for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020, respectively, as if the weighted average shares of Class B common stock were exchanged and cancelled for Class A common stock at the beginning of the period, plus the effect of dilutive securities.

Cactus, Inc. – Supplemental Information
Reconciliation of GAAP to non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
(unaudited)

EBITDA and Adjusted EBITDA are not measures of net income as determined by GAAP. EBITDA and Adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.

Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus presents EBITDA and Adjusted EBITDA because it believes they provide useful information regarding the factors and trends affecting the Company’s business.

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

2021

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

(in thousands)

Net income

$

17,177

 

 

$

14,774

 

 

$

10,886

 

 

$

47,087

 

 

$

53,079

 

Interest expense (income), net

299

 

 

181

 

 

(218)

 

 

632

 

 

(851)

 

Income tax expense

3,290

 

 

1,355

 

 

23

 

 

586

 

 

8,833

 

Depreciation and amortization

9,128

 

 

9,159

 

 

9,762

 

 

27,480

 

 

31,262

 

EBITDA

29,894

 

 

25,469

 

 

20,453

 

 

75,785

 

 

92,323

 

Severance expenses (1)

 

 

 

 

 

 

 

 

1,864

 

Other non-operating expense (2)

 

 

1,004

 

 

1,865

 

 

1,004

 

 

555

 

Secondary offering related expenses (3)

 

 

 

 

 

 

406

 

 

 

Stock-based compensation

2,108

 

 

2,435

 

 

2,232

 

 

6,546

 

 

6,436

 

Adjusted EBITDA

$

32,002

 

 

$

28,908

 

 

$

24,550

 

 

$

83,741

 

 

$

101,178

 

(1)

 

Represents non-routine charges related to severance benefits.

(2)

 

Represents non-cash adjustments for the revaluation of the liability related to the tax receivable agreement.

(3)

 

Reflects fees and expenses recorded in the first quarter of 2021 in connection with the offering of Class A common stock by certain selling stockholders, excluding underwriting discounts and selling commissions incurred by the selling stockholders.

Cactus, Inc. – Supplemental Information

Depreciation and Amortization by Category

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

2021

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

(in thousands)

Cost of product revenue

$

798

 

 

$

814

 

 

$

802

 

 

$

2,418

 

 

$

2,693

 

Cost of rental revenue

6,424

 

 

6,491

 

 

6,936

 

 

19,540

 

 

21,399

 

Cost of field service and other revenue

1,750

 

 

1,753

 

 

1,803

 

 

5,158

 

 

6,474

 

Selling, general and administrative expenses

156

 

 

101

 

 

221

 

 

364

 

 

696

 

Total depreciation and amortization

$

9,128

 

 

$

9,159

 

 

$

9,762

 

 

$

27,480

 

 

$

31,262

 

Cactus, Inc. – Supplemental Information
Estimated Market Share
(unaudited)

Market share represents the average number of active U.S. onshore rigs Cactus followed (which Cactus defines as the number of active U.S. onshore drilling rigs to which it was the primary provider of wellhead products and corresponding services during drilling) as of mid-month for each of the three months in the applicable quarter divided by the Baker Hughes U.S. onshore rig count quarterly average. Cactus believes that comparing the total number of active U.S. onshore rigs to which it was providing its products and services at a given time to the number of active U.S. onshore rigs during the same period provides Cactus with a reasonable approximation of its market share with respect to wellhead products sold and the corresponding services it provides.

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2021

 

2021

 

2020

Cactus U.S. onshore rigs followed

203

 

 

182

 

 

91

 

Baker Hughes U.S. onshore rig count quarterly average

483

 

 

436

 

 

240

 

Market share

42.0

%

 

41.7

%

 

37.9

%

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20211103006259/en/

CONTACT: Cactus, Inc.

John Fitzgerald, 713-904-4655

Director of Corporate Development and Investor Relations

IR@CactusWHD.com

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ENERGY OTHER ENERGY OIL/GAS

SOURCE: Cactus, Inc.

Copyright Business Wire 2021.

PUB: 11/03/2021 05:00 PM/DISC: 11/03/2021 05:02 PM

http://www.businesswire.com/news/home/20211103006259/en