Cactus Announces Third Quarter 2022 Results

Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the third quarter of 2022.

Third Quarter Highlights

  • Revenue of $184.5 million and income from operations of $51.3 million;
  • Net income of $41.5 million(1) and diluted earnings per Class A share of $0.51(1);
  • Adjusted net income(2) of $39.3 million and diluted earnings per share, as adjusted(2) of $0.52;
  • Net income margin of 22.5% and adjusted net income margin(2) of 21.3%;
  • Adjusted EBITDA(3) and Adjusted EBITDA margin(3) of $62.7 million and 34.0%, respectively;
  • Cash flow from operations of $30.4 million; and
  • Cash balance of $320.6 million and no bank debt outstanding as of September 30, 2022.

Financial Summary

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2022

 

2022

 

2021

 

(in thousands)

Revenues

$

184,481

 

 

$

170,215

 

 

$

115,363

 

Income from operations

$

51,296

 

 

$

44,241

 

 

$

20,766

 

Net income(1)

$

41,520

 

 

$

35,780

 

 

$

17,177

 

Net income margin

 

22.5

%

 

 

21.0

%

 

 

14.9

%

Adjusted net income(2)

$

39,327

 

 

$

33,409

 

 

$

14,736

 

Adjusted net income margin(2)

 

21.3

%

 

 

19.6

%

 

 

12.8

%

Adjusted EBITDA(3)

$

62,713

 

 

$

55,506

 

 

$

32,002

 

Adjusted EBITDA margin(3)

 

34.0

%

 

 

32.6

%

 

 

27.7

%

(1)

Net income during the third quarter of 2022 is inclusive of $1.1 million in other income related to the revaluation of the tax receivable agreement (“TRA”) liability and $1.1 million of income tax expense related to the revaluation of our deferred tax asset. 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 in Cactus Wellhead, LLC (“Cactus LLC”) by Cadent and other members during the period and a $0.5 million income tax benefit related to the finalization of our 2020 tax returns.

(2)

Adjusted net income, Adjusted net income margin 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 non-GAAP measures and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.

(3)

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See definition of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables.

Scott Bender, President and CEO of Cactus, commented, “Industry fundamentals continued to improve during the third quarter, and Cactus delivered revenue growth above the change in the domestic rig count while further increasing margins. The Company set records for both total revenue and Adjusted EBITDA during the period. Product revenue generated per U.S. land rig followed(1) was also the highest in the Company’s history. Rental revenue growth outpaced that of the U.S. completions market, and Field Service margins experienced another sequential improvement.

“Looking to the fourth quarter, we anticipate meaningful growth in rigs followed as we expect public operators to gain share within the domestic rig count. In Field Service, we expect the seasonal margin impact to be similar to levels witnessed in previous years.”

Mr. Bender concluded, “Margins and returns continued to improve during the third quarter and industry fundamentals remain supportive for our business. Global supply chain challenges continue to ease, and we are growing increasingly confident that such improvements will yield benefits including accelerating free cash flow into next year. Capital requirements for our business remain modest and management intends to remain prudent in its investment decisions, both domestically and abroad. We expect our full year 2022 net capital expenditures will be approximately $25 million.”

(1)

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

Revenue Categories

Product

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2022

 

2022

 

2021

 

(in thousands)

Product revenue

$

121,782

 

 

$

112,232

 

 

$

74,835

 

Gross profit

$

48,035

 

 

$

43,060

 

 

$

25,127

 

Gross margin

 

39.4

%

 

 

38.4

%

 

 

33.6

%

Third quarter 2022 product revenue increased $9.6 million, or 8.5%, sequentially, as sales of wellhead and production related equipment increased due to higher drilling activity and cost recovery efforts. Gross profit increased $5.0 million, or 11.6%, sequentially, with margins increasing 100 basis points due to operating leverage and cost recovery.

Rental

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2022

 

2022

 

2021

 

(in thousands)

Rental revenue

$

27,105

 

 

$

23,695

 

 

$

15,271

 

Gross profit

$

10,782

 

 

$

8,367

 

 

$

2,021

 

Gross margin

 

39.8

%

 

 

35.3

%

 

 

13.2

%

Third quarter 2022 rental revenue increased $3.4 million, or 14.4%, sequentially, due to higher customer activity. Gross profit increased $2.4 million sequentially and margins increased 450 basis points due to lower depreciation expense during the period.

Field Service and Other

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2022

 

2022

 

2021

 

(in thousands)

Field service and other revenue

$

35,594

 

 

$

34,288

 

 

$

25,257

 

Gross profit

$

8,449

 

 

$

7,554

 

 

$

5,767

 

Gross margin

 

23.7

%

 

 

22.0

%

 

 

22.8

%

Third quarter 2022 field service and other revenue increased $1.3 million, or 3.8%, sequentially, as higher customer activity drove an increase in associated billable hours. Gross profit increased $0.9 million, or 11.8%, sequentially, with margins increasing by 170 basis points sequentially, in part due to reduced fuel costs associated with lower diesel prices.

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

SG&A expense for the third quarter of 2022 was $16.0 million (8.7% of revenues), compared to $14.7 million (8.7% of revenues) for the second quarter of 2022 and $12.1 million (10.5% of revenues) for the third quarter of 2021. The sequential increase was primarily due to increased stock-based compensation tied to stronger than expected financial performance, increased salaries and wages and higher professional fees.

Liquidity, Capital Expenditures and Other

As of September 30, 2022, the Company had $320.6 million of cash and no bank debt outstanding. Operating cash flow was $30.4 million for the third quarter of 2022. During the third quarter, the Company made dividend payments and associated distributions of $8.5 million. The Company also made TRA payments and associated distributions of $14.6 million related to 2021 tax savings provided by the TRA.

Net cash used in investing activities was $6.6 million during the third quarter of 2022, driven largely by additions to the Company’s fleet of rental equipment. For the full year 2022, the Company expects net capital expenditures to be approximately $25 million.

As of September 30, 2022, Cactus had 60,718,869 shares of Class A common stock outstanding (representing 80.0% of the total voting power) and 15,159,253 shares of Class B common stock outstanding (representing 20.0% of the total voting power).

Quarterly Dividend

The Board of Directors has approved a quarterly cash dividend of $0.11 per share of Class A common stock with payment to occur on December 15, 2022 to holders of record of Class A common stock at the close of business on November 28, 2022. A corresponding distribution of up to $0.11 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 on November 7, 2022 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. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call and obtain a dial-in number and passcode. 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 throughout the United States and Australia, while also providing equipment and services in select international markets.

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,

 

2022

 

2021

 

2022

 

2021

 

(in thousands, except per share data)

Revenues

 

 

 

 

 

 

 

Product revenue

$

121,782

 

$

74,835

 

 

$

328,054

 

$

197,136

 

Rental revenue

 

27,105

 

 

15,271

 

 

 

73,143

 

 

42,404

 

Field service and other revenue

 

35,594

 

 

25,257

 

 

 

99,398

 

 

69,133

 

Total revenues

 

184,481

 

 

115,363

 

 

 

500,595

 

 

308,673

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of product revenue

 

73,747

 

 

49,708

 

 

 

203,839

 

 

134,329

 

Cost of rental revenue

 

16,323

 

 

13,250

 

 

 

46,740

 

 

39,824

 

Cost of field service and other revenue

 

27,145

 

 

19,490

 

 

 

78,685

 

 

51,645

 

Selling, general and administrative expenses

 

15,970

 

 

12,149

 

 

 

44,804

 

 

33,160

 

Total costs and expenses

 

133,185

 

 

94,597

 

 

 

374,068

 

 

258,958

 

Income from operations

 

51,296

 

 

20,766

 

 

 

126,527

 

 

49,715

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

1,140

 

 

(299

)

 

 

1,344

 

 

(632

)

Other income (expense), net

 

1,125

 

 

 

 

 

10

 

 

(1,410

)

Income before income taxes

 

53,561

 

 

20,467

 

 

 

127,881

 

 

47,673

 

Income tax expense

 

12,041

 

 

3,290

 

 

 

23,498

 

 

586

 

Net income

$

41,520

 

$

17,177

 

 

$

104,383

 

$

47,087

 

Less: net income attributable to non-controlling interest

 

10,095

 

 

4,560

 

 

 

25,198

 

 

12,518

 

Net income attributable to Cactus, Inc.

$

31,425

 

$

12,617

 

 

$

79,185

 

$

34,569

 

 

 

 

 

Earnings per Class A share - basic

$

0.52

 

$

0.22

 

 

$

1.32

 

$

0.64

 

Earnings per Class A share - diluted (a)

$

0.51

 

$

0.21

 

 

$

1.30

 

$

0.58

 

 

 

 

 

Weighted average shares outstanding - basic

 

60,665

 

 

58,248

 

 

 

60,164

 

 

54,188

 

Weighted average shares outstanding - diluted (a)

 

61,106

 

 

76,082

 

 

 

76,296

 

 

76,045

 

(a)

Dilution for the three months ended September 30, 2022 excludes 15.2 million shares of Class B common stock as the effect would be anti-dilutive. Dilution for the nine months ended September 30, 2022 includes $26.2 million of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 25.0% and 15.7 million weighted average shares of Class B common stock outstanding, plus the effect of dilutive securities. 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% and 17.5 million and 21.4 million weighted average shares of Class B common stock outstanding, respectively, plus the effect of dilutive securities.

Cactus, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

 

September 30,

 

December 31,

 

2022

 

2021

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

320,623

 

$

301,669

Accounts receivable, net

 

131,748

 

 

89,205

Inventories

 

162,730

 

 

119,817

Prepaid expenses and other current assets

 

11,849

 

 

7,794

Total current assets

 

626,950

 

 

518,485

 

 

 

 

Property and equipment, net

 

130,099

 

 

129,117

Operating lease right-of-use assets, net

 

22,232

 

 

22,538

Goodwill

 

7,824

 

 

7,824

Deferred tax asset, net

 

306,789

 

 

303,074

Other noncurrent assets

 

1,307

 

 

1,040

Total assets

$

1,095,201

 

$

982,078

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

62,398

 

$

42,818

Accrued expenses and other current liabilities

 

31,659

 

 

28,240

Current portion of liability related to tax receivable agreement

 

27,696

 

 

11,769

Finance lease obligations, current portion

 

5,757

 

 

4,867

Operating lease liabilities, current portion

 

4,677

 

 

4,880

Total current liabilities

 

132,187

 

 

92,574

 

 

 

 

Deferred tax liability, net

 

2,099

 

 

1,172

Liability related to tax receivable agreement, net of current portion

 

260,844

 

 

269,838

Finance lease obligations, net of current portion

 

6,837

 

 

5,811

Operating lease liabilities, net of current portion

 

17,584

 

 

17,650

Total liabilities

 

419,551

 

 

387,045

 

 

 

 

Equity

 

675,650

 

 

595,033

Total liabilities and equity

$

1,095,201

 

$

982,078

Cactus, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Nine Months Ended

September 30,

 

2022

 

2021

 

(in thousands)

Cash flows from operating activities

 

 

 

Net income

$

104,383

 

 

$

47,087

 

Reconciliation of net income to net cash provided by operating activities

 

 

 

Depreciation and amortization

 

25,991

 

 

 

27,480

 

Deferred financing cost amortization

 

133

 

 

 

126

 

Stock-based compensation

 

8,034

 

 

 

6,546

 

Provision for expected credit losses

 

224

 

 

 

112

 

Inventory obsolescence

 

1,642

 

 

 

2,462

 

Gain on disposal of assets

 

(470

)

 

 

(1,136

)

Deferred income taxes

 

19,230

 

 

 

(1,404

)

(Gain) loss from revaluation of liability related to tax receivable agreement

 

(10

)

 

 

1,004

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(42,906

)

 

 

(35,634

)

Inventories

 

(45,545

)

 

 

(16,491

)

Prepaid expenses and other assets

 

(4,265

)

 

 

(4,239

)

Accounts payable

 

20,537

 

 

 

22,944

 

Accrued expenses and other liabilities

 

3,293

 

 

 

12,924

 

Payments pursuant to tax receivable agreement

 

(11,666

)

 

 

(9,697

)

Net cash provided by operating activities

 

78,605

 

 

 

52,084

 

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures and other

 

(21,197

)

 

 

(10,382

)

Proceeds from sale of assets

 

1,701

 

 

 

1,965

 

Net cash used in investing activities

 

(19,496

)

 

 

(8,417

)

 

 

 

 

Cash flows from financing activities

 

 

 

Payment of deferred financing costs

 

(165

)

 

 

 

Payments on finance leases

 

(4,505

)

 

 

(3,839

)

Dividends paid to Class A common stock shareholders

 

(20,015

)

 

 

(15,249

)

Distributions to members

 

(8,007

)

 

 

(8,074

)

Repurchase of shares

 

(4,495

)

 

 

(3,192

)

Net cash used in financing activities

 

(37,187

)

 

 

(30,354

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(2,968

)

 

 

2

 

 

 

 

 

Net increase in cash and cash equivalents

 

18,954

 

 

 

13,315

 

 

 

 

 

Cash and cash equivalents

 

 

 

Beginning of period

 

301,669

 

 

 

288,659

 

End of period

$

320,623

 

 

$

301,974

 

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin

(unaudited)

 

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income 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. Adjusted net income also includes certain other adjustments described below. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.

 

 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

2022

 

2022

 

2021

 

(in thousands, except per share data)

Net income

$

41,520

 

 

$

35,780

 

 

$

17,177

 

Adjustments:

 

 

 

 

 

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

 

(1,125

)

 

 

 

 

 

 

Income tax expense differential(2)

 

(1,068

)

 

 

(2,371

)

 

 

(2,441

)

Adjusted net income

$

39,327

 

 

$

33,409

 

 

$

14,736

 

 

 

 

 

 

 

Diluted earnings per share, as adjusted

$

0.52

 

 

$

0.44

 

 

$

0.19

 

 

 

 

 

 

 

Weighted average shares outstanding, as adjusted(3)

 

76,319

 

 

 

76,322

 

 

 

76,082

 

 

 

 

 

 

 

Revenue

$

184,481

 

 

$

170,215

 

 

$

115,363

 

Net income margin(4)

 

22.5

%

 

 

21.0

%

 

 

14.9

%

Adjusted net income margin

 

21.3

%

 

 

19.6

%

 

 

12.8

%

(1)

Represents non-cash adjustments for the revaluation of the liability related to the TRA.

(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 25% on income before income taxes for the three months ended September 30, 2022 and June 30, 2022 and 28% for the three months ended September 30, 2021.

(3)

Reflects 60.7, 60.5, and 58.2 million weighted average shares of basic Class A common stock outstanding and 15.2, 15.4 and 17.5 million of additional shares for the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, 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.

(4)

Net income margin represents net income divided by total revenue. 

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

(unaudited)

 

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but 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 defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides 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,

 

2022

 

2022

 

2021

 

2022

 

2021

 

(in thousands)

 

(in thousands)

Net income

$

41,520

 

 

$

35,780

 

 

$

17,177

 

 

$

104,383

 

 

$

47,087

 

Interest (income) expense, net

 

(1,140

)

 

 

(304

)

 

 

299

 

 

 

(1,344

)

 

 

632

 

Income tax expense

 

12,041

 

 

 

8,765

 

 

 

3,290

 

 

 

23,498

 

 

 

586

 

Depreciation and amortization

 

8,399

 

 

 

8,915

 

 

 

9,128

 

 

 

25,991

 

 

 

27,480

 

EBITDA

 

60,820

 

 

 

53,156

 

 

 

29,894

 

 

 

152,528

 

 

 

75,785

 

Other non-operating (income) expense(1)

 

(1,125

)

 

 

 

 

 

 

 

 

(10

)

 

 

1,004

 

Secondary offering related expenses(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

Stock-based compensation

 

3,018

 

 

 

2,350

 

 

 

2,108

 

 

 

8,034

 

 

 

6,546

 

Adjusted EBITDA

$

62,713

 

 

$

55,506

 

 

$

32,002

 

 

$

160,552

 

 

$

83,741

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

184,481

 

 

$

170,215

 

 

$

115,363

 

 

$

500,595

 

 

$

308,673

 

Net income margin(3)

 

22.5

%

 

 

21.0

%

 

 

14.9

%

 

 

20.9

%

 

 

15.3

%

Adjusted EBITDA margin

 

34.0

%

 

 

32.6

%

 

 

27.7

%

 

 

32.1

%

 

 

27.1

%

(1)

Represents non-cash adjustments for the revaluation of the liability related to the TRA.

(2)

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.

(3)

Net income margin represents net income divided by total revenue.

Cactus, Inc. – Supplemental Information

Depreciation and Amortization by Category

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

2022

 

2022

 

2021

 

2022

 

2021

 

(in thousands)

 

(in thousands)

Cost of product revenue

$

740

 

$

751

 

$

798

 

$

2,239

 

$

2,418

Cost of rental revenue

 

5,802

 

 

6,252

 

 

6,424

 

 

18,221

 

 

19,540

Cost of field service and other revenue

 

1,738

 

 

1,802

 

 

1,750

 

 

5,213

 

 

5,158

Selling, general and administrative expenses

 

119

 

 

110

 

 

156

 

 

318

 

 

364

Total depreciation and amortization

$

8,399

 

$

8,915

 

$

9,128

 

$

25,991

 

$

27,480

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,

 

2022

 

2022

 

2021

Cactus U.S. onshore rigs followed

285

 

 

275

 

 

203

 

Baker Hughes U.S. onshore rig count quarterly average

741

 

 

697

 

 

483

 

Market share

38.5

%

 

39.5

%

 

42.0

%

 

Contacts

John Fitzgerald, 713-904-4655

Director of Corporate Development and Investor Relations

IR@CactusWHD.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.