Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today
announced financial and operating results for the fourth quarter
and full year 2022.
Fourth Quarter 2022 Highlights and Recent Events
- Revenue of $187.8 million and income from operations of $48.2
million;
- Net income of $40.7 million(1) and diluted earnings per Class A
share of $0.50(1);
- Adjusted net income(3) of $43.5 million and diluted earnings
per share, as adjusted(3) of $0.57;
- Net income margin of 21.7% and adjusted net income margin(3) of
23.2%;
- Adjusted EBITDA(4) and Adjusted EBITDA margin(4) of $66.4
million and 35.4%, respectively;
- Cash flow from operations of $39.3 million;
- Cash balance of $344.5 million with no bank debt outstanding as
of December 31, 2022;
- Signed agreement to acquire HighRidge Resources, Inc.
(“FlexSteel”);
- In January 2023, the Board of Directors (the “Board”) declared
a quarterly cash dividend of $0.11 per Class A share; and
- In January 2023, Cactus closed an underwritten offering of
Class A common stock for net proceeds of $165.6 million.
Financial Summary
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2022
2022
2021
2022
2021
($ in thousands)
($ in thousands)
Revenues
$
187,774
$
184,481
$
129,916
$
688,369
$
438,589
Income from operations
$
48,221
$
51,296
$
25,712
$
174,748
$
75,427
Net income(1)(2)
$
40,739
$
41,520
$
20,383
$
145,122
$
67,470
Net income margin
21.7
%
22.5
%
15.7
%
21.1
%
15.4
%
Adjusted net income(3)
$
43,525
$
40,062
$
18,666
$
140,163
$
54,497
Adjusted net income margin(3)
23.2
%
21.7
%
14.4
%
20.4
%
12.4
%
Adjusted EBITDA(4)
$
66,393
$
63,693
$
36,614
$
227,925
$
120,355
Adjusted EBITDA margin(4)
35.4
%
34.5
%
28.2
%
33.1
%
27.4
%
(1)
Net income during the fourth
quarter of 2022 is inclusive of $7.4 million in expenses associated
with the pending acquisition of FlexSteel (the “FlexSteel
Acquisition”), $1.9 million in expense related to the revaluation
of the tax receivable agreement (“TRA”) liability and a $1.8
million income tax benefit related to the revaluation of our
deferred tax asset. Net income during the third quarter of 2022 is
inclusive of $1.0 million in expenses associated with the pending
FlexSteel Acquisition, $1.1 million in other income related to the
revaluation of the TRA liability and $1.1 million of income tax
expense related to the revaluation of our deferred tax asset. Net
income during the fourth quarter of 2021 is inclusive of $1.9
million in other income related to the revaluation of the TRA
liability as well as $1.3 million of income tax expense related to
the revaluation of our deferred tax asset.
(2)
Net income for the full year 2022
is inclusive of $8.4 million in expenses associated with the
pending FlexSteel Acquisition, $1.9 million in expense related to
the revaluation of the TRA liability and $5.0 million of net income
tax benefits associated with various non-routine items primarily
comprised of benefits associated with stock-based compensation and
the revaluation of our deferred tax asset. Net income for the full
year 2021 is inclusive of $0.9 million in additional income related
to the revaluation of the TRA liability, $0.4 million in offering
related expenses and $8.6 million in net tax benefits associated
with various non-routine items, primarily a partial release of a
valuation allowance.
(3)
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 Wellhead, LLC (“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.
(4)
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, “I am
extremely proud of the Cactus team and our execution during the
fourth quarter, which enabled us to deliver the highest recorded
Adjusted EBITDA in Company history. In our Product revenue
category, market share(1) increased to over 40% as rigs followed
were up approximately 7% from the third quarter of 2022. Margins
increased across all of our revenue categories during the period,
showcasing our organization's continued focus on customer service
and cost management.
“Looking ahead to the first quarter of 2023, we anticipate
continued revenue growth. While the overall level of U.S. onshore
drilling activity has waned in recent months, we expect another
increase in Cactus’ rigs followed during the first quarter. Since
the second half of 2022, larger, well capitalized operators have
increased activity, which has typically been a positive sign for
Cactus. Additionally, our working capital outflows should
meaningfully decline during early 2023.
Mr. Bender concluded, “Regarding the pending FlexSteel
Acquisition, we remain extremely excited about bringing this
high-quality and differentiated business into Cactus. Significant
progress around permanent financing for the transaction has been
made and closing is on-track to occur during the first quarter.
Following closing, we plan to share additional details regarding
our near-term expectations for the combined business. The FlexSteel
Acquisition represents a significant opportunity for Cactus. We
believe our general operating philosophy, which is a focus on
margins, returns and generating value for our shareholders, will
enhance the FlexSteel business.”
(1)
Additional information regarding market
share and rigs followed is located in the Supplemental Information
tables.
Revenue Categories
Product
Three Months Ended
December 31,
September 30,
December 31,
2022
2022
2021
($ in thousands)
Product revenue
$
124,561
$
121,782
$
83,771
Gross profit
$
50,529
$
48,035
$
29,017
Gross margin
40.6
%
39.4
%
34.6
%
Fourth quarter 2022 product revenue increased $2.8 million, or
2.3%, sequentially, as sales of wellhead and production related
equipment improved primarily due to higher customer drilling
activity. Gross profit increased $2.5 million, or 5.2%,
sequentially, with margins increasing 120 basis points driven
largely by operating leverage and lower branch costs in relation to
revenue generated.
Rental
Three Months Ended
December 31,
September 30,
December 31,
2022
2022
2021
($ in thousands)
Rental revenue
$
27,310
$
27,105
$
19,225
Gross profit (loss)
$
12,013
$
10,782
$
4,672
Gross margin
44.0
%
39.8
%
24.3
%
Fourth quarter 2022 rental revenue increased $0.2 million, or
0.8%, sequentially, due to higher international revenue generation.
Gross profit increased $1.2 million sequentially and margins
improved by 420 basis points due largely to better asset
management, lower repair costs and declining depreciation
expense.
Field Service and Other
Three Months Ended
December 31,
September 30,
December 31,
2022
2022
2021
($ in thousands)
Field service and other revenue
$ 35,903
$ 35,594
$ 26,920
Gross profit
$ 8,575
$ 8,449
$ 4,884
Gross margin
23.9 %
23.7 %
18.1 %
Fourth quarter 2022 field service and other revenue increased
$0.3 million, or 0.9%, sequentially, due to improved revenue mix
and increased ancillary services activity. Gross profit increased
$0.1 million, or 1.5%, sequentially, with margins increasing by 20
basis points due to lower supplies costs and branch related
expenses, which offset higher labor costs during the period.
Selling, General and Administrative Expenses
(“SG&A”)
SG&A for the fourth quarter of 2022 was $22.9 million (12.2%
of revenues), compared to $16.0 million (8.7% of revenues) for the
third quarter of 2022 and $12.9 million (9.9% of revenues) for the
fourth quarter of 2021. The sequential increase was due primarily
to higher fees and expenses associated with the pending FlexSteel
Acquisition.
Liquidity, Capital Expenditures and Other
As of December 31, 2022, the Company had $344.5 million of cash
and no bank debt outstanding. Operating cash flow was $39.3 million
for the fourth quarter of 2022. During the fourth quarter, the
Company made dividend payments and associated distributions of $8.4
million.
Net cash used in investing activities represented $6.0 million
during the fourth quarter of 2022. Net capital expenditures for the
full year 2022 were $25.5 million. For the full year 2023, the
Company expects net capital expenditures to be in the range of $35
million to $45 million, inclusive of capital directed toward
international expansion and the potential purchase of a currently
leased facility, but exclusive of capital expenditures associated
with the FlexSteel business.
On January 13, 2023, Cactus closed an underwritten offering of
3,224,300 shares of its Class A common stock for total net proceeds
of approximately $166 million, net of underwriting discounts and
selling commissions. The net proceeds from the sale of the Class A
common stock in the offering are expected to be utilized to fund a
portion of the initial closing price for the pending FlexSteel
Acquisition.
As of January 31, 2023, Cactus had 64,127,114 shares of Class A
common stock outstanding (representing 81.1% of the total voting
power) and 14,978,225 shares of Class B common stock outstanding
(representing 18.9% of the total voting power).
Quarterly Dividend
In January 2023 the Board approved a quarterly cash dividend of
$0.11 per share of Class A common stock with payment to occur on
March 16, 2023 to holders of record of Class A common stock at the
close of business on February 27, 2023. 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 Thursday, February 23, 2023 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 and oral
statements made regarding the matters addressed in this 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 risks or uncertainties, including
unanticipated challenges relating to the pending FlexSteel
Acquisition and related financing. 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 disclaims any duty to update
and does not intend to update any forward-looking statements, all
of which are expressly qualified by the statements in this section,
to reflect events or circumstances after the date of this press
release.
Cactus, Inc.
Condensed Consolidated
Statements of Income
(unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
(in thousands, except per
share data)
Revenues
Product revenue
$
124,561
$
83,771
$
452,615
$
280,907
Rental revenue
27,310
19,225
100,453
61,629
Field service and other revenue
35,903
26,920
135,301
96,053
Total revenues
187,774
129,916
688,369
438,589
Costs and expenses
Cost of product revenue
74,032
54,754
277,871
189,083
Cost of rental revenue
15,297
14,553
62,037
54,377
Cost of field service and other
revenue
27,328
22,036
106,013
73,681
Selling, general and administrative
expenses
22,896
12,861
67,700
46,021
Total costs and expenses
139,553
104,204
513,621
363,162
Income from operations
48,221
25,712
174,748
75,427
Interest (expense) income, net
2,370
(142
)
3,714
(774
)
Other income (expense), net
(1,920
)
1,902
(1,910
)
492
Income before income taxes
48,671
27,472
176,552
75,145
Income tax expense
7,932
7,089
31,430
7,675
Net income
$
40,739
$
20,383
$
145,122
$
67,470
Less: net income attributable to
non-controlling interest
9,750
5,359
34,948
17,877
Net income attributable to Cactus,
Inc.
$
30,989
$
15,024
$
110,174
$
49,593
Earnings per Class A share - basic
$
0.51
$
0.25
$
1.83
$
0.90
Earnings per Class A share - diluted
(a)
$
0.50
$
0.25
$
1.80
$
0.83
Weighted average shares outstanding -
basic
60,797
58,988
60,323
55,398
Weighted average shares outstanding -
diluted (a)
76,410
76,148
76,337
76,107
(a)
Dilution for the three and twelve
months ended December 31, 2022 includes an additional $10.1 million
and $36.3 million of pre-tax income attributable to non-controlling
interest adjusted for a corporate effective tax rate of 25.0% and
15.1 million and 15.5 million weighted average shares of Class B
common stock, respectively, plus the effect of dilutive securities.
Dilution for the three and twelve months ended December 31, 2021
includes an additional $5.6 million and $18.8 million of pre-tax
income attributable to non-controlling interest adjusted for a
corporate effective tax rate of 27.0% and 16.7 million and 20.3
million weighted average shares of Class B common stock,
respectively, plus the effect of dilutive securities.
Cactus, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
December 31,
2022
2021
(in thousands)
Assets
Current assets
Cash and cash equivalents
$
344,527
$
301,669
Accounts receivable, net
138,268
89,205
Inventories
161,283
119,817
Prepaid expenses and other current
assets
10,564
7,794
Total current assets
654,642
518,485
Property and equipment, net
129,998
129,117
Operating lease right-of-use assets,
net
23,183
22,538
Goodwill
7,824
7,824
Deferred tax asset, net
301,644
303,074
Other noncurrent assets
1,605
1,040
Total assets
$
1,118,896
$
982,078
Liabilities and Equity
Current liabilities
Accounts payable
$
47,776
$
42,818
Accrued expenses and other current
liabilities
30,619
28,240
Current portion of liability related to
tax receivable agreement
27,544
11,769
Finance lease obligations, current
portion
5,933
4,867
Operating lease liabilities, current
portion
4,777
4,880
Total current liabilities
116,649
92,574
Deferred tax liability, net
1,966
1,172
Liability related to tax receivable
agreement, net of current portion
265,025
269,838
Finance lease obligations, net of current
portion
6,436
5,811
Operating lease liabilities, net of
current portion
18,375
17,650
Total liabilities
408,451
387,045
Equity
710,445
595,033
Total liabilities and equity
$
1,118,896
$
982,078
Cactus, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
Twelve Months Ended
December 31,
2022
2021
(in thousands)
Cash flows from operating
activities
Net income
$
145,122
$
67,470
Reconciliation of net income to net cash
provided by operating activities
Depreciation and amortization
34,124
36,308
Deferred financing cost amortization
165
168
Stock-based compensation
10,631
8,620
Provision for expected credit losses
406
310
Inventory obsolescence
2,739
3,490
Gain on disposal of assets
(1,391
)
(1,386
)
Deferred income taxes
25,299
4,829
(Gain) loss from revaluation of liability
related to tax receivable agreement
1,910
(898
)
Changes in operating assets and
liabilities:
Accounts receivable
(49,349
)
(45,492
)
Inventories
(44,891
)
(36,083
)
Prepaid expenses and other assets
(3,108
)
(2,789
)
Accounts payable
5,803
22,281
Accrued expenses and other liabilities
2,090
16,628
Payments pursuant to tax receivable
agreement
(11,666
)
(9,697
)
Net cash provided by operating
activities
117,884
63,759
Cash flows from investing
activities
Capital expenditures and other
(28,291
)
(13,939
)
Proceeds from sale of assets
2,755
2,306
Net cash used in investing activities
(25,536
)
(11,633
)
Cash flows from financing
activities
Payment of deferred financing costs
(353
)
—
Payments on finance leases
(6,055
)
(5,205
)
Dividends paid to Class A common stock
shareholders
(26,719
)
(21,158
)
Distributions to members
(9,692
)
(9,742
)
Repurchase of shares
(4,563
)
(3,283
)
Net cash used in financing activities
(47,382
)
(39,388
)
Effect of exchange rate changes on cash
and cash equivalents
(2,108
)
272
Net increase in cash and cash
equivalents
42,858
13,010
Cash and cash equivalents
Beginning of period
301,669
288,659
End of period
$
344,527
$
301,669
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 and diluted earnings per share, as adjusted
are not measures of net income as determined by GAAP. Adjusted net
income 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 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 Revenue. The Company believes
this supplemental information is useful for evaluating performance
period over period.
Three Months Ended
Twelve Months Ended December
31,
December 31,
September 30,
December 31,
2022
2022
2021
2022
2021
($ in thousands, except per
share data)
Net income
$
40,739
$
41,520
$
20,383
$
145,122
$
67,470
Adjustments:
Other non-operating (income) expense,
pre-tax(1)
1,920
(1,125
)
(1,902
)
1,910
(898
)
Transaction related expenses,
pre-tax(2)
7,442
980
—
8,422
406
Income tax expense differential(3)
(6,576
)
(1,313
)
185
(15,291
)
(12,481
)
Adjusted net income
$
43,525
$
40,062
$
18,666
$
140,163
$
54,497
Diluted earnings per share, as
adjusted
$
0.57
$
0.52
$
0.25
$
1.84
$
0.72
Weighted average shares outstanding, as
adjusted(4)
76,410
76,319
76,148
76,337
76,107
Revenue
$
187,774
$
184,481
$
129,916
$
688,369
$
438,589
Net income margin
21.7
%
22.5
%
15.7
%
21.1
%
15.4
%
Adjusted net income margin
23.2
%
21.7
%
14.4
%
20.4
%
12.4
%
(1)
Represents non-cash adjustments
for the revaluation of the liability related to the tax receivable
agreement.
(2)
Reflects fees and expenses
recorded in connection with the pending FlexSteel Acquisition and
the 2021 offering of shares of our Class A common stock, excluding
underwriting discounts and selling commissions. Fees and expenses
related to the pending FlexSteel Acquisition shown for the three
months ending September 30, 2022 were not previously included as an
adjustment to net income.
(3)
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 25.0% for the three and twelve
months ended December 31, 2022, 25.0% for the three months ended
September 30, 2022, and 27.0% for the three and twelve months ended
December 31, 2021.
(4)
Reflects 60.8, 60.7, and 59.0
million weighted average shares of basic Class A common stock and
15.1, 15.2 and 16.7 million of additional shares for the three
months ended December 31, 2022, September 30, 2022, and December
31, 2021, and 60.3 and 55.4 million weighted average shares of
basic Class A common stock and 15.5 and 20.3 million of additional
shares for the twelve months ended December 31, 2022 and December
31, 2021, respectively, as if the weighted average shares of Class
B common stock were exchanged and canceled 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, Adjusted EBITDA and Adjusted EBITDA margin
(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 defines Adjusted EBITDA margin
as Adjusted EBITDA divided by Revenue. Cactus presents EBITDA,
Adjusted EBITDA and Adjusted EBITDA margin because it believes they
provide useful information regarding the factors and trends
affecting the Company’s business.
Three Months Ended
Twelve Months Ended December
31,
December 31,
September 30,
December 31,
2022
2022
2021
2022
2021
($ in thousands)
($ in thousands)
Net income
$
40,739
$
41,520
$
20,383
$
145,122
$
67,470
Interest (income) expense, net
(2,370
)
(1,140
)
142
(3,714
)
774
Income tax expense
7,932
12,041
7,089
31,430
7,675
Depreciation and amortization
8,133
8,399
8,828
34,124
36,308
EBITDA
54,434
60,820
36,442
206,962
112,227
Other non-operating (income)
expense(1)
1,920
(1,125
)
(1,902
)
1,910
(898
)
Transaction related expenses(2)
7,442
980
—
8,422
406
Stock-based compensation
2,597
3,018
2,074
10,631
8,620
Adjusted EBITDA
$
66,393
$
63,693
$
36,614
$
227,925
$
120,355
Revenue
$
187,774
$
184,481
$
129,916
$
688,369
$
438,589
Net income margin
21.7
%
22.5
%
15.7
%
21.1
%
15.4
%
Adjusted EBITDA margin
35.4
%
34.5
%
28.2
%
33.1
%
27.4
%
(1)
Represents non-cash adjustments
for the revaluation of the liability related to the tax receivable
agreement.
(2)
Reflects fees and expenses
recorded in connection with the pending FlexSteel Acquisition and
the 2021 offering of shares of our Class A common stock, excluding
underwriting discounts and selling commissions. Fees and expenses
related to the pending FlexSteel Acquisition shown for the three
months ended September 30, 2022 were not previously included as an
adjustment to Adjusted EBITDA.
Cactus, Inc. – Supplemental
Information
Depreciation and Amortization
by Category
(unaudited)
Three Months Ended
Twelve Months Ended December
31,
December 31,
September 30,
December 31,
2022
2022
2021
2022
2021
(in thousands)
(in thousands)
Cost of product revenue
$
783
$
740
$
758
$
3,022
$
3,176
Cost of rental revenue
5,442
5,802
6,272
23,663
25,812
Cost of field service and other
revenue
1,773
1,738
1,705
6,986
6,863
Selling, general and administrative
expenses
135
119
93
453
457
Total depreciation and amortization
$
8,133
$
8,399
$
8,828
$
34,124
$
36,308
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
December 31,
September 30,
December 31,
2022
2022
2021
Cactus U.S. onshore rigs followed
304
285
228
Baker Hughes U.S. onshore rig count
quarterly average
757
741
543
Market share
40.2
%
38.5
%
42.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005970/en/
Cactus, Inc. John Fitzgerald, 713-904-4655 Director of
Corporate Development and Investor Relations IR@CactusWHD.com
Cactus (NYSE:WHD)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Cactus (NYSE:WHD)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024