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Cactus Announces Second Quarter 2021 Results and Quarterly Cash Dividend Increase

Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the second quarter of 2021 and an increase to its quarterly cash dividend.

Second Quarter Highlights

  • Revenue of $108.9 million, up 29% sequentially;
  • Income from operations of $17.3 million, up 49% sequentially;
  • Net income of $14.8 million(1) and diluted earnings per Class A share of $0.18(1);
  • Net income, as adjusted(2) of $12.3 million and diluted earnings per share, as adjusted(2) of $0.16;
  • Adjusted EBITDA(3) and related margin(4) of $28.9 million and 26.5%, respectively;
  • Cash flow from operations of $27.5 million;
  • Cash balance of $309.1 million and no bank debt outstanding as of June 30, 2021; and
  • The Board of Directors (“the Board”) approved an 11% increase in the quarterly cash dividend to $0.10 per share.

Financial Summary

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

 

(in thousands)

Revenues

$

108,893

 

 

$

84,417

 

 

$

66,548

 

Income from operations

$

17,314

 

 

$

11,635

 

 

$

8,875

 

Operating income margin

15.9

%

 

13.8

%

 

13.3

%

Net income(1)

$

14,774

 

 

$

15,136

 

 

$

9,095

 

Net income, as adjusted(2)

$

12,336

 

 

$

8,612

 

 

$

7,367

 

Adjusted EBITDA(3)

$

28,908

 

 

$

22,831

 

 

$

22,483

 

Adjusted EBITDA margin(4)

26.5

%

 

27.0

%

 

33.8

%

(1)

Net income during the second quarter of 2021 is inclusive of a $3.0 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, $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 first quarter of 2021 is inclusive of a $5.1 million income tax benefit associated with a partial release of a valuation allowance and $0.4 million in non-routine fees and expenses recorded in connection with the offering of Class A common stock in March 2021 by certain selling stockholders. Net income during the second quarter of 2020 is inclusive of $0.9 million in non-routine charges related to severance and $1.3 million in additional income 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 significant revenue growth during the quarter, meaningfully outpacing that of the U.S. rig count. In our Product business line, Cactus maintained market share(1) above 40% during the period despite continued disproportionate activity growth by private operators. Additionally, our Product revenues per rig followed was up approximately 20% on a sequential basis and we were able to improve Product margins despite inflationary cost pressures. In our Rental business line, we were pleased to see a significant increase in the uptake of our innovations, which drove above market growth in this revenue category. In addition, we delivered free cash flow well in excess of our dividend and related distributions.

“Looking ahead to the third quarter, we anticipate further gains in Product revenue and rigs followed. Additionally, we expect Rental revenues to outpace the change in U.S. completion activity for the period. Internationally, we anticipate generating our first revenue in the Middle East, where we now have Associates deployed.”

Mr. Bender concluded, “The last twelve months have showcased the Company’s ability to execute despite difficult market conditions and to generate significant free cash flow through the cycle. Based on this and our strong balance sheet, I am pleased to announce that our board has authorized an 11% increase to the regular quarterly cash dividend to $0.10 per share, highlighting our ability to increase capital returns to shareholders. We will continue to maintain our focus on generating attractive returns on capital employed.”

(1)

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

Revenue Categories

Product

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

 

(in thousands)

Product revenue

$

70,345

 

 

$

51,956

 

 

$

40,893

 

Gross profit

$

22,245

 

 

$

15,435

 

 

$

14,931

 

Gross margin

31.6

%

 

29.7

%

 

36.5

%

Second quarter 2021 product revenue increased $18.4 million, or 35.4%, sequentially, as sales of wellhead and production related equipment increased primarily due to higher drilling activity in the U.S. and increased production tree sales. Gross profit increased $6.8 million, or 44.1%, sequentially, with margins increasing 190 basis points despite continued supply chain headwinds.

Rental

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

 

(in thousands)

Rental revenue

$

14,644

 

 

$

12,489

 

 

$

11,535

 

Gross profit

$

241

 

 

$

318

 

 

$

860

 

Gross margin

1.6

%

 

2.5

%

 

7.5

%

Second quarter 2021 rental revenue increased $2.2 million, or 17.3%, sequentially, due to a combination of higher customer completion activity and improved uptake in the use of our innovative technologies. Gross profit decreased $0.1 million sequentially and margins decreased 90 basis points due to increased equipment reactivation costs in relation to revenue.

Field Service and Other

 

Three Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

 

(in thousands)

Field service and other revenue

$

23,904

 

 

$

19,972

 

 

$

14,120

 

Gross profit

$

6,212

 

 

$

5,509

 

 

$

2,634

 

Gross margin

26.0

%

 

27.6

%

 

18.7

%

Second quarter 2021 field service and other revenue increased $3.9 million, or 19.7%, sequentially, as higher customer activity drove an increase in associated billable hours and ancillary services. Gross profit increased $0.7 million, or 12.8%, sequentially, with margins decreasing by 160 basis points sequentially due to higher labor costs associated with wage reinstatements instituted during the quarter as well as labor inefficiencies associated with significant onboarding of new Associates during the period.

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

SG&A expense for the second quarter of 2021 was $11.4 million (10.5% of revenues), compared to $9.6 million (11.4% of revenues) for the first quarter of 2021 and $8.7 million (13.1% of revenues) for the second quarter of 2020. The sequential increase was primarily due to higher payroll expenses, including an increase in non-cash performance-based stock compensation expense and a larger bonus accrual.

Liquidity, Capital Expenditures and Other

As of June 30, 2021, the Company had $309.1 million of cash and no bank debt outstanding. Operating cash flow was $27.5 million for the second quarter of 2021. During the second quarter, the Company made dividend payments and associated distributions of $6.8 million.

Net cash used in investing activities was $2.3 million during the second 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.

On June 17, 2021, Cadent Energy Partners II, L.P. (“Cadent”) transferred 0.9 million units representing limited liability company interests (“CW Units”) in Cactus Wellhead, LLC, together with the same number of shares of the Company’s Class B common stock, to various Cadent-affiliated entities. Following this, Cadent redeemed approximately 3.3 million CW Units for an equal number of shares of Class A common stock in the Company and distributed such shares to its limited partners. In connection with these events, 3.3 million CW Units and an equal number of shares of Class B common stock were cancelled. The Company received no proceeds from these events, and there was no change in the combined number of voting shares of Cactus, Inc. outstanding.

As of June 30, 2021, Cactus had 58,038,349 shares of Class A common stock outstanding (representing 76.7% of the total voting power) and 17,665,021 shares of Class B common stock outstanding (representing 23.3% of the total voting power).

Quarterly Dividend

The Board has approved an increase in the quarterly cash dividend to $0.10 per share of Class A common stock with payment to occur on September 16, 2021 to holders of record of Class A common stock at the close of business on August 30, 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, July 29, 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 1488997. 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.

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

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

(in thousands, except per share data)

Revenues

 

 

 

 

 

 

 

Product revenue

$

70,345

 

 

$

40,893

 

$

122,301

 

 

$

127,924

Rental revenue

14,644

 

 

11,535

 

27,133

 

 

47,698

Field service and other revenue

23,904

 

 

14,120

 

43,876

 

 

45,065

Total revenues

108,893

 

 

66,548

 

193,310

 

 

220,687

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of product revenue

48,100

 

 

25,962

 

84,621

 

 

82,097

Cost of rental revenue

14,403

 

 

10,675

 

26,574

 

 

30,014

Cost of field service and other revenue

17,692

 

 

11,486

 

32,155

 

 

35,297

Selling, general and administrative expenses

11,384

 

 

8,693

 

21,011

 

 

22,355

Severance expenses

 

 

857

 

 

 

1,864

Total costs and expenses

91,579

 

 

57,673

 

164,361

 

 

171,627

Income from operations

17,314

 

 

8,875

 

28,949

 

 

49,060

 

 

 

 

 

 

 

 

Interest income (expense), net

(181

)

 

223

 

(333

)

 

633

Other income (expense), net

(1,004

)

 

1,310

 

(1,410

)

 

1,310

Income before income taxes

16,129

 

 

10,408

 

27,206

 

 

51,003

Income tax expense (benefit)

1,355

 

 

1,313

 

(2,704

)

 

8,810

Net income

$

14,774

 

 

$

9,095

 

$

29,910

 

 

$

42,193

Less: net income attributable to non-controlling interest

4,381

 

 

3,067

 

7,958

 

 

17,182

Net income attributable to Cactus, Inc.

$

10,393

 

 

$

6,028

 

$

21,952

 

 

$

25,011

 

 

 

 

 

 

Earnings per Class A share - basic

$

0.19

 

 

$

0.13

 

$

0.42

 

 

$

0.53

Earnings per Class A share - diluted (a)

$

0.18

 

 

$

0.11

 

$

0.37

 

 

$

0.51

 

 

 

 

 

 

Weighted average shares outstanding - basic

55,048

 

 

47,436

 

52,124

 

 

47,353

Weighted average shares outstanding - diluted (a)

75,997

 

 

75,367

 

75,955

 

 

75,347

(a)

Dilution for the three and six months ended June 30, 2021 includes $4.6 million and $8.5 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 28% and 20.7 and 23.5 million weighted average shares of Class B common stock outstanding, respectively, plus the effect of dilutive securities. Dilution for the three and six months ended June 30, 2020 includes $3.4 million and $18.5 million, respectively, of additional pre-tax income attributable to non-controlling interest adjusted for a corporate effective tax rate of 26%, 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)

 

 

June 30,

 

December 31,

 

2021

 

2020

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

309,082

 

$

288,659

Accounts receivable, net

71,825

 

44,068

Inventories

88,382

 

87,480

Prepaid expenses and other current assets

4,490

 

4,935

Total current assets

473,779

 

425,142

 

 

 

 

Property and equipment, net

136,183

 

142,825

Operating lease right-of-use assets, net

22,662

 

21,994

Goodwill

7,824

 

7,824

Deferred tax asset, net

303,187

 

216,603

Other noncurrent assets

1,115

 

1,206

Total assets

$

944,750

 

$

815,594

 

 

 

 

Liabilities and Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

33,505

 

$

20,163

Accrued expenses and other current liabilities

21,379

 

11,392

Current portion of liability related to tax receivable agreement

9,290

 

9,290

Finance lease obligations, current portion

4,770

 

3,823

Operating lease liabilities, current portion

4,616

 

4,247

Total current liabilities

73,560

 

48,915

 

 

 

 

Deferred tax liability, net

587

 

786

Liability related to tax receivable agreement, net of current portion

275,883

 

195,061

Finance lease obligations, net of current portion

5,328

 

2,240

Operating lease liabilities, net of current portion

18,217

 

17,822

Total liabilities

373,575

 

264,824

 

 

 

 

Equity

571,175

 

550,770

Total liabilities and equity

$

944,750

 

$

815,594

Cactus, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Six Months Ended June 30,

 

2021

 

2020

 

(in thousands)

Cash flows from operating activities

 

 

 

Net income

$

29,910

 

 

$

42,193

 

Reconciliation of net income to net cash provided by operating activities

 

 

 

Depreciation and amortization

18,352

 

 

21,500

 

Deferred financing cost amortization

84

 

 

84

 

Stock-based compensation

4,438

 

 

4,204

 

Provision for expected credit losses

149

 

 

574

 

Inventory obsolescence

1,566

 

 

2,322

 

Gain on disposal of assets

(613

)

 

(438

)

Deferred income taxes

(4,506

)

 

5,565

 

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

1,004

 

 

(1,310

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(27,858

)

 

42,039

 

Inventories

(2,569

)

 

17,076

 

Prepaid expenses and other assets

499

 

 

2,619

 

Accounts payable

12,774

 

 

(25,686

)

Accrued expenses and other liabilities

9,999

 

 

(8,193

)

Net cash provided by operating activities

43,229

 

 

102,549

 

 

 

 

 

Cash flows from investing activities

 

 

 

Capital expenditures and other

(5,461

)

 

(18,902

)

Proceeds from sale of assets

1,108

 

 

2,352

 

Net cash used in investing activities

(4,353

)

 

(16,550

)

 

 

 

 

Cash flows from financing activities

 

 

 

Payments on finance leases

(2,479

)

 

(3,265

)

Dividends paid to Class A common stock shareholders

(9,426

)

 

(8,568

)

Distributions to members

(3,560

)

 

(4,712

)

Repurchase of shares

(3,174

)

 

(1,385

)

Net cash used in financing activities

(18,639

)

 

(17,930

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

186

 

 

1

 

 

 

 

 

Net increase in cash and cash equivalents

20,423

 

 

68,070

 

 

 

 

 

Cash and cash equivalents

 

 

 

Beginning of period

288,659

 

 

202,603

 

End of period

$

309,082

 

 

$

270,673

 

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

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

 

(in thousands, except per share data)

Net income

$

14,774

 

 

$

15,136

 

 

$

9,095

 

Adjustments:

 

 

 

 

 

Severance expenses, pre-tax(1)

 

 

 

 

857

 

Other non-operating (income) expense, pre-tax(2)

1,004

 

 

 

 

(1,310

)

Secondary offering related expenses, pre-tax(3)

 

 

406

 

 

 

Income tax expense differential(4)

(3,442

)

 

(6,930

)

 

(1,275

)

Net income, as adjusted

$

12,336

 

 

$

8,612

 

 

$

7,367

 

 

 

 

 

 

 

Diluted earnings per share, as adjusted

$

0.16

 

 

$

0.11

 

 

$

0.10

 

 

 

 

 

 

 

Weighted average shares outstanding, as adjusted(5)

75,997

 

 

75,774

 

 

75,367

 

(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.

(4)

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% on income before income taxes for the three months ended June 30, 2021, 25% for the three months ended March 31, 2021 and 26% for the three months ended June 30, 2020.

(5)

Reflects 55.0, 49.2, and 47.4 million weighted average shares of basic Class A common stock outstanding and 20.7, 26.3 and 27.9 million of additional shares for the three months ended June 30, 2021, March 31, 2021 and June 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

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

2021

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

(in thousands)

Net income

$

14,774

 

$

15,136

 

$

9,095

 

$

29,910

 

$

42,193

Interest expense (income), net

181

 

152

 

(223)

 

333

 

(633)

Income tax expense (benefit)

1,355

 

(4,059)

 

1,313

 

(2,704)

 

8,810

Depreciation and amortization

9,159

 

9,193

 

10,520

 

18,352

 

21,500

EBITDA

25,469

 

20,422

 

20,705

 

45,891

 

71,870

Severance expenses(1)

 

 

857

 

 

1,864

Other non-operating (income) expense(2)

1,004

 

 

(1,310)

 

1,004

 

(1,310)

Secondary offering related expenses(3)

 

406

 

 

406

 

Stock-based compensation

2,435

 

2,003

 

2,231

 

4,438

 

4,204

Adjusted EBITDA

$

28,908

 

$

22,831

 

$

22,483

 

$

51,739

 

$

76,628

(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

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

2021

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

(in thousands)

Cost of product revenue

$

814

 

$

806

 

$

863

 

$

1,620

 

$

1,891

Cost of rental revenue

6,491

 

6,625

 

7,121

 

13,116

 

14,463

Cost of field service and other revenue

1,753

 

1,655

 

2,286

 

3,408

 

4,671

Selling, general and administrative expenses

101

 

107

 

250

 

208

 

475

Total depreciation and amortization

$

9,159

 

$

9,193

 

$

10,520

 

$

18,352

 

$

21,500

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

 

June 30,

 

March 31,

 

June 30,

 

2021

 

2021

 

2020

Cactus U.S. onshore rigs followed

182

 

 

161

 

 

112

 

Baker Hughes U.S. onshore rig count quarterly average

436

 

 

377

 

 

378

 

Market share

41.7

%

 

42.7

%

 

29.6

%

 

Contacts

Cactus, Inc.

John Fitzgerald, 713-904-4655

Director of Corporate Development and Investor Relations

IR@CactusWHD.com

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