RPC expands Permian operations with acquisition of Pintail Completions

RPC, Inc. has acquired Pintail Completions for approximately $245 million, subject to customary post-closing adjustments. Pintail is headquartered in Midland, Texas and is a leading provider of oilfield wireline services in the Permian basin.

"The acquisition of Pintail is a significant step forward in RPC's strategic evolution as a diversified oilfield services provider," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "Pintail Completions is recognized as an industry leader in wireline perforation services, complementing our existing completion service lines and making wireline a meaningful component of RPC's portfolio. With this transaction, RPC acquires a business with strong brand recognition, attractive margins and solid cash generation. Pintail's customer base consists primarily of Tier 1 E&Ps in the Midland and Delaware basins.”

"The Pintail team and I are excited to continue our journey alongside RPC as a separate business entity,” commented Matt Houston, Pintail's co-founder and President. RPC's platform allows Pintail to preserve both its operating model and customer-centric approach that has served our customers and other stakeholders so well. RPC's strategy creates a best-in-class environment for entrepreneurs and operators to continue to thrive."

Transaction highlights

• Strategic acquisition of wireline completions services market leader in Permian Basin
• Aligns with RPC's focus on service lines that command strong margins and demonstrate high free cash flow conversion characteristics
• Builds on RPC's diversified oilfield services platform with geographic concentration in the most active oil producing region in the U.S. land market
• Pintail operates more than 30 active fleets, and its conventional and electric wireline units are among the newest in the industry
• Pintail maintains trusted relationships with blue chip E&Ps by delivering service excellence, safety, low emissions and fuel cost efficiencies
• Pintail's full year calendar 2024 revenues were approximately $409 million
• Acquisition is expected to be accretive to RPC's 2025 earnings per share and operating and free cash flow (operating cash flow less capital expenditures)