RPC Expands Its Permian Operations with Acquisition of Pintail Completions for $245 Million
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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. 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,” said Ben Palmer, RPC’s president and chief executive officer.
“Pintail’s customer base consists primarily of tier 1 E&Ps in the Midland and Delaware basins. We are excited to welcome Pintail’s leadership and field teams into our organization, where they will operate independently under the Pintail name,” added Palmer.
“The Pintail team and I are excited to continue our journey alongside RPC as a separate business entity. 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,” said Matt Houston, Pintail’s co-founder and president.
Strategic 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
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of America, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets.
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