Houston-based Cactus Inc. reported it increased revenues more than 120 percent for 2017 going from $155 million in 2016 to more than $341 million last year.
The drilling company has most of its rigs located on sites in Oklahoma. Its website currently lists 32 rigs in Oklahoma compared to 26 in Texas, 6 in New Mexico and 3 in Louisiana.
Fourth quarter 2017 revenues rose 9.1 percent to reach $104.8 million compared to the $96 million reported in the third quarter.
Company President and CEO Scott Bender doesn’t expect any slowdown in 2018.
“We expect another strong year for the Company in 2018 and remain focused on generating superior results and industry leading returns,” he said in a statement. “In addition, through our recent very successful IPO, we are now well positioned to further grow the business.”
Cactus closed its IPO of Class common shares in February. It issued a total of 26,450,000 shares of Class A common stock in the IPO at $19 per share. The offering resulted in net proceeds of $47.4 million after deducting underwriting discounts and commissions and offering expenses. The company contributed all of the net proceeds to its limited liability company operating subsidiary in exchange for units.
There were also 48,439,772 Class B common shares issued and outstanding.
In January 2018, Cactus made a $26.0 million tax distribution payment to legacy owners related to the tax liabilities incurred prior to the IPO. The payment was funded through the borrowing of $26.0 million under the Company’s revolving credit facility.
As of March 7, 2018, Cactus had $8.0 million drawn under the revolving credit facility and $14.0 million cash on hand.