Earnings summaries and quarterly performance for Cactus.
Executive leadership at Cactus.
Scott Bender
Detailed
Chief Executive Officer
CEO
JB
Joel Bender
Detailed
President
JN
Jay Nutt
Executive Vice President, Chief Financial Officer and Treasurer
ST
Stephen Tadlock
Executive Vice President and Chief Executive Officer, Spoolable Technologies segment
SB
Steven Bender
Chief Operating Officer
WM
William Marsh
Executive Vice President, General Counsel and Corporate Secretary
Board of directors at Cactus.
Research analysts who have asked questions during Cactus earnings calls.
AJ
Arun Jayaram
JPMorgan Chase & Co.
4 questions for WHD
Also covers: APA, AR, BKR +33 more
SG
Scott Gruber
Citigroup
4 questions for WHD
Also covers: APA, BKR, BKV +24 more
Stephen Gengaro
Stifel Financial Corp.
4 questions for WHD
Also covers: ACDC, AESI, AMRC +24 more
JL
Jeffrey LeBlanc
Tudor, Pickering, Holt & Co.
2 questions for WHD
Also covers: HP, LBRT, NBR +2 more
DA
David Anderson
Barclays PLC
1 question for WHD
Also covers: ASPN, BKR, CHX +7 more
DC
Donald Crist
Johnson Rice & Company, L.L.C.
1 question for WHD
Also covers: AESI, ARIS, FTK +6 more
J. David Anderson
Barclays
1 question for WHD
Also covers: ASPN, BKR, FTI +7 more
JA
John Anderson
Barclays
1 question for WHD
Also covers: BKR, FTI, HAL +4 more
Recent press releases and 8-K filings for WHD.
Arizona Sonoran Outlines 2026 Work Plan and Recaps 2025 Achievements
WHD
New Projects/Investments
Guidance Update
Debt Issuance
- Arizona Sonoran Copper Company Inc. (ASCU) has initiated its fully-funded 2026 work plan for the Cactus Project, supported by a cash balance of approximately $105 million to start 2026 and a US$75 million budget for the year. The plan aims for a Final Investment Decision as early as Q4 2026 and anticipates first cathode production in 2H 2029.
- The 2026 work plan includes the completion of a Feasibility Study in 2H 2026, securing major permit amendments, and advancing project financing.
- In 2025, ASCU raised approximately C$255.3 million through financings and block trades, increased its Mineral Resource Estimate by 51% to 11 billion pounds of copper (Measured & Indicated category), and defined a 5.3 billion pound Mineral Reserve Estimate.
- The 2025 Pre-Feasibility Study (PFS) for the Cactus Project outlined compelling economics, including an after-tax Net Present Value (8%) of US$2.3 billion and an Internal Rate of Return (IRR) of 22.8% at US$4.25/lb Copper, with an initial capital expenditure of US$977 million. The PFS projects copper cathode production of 113k short tons per annum over the first 10 years of the 22-year project life.
1 day ago
Arizona Sonoran Copper Receives Dust Permit for Cactus Project
WHD
New Projects/Investments
- Arizona Sonoran Copper Company (ASCU) has been granted the Dust Permit for its Cactus Project from the Pinal County Air Quality Division, which is the first permit received since the Pre-Feasibility Study (PFS) issued in November 2025.
- The PFS outlined an annual production of 113,000 short tons of copper cathode over the first 10 years of the project's 22-year life.
- The company expects to receive the Aquifer Protection Permit and Industrial Air permits by mid-2026, with the Mined Land Reclamation Permit anticipated later in the year, aligning with an expected final investment decision.
- The Cactus Project is projected to be fully permitted for a final investment decision as early as the fourth quarter of 2026.
Jan 7, 2026, 11:30 AM
Cactus Completes Acquisition of Majority Interest in Baker Hughes' Surface Pressure Control Business
WHD
M&A
New Projects/Investments
Guidance Update
- Cactus, Inc. completed the acquisition of a 65% controlling interest in Baker Hughes Company's Surface Pressure Control business on January 1, 2026.
- The cash purchase price for the acquisition was $344,500,000, which Cactus funded using cash on hand.
- Formal financial guidance for the acquired business will be provided later in the first quarter of 2026.
- The company's Chairman and CEO, Scott Bender, stated that the transaction is transformational for Cactus, as it diversifies its geographic footprint and provides access to new growth markets.
- An Exit Option allows the Baker Member to sell, or the Cactus Member to purchase, the remaining membership interests starting from the second anniversary of the Closing Date, with the purchase price based on six times Adjusted EBITDA, subject to a maximum valuation of $660,000,000 and a minimum of $530,000,000 if Cactus buys.
Jan 2, 2026, 8:51 PM
Cactus Completes Acquisition of Baker Hughes’s Surface Pressure Control Business
WHD
M&A
New Projects/Investments
Guidance Update
- Cactus, Inc. (WHD) announced the completion of its acquisition of a 65% controlling interest in Baker Hughes Company’s Surface Pressure Control business (SPC) today, January 2, 2026.
- This transaction is considered transformational for Cactus, as it diversifies the company's geographic footprint and provides access to new growth markets.
- Formal financial guidance for the newly acquired business is anticipated to be provided later in the first quarter of 2026.
Jan 2, 2026, 12:00 PM
Arizona Sonoran Copper Company to Discuss Early Termination of Nuton Joint Venture Option
WHD
M&A
New Projects/Investments
- Arizona Sonoran Copper Company (ASCU) and Nuton LLC have mutually agreed to commence discussions in January for an amicable early termination of their option to joint venture agreement on the Cactus Project.
- ASCU will continue to advance its Cactus Project on a standalone basis, with the Definitive Feasibility Study (DFS) targeted for completion in 2H 2026.
- An eventual final investment decision for the Cactus Project is targeted as early as 4Q 2026.
- The company does not intend to provide further updates until a definitive outcome, and there is no certainty regarding the negotiation timeline or the achievement of a mutually satisfactory outcome.
Dec 29, 2025, 11:30 AM
Arizona Sonoran Copper Company Closes Private Placement with Hudbay Minerals
WHD
New Projects/Investments
- Arizona Sonoran Copper Company (ASCU) closed a C$10.4 million non-brokered private placement equity financing with Hudbay Minerals Inc.
- Hudbay Minerals exercised its pre-emptive rights to maintain a 9.99% ownership interest in ASCU, subscribing for 3,111,089 common shares at C$3.35 per share.
- Following these recent equity financings, ASCU anticipates ending 2025 with just over US$100 million in cash, providing a strong foundation to advance early development activities and project debt financing in 2026.
- As of December 11, 2025, the company has 208,656,359 common shares outstanding.
Dec 12, 2025, 3:00 PM
Arizona Sonoran Announces C$75 Million Bought-Deal Private Placement
WHD
New Projects/Investments
- Arizona Sonoran Copper Company Inc. (ASCU) has entered into an agreement for a bought-deal private placement of 22,388,100 common shares at a price of C$3.35 per Common Share.
- This offering is expected to generate gross proceeds of C$75,000,135, with an option for underwriters to purchase up to an additional 3,358,200 Common Shares for up to C$11,249,970.
- The net proceeds from the offering will be used for early development activities at the Company's Cactus Project, as well as for working capital and general corporate purposes.
- The closing of the offering is anticipated on or about December 2, 2025.
Nov 12, 2025, 11:56 AM
Cactus, Inc. to acquire Baker Hughes' surface pressure control business; provides Q4 2025 outlook
WHD
M&A
Guidance Update
Dividends
- Cactus, Inc. is set to acquire 65% of Baker Hughes Company's surface pressure control business (SPC) for $344.5 million, with closing anticipated in early 2026. The acquisition is expected to be funded by cash on hand and available external sources, including its $225 million revolving credit facility.
- The SPC acquisition aims to provide geographic diversification, increase scale, and is expected to be highly accretive to financial metrics. SPC's 2024 financials included $498 million in Revenue and $87 million in Adjusted EBITDA.
- For Q4 2025, Cactus anticipates Pressure Control revenue to be flat sequentially with an Adjusted EBITDA margin of 31% – 33%, while Spoolable Technologies revenue is expected to be down low double digits versus Q3 2025 with an Adjusted EBITDA margin of 34% – 36%.
- As of September 30, 2025, the company held approximately $446 million in cash and had $223 million available on its revolving credit facility. Cactus also announced an 8% quarterly dividend increase in July 2025.
Nov 10, 2025, 10:18 PM
Unit Corporation Reports Q3 2025 Results and Divests Drilling Subsidiary
WHD
Earnings
M&A
Dividends
- Unit Corporation reported Q3 2025 total revenues of $23,550 thousand and net income of $6,901 thousand, resulting in total diluted earnings per common share of $0.69.
- The company completed the sale of its wholly owned contract drilling subsidiary, Unit Drilling Company (UDC), to Cactus Drilling Company, L.L.C. for $120 million in cash on October 1, 2025, with UDC's operations now classified as discontinued operations.
- In the oil and natural gas segment for Q3 2025, oil production increased by 27% to 203 MBbls and the average natural gas price rose by 109% to $2.97/Mcf compared to the prior year period.
- Unit Corporation paid a quarterly dividend of $1.25 per share for Q1, Q2, and Q3 2025.
Nov 6, 2025, 2:15 PM
Cactus Inc. Reports Q3 2025 Results and Provides Q4 Outlook
WHD
Earnings
Guidance Update
M&A
- Cactus Inc. reported Q3 2025 revenue of $264 million, adjusted EBITDA of $87 million, and an adjusted EBITDA margin of 32.9%. The company ended the quarter with a cash balance of $446 million and declared a $0.14 per share quarterly dividend.
- For Q4 2025, Pressure Control revenue is expected to be relatively flat compared to Q3's $169 million, with adjusted EBITDA margins projected between 31%-33%. Spoolable Technologies revenue is anticipated to be down low double digits sequentially, with adjusted EBITDA margins around 34%-36%.
- The planned acquisition of a majority interest in Baker Hughes' Surface Pressure Control business is on track, with closing expected in early 2026. Cactus also plans to introduce a new Wellhead system in Q1 2026.
- The company continues efforts to mitigate tariff impacts, including increasing shipments from its Vietnam plant, which is expected to substantially displace Chinese shipments into the U.S. by mid-2026.
Oct 30, 2025, 2:00 PM
Quarterly earnings call transcripts for Cactus.
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