Cactus, Inc.: directors' dealings · United States · SEC (Form 4)

About Cactus, Inc.

Cactus, Inc. (NYSE: WHD) is a U.S.-based oilfield equipment and services company headquartered in Houston, Texas, United States. The business was built around Cactus LLC, which was formed in 2011, while Cactus, Inc. was incorporated in 2017 as the public holding company ahead of the IPO. For investors, Cactus is best viewed as a specialized energy infrastructure and wellsite hardware provider rather than a broad-based E&P company. Its revenue model is anchored in three streams: product sales, rentals, and field service and other revenue. The core portfolio includes wellheads, pressure control systems, production trees, frac trees, spoolable pipe, and related fittings. Cactus operates through two reportable segments. Pressure Control designs, manufactures, sells, and rents wellhead and pressure control equipment under the Cactus Wellhead brand. These systems are used primarily in onshore conventional and unconventional oil and gas wells across drilling, completion, and production phases. The Spoolable Technologies segment, marketed under the FlexSteel brand, designs and sells spoolable pipe and end fittings used mainly as production, gathering, and takeaway pipelines. This gives Cactus exposure not only to new well activity, but also to infrastructure needed to bring production online and move hydrocarbons efficiently. The company also provides installation, maintenance, handling, repair, and refurbishment services, which adds a valuable service layer around its equipment base. From a competitive standpoint, Cactus is a technically focused niche supplier with a strong position in North American onshore markets. Management states that the company has worldwide operations, with a footprint in the United States, Saudi Arabia, the UAE, and China, plus more limited operations in Australia and Canada. Its manufacturing sites and service centers are located close to major energy basins, supporting responsiveness, customer service, and equipment turnaround. That footprint, together with a relatively asset-light commercial model in parts of the business, helps support margins and cash generation when activity remains healthy. Recent corporate developments are important. In January 2026, Cactus closed its acquisition of a majority interest in Baker Hughes’ Surface Pressure Control business, a deal management described as transformational and intended to expand the company’s scale and product offering. In February 2026, the board approved an increase in the quarterly cash dividend on Class A shares to $0.14. The company’s first-quarter 2026 update also showed higher revenue and strong operating cash flow, while ending the period with no bank debt outstanding. Overall, Cactus appears positioned as a financially disciplined energy-services platform with meaningful U.S. market exposure, international optionality, and a bigger strategic footprint following the Baker Hughes transaction.