CALGARY, Alberta, July 15, 2024 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today the extension of a long-term contract with an investment grade global E&P company at its Gateway Terminal and the sanction of a connection to the Cactus II Pipeline. The specific terms of the customer contract are confidential. The Company has sanctioned a pipeline connection (the "Connection") to the Cactus II Pipeline pursuant to an interconnection agreement with Cactus II Pipeline, ...

Financial Data and Key Metrics Changes - Total Q1 2024 revenues were $274 million, with adjusted EBITDA of $95 million and adjusted EBITDA margins of 34.8% [6][7] - GAAP net income decreased to $50 million from $62 million in the previous quarter, largely due to increased remeasurement of the earn-out liability [8] - Adjusted net income and earnings per share were $60 million and $0.75 per share, respectively, compared to $65 million and $0.81 per share in the fourth quarter [8][9] Business Line Data and Key Metrics Changes - Pressure Control segment revenues were $175 million, down 3% sequentially, with operating income decreasing by $4.4 million or 7.8% [7] - Spoolable Technologies segment revenues increased by 5% sequentially to $99 million, driven by higher customer demand [7] - Adjusted segment EBITDA for Pressure Control decreased by 6.2% sequentially, while Spoolable Technologies saw a slight decrease of 1.1% [7] Market Data and Key Metrics Changes - The U.S. land rig count is expected to slightly decline, impacting Pressure Control revenue, which is anticipated to remain flat in Q2 2024 [10] - The market for surface pressure control equipment in Saudi Arabia is estimated to exceed $0.5 billion annually, indicating potential growth opportunities [10] Company Strategy and Development Direction - The company plans to introduce a new generation wellhead, which is expected to impact operating results later in the year [10] - Expansion plans in the Mid-East are being pursued, with two viable options currently under consideration [10] - The company is focusing on low-cost supply chain diversification and enhancing relationships with core customers to improve cash flows and returns [13] Management's Comments on Operating Environment and Future Outlook - Management expressed limited optimism regarding U.S. activity levels for 2024, anticipating a plateau in the second half of the year [13] - Increased inquiries related to CCUS and hydrogen transmission testing indicate potential growth in new applications [14] - The integration of Spoolable Technologies is progressing well, with increasing orders from a major new midstream customer [13][14] Other Important Information - The company paid a quarterly dividend of $0.12 per share, resulting in a cash outflow of approximately $10 million [9] - The cash balance increased to $194 million, a sequential increase of approximately $60 million [9] Q&A Session Summary Question: When will international opportunities start showing up on the income statement? - Management expects meaningful international contributions to begin next year [17] Question: What is the outlook for U.S. land market activity in the back half of the year? - Management anticipates a potential plateau in activity as gas production decreases and oil stabilizes [19]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission Fi ...

Exhibit 99.1 Cactus Announces First Quarter 2024 Results HOUSTON – May 1, 2024 – Cactus, Inc. (NYSE: WHD) ("Cactus" or the "Company") today announced financial and operating results for the first quarter of 2024. First Quarter Highlights Financial Summary | | | | | Three Months Ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | March 31, | December 31, | | | March 31, | | | | | 2024 | 2023 | | | (3) 2023 | | | | | | (in thousands) | | | | | Revenues | | $ | 274,123 | $ | 274,866 | $ | 2 ...

Customer Base and Revenue - The company serves over 300 customers, with one customer representing approximately 10% of total revenues for the year ended December 31, 2023[45]. Manufacturing and Production - The company operates manufacturing facilities in Bossier City, Louisiana, and Suzhou, China, with advanced production capabilities for time-sensitive orders[40]. - The company’s manufacturing facility in Baytown, Texas, produces pipe products using proprietary-designed equipment and adheres to API standards[41]. - The company’s manufacturing facilities are licensed to the latest API specifications and certified under ISO 9001:2015 quality management systems[51]. Industry Influence and Competition - The company’s business is significantly influenced by oil and gas industry conditions, including exploration and production activity, which are affected by oil prices[43]. - The company faces competition from major players in the Pressure Control and Spoolable Technologies segments, with no single competitor dominating the market[46]. Environmental and Regulatory Compliance - The company is subject to stringent environmental regulations, which could increase compliance costs and impact demand for its products[50]. Workforce and Employment - As of December 31, 2023, the company employed almost 1,600 people worldwide, with over 100 employees outside the United States, primarily in Australia and China[59]. - Approximately 14% of the company's workforce are women, and about 46% represent a minority population, highlighting the company's commitment to diversity and inclusion[62]. - The company has not experienced any strikes or work stoppages and considers its relations with its workforce to be good[59]. - The company emphasizes training and development, particularly in safety and technical skills, to enhance employee retention and morale[61]. - The company collaborates with local workforce commissions to attract a diverse pool of candidates across all regions of operation[60]. Safety and Incident Rates - The company reported a Total Recordable Incident Rate (TRIR) of 1.19 for the Pressure Control segment in fiscal year 2023, down from 1.35 in 2022, with no work-related fatalities in either year[64]. - The Spoolable Technologies segment reported a TRIR of 0.98 for fiscal year 2023, also with no work-related fatalities[64]. Financial Position and Risk Management - The company has no outstanding borrowings under its Amended ABL Credit Facility as of December 31, 2023, which bears interest at variable rates[216]. - The company utilizes various insurance coverages, including commercial general liability and workers' compensation, but carries a partially self-insured medical plan[58]. - If the U.S. dollar strengthened or weakened by 5%, the impact on the unrealized value of the company's foreign currency forward contracts would be approximately $0.9 million[215]. Supply Chain and Raw Materials - The company believes it can make satisfactory alternative arrangements for raw materials in case of supply interruptions, although costs may increase[39]. Seasonality - The company’s operations are not significantly impacted by seasonality, although the fourth quarter may see lower activity due to holidays[44].

Financial Data and Key Metrics Changes - For Q4 2023, total revenue was $275 million, with adjusted EBITDA of $100 million and an adjusted EBITDA margin of 36.4% [8][14] - Full year 2023 saw record revenues and adjusted EBITDA for both business segments despite a decline in US land activity [7] - GAAP net income for Q4 was $62 million, down from $68 million in Q3, while adjusted net income was $65 million, up from $64 million [17][18] - The company ended Q4 with a cash balance of $134 million, an increase of over $70 million sequentially [19] Business Line Data and Key Metrics Changes - Pressure Control segment revenues were $180 million, down 1.1% sequentially, but operating income increased by 2.2% [11] - Spoolable Technologies segment revenues were $94 million, down 10.4% sequentially, with operating income decreasing significantly due to remeasurement expenses [12] - Adjusted EBITDA for the Pressure Control segment increased by 2.3% sequentially, while Spoolable Technologies saw a decrease of 10.2% [11][12] Market Data and Key Metrics Changes - The US land rig count is expected to remain flat in the first quarter of 2024, with caution due to recent weakness in natural gas prices [23][30] - Increased inquiries for frac rental equipment suggest potential growth in Q2 2024 [23] Company Strategy and Development Direction - The company is focused on enhancing its low-cost manufacturing capabilities and diversifying its supply chain to reduce costs [42] - Expansion plans in the Middle East are underway, with expectations for customer acceptance and first orders by late 2024 [27] - The company aims to generate substantial free cash flow in 2024 to increase shareholder returns or pursue growth opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the overall rig count due to expected consolidations and low natural gas prices [41] - The company remains optimistic about market share growth despite a challenging environment [49] - New product rollouts, including a modified frac valve and a new wellhead design, are anticipated to positively impact margins later in 2024 [38][40] Other Important Information - Corporate and other expenses were $5.7 million in Q4, down from the previous quarter [13] - Net capital expenditures for 2023 were approximately $38.6 million, with expectations of $45 million to $55 million for 2024 [20] Q&A Session Summary Question: Increase in activity from majors - Management noted increased activity from majors and international orders, particularly from Latin America and the Middle East [33] Question: Details on new product introduction - The new frac valve is being rolled out, significantly reducing repair costs, while the new wellhead design is expected in Q3 to Q4 [36][38] Question: CapEx perspective regarding Saudi Aramco - Management remains cautious but sees potential business opportunities in Saudi Arabia despite recent news [39] Question: Revenue growth expectations - Management is optimistic about market share growth but cautious about overall rig count due to consolidations [48][49] Question: International market penetration - Currently, 5% to 10% of revenue comes from outside North America, with expectations for significant growth in the future [44][45]

Fourth Quarter Highlights | | | | | | Three Months Ended | | | | | Twelve Months Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | December 31, | | September 30, | | December 31, | | | December 31, | | | | | | 2023 | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | (in thousands) | | | | | (in thousands) | | | Revenues | | $ | 274,866 | $ | 287,870 | $ | 187,774 | $ | 1,096,960 | $ | 688,369 | | (3) Operating income | | $ | 78,553 | $ | 87,603 | $ | 48,221 | $ | 264, ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The financial statements for the period ended September 30, 2023, reflect significant changes primarily due to the FlexSteel acquisition, impacting assets and overall financial performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (unaudited) | (in thousands) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $63,738 | $344,527 | | Inventories | $203,517 | $161,283 | | Property and equipment, net | $345,222 | $129,998 | | Intangible assets, net | $183,974 | $— | | Goodwill | $200,723 | $7,824 | | **Total assets** | **$1,464,150** | **$1,118,896** | | **Liabilities & Equity** | | | | Total current liabilities | $177,367 | $116,649 | | Total liabilities | $454,079 | $408,451 | | Total stockholders' equity | $1,010,071 | $710,445 | | **Total liabilities and equity** | **$1,464,150** | **$1,118,896** | - The balance sheet reflects the impact of the FlexSteel acquisition, with significant increases in Property and equipment, Intangible assets, and Goodwill compared to year-end 2022. Cash and cash equivalents decreased substantially, reflecting the use of cash for the acquisition[14](index=14&type=chunk) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Condensed Consolidated Statements of Income Highlights (unaudited) | (in thousands, except per share data) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$287,870** | **$184,481** | **$822,094** | **$500,595** | | Operating income | $87,603 | $51,296 | $185,813 | $126,527 | | Net income | $68,019 | $41,520 | $152,766 | $104,383 | | **Net income attributable to Cactus Inc.** | **$52,580** | **$31,425** | **$120,224** | **$79,185** | | Earnings per Class A share - diluted | $0.80 | $0.51 | $1.82 | $1.30 | - Total revenues for Q3 2023 increased by **56.0% YoY**, and for the nine months ended September 30, 2023, revenues increased by **64.2% YoY**, largely driven by the inclusion of FlexSteel's results[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights (unaudited) | (in thousands) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $248,602 | $78,605 | | Net cash used in investing activities | ($645,242) | ($19,496) | | Net cash provided by (used in) financing activities | $116,651 | ($37,187) | | **Net decrease in cash and cash equivalents** | **($280,789)** | **$18,954** | - The significant use of cash in investing activities (**$645.2 million**) reflects the acquisition of FlexSteel. This was partially funded by cash from financing activities, including **$169.9 million** net proceeds from a Class A common stock issuance and **$155.0 million** in debt proceeds (which was subsequently repaid)[26](index=26&type=chunk)[132](index=132&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies and events, primarily focusing on the FlexSteel acquisition, its funding, and the resulting new business segment - On February 28, 2023, the company completed the acquisition of FlexSteel for total cash consideration of **$621.5 million**, plus a potential earn-out payment of up to **$75.0 million**[34](index=34&type=chunk) - The acquisition was funded through a combination of **$165.6 million** in net proceeds from a public stock offering, **$155.0 million** in borrowings under an Amended ABL Credit Facility, and available cash[35](index=35&type=chunk) - As a result of the acquisition, the company now operates in two business segments: **Pressure Control** and **Spoolable Technologies**[30](index=30&type=chunk)[86](index=86&type=chunk) Preliminary Purchase Price Allocation for FlexSteel Acquisition | (in thousands) | Amount | | :--- | :--- | | Net assets acquired | $434,566 | | Goodwill | $192,899 | | **Fair value of consideration transferred** | **$627,465** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes significant revenue growth to the FlexSteel acquisition and Pressure Control segment activity, while noting sequential declines in Q3 revenue and strong liquidity [Executive Summary and Business Segments](index=26&type=section&id=Executive%20Summary%20and%20Business%20Segments) - Cactus is an equipment solutions provider for onshore oil and gas markets. The company acquired FlexSteel, a leading provider of spoolable pipe technologies, on February 28, 2023[94](index=94&type=chunk) - The company now operates in two segments: - **Pressure Control:** Designs, manufactures, sells, and rents wellhead and pressure control equipment[99](index=99&type=chunk) - **Spoolable Technologies:** Designs, manufactures, and sells spoolable pipe and associated fittings under the FlexSteel brand[100](index=100&type=chunk)[103](index=103&type=chunk) [Recent Developments and Trends](index=27&type=section&id=Recent%20Developments%20and%20Trends) Key Industry Indicators | | Q3 2023 | Q2 2023 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | WTI Oil Price ($/bbl) | $82.25 | $73.54 | $77.27 | $98.96 | | Natural Gas Price ($/MMBtu) | $2.59 | $2.16 | $2.46 | $6.74 | | U.S. Land Drilling Rigs | 627 | 698 | 689 | 688 | - Drilling and completion activity levels declined in Q3 2023, with the average U.S. land drilling rig count decreasing. However, oil prices rose **12%** in Q3 compared to Q2 2023[107](index=107&type=chunk) [Consolidated Results of Operations](index=28&type=section&id=Consolidated%20Results%20of%20Operations) Q3 2023 vs Q2 2023 Results (Sequential) | (in thousands) | Q3 2023 | Q2 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$287,870** | **$305,819** | **($17,949)** | **(5.9)%** | | Pressure Control Revenue | $182,484 | $199,134 | ($16,650) | (8.4)% | | Spoolable Tech. Revenue | $105,386 | $106,685 | ($1,299) | (1.2)% | | **Total Operating Income** | **$87,603** | **$48,522** | **$39,081** | **80.5%** | - The sequential decrease in Pressure Control revenue was due to reduced activity. The significant increase in total operating income was mainly due to a **$5.1 million** gain on the earn-out liability in Q3, compared to an **$18.1 million** loss in Q2, for the Spoolable Technologies segment[113](index=113&type=chunk)[114](index=114&type=chunk) Nine Months 2023 vs 2022 Results (YoY) | (in thousands) | 9M 2023 | 9M 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$822,094** | **$500,595** | **$321,499** | **64.2%** | | Pressure Control Revenue | $576,273 | $500,595 | $75,678 | 15.1% | | Spoolable Tech. Revenue | $245,821 | $— | $245,821 | nm | | **Total Operating Income** | **$185,813** | **$126,527** | **$59,286** | **46.9%** | - The year-over-year increase in revenue and operating income was driven by the inclusion of the Spoolable Technologies segment (**$245.8 million** in revenue) and a **15.1%** increase in Pressure Control revenue from higher activity[119](index=119&type=chunk)[120](index=120&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2023, the company had **$63.7 million** in cash and cash equivalents[124](index=124&type=chunk) - The company had **$222.9 million** of available borrowing capacity under its Amended ABL Credit Facility with no outstanding borrowings[124](index=124&type=chunk) - In June 2023, the board authorized a share repurchase program for up to **$150 million** of its Class A common stock[125](index=125&type=chunk) - Estimated net capital expenditures for the full year 2023 are expected to range from **$35 million** to **$40 million**[128](index=128&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to market risk exposure since year-end 2022, except for previously disclosed interest rate risk - There have been no material changes in the company's exposure to market risk since year-end 2022, other than previously disclosed changes to interest rate risk[133](index=133&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective as of September 30, 2023, excluding the recently acquired FlexSteel business from the assessment - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of September 30, 2023[134](index=134&type=chunk) - The assessment of internal controls over financial reporting excluded the recently acquired FlexSteel business, which is permissible for up to one year following an acquisition[135](index=135&type=chunk) [PART II - OTHER INFORMATION](index=32&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal disputes, none of which are expected to have a material adverse impact on its financial condition - The company is party to lawsuits arising in the ordinary course of business but does not expect them to have a material adverse impact on its financial condition[138](index=138&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to existing risk factors, but adds a new one concerning the Middle East conflict and its potential impact on oil prices and global conditions - A new risk factor has been added regarding the recent conflict in the Middle East, which may cause volatility in oil prices and adversely affect the business[142](index=142&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the current reporting period - Not applicable[143](index=143&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the third quarter of 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended September 30, 2023[144](index=144&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q report, including required CEO and CFO certifications - The report includes required exhibits such as CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[146](index=146&type=chunk)

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 was $288 million, with adjusted EBITDA of $103 million and adjusted EBITDA margins of 35.8% [7][12] - GAAP net income increased to $68 million from $32 million in Q2, driven by lower inventory step-up expense and decreased interest expense [16] - Adjusted net income for Q3 was $64 million, or $0.80 per share, compared to $67 million and $0.84 per share in Q2 [16] Business Line Data and Key Metrics Changes - Pressure Control revenues were $182 million, down 8.4% sequentially due to decreased customer activity [8][9] - Spoolable Technologies revenues were $105 million, down 1.2% sequentially due to product mix [9] - Adjusted segment EBITDA for Pressure Control decreased by 15% sequentially, while Spoolable Technologies saw a decrease of 3.9% [9][11] Market Data and Key Metrics Changes - The U.S. land rig count declined during the period, impacting Pressure Control revenues [6] - Despite the decline, October's preliminary results showed total revenues up over 10% from September [20] Company Strategy and Development Direction - The company is focused on introducing new product enhancements in the first half of next year to support customer productivity and address market shifts towards longer laterals [22][28] - There is an ongoing effort to diversify the supply chain to mitigate geopolitical risks and solidify the company's position as a low-cost manufacturer [28] - The company aims to pursue inorganic growth opportunities while maintaining shareholder returns through dividends and share buybacks [48] Management's Comments on Operating Environment and Future Outlook - Management noted a pullback from private customers but expressed confidence in larger customers' plans for 2024 activity [34][36] - The company expects Pressure Control revenue to decline slightly in Q4 but anticipates a 5% increase in U.S. land drilling activity in Q1 2024 [20] - Management is optimistic about the consolidation among E&P customers, which could benefit the company by attracting investor capital [30] Other Important Information - The company has no bank debt after repaying the last of the $155 million raised for the FlexSteel acquisition [7] - Net CapEx for Q3 was approximately $8 million, with a full-year CapEx outlook of $35 million to $40 million [18] Q&A Session Summary Question: Expectations for Pressure Control margins in 2024 - Management indicated that mid-30% margins could be reasonable with recovery in activity and cost initiatives [31][32] Question: Status of the earnout liability for FlexSteel - The earnout liability currently stands at $18.9 million and is due for payment in Q3 2024 [32] Question: Changes in customer behavior and budget exhaustion - Management noted that private customers are pulling back, but larger customers remain positive about their plans [34][36] Question: Revenue opportunities in a mature shale environment - Management discussed new products aimed at enhancing productivity in response to longer laterals, which could improve market share [37][38] Question: Product enhancements for next year - Management revealed plans for new frac valve designs and wellhead products that are more value-engineered [40] Question: Capital allocation strategy moving forward - The company prioritizes dividends and share buybacks while focusing on international inorganic growth opportunities [48][49]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ FORM 10-Q ______________________________________________________________________________ (MARK ONE) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...