RPC, Inc. Expands its Permian Operations with Acquisition of Pintail Completions, a Leading Wireline Completions Services Company

Core Viewpoint - RPC, Inc. has acquired Pintail Alternative Energy, L.L.C. for approximately $245 million, enhancing its position in the oilfield services sector, particularly in wireline services within the Permian basin [1][7]. Strategic Highlights - The acquisition aligns with RPC's strategy to focus on service lines that yield strong margins and high free cash flow conversion [7]. - Pintail is recognized as a leader in wireline perforation services, complementing RPC's existing service offerings [3][7]. - The acquisition is expected to be accretive to RPC's earnings per share and operating and free cash flow in 2025 [7]. Transaction Details - The purchase price of $245 million consists of approximately $170 million in cash, $25 million in RPC restricted stock, and a $50 million three-year note [8]. - The agreement includes customary post-closing adjustments related to Pintail's working capital [8]. Company Overview - RPC provides a wide range of specialized oilfield services and equipment to independent and major oilfield companies across various U.S. regions and selected international markets [5]. - Pintail operates over 30 active fleets, with its wireline units being among the newest in the industry [7].