WASHINGTON (dpa-AFX) - RPC, Inc. (RES) announced the acquisition, effective April 1, 2025, of Pintail Alternative Energy, L.L.C., which does business under the name Pintail Completions, for approximately $245 million. Consideration was comprised of a combination of approximately $170 million cash-on-hand, $25 million of RPC restricted stock consideration and a $50 million three-year note to one of the sellers.
Headquartered in Midland, Texas, Pintail is a provider of oilfield wireline services in the Permian basin. The acquisition is expected to be accretive to RPC's 2025 earnings per share and operating and free cash flow.
'The acquisition of Pintail is a significant step forward in RPC's strategic evolution as a diversified oilfield services provider,' said Ben Palmer, RPC's President and CEO.
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