What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-27 · 68 added, 67 removed, 213 unchanged (39% of the section changed)

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We began operating in August 2011 following the formation of Cactus Wellhead, LLC (“Cactus LLC”) in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s.

and its consolidated subsidiaries (the “Company,” “we,” “us,” “our” and “Cactus”) are primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies.

"The Company" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies.

Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers’ wells.

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Our primary manufacturing and production facilities are in Bossier City, Louisiana, Baytown, Texas and Suzhou, China.

In addition, a new plant is commencing production in Vietnam.

Our corporate headquarters are located in Houston, Texas.

On January 1, 2026, the Company acquired 65% of Baker Hughes Pressure Control LLC, which holds Baker Hughes Company's former surface pressure control business.

See "Cactus International Joint Venture with Baker Hughes" below.

FlexSteel Acquisition

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and its subsidiaries.

We completed the acquisition on a cash-free, debt-free basis and paid total cash consideration of $658.6 million which included the initial purchase consideration, final adjustments for closing working capital, cash on hand and indebtedness adjustments, and earn-out payments made in 2024 as set forth in the related merger agreement (the “Merger Agreement”).

CC Reorganization and Current Ownership Structure

On February 27, 2023, in order to facilitate the Merger with HighRidge, an internal reorganization (the “CC Reorganization”) was completed in which Cactus Companies, LLC (“Cactus Companies”), a wholly-owned subsidiary of Cactus Inc., acquired all of the outstanding units representing limited liability ownership interests in Cactus LLC (“CW Units”), the operating subsidiary of Cactus Inc., in exchange for an equal number of units representing limited liability company interests in Cactus Companies (“CC Units”).

Subsequent to the Merger, FlexSteel Holdings, Inc.

was converted into a limited liability company and is now named FlexSteel Holdings, LLC (“FlexSteel”).

contributed HighRidge to Cactus Acquisitions LLC (“Cactus Acquisitions”), a newly created entity, whereby HighRidge was converted into a limited liability company.

Lastly, Cactus Acquisitions contributed FlexSteel to Cactus Companies.

is a holding company whose only material asset is a direct and indirect equity interest consisting of CC Units following the completion of the CC Reorganization (which were CW Units from the IPO until the CC Reorganization).

was the sole managing member of Cactus LLC upon completion of our IPO until the CC Reorganization and became the sole managing member of Cactus Companies upon completion of the CC Reorganization.

In connection with the CC Reorganization, Cactus Inc., Cactus Acquisitions and the remaining owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which contains substantially the same terms and conditions as the Second Amended and Restated Limited Liability Company Operating Agreement of Cactus LLC (the “Cactus Wellhead LLC Agreement”), which was the limited liability company operating agreement of Cactus LLC prior to the CC Reorganization.

was responsible for all operational, management and administrative decisions relating to Cactus LLC’s business for the period from completion of our IPO until the CC Reorganization and for the Cactus Companies’ business for periods after the CC Reorganization.

From the completion of our IPO until the CC Reorganization, pursuant to the Cactus Wellhead LLC Agreement, owners of CW Units were entitled to redeem their CW Units for shares of Cactus Inc.’s Class A common stock, par value $0.01 per share (“Class A common stock”) on a one-for-one basis, which would have resulted in a corresponding increase in Cactus Inc.’s membership interest in Cactus LLC and an increase in the number of shares of Class A common stock outstanding.

After the CC Reorganization, we refer to the owners of CC Units, other than Cactus Inc.

(along with their permitted transferees), as “CC Unit Holders.” From the completion of our IPO until the CC Reorganization, CW Unit Holders owned one share of our

Class B common stock, par value $0.01 per share (“Class B common stock”) for each CW Unit such CW Unit Holder owned and, upon the completion of the CC Reorganization, such CW Unit Holders ceased to be holders of CW Units and, instead, became holders of a number of CC Units equal to the number of CW Units such CW Unit Holders held immediately prior to the completion of the CC Reorganization.

Following the completion of the CC Reorganization, CC Unit Holders own one share of our Class B common stock for each CC Unit such CC Unit Holder owns and Cactus Companies is the sole member of Cactus LLC.

Pursuant to the Cactus Companies LLC Agreement, owners of CC Units are entitled to redeem their CC Units for shares of Cactus Inc.’s Class A common stock on a one-for-one basis, which would result in a corresponding increase in Cactus Inc.’s membership interest in Cactus Companies and an increase in the number of shares of Class A common stock outstanding.

Since our IPO, 49.1 million CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock.

Holders of Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or our amended and restated certificate of incorporation.

Current Ownership Structure

On February 27, 2023, an internal reorganization (the “CC Reorganization”) was completed to facilitate the Merger.

Cactus Companies, LLC (“Cactus Companies”), a wholly-owned subsidiary of Cactus Inc., acquired all of the outstanding units representing limited liability ownership interests in Cactus LLC (“CW Units”), the operating subsidiary of Cactus Inc., in exchange for an equal number of units representing limited liability company interests in Cactus Companies (“CC Units”).

is a holding company whose only material assets are CC Units, which Cactus Inc.

holds both directly and indirectly.

is the sole managing member of Cactus Companies.

(directly and through a wholly owned subsidiary) and the other owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus Companies LLC Agreement”), which provides for Cactus Inc.

to be responsible for all operational, management and administrative decisions relating to Cactus Companies’ business.

Holders of CC Units other than Cactus Inc.

(such holders, "CC Unit Holders") own one share of Cactus Inc.'s Class B common stock, par value $0.01 per share ("Class B common stock"), for each CC Unit such CC Unit Holder owns and Cactus Companies is the sole member of Cactus LLC.

Pursuant to the Cactus Companies LLC Agreement, owners of CC Units are entitled to redeem their CC Units for shares of Cactus Inc.’s Class A common stock, par value $0.01 per share ("Class A common stock") on a one-for-one basis, which would result in a corresponding increase in Cactus Inc.’s membership interest in Cactus Companies and an increase in the number of shares of Class A common stock outstanding.

Since our IPO through December 31, 2025, 49.6 million CC Units (including CW Units prior to the CC Reorganization) and a corresponding number of shares of Class B common stock have been redeemed in exchange for shares of Class A common stock.

Holders of Class A common stock and Class B common stock vote together as a single class on all

matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or our amended and restated certificate of incorporation.

Cactus WH Enterprises, LLC (“Cactus WH Enterprises”) is the largest CC Unit Holder.

Cactus WH Enterprises is a Delaware limited liability company owned by Scott Bender, Joel Bender, Steven Bender and certain other employees.

Cactus WH Enterprises is a Delaware limited liability company owned by Scott Bender, Joel Bender, and Steven Bender, each of whom is an executive officer of Cactus Inc.

As of December 31, 2025, Cactus Inc.

owned 85.6% and CC Unit Holders owned 14.4% of Cactus Companies, which was based on 68.2 million shares of Class A common stock issued and outstanding and 11.4 million shares of Class B common stock issued and outstanding.

owned 86.3% and CC Unit Holders owned 13.7% of Cactus Companies, which was based on approximately 68.9 million shares of Class A common stock issued and outstanding and approximately 11.0 million shares of Class B common stock issued and outstanding.

Cactus WH Enterprises held approximately 12.1% of our voting power as of December 31, 2025.

The following diagram indicates our simplified ownership structure as of December 31, 2025:

Cactus International Joint Venture with Baker Hughes

On January 1, 2026 (the “Closing Date”), Baker Hughes Holdings LLC ("Baker Hughes Holdings") and certain of its affiliates sold 65% of the limited liability company membership interests ("Membership Interests") in Baker Hughes Pressure Control LLC (the "Joint Venture" or "Cactus International"), which holds Baker Hughes Company's former surface pressure control business (the "Acquired Business") to Cactus UK Holding Limited (the “Cactus Member”), a subsidiary of Cactus Companies, for a cash purchase price of $344.5 million, subject to certain working capital, cash, debt, capital expenditure and other customary adjustments (the "Baker Hughes Transaction").

For so long as Baker Hughes Pressure Control Holdings LLC (the "Baker Member") continues to hold Membership Interests, the Cactus Member shall cause the Joint Venture to operate its business generally in the ordinary course.

Certain actions of the Board of Directors of the Joint Venture require the affirmative vote of at least one director appointed by the Baker Member.

Baker Hughes Company ("Baker Hughes Company") and the Company will have specific non-compete restrictions with respect to surface pressure control applications in certain countries, and the members of the Joint Venture are subject to certain transfer restrictions with respect to the Membership Interests.

From and after the second anniversary of the Closing Date, the Baker Member has the right to sell to either the Joint Venture or the Cactus Member, and the Cactus Member has the right to purchase or cause the Joint Venture to purchase, all of the Membership Interests held directly or indirectly by Baker Hughes Company.

The purchase price will be based on an enterprise value of the Joint Venture using a multiple of six times its trailing twelve month ("TTM") Adjusted EBITDA (as defined and calculated pursuant to the Amended and Restated Limited Liability Company Agreement of the Joint Venture, entered into on the Closing Date by the Joint Venture, the Cactus Member, the Baker Member, Cactus Inc.

and Baker Hughes Company (the "Joint Venture LLC Agreement")), subject to a maximum valuation of $660.0 million, and if the Cactus Member elects to purchase or cause the Joint Venture to purchase the Membership Interests, a minimum valuation of $530.0 million applies.

In connection with the Baker Hughes Transaction, Cactus Companies is obligated to pay Baker Hughes Holdings $10.0 million on the first anniversary of the Closing Date and $14.5 million at such time as Baker Hughes Company ceases to be a member of the Joint Venture.

For further information on the Joint Venture please refer to (i) the complete text of the Joint Venture LLC Agreement, a copy of which is filed as Exhibit 10.29 to this Annual Report and (ii) note 19 to our consolidated financial statements.

Our Products and Services

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We also provide rental and service operations in the Middle East.

Pressure Control manufacturing and production facilities are located in Bossier City, Louisiana and Suzhou, China.

Pressure Control manufacturing and production facilities are located in Bossier City, Louisiana, Suzhou, China and Hai Duong, Vietnam.

Demand for our product sales in the Pressure Control segment is driven primarily by the number of new wells drilled, as each new well requires a wellhead and, after the completion phase, a production tree.

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Product revenues are derived from the sale of wellhead systems, production trees and spoolable pipe and fittings.

Rental revenues are primarily derived from the rental of equipment used during the completion process, the repair of such equipment and the rental of equipment or tools used to install wellhead equipment or spoolable pipe.

Field service and other revenues are primarily earned when we provide installation and other field services for both product sales and equipment rental.

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We have predominantly domestic operations and sales, but also generate revenues in Australia, Canada and other select international markets.

As a result of the Baker Hughes Transaction, we expect that a greater portion of our operations and sales will be attributable to international markets, particularly the Middle East.

Most of our sales are made on a call out basis pursuant to customer agreements, wherein our clients provide delivery instructions for goods and/or services as their operations require.

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Manufacturing

Our manufacturing and production facilities within our Pressure Control operating segment are located in Bossier City, Louisiana and Suzhou, China.

Although both facilities can produce our full range of products, our Bossier City facility has advanced production capabilities and is designed to support time-sensitive and rapid turnaround of made-to-order equipment, while our facility in China is optimized for longer lead time orders and outsources its machining requirements.

The facilities are licensed to the latest American Petroleum Institute (“API”) 6A specification for wellheads and valves and API Q1 and ISO 9001:2015 quality management systems.

Our manufacturing and production facilities within our Pressure Control operating segment are located in Bossier City, Louisiana, Suzhou, China and Hai Duong, Vietnam.

Although all facilities can produce our full range of products, our Bossier City facility has advanced production capabilities and is designed to support time-sensitive and rapid turnaround of made-to-order equipment, while our facilities in China and Vietnam are optimized for longer lead time orders and outsources its machining requirements.

Excluding the new plant in Vietnam, the facilities are licensed to the latest American Petroleum Institute (“API”) 6A specification for wellheads and valves and API Q1 and ISO 9001:2015 quality management systems.

The Bossier City facility also has the ability to perform frac rental equipment remanufacturing.

Our production facility in China is configured to efficiently produce our range of pressure control products and components for less time-sensitive, higher-volume orders.

The Suzhou facility assembles and tests finished and semi-finished machined components before shipment to the United States, Australia and other international locations.

Our Suzhou subsidiary is wholly-owned, and its facility is staffed by Cactus employees, which we believe is a key factor in sustaining high quality and dependable deliveries.

The Suzhou facility assembles and tests finished and semi-finished machined components before shipment to the United

States, Australia and other international locations.

Our Suzhou and Vietnam subsidiaries are wholly-owned, and the facilities are staffed by Cactus employees, which we believe is a key factor in sustaining high quality and dependable deliveries.

Our manufacturing facility within our Spoolable Technologies operating segment is located in Baytown, Texas.

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We are substantially dependent on conditions in the oil and gas industry, including the level of exploration, development and production activity of, and the corresponding capital spending by, oil and natural gas exploration and production companies.

The level of exploration, development and production activity is directly affected by trends in oil and natural gas prices, which have historically been volatile, and by the availability of capital and the associated capital spending discipline exercised by customers.

Declines, as well as anticipated declines, in oil and gas prices could negatively affect the level of these activities and capital spending, which could adversely affect demand for our products and services and, in certain instances, result in the cancellation, modification or rescheduling of existing and expected orders and the ability of our customers to pay us for our products and services.

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oil and gas producing basins as well as in Australia, Canada, the Middle East and other international locations.

For the years ended December 31, 2024 and 2023, one customer represented 15% and 10%, respectively, of total Company revenues, with both operating segments reporting revenues with this customer.

No customer represented more than 10% of total Company revenues for the year ended December 31, 2022.

For the years ended December 31, 2025, 2024, and 2023 one customer represented 17%, 15% and 10%, respectively, of total Company revenues, with both operating segments reporting revenues with the customer.

The markets in which we operate are highly competitive.

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We believe the rental market for frac stacks and related flow control equipment is more fragmented than the wellhead product market, and we do not believe any individual company represents more than 20% of the U.S.

In the Spoolable Technologies segment, we compete with companies who offer spoolable products, including Baker Hughes, Mattr, NOV and select other companies, and companies who offer traditional steel line pipe, including Tenaris, Vallourec, and a large number of other line pipe manufacturers and distributors.

In the Spoolable Technologies segment, we compete with companies who offer spoolable products, including Baker Hughes, Mattr, NOV and select other companies, as well as companies who offer traditional steel line pipe, including Tenaris, Vallourec, and a large number of other line pipe manufacturers and distributors.

We believe the competitive factors in the markets we serve include technical features, equipment availability, work force competency, efficiency, safety record, reputation, continuity of management, and price.

Additionally, projects are often awarded on a bid basis, which tends to create a highly competitive environment.

Additionally, projects are often

awarded on a bid basis, which tends to create a highly competitive environment.

While we seek to be competitive in our pricing, we believe many of our customers elect to work with us based on product performance, features, safety and availability, as well as the quality of our people, equipment and services.

We seek to differentiate ourselves from our competitors by delivering the highest‑quality services and equipment possible, coupled with superior execution and operating efficiency in a safe working environment.

We seek to differentiate ourselves from our competitors by timely delivering the highest‑quality services and equipment possible, coupled with superior execution and operating efficiency in a safe working environment.

Environmental, Health and Safety Regulation

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The API licenses and certifications expire every three years and are renewed upon successful completion of annual audits.

Our current API licenses and certifications for our Pressure Control segment are published on our website under the “Quality Assurance & Control” section at www.CactusWHD.com.

The current licenses and certifications for our Spoolable Technologies segment can be found under the “HSEQ” section of our FlexSteel website at www.flexsteelpipe.com.

Our current licenses and certifications are published on our website at www.CactusWHD.com.

Information relating to the Pressure Control segment is available under the “Quality” section of the Cactus Wellhead webpage, and information relating to the Spoolable Technologies segment is available under the “HSEQ” section of the FlexSteel webpage.

API’s standards are subject to revision, however, and there is no guarantee that future amendments or substantive changes to the standards would not require us to modify our operations or manufacturing processes to meet the new standards.

Doing so may materially affect our operational costs.

We also cannot guarantee that changes to the standards would not lead to the rescission of our licenses should we be unable to make the changes necessary to meet the new standards.

We also cannot guarantee that changes to the standards would not lead to the rescission

of our licenses should we be unable to make the changes necessary to meet the new standards.

Loss of our API licenses could materially affect demand for these products.

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Oil and natural gas exploration and production may decline as a result of environmental requirements, including land use policies responsive to environmental concerns.

For example, in January 2025, President Biden issued a Memorandum of Withdrawal that could have had the effect of preventing future leasing by the federal government (and therefore oil and gas exploration) of the lands underlying federal waters offshore the U.S.

East Coast, the eastern Gulf of Mexico, the Pacific Ocean off the coasts of Washington, Oregon, and California, and additional portions of the Northern Bering Sea in Alaska.

The Trump Administration, however, overturned President Biden’s Memorandum of Withdrawal and issued a series of executive orders that signal a shift in the United States’ energy and climate change policies.

Future administrations may, however, pursue executive orders similar to, or more restrictive than, those put in place by President Biden.

The topic of oil and gas leasing on public land remains politically fraught.

Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, regulations, treaties or international agreements related to greenhouse gases and climate change, may reduce demand for oil and natural gas and could have a negative impact on our business.

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In addition, our business could be negatively impacted by initiatives to address greenhouse gases and climate change and incentives to conserve energy or use alternative energy sources.

For example, the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) appropriates significant federal funding for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles and supporting infrastructure and carbon capture and sequestration, amongst other provisions.

In addition, the Inflation Reduction Act imposes the first ever federal fee on the emission of greenhouse gases (“GHG”) through a methane emissions charge.

The Inflation Reduction Act amends the federal Clean Air Act to impose a fee on the emission of methane from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production categories.

The final rule implementing the waste emissions charge was published in November 2024.

These developments could further accelerate the transition of the U.S.

economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives, which could reduce demand for our products and services and negatively impact our business.

In January 2025, however, the United States submitted formal notification to the United Nations that it intends to withdraw from the Paris Agreement and the President Trump signed executive orders that, among other things, direct federal executive departments and agencies to initiate a regulatory freeze for certain rules that have not taken effect, pending review by the newly appointed agency head, call upon the EPA to submit a report on the continuing applicability of its endangerment finding for GHGs under the Clean Air Act and issue guidance on the “social cost of carbon” to consider whether such metric should be eliminated, and pause the disbursement of funds appropriated through the Inflation Reduction Act and the Infrastructure Investments and Jobs Act.

Insurance and Risk Management

We rely on customer indemnifications and third‑party insurance as part of our risk mitigation strategy.

However, our customers may be unable to satisfy indemnification claims against them.

In addition, we indemnify our customers against certain claims and liabilities resulting or arising from our provision of goods or services to them.

However, our customers may be unable to satisfy indemnification claims against them or are not always willing to provide adequate indemnifications.

Additionally, state laws may not always allow indemnifications we obtain or extend to be enforced.

We indemnify our customers against certain claims and liabilities resulting or arising from our provision of goods or services to them.

Our insurance may not be sufficient to cover any particular loss or may not cover all losses.

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Human Capital Management

As of December 31, 2024, we employed approximately 1,600 people worldwide, of which over 100 were employed outside of the United States, mainly in Australia and China.

As of December 31, 2025, we employed over 1,500 people worldwide, of which over 100 were employed outside of the United States, mainly in Australia, China and Vietnam.

We are not a party to any collective bargaining agreements and have not experienced any strikes or work stoppages.

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Training and Development.

We are deeply committed to the training and development of our employees, with a special emphasis on those in field, plant, and branch operations.

We are deeply committed to the training and development of our associates, with a special emphasis on those in field, plant, and branch operations.

Our comprehensive internal training programs are designed to enhance and monitor technical and safety skills while fostering growth in key areas such as safety practices, corporate and personal responsibility, product knowledge, behavioral development, and ethical conduct.

To support career advancement, our development plans equip individuals with the technical expertise needed to perform their roles with the highest levels of safety and precision.

For employees requiring specialized skills, knowledge, or certifications, we provide access to external training opportunities tailored to their professional growth.

We believe that our unwavering focus on training and development not only fosters a safer work environment but also creates pathways for internal promotions, boosts employee morale, and strengthens retention across the organization.

For associates requiring specialized skills, knowledge, or certifications, we provide access to external training opportunities tailored to their professional growth.

We believe that our unwavering focus on training and development not only fosters a safer work environment but also creates pathways for internal promotions, boosts associate morale, and strengthens retention across the organization.

Workplace Culture.

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We are dedicated to fostering an environment where discrimination has no place.

This commitment is reflected in every aspect of our business—from recruitment and promotion practices to employee development initiatives and supplier partnerships.

This commitment is reflected in every aspect of our business—from recruitment and promotion practices to associate development initiatives and supplier partnerships.

Our workforce comprises a diverse associate group, with approximately 12% women and approximately 49% of our workforce representing a minority population.

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Compensation and Benefits.

We provide comprehensive compensation and benefits programs thoughtfully designed to address the diverse needs of our employees and their families.

We provide comprehensive compensation and benefits programs thoughtfully designed to address the needs of our associates and their families.

Our approach goes beyond offering competitive salaries and wages, incorporating a wide range of benefits to promote financial security, health, wellness, and professional growth.

Our financial benefits include annual bonuses and retirement plans, such as a 401(k), to help employees build long-term financial stability.

Our financial benefits include annual bonuses and retirement plans, such as a 401(k), to help associates build long-term financial stability.

We also utilize targeted equity-based grants with vesting conditions to support the retention of key personnel, aligning their success with the Company's growth.

To promote health and wellness, we offer competitive healthcare and insurance options, including health savings accounts partially funded by the Company and standard flexible spending accounts.

Employees also have access to company-sponsored long- and short-term disability coverage, accident and critical illness insurance, and resources to support overall well-being.

Associates also have access to company-sponsored long- and short-term disability coverage, accident and critical illness insurance, and resources to support overall well-being.

Recognizing the importance of work-life balance, we provide paid time off, family leave, and paid maternity and paternity leave.

Our commitment to supporting families extends further with access to family care resources and personal legal services insurance.

Additionally, employee assistance programs are available to help navigate personal and professional challenges.

We also invest in our employees’ professional development by offering tuition reimbursement in certain circumstances, enabling continued growth and skill development.

Through this holistic approach to compensation and benefits, we aim to create a supportive and empowering environment that fosters employee satisfaction, enhances retention, and ensures the long-term success of both our employees and the organization.

Additionally, associate assistance programs are available to help navigate personal and professional challenges.

We also invest in our associates' professional development by offering tuition reimbursement in certain circumstances, enabling continued growth and skill development.

Through this holistic approach to compensation and benefits, we aim to create a supportive and empowering environment that fosters associate satisfaction, enhances retention, and ensures the long-term success of both our associates and the organization.

Health and Safety.

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Based on the most recent statistics available from the International Association of Drilling Contractors, our TRIR statistics are in line with the industry average.

We are committed to the health, safety and wellness of our employees.

We provide our employees and their families access to various flexible and convenient health and wellness programs.

We are committed to the health, safety and wellness of our associates.

We provide our associates and their families access to various flexible and convenient health and wellness programs.

These programs include benefits that offer protection and security to have peace of mind concerning events that may require time away from work or impact their financial well-being.

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Steven Bender Chief Operating Officer

Stephen Tadlock Executive Vice President, Chief Executive Officer of the Spoolable Technologies segment

Executive Vice President, Chief Financial Officer, and Treasurer

Stephen Tadlock Executive Vice President, Chief Executive Officer of the Spoolable Technologies segment, and Chief Executive Officer of Cactus International

Executive Vice President and Chief Financial Officer

William Marsh Executive Vice President, General Counsel and Corporate Secretary

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business