A company based in Atlanta, Georgia, known for providing a range of oilfield services to major oil companies, has acquired a Midland-based firm specializing in oilfield wireline services for $245 million.
According to a news release, RPC, Inc. purchased Pintail Alternative Energy, L.L.C. on April 1. This acquisition positions RPC as a significant player in the most active oil-producing region within the U.S. land market.
Matt Houston, co-founder and president of Pintail, expressed enthusiasm about collaborating with RPC as a distinct subsidiary. "RPC's platform allows Pintail to preserve both its operating model and customer-centric approach that has served our customers and other stakeholders so well," said Houston. He added that "RPC's strategy creates a best-in-class environment for entrepreneurs and operators to continue to thrive."
The news release also highlighted that the purchase was financed through a combination of $170 million in cash, $25 million of RPC restricted stock consideration, and a $50 million three-year note to one of the sellers. In 2024, Pintail generated approximately $409 million in revenue while operating 30 active fleets. Its conventional and electric wireline units are noted as being among the newest in the industry.