Cactus J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Cactus J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

26 June 2026

Cactus Neutral

WHD, WHD US

J.P. Morgan Natural Resources Conference Takeaways Price (25 Jun 26):$53.52

Oil & Gas Exploration & Production

We caught up with Cactus management on the sidelines at our J.P. Morgan Natural Arun Jayaram AC

Resources Conference. (1-212) 622-8541

arun.jayaram@jpmchase.com

Sowmya Vemulapalli

• Net Key Takeaway: Neutral. Management continues to describe the (1-212) 270-4660

environment as fluid. Conditions are improving, but the near term is still driven sowmya.vemulapalli@jpmchase.com

by Middle East logistics disruption and the timing of project deliveries rather Jason Kim

than a clear volume inflection. Activity is improving in North America, but (1-212) 622-1408

with a higher mix of Private E&P company activity where the company’s jason.b.kim@jpmchase.com

market share is lower than with the Majors and Public E&Ps. The tone was J.P. Morgan Securities LLC

constructive on the medium-term setup, supported by incremental

international demand and pull-through from new products. At Cactus

International, the company acknowledged a choppier near-term path because

freight and logistics costs are higher, transit and billing timing is longer, and

international project recognition and cash conversion can be lumpy.

• Middle East operational disruption is easing, but logistics remains the

pinch point. Early disruption was concentrated at the UAE facility due to

employee protection measures, shutdowns, and limited on-site headcount,

while Saudi manufacturing was largely unaffected. The bigger issue has been

logistics. Airspace constraints and the SoH closure created last-stage