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RPC, Inc. (NYSE: RES) is a prominent holding company providing a wide array of specialized oilfield services and equipment to both independent and major oilfield companies engaged in the exploration, production, and development of oil and gas properties across the United States and selected international markets. The company operates through two primary business segments: Technical Services and Support Services.
RPC's Technical Services segment includes critical services such as pressure pumping, downhole tools, coiled tubing, nitrogen, well control, wireline, and fishing. These services play a vital role throughout the lifecycle of a well, enhancing oil and gas flow and addressing well control issues. The Support Services segment offers essential tools and services including drill pipe and tubular rentals, pipe handling, inspection and storage, and oilfield training and consulting.
RPC is committed to growth and shareholder value, evidenced by its strategic acquisitions and expansions. Recent notable acquisitions include Spinnaker Oilwell Services, which strengthens RPC’s cementing service offerings. Despite facing market challenges, RPC has maintained a conservative balance sheet and continues to focus on increasing market share and geographic expansion.
Financially, for the quarter ended June 30, 2023, RPC reported revenues of $415.9 million, reflecting a decline from $476.7 million in the previous quarter due to job delays and weaker activity in natural gas basins. However, operating profit for the second quarter was $82.4 million, and net income stood at $65.0 million, or $0.30 per diluted share. The company's financial stability is further underscored by its debt-free status and substantial cash reserves, bolstered by targeted organic investments and consistent returns to shareholders through dividends and stock buybacks.
Recent achievements include the successful integration of Spinnaker, which significantly expands RPC's presence in the Permian and mid-Continent basins, and the introduction of a new Tier 4 dual-fuel fleet anticipated to enhance service capacity by mid-2024. Looking forward, RPC aims to navigate market fluctuations through prudent cost management and strategic investments in high-quality equipment.
RPC remains a vital player in the oilfield services sector, continually adapting to market dynamics while delivering robust financial performance and operational excellence.
RPC Inc reported declining financial results for Q3 2024, with revenues decreasing 7% sequentially to $337.7 million. Net income fell 42% to $18.8 million, with diluted EPS of $0.09. The company faced challenges in the oilfield services market, with lower oil prices and rig count affecting performance. Pressure pumping revenues declined 12% due to reduced asset utilization, while other service lines decreased 4%. Despite market challenges, RPC maintained a strong balance sheet with $277 million in cash and no debt, continuing to pay dividends of $8.6 million in Q3.
RPC, Inc. (NYSE: RES) has announced the release date for its third quarter 2024 financial results. The company will disclose its financial performance for the quarter ended September 30, 2024, on Thursday, October 24, 2024, before the market opens. Following the release, RPC will host a conference call at 9:00 a.m. Eastern Time to review the financial and operating results.
Interested participants can join the call by dialing (888) 440-5966 (toll-free) or (646) 960-0125 for international callers, using the conference ID number 9842359. The call will also be broadcast and archived for 90 days on the company's investor website. RPC provides specialized oilfield services and equipment to oil and gas companies across the United States and in selected international markets.
RPC, Inc. (NYSE: RES) reported its Q2 2024 financial results, showing resilience despite challenges in pressure pumping. Key highlights include:
- Revenues decreased 4% sequentially to $364.2 million
- Net income increased 18% to $32.4 million, with EPS of $0.15
- Adjusted EBITDA rose 9% to $68.5 million, with margin improving to 18.8%
- The company remained debt-free with over $260 million in cash
- A quarterly dividend of $0.04 per share was declared
Performance varied across service lines, with pressure pumping facing headwinds while downhole tools, cementing, rental tools, and coiled tubing showed growth. Management expressed optimism about new product launches and strategic investments to enhance the company's competitive position.
RPC announced the release of its financial results for the second quarter of 2024 on July 25, 2024, before the market opens. The results cover the period ending June 30, 2024. Alongside the release, RPC will host a conference call to discuss its financial and operational performance at 9:00 a.m. Eastern Time on the same day.
Participants can dial toll-free at (888) 440-5966 or (646) 960-0125 for international callers, using conference ID 9842359. Additionally, the call will be webcast and archived for 90 days on RPC's investor website.
RPC Inc. provides specialized oilfield services and equipment to various oilfield companies across the United States and selected international markets. For further inquiries, contact CFO Michael L. Schmit or Vice President of Investor Relations Mark Chekanow, CFA.
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