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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. (NYSE: RES) reported its first-quarter 2023 results, showing revenues of $476.7 million, a slight decline from $482.0 million in Q4 2022, impacted by weather disruptions and a shift in job mix. Operating profit fell to $90.7 million from $112.3 million, with net income at $71.5 million, or $0.33 per share, down from $87.0 million, or $0.40 per share in the previous quarter. The company recorded a non-cash pension charge of $17.4 million. Year-over-year, revenues increased by 67.5%. RPC maintains a strong balance sheet with $177.9 million in cash, allowing continued investment and a resumed share buyback program. Adjusted EBITDA stood at $132.9 million, slightly down from $138.4 million in Q4 2022.
RPC, Inc. (NYSE: RES) announced on April 25, 2023, a quarterly cash dividend of $0.04 per share, payable on June 9, 2023, to stockholders of record as of May 10, 2023. Additionally, the board approved an increase of 8 million shares to its stock buyback program, bringing the total authorized for repurchase to 15,115,820 shares. This move aims to enhance shareholder value through consistent cash returns via dividends and share repurchases. The buyback program is flexible, allowing repurchases in various market conditions without a set expiration date. RPC does not plan to incur debt for this program, aligning with its broader capital allocation strategy.
RPC, Inc. (NYSE: RES) will present at the 26th Annual Burkenroad Reports Investment Conference on April 28, 2023, hosted by the A. B. Freeman Business School at Tulane University. The event, taking place at the Ritz Carlton New Orleans, is part of a conference that allows institutional investors and the public to hear from executives of public companies in the Gulf South. The conference is free but requires registration, which can be done at freeman.tulane.edu/Burkenroad-conference.
RPC provides specialized oilfield services primarily to independent and major oilfield companies across the United States, including regions like the Gulf of Mexico and Rocky Mountains. Further details and the presentation will be available on RPC.net.
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