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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 the repurchase of 1,132,364 shares totaling approximately $9.0 million in the first quarter of 2023. This strategic buyback reflects RPC’s commitment to enhancing shareholder value through its share repurchase program. The company provides specialized oilfield services and equipment to major oilfield companies across the U.S. and selected markets internationally. The repurchase is expected to positively impact the earnings per share (EPS) and demonstrate confidence in the company's financial health.
RPC, Inc. (NYSE: RES) announced a quarterly cash dividend increase from $0.02 to $0.04 per share. The increased dividend will be payable on March 10, 2023, to stockholders of record as of February 10, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders. RPC specializes in providing essential oilfield services and equipment primarily to oilfield companies across the United States, including regions like the Gulf of Mexico and the Rocky Mountains.
RPC, Inc. (NYSE: RES) reported strong financial results for Q4 2022, with net income rising to $87.0 million from $69.3 million in Q3 2022. Diluted earnings per share increased to $0.40 from $0.32. Revenues reached $482.0 million, a 4.9% increase compared to the previous quarter, driven by improved pricing and higher equipment utilization. EBITDA surged 19.8% to $135.5 million. For the full year, revenues jumped 85.2% to $1.6 billion with net income of $218.4 million. The company also announced a dividend increase to $0.04 per share.
RPC, Inc. (NYSE: RES) will release its financial results for Q4 and the year ended December 31, 2022, on January 25, 2023, before market open. A conference call to discuss these results will take place the same day at 9:00 a.m. Eastern Time. Interested participants can join via a toll-free number or through a webcast available on RPC's investor website. RPC provides specialized oilfield services to oil and gas companies across the U.S. and selected international markets.
RPC, Inc. (NYSE: RES) has appointed Timothy C. Rollins to its Board of Directors, effective October 31, 2022. Rollins, with a B.S. from Boston University, is Vice President of Rollins Investment Corporation and a trustee at Emory University. His previous board experience includes serving as a director at Marine Products Corporation since 2016. Chairman Richard A. Hubbell anticipates Rollins' contributions will enhance the board's effectiveness as RPC continues to provide specialized oilfield services across the United States and select international markets.
RPC, Inc. (NYSE: RES) has declared a quarterly cash dividend of $0.02 per share, scheduled for payment on December 9, 2022. This dividend is for common stockholders on record as of November 10, 2022. RPC provides specialized oilfield services to both independent and major oilfield companies across the U.S. and selected international markets, highlighting its extensive reach in the oil and gas sector.
RPC, Inc. (NYSE: RES) reported significant financial growth for Q3 2022, with revenues of $459.6 million, up 22.4% from Q2 2022 and 104% year-over-year. Net income surged to $69.3 million or $0.32 EPS, compared to $46.9 million or $0.22 EPS in the previous quarter. EBITDA rose 40.3% to $113 million. Cost of revenues decreased as a percentage of revenues, reflecting improved pricing and higher activity. RPC anticipates strong demand into early 2023 despite potential seasonal slowdowns.
RPC, Inc. (NYSE: RES) will release its financial results for Q3 2022 on October 26, 2022, before market opens. A conference call to discuss these results will take place on the same day at 9:00 a.m. Eastern Time. Participants can join by dialing (888) 440-5966 or (646) 960-0125 for international calls, using conference ID 9842359. The call will also be broadcast and archived on RPC's investor website. The company specializes in providing oilfield services and equipment primarily within the United States and selected international markets.
RPC, Inc. (NYSE: RES) reported robust financial results for Q2 2022, with revenues of $375.5 million, a 31.9% increase from Q1 2022, driven by heightened customer activity and improved pricing. Net income surged to $46.9 million or $0.22 per share, up from $15.1 million in the previous quarter. EBITDA reached $80.6 million, an 87.4% increase quarter-over-quarter. The company reinstated a quarterly dividend of $0.02 per share. Management remains optimistic about continued demand and operational strength in the upcoming quarters.
RPC, Inc. (NYSE: RES) has reinstated a quarterly cash dividend of $0.02 per share, payable on September 9, 2022, to shareholders on record as of August 10, 2022. This marks the company's first cash dividend since 2019. President and CEO Ben M. Palmer expressed confidence in the recovering U.S. oilfield services sector, reflecting RPC's ability to generate strong financial results. The dividend aims to enhance shareholder value and is a sign of the company's commitment to returning capital to investors.
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