RPC, Inc. - RES STOCK NEWS

RPC, Inc. (NYSE: RES) has announced significant changes in its leadership team effective immediately. Richard A. Hubbell transitions from CEO to Executive Chairman, while Ben M. Palmer is promoted from CFO to CEO. Michael L. Schmit is appointed as CFO and Corporate Secretary. Hubbell emphasizes the aim for management continuity and strategic focus as the company enters a favorable energy cycle. With Palmer's extensive experience and Schmit's finance background, RPC aims to uphold strong, shareholder-friendly capital management in a volatile oil sector.

RPC, Inc. (NYSE: RES) reported a strong financial performance for Q1 2022, with revenues reaching $284.6 million, a 55.9% increase from Q1 2021. The company experienced an operating profit of $23 million compared to an operating loss of $10.5 million in the prior year, and net income of $15.1 million, or $0.07 earnings per share. Cost of revenues decreased as a percentage of revenues, driven by improved pricing and higher utilization. The firm also noted robust market dynamics and increased customer demand following geopolitical events affecting energy prices.

RPC, Inc. (NYSE: RES) announced the appointment of John F. Wilson to its Board of Directors, effective April 26, 2022. Wilson, currently the Vice Chairman of Rollins, Inc., brings extensive operational and leadership experience, having previously served as President and COO of Rollins and as President of Orkin. His strategic insights are expected to enhance RPC's direction, as stated by CEO Richard A. Hubbell. RPC offers specialized oilfield services across major oil and gas regions in the U.S. and selected international markets.

RPC, Inc. (NYSE: RES) will release its financial results for Q1 2022 on April 27, 2022, before the market opens. A conference call to discuss the results will take place at 9:00 a.m. Eastern Time on the same day. This meeting will provide insights into the company’s financial performance and operational updates. Investors can participate by dialing specific numbers, and the call will also be available for streaming on RPC's investor website. RPC offers a range of specialized oilfield services primarily to oil and gas companies in the U.S. and select international markets.

RPC reported a strong performance for Q4 2021, with revenues reaching $268.3 million, a remarkable 80.5% increase from $148.6 million in Q4 2020, driven by elevated customer activity and improved pricing. The company achieved a net income of $12.3 million or $0.06 per diluted share, compared to a loss of $10.2 million the previous year. For the full year, revenues climbed 44.6% to $864.9 million, with an annual net income of $7.2 million versus a loss of $212.2 million in 2020. Challenges include personnel and materials shortages, which may impact future profitability.

RPC, Inc. (NYSE: RES) will release its financial results for Q4 and the year ended December 31, 2021, on January 26, 2022, before the market opens. A conference call is scheduled for the same day at 9:00 a.m. Eastern Time, where the company will discuss its financial and operating results. Interested participants can join via a toll-free number or through the company's investor website, where the call will also be archived for 90 days. RPC provides specialized oilfield services and equipment primarily in the U.S. and select international markets.

RPC, Inc. (NYSE: RES) reported its Q3 2021 results, showing revenues of $225.3 million, a 93.3% increase from $116.6 million in Q3 2020, driven by higher service activity and improved pricing. The operating profit was $8.0 million compared to a loss of $31.8 million the previous year. Net income for the quarter was $5.3 million, or $0.02 per diluted share, compared to a net loss of $16.4 million in Q3 2020. EBITDA rose to $26.5 million from a negative $12.3 million year-over-year. Cost of revenues declined as a percentage of sales, reflecting enhanced operational efficiency.

RPC, Inc. (NYSE: RES) will release its third-quarter financial results for the period ending September 30, 2021, on October 27, 2021. The results will be disclosed before market opening. Following the release, a conference call is scheduled for the same day at 9:00 a.m. Eastern Time, where management will discuss financial and operational outcomes. Interested parties can join via telephone or access the call's webcast, which will be archived for 90 days on the company's investor website.

RPC, Inc. (NYSE: RES) reported a significant revenue increase to $188.8 million in Q2 2021, up 111.4% from Q2 2020. Operating loss narrowed to $1.2 million from $37.5 million the previous year. Net loss fell to $726,000 or $0.00 per share, compared to a loss of $25.1 million in Q2 2020. EBITDA was $17.3 million, a rebound from negative results last year. Despite operational delays affecting pressure pumping revenues, management anticipates increased activity in Q3 due to rising customer demand and commodity prices, while highlighting a cash balance of $121 million.