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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) will release its Q2 2021 financial results on July 28, 2021, prior to market opening. A conference call will follow at 9:00 a.m. ET to discuss performance details. Participants can join via toll-free numbers or listen online. RPC specializes in oilfield services and equipment for oil and gas operations across the United States and select international markets.
RPC, Inc. (NYSE: RES) reported a first quarter revenue of $182.6 million, reflecting a 25.1% decrease from the previous year. The operating loss narrowed to $10.5 million, compared to $218.7 million in Q1 2020, while the net loss decreased to $9.7 million or $0.05 loss per share. Despite a decline in revenues, EBITDA improved to $7.8 million from negative $179.7 million in Q1 2020. Management highlighted increased activity due to higher oil prices and noted ongoing efficiency improvements.
RPC, Inc. (NYSE: RES) will release its financial results for the first quarter ending March 31, 2021 on April 28, 2021, before the market opens. A conference call to discuss these results will also take place on the same day at 9:00 a.m. Eastern Time. Participants can join the call by dialing (833) 579-0910 or (778) 560-2620 for international callers, using conference ID 3471295. The call will be archived for 90 days on the company's investor website.
RPC, Inc. (NYSE: RES) reported Q4 2020 revenues of $148.6 million, down 37.0% from Q4 2019. The company faced an operating loss of $21.6 million but narrowed losses compared to the previous year. Net loss was $10.2 million ($0.05 per share), improving from $23.4 million in Q4 2019. For 2020, revenues totaled $598.3 million, down from $1.22 billion. EBITDA was negative $2.5 million for Q4. Despite challenges, RPC ended 2020 with $84.5 million in cash, indicating improved liquidity.
RPC, Inc. (NYSE: RES) will release its fourth-quarter financial results for the period ending December 31, 2020, on January 27, 2021, before market opening. A conference call to discuss the results will occur at 9:00 a.m. Eastern Time on the same day. Interested participants can join via phone or listen to the archived broadcast on the Company's investor website. RPC provides a wide range of oilfield services and equipment primarily within the U.S. and selected international markets.
RPC, Inc. (NYSE: RES) announced the appointment of Patrick J. Gunning to its Board of Directors, effective January 1, 2021. Gunning, who previously served as Chief Financial Officer at the Robert W. Woodruff Arts Center and held multiple leadership roles at Ernst & Young LLP, brings over 40 years of extensive financial experience. He will fill the board position left by James B. Williams, who is retiring after 36 years. President Richard A. Hubbell expressed confidence in Gunning's ability to provide valuable strategic insights.
RPC, Inc. (NYSE: RES) announced the appointment of Susan Bell to its Board of Directors, effective January 1, 2021. Bell had a 36-year career at Ernst and Young LLP, where she held significant leadership roles, including audit and advisory partner. Her extensive experience in financial expertise and governance is expected to enhance RPC's strategic direction. She replaces Bill J. Dismuke, who retired after 15 years. CEO Richard A. Hubbell expressed confidence in Bell's ability to contribute significantly to the Board's objectives.
RPC, Inc. (NYSE: RES) reported Q3 2020 revenues of $116.6 million, down 60.2% from $293.2 million in Q3 2019. Operating loss improved to $31.8 million from $92.6 million. However, net loss was $16.4 million or $0.08 per share, compared to $69.2 million or $0.33 per share a year prior. Adjusted net loss was $20.0 million. Despite a 30.6% sequential revenue increase attributed to rising oilfield activity, management cautioned that current pricing levels remain insufficient for sustainable returns. RPC ended Q3 with $145.6 million cash, debt-free.
RPC, Inc. (NYSE: RES) plans to release its financial results for the third quarter ending September 30, 2020, on October 28, 2020, before the market opens. A conference call will take place on the same day at 9:00 a.m. Eastern Time to discuss the company's financial and operating results. The call will be accessible via toll-free numbers and will also be available for archiving on the company's investor website for 90 days. RPC provides oilfield services primarily in the U.S., including the Gulf of Mexico and other regions.
RPC, Inc. (NYSE: RES) has appointed Gary W. Rollins as the new Chairman of the Board following the passing of R. Randall Rollins on August 17, 2020. Gary Rollins has been with the board since 1984 and holds extensive experience in management, previously serving as President and COO of Orkin. Additionally, Harry J. Cynkus and Jerry W. Nix have joined the board, both bringing valuable financial leadership experience from their previous roles at Rollins, Inc. and Genuine Parts Company, respectively. RPC provides specialized oilfield services, primarily to independent and major oilfield companies.
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