RPC, Inc. Announces Reinstatement of Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• First cash dividend since 2019 reinstated.
• Dividend reflects confidence in the recovering oilfield services industry.
• Demonstrates commitment to shareholder value.

Negative

• None.

ATLANTA, July 27, 2022 /PRNewswire/ -- RPC, Inc. (NYSE: RES) announced today that its Board of Directors reinstated and declared a regular quarterly cash dividend of $0.02 per share payable September 9, 2022 to common stockholders of record at the close of business on August 10, 2022. 

"We are pleased that RPC is issuing its first cash dividend since 2019," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "This action is consistent with our long-term focus on creating shareholder value. The reinstatement of our quarterly dividend also reflects our confidence in an improving domestic U.S. oilfield services industry and RPC's ability to generate strong financial results." 

RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets.  RPC's investor website can be found on the internet at RPC.net. 

For information about RPC, Inc. or this event, please contact: 

Michael L. Schmit 
Chief Financial Officer 
(404) 321-2140 
irdept@rpc.net

Jim Landers 
Vice President Corporate Services 
(404) 321-2162 
jlanders@rpc.net  

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SOURCE RPC, Inc.

FAQ

What is the dividend amount declared by RPC, Inc.?

RPC, Inc. declared a quarterly cash dividend of $0.02 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on September 9, 2022.

Who is eligible to receive the dividend from RPC, Inc.?

Shareholders on record as of August 10, 2022, are eligible to receive the dividend.

Is this the first dividend declaration from RPC, Inc. in recent years?

Yes, this is the first cash dividend declared by RPC, Inc. since 2019.

What does the reinstatement of the dividend indicate about RPC, Inc.?

The reinstatement indicates RPC's confidence in the improving oilfield services industry and its strong financial performance.