RPC, Inc. Reports Second Quarter 2024 Financial Results And Declares Regular Quarterly Cash Dividend

Rhea-AI Summary

RPC, Inc. (NYSE: RES) reported its Q2 2024 financial results, showing resilience despite challenges in pressure pumping. Key highlights include:

- Revenues decreased 4% sequentially to $364.2 million
- Net income increased 18% to $32.4 million, with EPS of $0.15
- Adjusted EBITDA rose 9% to $68.5 million, with margin improving to 18.8%
- The company remained debt-free with over $260 million in cash
- A quarterly dividend of $0.04 per share was declared

Performance varied across service lines, with pressure pumping facing headwinds while downhole tools, cementing, rental tools, and coiled tubing showed growth. Management expressed optimism about new product launches and strategic investments to enhance the company's competitive position.

Positive

• Net income increased 18% sequentially to $32.4 million
• Adjusted EBITDA rose 9% to $68.5 million with margin improving to 18.8%
• The company maintained a strong balance sheet with over $260 million in cash and no debt
• Downhole tools, cementing, rental tools, and coiled tubing service lines showed growth
• New product launches are expected to drive momentum in certain service lines

Negative

• Revenues decreased 4% sequentially to $364.2 million
• Pressure pumping revenues declined 17% due to lower asset utilization and competitive market conditions
• U.S. rig count decreased 3.2% sequentially and 16.1% year-over-year
• Natural gas prices declined 3.7% sequentially and 4.2% year-over-year

Insights

Financial Analyst

RPC's Q2 2024 results present a mixed picture, with some positives amidst industry challenges. Revenues decreased 4% sequentially to $364.2 million, primarily due to weakness in the pressure pumping segment. However, net income increased 18% to $32.4 million, with EPS rising to $0.15. The company's net income margin improved by 160 basis points to 8.9%, indicating better cost management.

The Adjusted EBITDA of $68.5 million, up 9% sequentially, with a margin increase of 210 basis points to 18.8%, is particularly noteworthy. This suggests that RPC is managing to improve profitability despite revenue challenges. The company's strong balance sheet, with over $260 million in cash and no debt, provides financial flexibility for future investments or acquisitions.

However, the pressure pumping segment, RPC's largest service line, faces significant headwinds. The 17% decline in this segment's revenue is concerning, especially given the competitive market conditions and industry oversupply. The company's strategic move to upgrade equipment without expanding fleet size is prudent, but may not be sufficient to overcome near-term challenges in this segment.

Overall, while RPC is showing resilience in a challenging environment, the pressure pumping segment's performance and the overall decline in revenues warrant caution. The company's financial strength and diversified service portfolio provide some buffer, but investors should closely monitor industry trends and RPC's ability to navigate the competitive landscape.

Oil Industry Expert

RPC's Q2 results reflect the broader challenges facing the oilfield services sector. The decline in U.S. rig count to 603, down 3.2% sequentially and 16.1% year-over-year, is a key factor impacting demand for services. This decline, coupled with efficiency gains in the industry, is creating overcapacity, particularly in pressure pumping.

The company's performance in other segments, such as downhole tools and coiled tubing, is encouraging. The double-digit growth in coiled tubing and the positive outlook for newly launched products in downhole tools demonstrate RPC's ability to innovate and diversify its revenue streams. This diversification is important in the current market environment.

RPC's focus on upgrading its fleet to Tier 4 dual-fuel and potentially electric equipment aligns with the industry trend towards more environmentally friendly and efficient operations. This strategy could provide a competitive edge, especially as E&P companies increasingly prioritize such technologies.

The slight increase in oil prices to $81.78 per barrel could potentially support increased activity in the sector. However, the decline in natural gas prices to $2.07 per Mcf may continue to pressure activity in gas-focused basins, potentially leading to further competition in oil-rich areas like the Permian.

Looking ahead, RPC's strong balance sheet positions it well for potential strategic acquisitions, which could be important for scaling up and improving competitiveness in a consolidating market. However, the company will need to navigate carefully in an industry facing overcapacity and pricing pressures.

ATLANTA, July 25, 2024 /PRNewswire/ -- RPC, Inc. (NYSE: RES) ("RPC" or "the Company"), a leading diversified oilfield services company, announced its unaudited results for the second quarter ended June 30, 2024.

* Non-GAAP and adjusted measures, including adjusted operating income, adjusted net income, adjusted earnings per share (diluted), EBITDA and adjusted EBITDA, adjusted EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.

* Sequential comparisons are to 1Q:24. The Company believes quarterly sequential comparisons are most useful in assessing industry trends and RPC's recent financial results. Both sequential and year-over-year comparisons are available in the tables at the end of this earnings release.

Second Quarter 2024 Highlights

• Revenues decreased 4% sequentially to $364.2 million
• Net income was $32.4 million, up 18% sequentially, and diluted Earnings Per Share (EPS) was $0.15; net income margin increased 160 basis points sequentially to 8.9%
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $68.5 million, up 9% sequentially; Adjusted EBITDA margin increased 210 basis points sequentially to 18.8%
• Results reflected solid demand and margin improvement across most of the Company's key service lines, while pressure pumping challenges persisted
• The Company remained debt-free and paid $8.6 million in dividends in 2Q:24, ending the quarter with over $260 million in cash

Management Commentary

"Second quarter results showed a sequential increase in profitability despite a soft environment for pressure pumping, and we are pleased with the resilience of our overall portfolio of services," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "We were encouraged with top and bottom-line performance across several areas of our business.  Downhole tools delivered a solid quarter and we are optimistic newly launched products will help continue this momentum. Cementing and rental tools showed modest sequential growth, and coiled tubing increased double-digits. In coiled tubing, we are excited about developing opportunities for specialized work leveraging our existing technologies."

"Pressure pumping remains highly competitive, and we think the industry continues to be over-supplied with a declining rig count. This headwind has been exacerbated by frac fleets from gassy basins moving into the Permian over the past year and efficiency gains that are consistently adding pump hour capacity to the industry. During the second quarter, we upgraded our equipment with the deployment of a Tier 4 dual-fuel fleet without adding to our total fleet count, and are evaluating future investments and options to further transition our asset base toward dual-fuel or electric equipment that is in high demand from E&P customers."

"Our balance sheet is strong, with over $260 million in cash and no debt at the end of the second quarter. We are actively looking to make long-term strategic investments, including potential acquisitions. While our top priority is to strategically deploy capital to grow the business and increase our scale, we also remain committed to steadily returning cash to our stockholders," concluded Palmer.

Selected Industry Data (Source: Baker Hughes, Inc., U.S. Energy Information Administration)
		2Q:24			1Q:24			Change			% Change		2Q:23			Change			% Change
U.S. rig count (avg)			603			623			(20)		(3.2)	%		719			(116)		(16.1)	%
Oil price ($/barrel)		$	81.78		$	77.46		$	4.32		5.6	%	$	73.54		$	8.24		11.2	%
Natural gas ($/Mcf)		$	2.07		$	2.15		$	(0.08)		(3.7)	%	$	2.16		$	(0.09)		(4.2)	%

2Q:24 Consolidated Financial Results (Sequential Comparisons versus 1Q:24)

Revenues were $364.2 million, down 4%. Revenues for pressure pumping, the Company's largest service line, declined 17%, while all other service lines combined increased 8%. Pressure pumping revenues decreased primarily due to lower asset utilization in a highly competitive marketplace, with softness in the Company's spot and semi-dedicated customer base. The service lines with the largest increases were downhole tools and coiled tubing, which both benefited from innovative new products and services.

Cost of revenues, which excludes depreciation and amortization of $29.5 million, was $262.3 million, down from $276.6 million. These costs decreased during the quarter, with the largest decreases coming from lower costs of fuel and materials and supplies.

Selling, general and administrative expenses were $37.4 million, down from $40.1 million. The decrease in expenses is related primarily to employment costs due to reduced headcount and lower incentive compensation accruals.

Interest income totaled $3.3 million, reflecting a slightly higher average cash balance and higher investment yields.

Income tax provision was $7.0 million, or 17.8% of income before income taxes, down from 23.4% in 1Q:24. The decrease was primarily due to favorable adjustments, including additional interest on a tax refund received and release of tax reserves due to expiration of statute limitations.

Net income and diluted EPS were $32.4 million and $0.15, respectively, up from $27.5 million and $0.13, respectively, in 1Q:24. Net income margin increased 160 basis points sequentially to 8.9%.

Adjusted EBITDA was $68.5 million, up from $63.1 million, reflecting effective cost controls and other efficiencies despite the modest revenue decline; adjusted EBITDA margin increased 210 basis points sequentially to 18.8%.

Non-GAAP adjustments: there were no adjustments to GAAP performance measures in 2Q:24, other than those necessary to calculate EBITDA and Adjusted EBITDA (see Appendices A, B and C).

Balance Sheet, Cash Flow and Capital Allocation

Cash and cash equivalents were $261.5 million at the end of 2Q:24, with no outstanding borrowings under the Company's $100 million revolving credit facility. During the quarter, the Company received an IRS tax refund of $52.8 million related to prior years.

Net cash provided by operating activities and free cash flow were $184.5 million and $56.7 million, respectively, year-to-date through 2Q:24.

Payment of dividends totaled $17.2 million year-to-date through 2Q:24. The Board of Directors declared a regular quarterly cash dividend of $0.04 per share, payable September 10, 2024, to common stockholders of record at the close of business on August 9, 2024.

Share repurchases were not executed in 2Q:24.

Segment Operations: Sequential Comparisons (versus 1Q:24)

Technical Services performs value-added completion, production and maintenance services directly to a customer's well. These services include pressure pumping, downhole tools, coiled tubing, cementing, and other offerings.

• Revenues were $341.5 million, down 4%
• Operating income was $30.2 million, down 6%
• Results were driven primarily by lower activity levels in pressure pumping, and the related negative leverage of fixed costs, particularly labor

Support Services provides equipment for customer use or services to assist customer operations, including rental tools, and pipe inspection services and storage.

• Revenues were $22.7 million, up 6%
• Operating income was $4.4 million, up 22%
• Results were driven by higher activity in rental tools and the high fixed-cost nature of these service lines

		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
(In thousands)		2024			2024			2023			2024			2023
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues:
Technical Services		$	341,484		$	356,394		$	390,018		$	697,878		$	842,009
Support Services			22,669			21,439			25,840			44,108			50,517
Total revenues		$	364,153		$	377,833		$	415,858		$	741,986		$	892,526
Operating income:
Technical Services		$	30,198		$	31,956		$	77,017		$	62,154		$	180,550
Support Services			4,379			3,599			7,920			7,978			14,564
Corporate expenses			(2,447)			(4,420)			(4,672)			(6,867)			(9,753)
Pension settlement charges			—			—			(911)			—			(18,286)
Gain on disposition of assets, net			3,338			1,214			3,015			4,552			5,951
Total operating income		$	35,468		$	32,349		$	82,369		$	67,817		$	173,026
Interest expense			(99)			(234)			(73)			(333)			(145)
Interest income			3,343			2,965			2,698			6,308			4,553
Other income, net			732			767			631			1,499			1,392
Income before income taxes		$	39,444		$	35,847		$	85,625		$	75,291		$	178,826

Conference Call Information

RPC, Inc. will hold a conference call today, July 25, 2024, at 9:00 a.m. ET to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast in the investor relations section of RPC, Inc.'s website at www.rpc.net. The live conference call can also be accessed by calling (888) 440-5966, or (646) 960-0125 for international callers, and use conference ID number 9842359. For those not able to attend the live conference call, a replay will be available in the investor relations section of RPC, Inc.'s website beginning approximately two hours after the call and for a period of 90 days.

About RPC

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 at www.rpc.net.

Forward Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations or hopes. In particular, such statements include, without limitation: our optimism that our newly launched downhole tools products will have a positive impact on Company performance; in coiled tubing, our excitement about developing opportunities for specialized work leveraging our existing technologies; our assessment of the industry and market, including that pressure pumping remains highly competitive and that the industry continues to be over-supplied with a declining rig count; efficiency gains consistently adding pump hour capacity to the industry; and our considerations of future investments and options to further transition our asset base toward dual-fuel or electric equipment that is in high demand from E&P customers and any implied statements that such transition will have positive impact on Company performance; our search for long-term strategic investments, evaluation of potential acquisitions and plans to strategically deploy capital to grow the business while remaining committed to steadily returning cash to our stockholders.  Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the U.S. economy, both of which can impact capital spending by our customers and demand for our services; business interruptions due to adverse weather conditions; changes in the competitive environment of our industry; political instability in the petroleum-producing regions of the world; the actions of the OPEC oil cartel; our customers' drilling and production activities; the risk that our assessments, such as regarding the oversupplied nature of oilfield services, will turn out incorrect; and our ability to identify and complete acquisitions and/or other strategic investments or transactions.  Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates, and expectations are contained in RPC's Form 10-K for the year ended December 31, 2023.

For information about RPC, Inc., please contact:

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

Mark Chekanow, CFA, Vice President Investor Relations
(404) 419-3809
mark.chekanow@rpc.net

 

 

 

RPC INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data)
		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
		2024			2024			2023			2024			2023
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
REVENUES		$	364,153		$	377,833		$	415,858		$	741,986		$	892,526
COSTS AND EXPENSES:
Cost of revenues (exclusive of depreciation and amortization shown separately below)			262,284			276,609			265,786			538,893			571,036
Selling, general and administrative expenses			37,406			40,085			43,604			77,491			85,801
Pension settlement charge			—			—			911			—			18,286
Depreciation and amortization			32,333			30,004			26,203			62,337			50,328
Gain on disposition of assets, net			(3,338)			(1,214)			(3,015)			(4,552)			(5,951)
Operating income			35,468			32,349			82,369			67,817			173,026
Interest expense			(99)			(234)			(73)			(333)			(145)
Interest income			3,343			2,965			2,698			6,308			4,553
Other income, net			732			767			631			1,499			1,392
Income before income taxes			39,444			35,847			85,625			75,291			178,826
Income tax provision			7,025			8,380			20,612			15,405			42,289
NET INCOME		$	32,419		$	27,467		$	65,013		$	59,886		$	136,537
EARNINGS PER SHARE
Basic		$	0.15		$	0.13		$	0.30		$	0.28		$	0.63
Diluted		$	0.15		$	0.13		$	0.30		$	0.28		$	0.63
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic			214,844			215,001			216,398			214,922			216,762
Diluted			214,844			215,001			216,398			214,922			216,762

 

RPC INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		(In thousands)
		June 30,			December 31,
		2024			2023
			(Unaudited)
ASSETS
Cash and cash equivalents		$	261,516		$	223,310
Accounts receivable, net			303,074			324,915
Inventories			113,426			110,904
Income taxes receivable			8,253			52,269
Prepaid expenses			8,155			12,907
Other current assets			2,551			2,768
Total current assets			696,975			727,073
Property, plant and equipment, net			500,492			435,139
Operating lease right-of-use assets			22,902			24,537
Finance lease right-of-use assets			4,534			1,036
Goodwill			50,824			50,824
Other intangibles, net			11,880			12,825
Retirement plan assets			29,613			26,772
Other assets			8,026			8,639
Total assets		$	1,325,246		$	1,286,845
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		$	100,276		$	85,036
Accrued payroll and related expenses			26,503			30,956
Accrued insurance expenses			5,754			5,340
Accrued state, local and other taxes			5,608			4,461
Income taxes payable			303			275
Unearned revenue			—			15,743
Current portion of operating lease liabilities			6,513			7,367
Current portion of finance lease liabilities and finance obligations			3,828			375
Accrued expenses and other liabilities			2,319			2,304
Total current liabilities			151,104			151,857
Long-term accrued insurance expenses			11,316			10,202
Retirement plan liabilities			24,577			23,724
Long-term operating lease liabilities			17,308			18,600
Long-term finance lease liabilities			690			819
Other long-term liabilities			2,537			7,840
Deferred income taxes			57,958			51,290
Total liabilities			265,490			264,332
Common stock			21,501			21,502
Capital in excess of par value			—			—
Retained earnings			1,040,790			1,003,380
Accumulated other comprehensive loss			(2,535)			(2,369)
Total stockholders' equity			1,059,756			1,022,513
Total liabilities and stockholders' equity		$	1,325,246		$	1,286,845

 

RPC INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		(In thousands)
Six months ended June 30,		2024			2023
			(Unaudited)			(Unaudited)
OPERATING ACTIVITIES
Net income		$	59,886		$	136,537
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			62,337			50,328
Pension settlement charge			—			18,286
Working capital			56,524			(28,399)
Other operating activities			5,740			806
Net cash provided by operating activities			184,487			177,558
INVESTING ACTIVITIES
Capital expenditures			(127,799)			(104,488)
Proceeds from sale of assets			8,883			8,688
Purchase of business - advance			—			(78,982)
Net cash used for investing activities			(118,916)			(174,782)
FINANCING ACTIVITIES
Payment of dividends			(17,203)			(17,314)
Cash paid for common stock purchased and retired			(9,858)			(11,351)
Cash paid for finance lease and finance obligations			(304)			—
Net cash used for financing activities			(27,365)			(28,665)
Net increase (decrease) in cash and cash equivalents			38,206			(25,889)
Cash and cash equivalents at beginning of period			223,310			126,424
Cash and cash equivalents at end of period		$	261,516		$	100,535

 

Non-GAAP Measures

RPC, Inc. has used the non-GAAP financial measures of adjusted operating income, adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare the operating performance of our core business consistently over various time periods, and in the case of adjusted EBITDA, without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating RPC's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, RPC's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on RPC, Inc.'s investor website, which can be found on the Internet at www.rpc.net.

 

Appendix A
(Unaudited)		Three Months Ended									Six Months Ended
		June 30,			March 31			June 30,			June 30,			June 30,
(In thousands)		2024			2024			2023			2024			2023
Reconciliation of Operating Income to Adjusted Operating Income
Operating income		$	35,468		$	32,349		$	82,369		$	67,817		$	173,026
Add: Pension settlement charge			—			—			911			—			18,286
Adjusted operating income		$	35,468		$	32,349		$	83,280		$	67,817		$	191,312

 

Appendix B
(Unaudited)		Three Months Ended									Six Months Ended
		June 30,			March 31			June 30,			June 30,			June 30,
(In thousands)		2024			2024			2023			2024			2023
Reconciliation of Net Income to Adjusted Net Income
Net income		$	32,419		$	27,467		$	65,013		$	59,886		$	136,537
Adjustments:
Add: Pension settlement charges, before taxes			—			—			911			—			18,286
Less: Tax effect of pension settlement charges			—			—			(220)			—			(4,315)
Total adjustments, net of tax			—			—			691			—			13,971
Adjusted net income		$	32,419		$	27,467		$	65,704		$	59,886		$	150,508

 

(Unaudited)		Three Months Ended									Six Months Ended
		June 30,			March 31			June 30,			June 30,			June 30,
		2024			2024			2023			2024			2023
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
Diluted earnings per share		$	0.15		$	0.13		$	0.30		$	0.28		$	0.63
Adjustments:
Add: Pension settlement charges, before taxes			—			—			0.00			—			0.08
Less: Tax effect of pension settlement charges			—			—			0.00			—			(0.02)
Total adjustments, net of tax			—			—			0.00			—			0.06
Adjusted diluted earnings per share		$	0.15		$	0.13		$	0.30		$	0.28		$	0.69
Weighted average shares outstanding (in thousands)			214,844			215,001			216,398			214,922			216,762

 

Appendix C
(Unaudited)		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
(In thousands)		2024			2024			2023			2024			2023
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		$	32,419		$	27,467		$	65,013		$	59,886		$	136,537
Adjustments:
Add: Income tax provision			7,025			8,380			20,612			15,405			42,289
Add: Interest expense			99			234			73			333			145
Add: Depreciation and amortization			32,333			30,004			26,203			62,337			50,328
Less: Interest income			3,343			2,965			2,698			6,308			4,553
EBITDA		$	68,533		$	63,120		$	109,203		$	131,653		$	224,746
Add: Pension settlement charges			—			—			911			—			18,286
Adjusted EBITDA		$	68,533		$	63,120		$	110,114		$	131,653		$	243,032
Revenues		$	364,153		$	377,833		$	415,858		$	741,986		$	892,526
Net income margin(1)			8.9 %			7.3 %			15.6 %			8.1 %			15.3 %
Adjusted EBITDA margin(1)			18.8 %			16.7 %			26.5 %			17.7 %			27.2 %
(1) Net income margin is calculated as net income divided by revenues. EBITDA margin is calculated as EBITDA divided by revenues.

 

Appendix D
(Unaudited)		Six months ended
		June 30,			June 30,
(In thousands)		2024			2023
Reconciliation of Operating Cash Flow to Free Cash Flow
Net cash provided by operating activities		$	184,487		$	177,558
Capital expenditures			(127,799)			(104,488)
Free cash flow		$	56,688		$	73,070

 

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SOURCE RPC, Inc.

FAQ

What were RPC's (RES) Q2 2024 revenue and earnings?

RPC reported Q2 2024 revenues of $364.2 million, down 4% sequentially. Net income was $32.4 million, with diluted earnings per share (EPS) of $0.15.

How did RPC's (RES) adjusted EBITDA perform in Q2 2024?

RPC's adjusted EBITDA for Q2 2024 was $68.5 million, up 9% sequentially. The adjusted EBITDA margin increased 210 basis points to 18.8%.

What dividend did RPC (RES) declare for Q2 2024?

RPC declared a regular quarterly cash dividend of $0.04 per share, payable on September 10, 2024, to stockholders of record as of August 9, 2024.

How did RPC's (RES) pressure pumping segment perform in Q2 2024?

RPC's pressure pumping segment, its largest service line, experienced a 17% revenue decline in Q2 2024 due to lower asset utilization in a highly competitive market.