Financial Performance - Revenues for Q4 2024 were $335.4 million, a decrease of 1% sequentially, and down 13% year-over-year to $1.4 billion[8][11] - Net income for Q4 2024 was $12.8 million, down 32% sequentially, with diluted EPS of $0.06 and a net income margin of 3.8%[8][14] - Adjusted EBITDA for Q4 2024 was $46.1 million, down 17% sequentially, with an adjusted EBITDA margin of 13.7%[8][15] - Revenues for Q4 2024 were $335,361 thousand, a decrease of 15% compared to $394,531 thousand in Q4 2023[29] - Operating income for Q4 2024 was $10,517 thousand, down from $97,538 thousand in Q4 2023, representing a decline of 89%[29] - Net income for the year ended December 31, 2024, was $91,444 thousand, a decrease of 53% from $195,113 thousand in 2023[31] - Adjusted net income for the year ended December 31, 2024, was $91,444 thousand, compared to $209,029 thousand in 2023, indicating a decline of 56%[37] - Basic earnings per share for Q4 2024 were $0.06, down from $0.19 in Q4 2023[29] - Net income for Q4 2024 was $12,762,000, a decrease of 32.5% from $18,796,000 in Q3 2024 and a decrease of 68.3% from $40,259,000 in Q4 2023[38] - Adjusted EBITDA for Q4 2024 was $46,071,000, down 16.6% from $55,243,000 in Q3 2024 and down 42.0% from $79,459,000 in Q4 2023[38] - Revenues for Q4 2024 were $335,361,000, a slight decrease of 0.4% from $337,652,000 in Q3 2024 and a decrease of 15.0% from $394,531,000 in Q4 2023[38] - Net income margin for Q4 2024 was 3.8%, down from 5.6% in Q3 2024 and down from 10.2% in Q4 2023[38] - Adjusted EBITDA margin for Q4 2024 was 13.7%, down from 16.4% in Q3 2024 and down from 20.1% in Q4 2023[38] - Net cash provided by operating activities for the year ended December 31, 2024, was $349,386,000, a decrease of 11.5% from $394,763,000 in 2023[39] - Free cash flow for the year ended December 31, 2024, was $129,456,000, a decrease of 39.4% from $213,758,000 in 2023[39] Capital Expenditures and Investments - The company plans to invest between $150 million to $200 million in capital spending in 2025, focusing on innovation and new product development[9][27] - Capital expenditures for the year were $219,930 thousand, an increase from $181,005 thousand in 2023[31] - Capital expenditures for the year ended December 31, 2024, were $219,930,000, an increase of 21.5% from $181,005,000 in 2023[39] Cash and Debt Position - RPC remains debt-free with over $300 million in cash at year-end 2024, allowing for funding of organic investments and potential acquisitions[9][27] - Cash and cash equivalents increased to $325,975 thousand at the end of 2024, up from $223,310 thousand at the end of 2023[30] - Total assets rose to $1,386,489 thousand in 2024, compared to $1,286,845 thousand in 2023, reflecting a growth of 7.8%[30] - Total liabilities increased to $308,198 thousand in 2024, compared to $264,332 thousand in 2023, marking a rise of 16.6%[30] - The company reported a net cash provided by operating activities of $349,386 thousand for the year, down from $394,763 thousand in 2023[31] Market Conditions - The average U.S. rig count remained unchanged at 586 in Q4 2024, down 5.8% from 622 in Q4 2023[10] - Oil prices averaged $70.59 per barrel in Q4 2024, a decrease of 7.8% sequentially and down 10.1% year-over-year[10] Shareholder Actions - The company repurchased $9.9 million of common stock in 2024, including $7.5 million under its buyback program[8][19] Product Development - Pressure pumping revenues increased by 3% sequentially, driven by improved asset utilization, while other service lines experienced seasonal softness[11][12] - New product launches in downhole tools are expected to contribute more significantly in 2025 following early positive results in 2024[7][27]

Core Insights - RPC, Inc. reported a slight sequential improvement in pressure pumping results for Q4 2024, although overall business activity was soft due to typical lower customer activity in the fourth quarter [4] - The company is optimistic about new products and services in downhole tools gaining traction in 2025, with planned capital spending between $150 million and $200 million [4][20] - RPC maintains a strong balance sheet with over $300 million in cash at year-end, allowing for organic investments, potential acquisitions, and capital returns to investors [4][11] Financial Performance - Q4 2024 revenues were $335.4 million, down 1% sequentially, with pressure pumping revenues increasing by 3% while other service lines decreased by 3% [6][13] - Net income for Q4 2024 was $12.8 million, a decrease of 32% sequentially, with diluted EPS at $0.06 [9][13] - Adjusted EBITDA for Q4 2024 was $46.1 million, down 17% sequentially, with an adjusted EBITDA margin of 13.7% [10][13] Industry Data - The average U.S. rig count remained unchanged at 586 in Q4 2024, down from 622 in Q4 2023, reflecting a 5.8% decrease [5] - Oil prices averaged $70.59 per barrel in Q4 2024, down 7.8% from $76.57 in Q3 2024 and down 10.1% from $78.52 in Q4 2023 [5] - Natural gas prices increased by 15.7% sequentially to $2.43 per Mcf, but decreased by 11.3% year-over-year [5] Operational Insights - Cost of revenues for Q4 2024 was $250.2 million, up 1% from the previous quarter, primarily due to higher insurance costs [7][13] - Selling, general and administrative expenses increased to $41.2 million, representing 12.3% of revenues, up from 11.2% in the previous quarter [8][13] - The company reported a net cash flow from operating activities of $349.4 million and free cash flow of $129.5 million for the full year 2024 [12][13]

Core Viewpoint - RPC, Inc. is set to release its financial results for the fourth quarter of 2024 on January 30, 2025, before the market opens, followed by a conference call to discuss these results [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter ended December 31, 2024, will be released on January 30, 2025 [1]. - A conference call will be held on the same day at 9:00 a.m. Eastern Time to review the financial and operating results [1]. Group 2: Conference Call Participation - Individuals can participate in the conference call by dialing toll-free (888) 440-5966 or (646) 960-0125 for international callers, using conference ID number 9842359 [2]. - The call will also be broadcast and archived for 90 days on the Company's investor website for those unable to join by telephone [2]. Group 3: Company Overview - RPC provides a wide range of specialized oilfield services and equipment primarily to independent and major oilfield companies involved in the exploration, production, and development of oil and gas properties across the United States and selected international markets [3].

I first spoke about RPC, Inc. (NYSE: RES ) on August 5 of this year , and since then, the firm has issued its Q3 2024 results, so I am re-evaluating the firm. This re-evaluation will show that despite the market continuingAn economics graduate with a passion for financial history; I apply my knowledge to markets in an effort to hopelessly predict trends and spot value. All opinions are my own and should not be taken seriously.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in ...

RPC Inc. (RES) reported third-quarter 2024 adjusted earnings of 9 cents per share, which missed the Zacks Consensus Estimate of 14 cents. The bottom line improved from the year-ago figure of 8 cents. Total quarterly revenues were $337.7 million, up from the year-ago quarter's $330.4 million. The top line also missed the Zacks Consensus Estimate of $359 million. The lower-than-expected quarterly earnings were primarily due to lower utilization and pricing levels in pressure pumping, along with rising cost of ...

Financial Data and Key Metrics Changes - Revenues decreased by 7% to $338 million, primarily due to lower pressure pumping activity [10] - Diluted EPS fell to $0.09 from $0.15 in the previous quarter [12] - EBITDA decreased to $55.2 million from $68.5 million, with EBITDA margins down 240 basis points sequentially to 16.4% [12] - Operating cash flow was $70.7 million, with free cash flow at $19 million after CapEx of $51.7 million [12] Business Line Data and Key Metrics Changes - Pressure pumping revenues declined by 12%, while other service lines collectively saw a 4% decrease [4] - Technical Services, which represents 93% of total revenues, decreased by 8% [10] - Rental Tools revenue remained flat, while Cementing and Downhole Tools experienced slight declines [7] Market Data and Key Metrics Changes - The frac market remains highly competitive with downward pricing pressure and ample supply of horsepower capacity [3][4] - Demand for Tier 4 DGBs is solid, with commitments extending several quarters out, contrasting with challenges faced by legacy diesel equipment [4][5] Company Strategy and Development Direction - The company is focused on rebalancing its portfolio to reduce reliance on the volatile frac market and enhance its non-pressure pumping service lines [14][15] - Strategic investments in equipment upgrades and potential acquisitions are being pursued to strengthen the business [14] - The company aims to maintain financial stability and long-term shareholder returns despite market volatility [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the oilfield services market, with limited visibility heading into the winter season [3] - There is no expectation for significant pricing improvements in 2025, with a focus on prudent operations and potential market discipline [29] Other Important Information - The company has a strong cash position of $277 million at the end of the quarter and plans to maintain CapEx within the guided range of $200 million to $250 million [13] - The impact of E&P consolidation has begun to affect revenues, with one significant customer being acquired by a competitor [5][6] Q&A Session Summary Question: Advances in downhole technology and opportunities in California - Management discussed the potential of new coiled tubing technology for plug and abandonment work in California, highlighting improvements in delivering pods downhole [16][17] Question: M&A bid/ask spread dynamics - Management indicated that the bid/ask spread has compressed somewhat, with private sellers recognizing public valuations [18] Question: Willingness to use cash for acquisitions - The company has a strong cash balance and is flexible in using cash or stock for acquisitions, depending on the situation [20] Question: Optimal fleet size and market dynamics - Management noted that the current fleet size is lower than previous years, with ongoing evaluations for future upgrades [21][23] Question: Nature of acquisition opportunities - Management described acquisition opportunities as a combination of distressed assets and private equity exits, with no clear theme [24] Question: Consolidation in the oilfield services sector - Management emphasized the importance of acquiring differentiated businesses rather than merely increasing scale through commoditized services [26][27] Question: Pricing dynamics for 2025 - Management is not counting on significant pricing improvements for 2025 but remains hopeful for some market discipline [29] Question: Decision points for upgrading fleets - Management indicated that upgrading a fleet would take approximately nine months and would not require long-term contracts at this time [31][32]

Financial Performance - Total revenues for Q3 2024 were $337.7 million, an increase of 2.2% compared to Q3 2023, driven by higher pressure pumping activity levels [73]. - Income before income taxes for Q3 2024 was $23.5 million, down from $24.9 million in Q3 2023 [73]. - Revenues for the first nine months of 2024 were $1.1 billion, a decrease of 11.7% compared to the same period in 2023, primarily due to lower industry activity levels [87]. - Technical Services segment revenues for the first nine months of 2024 decreased by 11.7%, with operating income dropping to $78.5 million from $199.5 million in the prior year [89]. - Cost of revenues for Q3 2024 increased by 3.5% to $247.5 million, driven by higher activity levels and associated expenses [84]. - The income tax provision was $20.1 million for the nine months ended September 30, 2024, down from $48.8 million in 2023, with an effective tax rate decrease to 20.3% from 24.0% [94]. Capital Expenditures - Capital expenditures for the nine months ended September 30, 2024, totaled $179.5 million, with expectations for 2024 to be between $200 million and $250 million [79]. - Capital expenditures were $179.5 million for the nine months ended September 30, 2024, compared to $148.8 million for the same period in 2023, reflecting an increase of approximately 20.6% [96]. - The company expects capital expenditures to be between $200 million and $250 million in 2024, focusing on maintenance and growth opportunities [100]. Expenses - Selling, general and administrative expenses decreased to $37.7 million in Q3 2024, down from $42.0 million in Q3 2023, primarily due to lower incentive compensation [85]. - Selling, general and administrative expenses decreased to $115.2 million for the nine months ended September 30, 2024, from $127.8 million for the same period in 2023, a reduction of approximately 9.9% [91]. - Depreciation and amortization increased by 23.8% to $97.4 million for the nine months ended September 30, 2024, compared to $78.7 million for the same period in 2023 [91]. - Interest expense rose to $594 thousand for the nine months ended September 30, 2024, compared to $246 thousand for the same period in 2023, while interest income increased to $9.8 million from $6.0 million [93]. Liquidity and Cash Flow - Cash and cash equivalents increased by $53.6 million to $276.9 million as of September 30, 2024, compared to $223.3 million as of December 31, 2023 [95]. - Net cash provided by operating activities decreased by $43.9 million to $255.2 million for the nine months ended September 30, 2024, compared to $299.1 million for the same period in 2023 [95]. - The company has sufficient liquidity from existing cash and cash equivalents to meet requirements for at least the next twelve months [112]. - As of September 30, 2024, the company had no outstanding borrowings under its $100 million revolving credit facility, with $83.5 million available [99]. - As of September 30, 2024, RPC had no outstanding interest-bearing advances on its credit facility, which bears interest at a floating rate [116]. Market Outlook - RPC, Inc. anticipates that international revenues will remain below 10% of consolidated revenues in the foreseeable future [112]. - The company believes that oil prices will stay at or above levels sufficient to motivate customers to maintain drilling and completion activities [112]. - RPC expects that natural gas-directed drilling will increase in the future due to favorable long-term market dynamics [112]. - The company acknowledges potential risks from the volatility of oil and natural gas prices, which could affect drilling activity and demand for services [113]. - RPC recognizes the oversupplied nature of the oilfield services market, which may impact pricing and competition [113]. Shareholder Returns - The company intends to continue paying cash dividends to common stockholders, subject to industry conditions and financial performance [112]. - The company has a stock buyback program to repurchase up to 49,578,125 shares, with 12,768,870 shares remaining available for repurchase as of September 30, 2024 [102]. Operational Metrics - Average domestic rig count for Q3 2024 was 586, a decrease of 9.7% compared to the same period in 2023 [82]. - Average oil price per barrel in Q3 2024 was $76.57, a decrease of 6.8% compared to Q3 2023, while average natural gas price per thousand cubic feet was $2.10, down 18.9% [82]. - The majority of RPC's transactions occur in U.S. currency, minimizing the impact of foreign exchange rate changes on its financial condition [116].

Company Performance - RPC reported quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.14 per share, representing an earnings surprise of -35.71% [1] - The company posted revenues of $337.65 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 6.05%, compared to year-ago revenues of $330.42 million [1] - Over the last four quarters, RPC has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [1] Stock Outlook - RPC shares have lost about 13.6% since the beginning of the year, while the S&P 500 has gained 21.5% [2] - The current consensus EPS estimate for the coming quarter is $0.12 on $342.4 million in revenues, and $0.55 on $1.44 billion in revenues for the current fiscal year [4] - The estimate revisions trend for RPC is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] Industry Context - The Oil and Gas - Field Services industry is currently in the bottom 35% of the Zacks industry rankings, which can materially impact stock performance [5] - Flotek Industries, another company in the same industry, is expected to report quarterly earnings of $0.07 per share, representing a year-over-year change of +75%, with revenues expected to be $50.4 million, up 6.6% from the year-ago quarter [5]

Exhibit 99.1 Page 1 Third Quarter 2024 Earnings Release RPC, Inc. Reports Third Quarter 2024 Financial Results And Declares Regular Quarterly Cash Dividend ATLANTA, October 24, 2024 - RPC, Inc. (NYSE: RES) ("RPC" or the "Company"), a leading diversified oilfield services company, announced its unaudited results for the third quarter ended September 30, 2024. * Non-GAAP and adjusted measures, including adjusted operating income, adjusted net income, adjusted earnings per share (diluted), EBITDA and adjusted ...

ATLANTA, Oct. 24, 2024 /PRNewswire/ -- RPC, Inc. (NYSE: RES) ("RPC" or the "Company"), a leading diversified oilfield services company, announced its unaudited results for the third quarter ended September 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. ...