RPC Inc. (RES) reported second-quarter 2024 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 13 cents. The bottom line declined from the year-ago quarter's figure of 30 cents. Total quarterly revenues were $364.2 million, down from the year-ago quarter's $415.9 million. The top line also missed the Zacks Consensus Estimate of $386 million. Operating profit in the Technical Services segment totaled $30.2 million, lower than the year-ago quarter's $77 million. The results we ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File No. 001-08726 RPC, INC. (Exact name of registrant as specified in its charter) Delaware 58-1550825 (State or othe ...

Financial Data and Key Metrics - Total revenues declined by 4% to $364 million, primarily driven by a 17% decrease in pressure pumping revenues, while other service lines collectively grew by 8% [9][20] - EBITDA increased by 9% sequentially to $68.5 million, with EBITDA margins rising by 210 basis points to 18.8% [24] - Diluted EPS was $0.15, up from $0.13 in the previous quarter, with no non-GAAP adjustments [24] - Operating cash flow was $127.9 million, and free cash flow was $52.9 million after $75 million in CapEx [25] - The company maintained a strong balance sheet with $261.5 million in cash at the end of the quarter [26] Business Line Performance - Pressure pumping revenues declined by 17%, representing 40.4% of total revenues, while downhole tools grew by 7% to $100 million, coiled tubing grew by 18%, cementing increased by 1%, and rental tools grew by 9% [9][15][17][18][21] - Non-pressure pumping service lines collectively grew by 8%, demonstrating the strength and diversity of the company's portfolio [9][18] - The company's Tier 4 DGB fleets were highly utilized, with strong demand from semi-dedicated customers, and a new Tier 4 DGB fleet was deployed, bringing the total to three [11] Market and Competitive Landscape - The frac market remains highly competitive, with pricing stabilizing but activity in the spot and semi-dedicated markets remaining soft [9] - The company expects challenging conditions to force less well-capitalized smaller players out of the market, potentially reducing supply over time [13] - The rig count remains soft, with hopes of stabilization in the near term and potential growth not expected until next year [13] Strategic Direction and Industry Competition - The company is focused on controlling costs, evaluating additional efficiency actions, and maintaining a disciplined operating and financial approach [14] - Potential future investments include upgrades to frac fleets and acquisitions, particularly in non-pressure pumping service lines such as coiled tubing, downhole tools, wireline, and cementing [28][30] - The company is cautious about electric fleets, preferring to wait for technology and customer preferences to evolve before making significant investments [29] Management Commentary on Operating Environment and Future Outlook - Management acknowledged the challenging environment but expressed encouragement by profit growth and the resilience of non-pressure pumping service lines [8] - The company is optimistic about the rollout of a new downhole motor product, which has shown early success and high customer interest [16] - Management expects the market to eventually balance out, with activity potentially picking up as production declines and demand remains high [47] Other Important Information - The company received a $53 million tax refund related to past tax years, resulting in a lower effective tax rate of 17.8% for the quarter, which is not expected to be repeated in future quarters [26] - Year-to-date CapEx was $128 million, with the full-year CapEx range remaining unchanged at $200 million to $250 million [25] Q&A Session Summary Question: M&A Strategy and Financial Parameters - The company is looking for acquisitions that are accretive from both a cash flow and earnings valuation perspective, with a focus on areas with strong free cash flow fundamentals [35][36] - Management emphasized the importance of finding a balance between financial parameters and the potential for integrating new teams and capabilities [36] Question: Market Dynamics and Pressure Pumping Competitiveness - The pressure pumping market remains highly competitive, with additional capacity coming from both gassy basins and new e-fleet deployments [45] - The company is disciplined in its approach, choosing to idle certain crews rather than chase economically unattractive business [10][45] Question: Potential Investments in Tier 4 DGB Engines - The company sees an opportunity to stock up on Tier 4 DGB engines at potentially attractive prices due to market softness, though it is not actively playing the market for these components [51] Question: Technical Services Outlook for Q3 and Q4 - Management expects Q3 to be similar to Q2, with pressure pumping remaining a challenge but other service lines continuing to perform well [61] - Support services, which include non-pressure pumping business lines, are expected to remain steady, with no significant shifts anticipated [63]

RPC (RES) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.30 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings ...

Exhibit 99.1 ATLANTA, July 25, 2024 - 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. ● 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 (EBIT ...

RPC Inc (RES) is set to report second-quarter 2024 earnings on Jul 25, before the opening bell. Estimate Trend The Zacks Consensus Estimate for second-quarter revenues of $385.7 million indicates a 7.3% decline from the year-ago reported figure. According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $85.35 per barrel in April, $80.02 in May and $79.77 in June. This indicates that the crude pricing environment in the second quar ...

For information about RPC, Inc. or this event, please contact: ATLANTA, July 10, 2024 /PRNewswire/ -- RPC, Inc. (NYSE: RES) announced today that it will release its financial results for the second quarter ended June 30, 2024 on Thursday, July 25, 2024 before the market opens. In conjunction with its earnings release, the Company will host a conference call to review the Company's financial and operating results on Thursday, July 25, 2024 at 9:00 a.m. Eastern Time. Mark Chekanow, CFA Vice President, Investo ...

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Financial Data and Key Metrics Changes - Revenues decreased by 4% to $378 million, attributed to lower industry activity and competitive pricing concessions [14] - Diluted EPS fell to $0.13 from $0.19 in the previous quarter, with adjusted EBITDA down to $63.1 million from $79.5 million, resulting in a margin decrease of 340 basis points to 16.7% [6][7] - SG&A expenses increased to $40.1 million from $38.1 million, primarily due to total employment costs [6] Business Line Data and Key Metrics Changes - Technical Services revenues, which account for 94% of total revenues, decreased by 4%, driven by a decline in pressure pumping [14] - Support Services revenues fell by 9%, representing 6% of total revenues [14] - The top five service lines accounted for 92% of total revenues, with pressure pumping at 46.6%, downhole tools at 24.8%, coiled tubing at 8.8%, cementing at 7.3%, and rental tools at 4.2% [86] Market Data and Key Metrics Changes - The frac market remains highly competitive, with fleets moving into the Permian from gas plays, adding capacity to an already crowded basin [76] - Oil prices have recently increased, with WTI reaching above $80 a barrel, which may encourage smaller private EMPs to increase activity [13] - The company noted that ongoing operating efficiency gains have created additional pump hour capacity, impacting industry pricing [76] Company Strategy and Development Direction - The company plans to continue investing in fleet upgrades, particularly focusing on Tier 4 dual fuel assets, while maintaining a debt-free balance sheet with a strong cash position of $212 million [4][7] - The company is looking for attractive acquisition opportunities to increase scale and broaden customer relationships, remaining patient in its approach [8] - The management emphasized the importance of maintaining discipline in pricing and asset utilization to avoid burning out equipment [38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the potential for increased activity from smaller EMPs as M&A activity in the larger EMP space continues [37] - The company is monitoring the market for electric fleets but is currently focusing on dual fuel assets due to evolving technology and demand [33] - Management acknowledged the volatility in the market but remains committed to financial stability and long-term shareholder returns [77] Other Important Information - The company received a $52 million tax refund from the IRS, which will support its financial position [7] - Operating cash flow was $56.6 million, with free cash flow at $3.8 million after capital expenditures of $52.8 million [35] Q&A Session Summary Question: Can you discuss the overall pressure pumping market and competitive landscape? - Management noted that there has been some degradation in pricing compared to a year ago, but they are exercising discipline in bidding and not burning out equipment [38] Question: Are you seeing any growth in the second quarter? - Management indicated that visibility remains limited, but there are signs of modest growth as the market stabilizes [39] Question: Can you provide insights on the pricing situation in frac? - Management stated that the pricing environment is still competitive, and they are hopeful that it may be reaching a bottom [52] Question: What are the expectations for consolidation opportunities in the service space? - Management confirmed that they are actively looking for opportunities but are cautious about seller expectations on valuation [59] Question: How does consolidation among larger players impact the company? - Management believes that consolidation may create opportunities for smaller players to become more active, benefiting the company in the long run [50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (Address of principal executive offices) (Zip code) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File No. 001-08726 RPC, INC. (Exact name of registrant as specifi ...