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, 2021 Commission File No. 1-8726 RPC, INC. (Exact name of registrant as specified in its charter) organization) (I.R.S. Employer Identification Number) Delaware 58-1550825 (State or other jurisdiction of incorporation or 2801 Buford Highway, Suite 300, Atlanta, Georgia 30329 (Address ...

Financial Data and Key Metrics Changes - In Q2 2021, revenues increased to $188.8 million from $89.3 million in Q2 2020, primarily due to higher activity levels and improved pricing [10] - EBITDA for Q2 2021 was $17.3 million compared to an adjusted EBITDA of negative $17.8 million in the same period of the prior year [11] - Adjusted loss per share improved to near breakeven in Q2 2021 from an adjusted loss per share of $0.10 in Q2 2020 [11] Business Line Data and Key Metrics Changes - Technical services segment revenues increased by 118.7% compared to the same quarter in the prior year, driven by significantly higher activity and pricing improvements [14] - Support services segment revenues increased by 44.1% year-over-year, but the operating loss widened to $2.4 million from $1.9 million in the prior year [15] - Sequentially, revenues increased by 3.4% from $182.6 million in the prior quarter, with cost of revenues as a percentage of revenues decreasing from 80.1% to 77.2% [16][12] Market Data and Key Metrics Changes - The company noted increased demand for services and a full calendar for most of Q3, indicating a positive market outlook [8] - Customer activity was impacted in June due to job delays and heavy rains in the Permian, but July showed signs of improvement [8] Company Strategy and Development Direction - The company is optimistic about achieving net pricing improvements as market conditions tighten and activity increases [22] - The focus remains on ESG-friendly equipment, which is in high demand, and the company expects to see pricing power in this area first [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the third quarter's performance, with indications of increased drilling and completion plans from customers [22] - The company remains cautious but hopeful about pricing improvements by the end of the year [27] Other Important Information - Capital expenditures for Q2 2021 were $14.1 million, with an estimated full-year capital expenditure of approximately $65 million [20] - The company ended Q2 2021 with a cash balance of $121 million and remains debt-free [23] Q&A Session Summary Question: Is third quarter top line book up double-digits? - Management indicated that it is very much a possibility [25] Question: What was the Cares Act benefit for Q2 margins? - The overall benefit was just under $4 million, with about $3.4 million in technical services [26] Question: Will net pricing improvement be seen by the end of this year? - Management is hopeful for pricing improvement as the market tightens [27] Question: Can you break down the revenue within technical services? - Pressure pumping accounts for 38.2% of consolidated revenues, followed by through tubing solutions at 31.2% [31] Question: What is the margin profile with the deployment of an additional fleet? - The additional fleet will enhance the bottom line, but margin percent is harder to predict [32] Question: What are the concerns regarding labor and COVID? - The company has a plan in place to manage labor and COVID-related issues, which has been effective so far [41][44] Question: What operational delays impacted pressure pumping in Q2? - Delays were due to heavy rain and job pushes, leading to lower utilization [50] Question: How is pricing for different assets within pressure pumping? - ESG-friendly equipment can achieve decent utilization at current pricing, but premium pricing is not yet available [62]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents RPC, Inc.'s unaudited consolidated financial statements for Q1 2021, with comparative figures, detailing the company's financial position and performance [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheet shows total assets increased to **$800.1 million** as of March 31, 2021, driven by higher accounts receivable, while liabilities also rose Consolidated Balance Sheet Summary (in thousands USD) | | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $449,641 | $428,359 | | **Total assets** | **$800,073** | **$790,505** | | **Total current liabilities** | $103,547 | $79,565 | | **Total liabilities** | $176,897 | $158,938 | | **Total stockholders' equity** | $623,176 | $631,567 | | **Total liabilities and stockholders' equity** | **$800,073** | **$790,505** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) RPC reported Q1 2021 revenues of **$182.6 million**, a decrease from Q1 2020, but a significantly improved net loss of **$9.7 million** due to the absence of prior-year impairment charges Consolidated Statements of Operations Summary (in thousands USD, except per share data) | | Three months ended March 31, 2021 | Three months ended March 31, 2020 | | :--- | :--- | :--- | | **Revenues** | $182,610 | $243,777 | | **Operating loss** | $(10,521) | $(218,707) | | **Impairment and other charges** | $0 | $205,536 | | **Net loss** | **$(9,662)** | **$(160,423)** | | **Diluted loss per share** | **$(0.05)** | **$(0.76)** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations declined to **$9.3 million** in Q1 2021 due to lower revenues, while investing cash outflows decreased, with cash and equivalents ending at **$85.4 million** Consolidated Statements of Cash Flows Summary (in thousands USD) | | Three months ended March 31, 2021 | Three months ended March 31, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $9,264 | $54,839 | | **Net cash used for investing activities** | $(7,782) | $(21,424) | | **Net cash used for financing activities** | $(557) | $(792) | | **Net increase in cash and cash equivalents** | $925 | $32,623 | | **Cash and cash equivalents at end of period** | $85,421 | $82,646 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, segment performance, and credit loss allowances, noting the adoption of ASU No. 2019-12 with no material impact - The company adopted ASU No. 2019-12, simplifying income tax accounting, in the first quarter of 2021 with no material impact on its financial statements[20](index=20&type=chunk) - All of the company's **$182.6 million** in revenue for Q1 2021 was recognized over time, consistent with the nature of its oilfield services[31](index=31&type=chunk) - No impairment charges were recorded in Q1 2021, compared to **$205.5 million** in Q1 2020, which was related to the Technical Services segment[33](index=33&type=chunk) Segment Revenues by Service Line (in thousands USD) | Service Line | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Total Technical Services** | **$172,641** | **$227,700** | | Pressure Pumping | $74,900 | $96,765 | | Downhole Tools | $56,377 | $85,908 | | **Total Support Services** | **$9,969** | **$16,077** | | Rental Tools | $6,032 | $10,404 | | **Total Revenues** | **$182,610** | **$243,777** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial results, noting a **25.1%** revenue decline due to lower activity, ongoing cost reduction efforts, and a cautious outlook despite rising commodity prices [Overview](index=19&type=section&id=Overview) RPC's Q1 2021 revenues decreased **25.1%** to **$182.6 million** due to lower activity and pricing, reflecting the continued impact of the 2020 industry disruption - Q1 2021 revenues decreased by **$61.2 million (25.1%)** compared to Q1 2020, driven by lower activity levels and pricing[85](index=85&type=chunk) - International revenues fell **39.0%** to **$9.7 million** in Q1 2021 compared to the prior year[85](index=85&type=chunk) - Capital expenditures in Q1 2021 totaled **$11.8 million**, primarily for maintenance of existing equipment[83](index=83&type=chunk) [Outlook](index=20&type=section&id=Outlook) The company's outlook remains cautious, with drilling and completion activity still weak despite rising commodity prices, and no plans for significant fleet capacity increases until justified returns - The company expects 2021 capital expenditures to be approximately **$55 million**, mainly for maintenance and upgrading selected pressure pumping equipment for dual-fuel capability[91](index=91&type=chunk) - Management believes U.S. oilfield well completion activity will remain weak in the near term, despite a rise in oil prices and completions in Q1 2021[92](index=92&type=chunk) - The company does not expect to significantly increase its fleet capacity until projected financial returns are justified[96](index=96&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q1 2021 revenues decreased **25.1%** to **$182.6 million**, with both Technical and Support Services declining, and cost of revenues increasing as a percentage of revenue due to inefficiencies Q1 2021 vs Q1 2020 Performance (in thousands USD, except rig count and oil price) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Consolidated revenues** | $182,610 | $243,777 | | **Consolidated operating loss** | $(10,521) | $(218,707) | | **Technical Services revenue** | $172,641 | $227,700 | | **Support Services revenue** | $9,969 | $16,077 | | **Average U.S. domestic rig count** | 396 | 785 | | **Average oil price (per barrel)** | $58.13 | $47.23 | - Cost of revenues decreased **19.6%** to **$146.2 million** but increased as a percentage of revenues to **80.1%** from **74.6%** in the prior year, due to inefficiencies and higher fuel costs[106](index=106&type=chunk) - Depreciation and amortization decreased **54.8%** to **$17.8 million**, primarily due to asset impairment charges recorded in previous quarters[108](index=108&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong financial position with **$85.4 million** in cash and no credit facility borrowings, despite a decrease in operating cash flow, and projects **$55 million** in 2021 capital expenditures - Cash provided by operating activities decreased by **$45.6 million** year-over-year, primarily due to lower revenues and a smaller favorable change in working capital[114](index=114&type=chunk) - As of March 31, 2021, the company had no outstanding borrowings under its **$100 million** revolving credit facility, with **$81.8 million** available[119](index=119&type=chunk) - The company expects 2021 capital expenditures to be approximately **$55 million** No shares were repurchased on the open market in Q1 2021[120](index=120&type=chunk)[123](index=123&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces interest rate and foreign exchange risks, but with no credit facility borrowings and primarily USD transactions, neither is expected to materially impact financial results - The company has no outstanding interest-bearing advances on its credit facility as of March 31, 2021[139](index=139&type=chunk) - Risk from changes in foreign exchange rates is not expected to be material as the majority of transactions are in U.S. dollars[140](index=140&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[142](index=142&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the first quarter of 2021[143](index=143&type=chunk) [Part II. Other Information](index=27&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation, but management does not expect any current proceedings to materially affect its financial position or results - RPC does not expect ongoing litigation to have a material adverse effect on its financial position or results of operations[146](index=146&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors previously detailed in the company's Annual Report on Form 10-K for December 31, 2020, with no new risks presented - For a description of risk factors, the report refers to the Company's annual report on Form 10-K for the year ended December 31, 2020[147](index=147&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2021, the company repurchased **139,519** shares at **$4.00** each for tax-related vesting, with **8.2 million** shares remaining available under the buyback program Share Repurchases in Q1 2021 (Shares and USD) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31, 2021 | 139,519 | $4.00 | | Feb 1 - Feb 28, 2021 | 0 | - | | Mar 1 - Mar 31, 2021 | 0 | - | | **Totals** | **139,519** | **$4.00** | - The repurchased shares were related to taxes from the vesting of restricted shares, not open market purchases[150](index=150&type=chunk) - As of March 31, 2021, **8,248,184** shares remain available for repurchase under the company's stock buyback program[149](index=149&type=chunk) [Defaults upon Senior Securities](index=27&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[151](index=151&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[152](index=152&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) No other information is reported for this period - None[153](index=153&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, credit agreement amendments, and CEO/CFO certifications - The exhibits filed with this report include corporate governance documents, the latest credit agreement amendment, and required CEO/CFO certifications (Sections 302 and 906)[155](index=155&type=chunk)

RPC, Inc. (NYSE:RES) Q1 2021 Earnings Conference Call April 28, 2021 9:00 AM ET Company Participants Jim Landers - Vice President, Corporate Services Rick Hubbell - President and Chief Executive Officer Ben Palmer - Chief Financial Officer Conference Call Participants Stephen Gengaro - Stifel Operator Good morning and thank you for joining us for RPC, Inc.'s First Quarter 2021 Financial Earnings Conference Call. Today's call will be hosted by Rick Hubbell, President and CEO and Ben Palmer, Chief Financial ...

☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 Commission File No. 1-8726 RPC, INC. Delaware (State of Incorporation) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) 58-1550825 (I.R.S. Employer Identification No.) 2801 BUFORD HIGHWAY NE, SUITE 300 ATLANTA, GEORGIA 30329 (404) 321-2140 | Secu ...

Financial Data and Key Metrics Changes - For Q4 2020, revenues decreased to $148.6 million from $236 million in Q4 2019, attributed to lower activity levels and pricing [11] - Adjusted loss for Q4 was $11.3 million compared to an adjusted operating loss of $17.3 million in the same quarter last year [12] - Adjusted EBITDA for Q4 was $7.8 million, down from $23.2 million in Q4 2019 [12] - Cost of revenues was $117.9 million, representing 79.3% of revenues, compared to 75% in Q4 2019 [13] - Selling, general and administrative expenses decreased to $26 million from $36.8 million in the prior year [14] - Depreciation and amortization decreased to $18 million from $40.3 million in Q4 2019 [15] Business Line Data and Key Metrics Changes - Technical Services segment revenues decreased by 36.5% compared to the same quarter last year, with an operating loss of $11.3 million [16] - Support Services segment revenues decreased by 43.6% year-over-year, resulting in an operating loss of $2.6 million compared to a profit of $1.2 million in Q4 2019 [17] - Sequentially, Technical Services revenues increased by 27.2% to $139 million due to increased activity levels [22] - Support Services revenues increased by 32.1% to $9.7 million sequentially [23] Market Data and Key Metrics Changes - RPC operated 5 horizontal pressure pumping fleets in Q4 2020, maintaining the same number as in Q3 but with improved utilization [24] - The cash balance at the end of Q4 was $84.5 million, and the company remains debt-free [28] Company Strategy and Development Direction - The company aims to maintain capital discipline and will not increase equipment fleets until there is clarity on economic returns [26] - Operating plans for 2021 include low capital spending and continued expense management [27] - The company is focused on maintaining a strong cash balance while managing working capital growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving business conditions due to COVID vaccine distribution and a potential upcycle in the industry [9][10] - There is greater visibility into near-term activity levels, with expectations for continued improvement in 2021 [26] - Management noted that while they expect activity levels to improve, they remain cautious about pricing increases in the industry [35][36] Other Important Information - The company recorded impairment and other charges of $10.3 million during the quarter, including a non-cash pension settlement loss [20] - Capital expenditures for Q4 2020 were $12.8 million, with an estimated $55 million for 2021 focused on maintenance and selected growth opportunities [24] Q&A Session Summary Question: Insights on working capital build and expectations for 2021 - Management explained that the working capital build was influenced by the sale of the sand mine facility, which generated tax benefits and increased cash receivables [32][33] Question: Growth expectations and pricing improvements - Management indicated that growth will come from various customers, including public and private E&Ps, with some anecdotal evidence of pricing improvements [35][36] Question: Segment revenue breakdown and incremental margin performance - Management provided segment revenue percentages and indicated that typical incremental EBITDA margin improvements range from 20% to 40% in a normal revenue environment [43][44] Question: First quarter expectations and activity growth - Management expects Q1 to show high single-digit revenue growth, with continued improvement anticipated [50][51] Question: Capital discipline and fleet reactivation - Management emphasized that additional fleets will not be reactivated until there is sufficient work that contributes positively to financial results [65][66] Question: Input costs and pricing power - Management acknowledged rising input costs and indicated that they are historically good at passing these costs onto customers [80][81] Question: Maintenance CapEx and fleet age - Management stated that maintenance CapEx is currently low due to newer equipment and efficient operations, but it may increase with activity levels [109][112]

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 September 30, 2020 Commission File No. 1-8726 RPC, INC. (Exact name of registrant as specified in its charter) Delaware 58-1550825 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2801 Buford Highway, Suite 300, Atlanta, Georgia 30329 ...

RPC, Inc. (NYSE:RES) Q3 2020 Earnings Conference Call October 28, 2020 9:00 AM ET Company Participants Jim Landers - Vice President, Corporate Services Rick Hubbell - President & Chief Executive Officer Ben Palmer - Chief Financial Officer Conference Call Participants Ian MacPherson - Simmons Chris Voie - Wells Fargo Stephen Gengaro - Stifel Jacob Lundberg - Credit Suisse Connor Lynagh - Morgan Stanley Taylor Zurcher - Tudor, Pickering, Holt Blake Gendron - Wolfe Research John Daniel - Daniel Energy Partner ...

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, 2020 Commission File No. 1-8726 RPC, INC. (Exact name of registrant as specified in its charter) Delaware 58-1550825 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2801 Buford Highway, Suite 300, Atlanta, Georgia 30329 (Addr ...

RPC, Inc. (NYSE:RES) Q2 2020 Earnings Conference Call July 29, 2020 9:00 AM ET Company Participants Rick Hubbell - President and CEO Ben Palmer - Chief Financial Officer James Landers - Vice President of Corporate Finance Conference Call Participants John Daniel - Daniel Energy Partner Cameron Lochridge - Stephens, Inc. Chase Molehill - Bank of America Ian MacPherson - Simmons Jacob Lundberg - Credit Suisse Vebs Vaishnav - Scotia Howard Weil George O'Leary - TPH & Company Chris Voie - Wells Fargo Connor L ...