RPC(US:RES)2019-11-22 19:38Financial Performance - RPC's revenues decreased by 18% sequentially and 33% year-over-year, reaching $293.24 million in Q3 2019[15] - Adjusted EBITDA decreased by 56% sequentially and 77% year-over-year, totaling $22.775 million in Q3 2019[15] - The company reported an adjusted net loss of $17.978 million in Q3 2019, compared to an adjusted net income of $6.171 million in Q2 2019 and $49.967 million in Q3 2018[15] - Adjusted net loss per share was $0.08 in Q3 2019, compared to an adjusted net income per share of $0.03 in Q2 2019 and $0.23 in Q3 2018[15] Strategic Actions - RPC announced the retirement of 400,000 pressure pumping horsepower and the closure of several pressure-pumping related locations[15] - The company is aligning its cost structure to current and expected activity levels by closing locations and cutting costs[23] - RPC is upgrading its pressure pumping fleet by integrating an additional 100,000 HP of high-capacity pumps and retiring older horsepower[23] Market and Operational Context - Pressure pumping revenues declined due to low utilization and job mix[15] - The company recorded impairment and other charges of $71.7 million during the quarter[15] - Increased frac fleet efficiency is slowing the process of rationalizing oversupply[18] Capital Stewardship - Operating cash flow exceeded capital expenditures by $1 billion during the period from 2006 to Q3 2019[27] - RPC has returned $1 billion to shareholders since 1997[27]