RPC, Inc. Reports Third Quarter 2024 Financial Results and Declares Quarterly Cash Dividend

On October 24, 2024, RPC, Inc. (NYSE: RES) released its unaudited financial results for the third quarter ended September 30, 2024. The company, a prominent diversified oilfield services provider, disclosed a decline in revenues and profits for the quarter.

Key highlights from the third quarter of 2024 include a 7% sequential decrease in revenues, totaling $337.7 million. Net income stood at $18.8 million, representing a 42% decrease compared to the previous quarter, along with diluted earnings per share (EPS) of $0.09. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) decreased by 19% to $55.2 million, with an adjusted EBITDA margin decrease of 240 basis points to 16.4%.

The challenging oilfield services market, characterized by lower utilization and pricing in pressure pumping, impacted RPC’s financial performance in the third quarter. However, the company noted that its non-pressure pumping service line revenues demonstrated resilience, posting a moderate 4% decline. In response to market conditions, RPC stated that it would take measured cost actions to safeguard margins until improvements in industry conditions occur.

RPC remained debt-free throughout the quarter and paid out $8.6 million in dividends. As the year progresses, RPC aims to enhance its product and service offerings, particularly in coiled tubing and downhole tools, to capitalize on promising opportunities. The company expressed optimism about potential high-quality acquisitions, leveraging its robust balance sheet boasting nearly $280 million in cash reserves and no outstanding debt at the end of the third quarter.

The detailed financial results including reconciliations to non-GAAP measures can be found in the attachments provided along with RPC, Inc.’s investor website for additional information.

For further insight into RPC’s financial status, a conference call is scheduled for October 24, 2024, at 9:00 a.m. ET. Interested parties can access the call through RPC, Inc.’s website or dial-in information provided in the official release.

About RPC:
RPC, Inc. offers specialized oilfield services and equipment to both independent and major oilfield companies operating in various regions across the United States and selected international markets. Additional company information can be found on the RPC, Inc. investor website.

The full details of RPC, Inc.’s third-quarter 2024 earnings release and financial performance can be accessed through their official communications and website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read RPC’s 8K filing here.

About RPC

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.