Welcome to our dedicated page for Rpc news (Ticker: RES), a resource for investors and traders seeking the latest updates and insights on Rpc stock.
RPC, Inc. (NYSE: RES) is an oilfield services company that regularly issues detailed updates on its financial and operating performance. The news flow around RPC centers on quarterly and annual earnings releases, conference call announcements, acquisition activity and board-level developments, all of which are relevant to investors tracking the support activities for oil and gas operations sector.
In its earnings releases, RPC reports revenues, operating income, net income and margins, along with segment performance for Technical Services and Support Services. The company discusses trends in key service lines such as pressure pumping, downhole tools, wireline, coiled tubing, cementing and rental tools, and comments on how factors like commodity prices, rig counts and customer activity influence results. These releases often include non-GAAP measures such as EBITDA, adjusted EBITDA, adjusted net income and free cash flow, with reconciliations provided in accompanying tables.
News items also cover strategic moves, including RPC’s acquisition of Pintail Completions, a wireline services provider in the Permian Basin, and related commentary on how this transaction fits into the company’s diversified oilfield services platform. Governance-related news, such as the appointment of an independent director to the Board, appears in both press releases and Form 8-K filings.
Investors and industry observers can use the RES news stream to follow quarterly results, dividend declarations, capital allocation decisions, acquisition announcements and changes in board composition. Bookmarking this page provides a centralized view of RPC’s public communications and helps contextualize the company’s performance within broader oilfield services market conditions as described in its own disclosures.
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RPC, Inc. (NYSE: RES) reported its first-quarter 2023 results, showing revenues of $476.7 million, a slight decline from $482.0 million in Q4 2022, impacted by weather disruptions and a shift in job mix. Operating profit fell to $90.7 million from $112.3 million, with net income at $71.5 million, or $0.33 per share, down from $87.0 million, or $0.40 per share in the previous quarter. The company recorded a non-cash pension charge of $17.4 million. Year-over-year, revenues increased by 67.5%. RPC maintains a strong balance sheet with $177.9 million in cash, allowing continued investment and a resumed share buyback program. Adjusted EBITDA stood at $132.9 million, slightly down from $138.4 million in Q4 2022.
RPC, Inc. (NYSE: RES) announced on April 25, 2023, a quarterly cash dividend of $0.04 per share, payable on June 9, 2023, to stockholders of record as of May 10, 2023. Additionally, the board approved an increase of 8 million shares to its stock buyback program, bringing the total authorized for repurchase to 15,115,820 shares. This move aims to enhance shareholder value through consistent cash returns via dividends and share repurchases. The buyback program is flexible, allowing repurchases in various market conditions without a set expiration date. RPC does not plan to incur debt for this program, aligning with its broader capital allocation strategy.
RPC, Inc. (NYSE: RES) will present at the 26th Annual Burkenroad Reports Investment Conference on April 28, 2023, hosted by the A. B. Freeman Business School at Tulane University. The event, taking place at the Ritz Carlton New Orleans, is part of a conference that allows institutional investors and the public to hear from executives of public companies in the Gulf South. The conference is free but requires registration, which can be done at freeman.tulane.edu/Burkenroad-conference.
RPC provides specialized oilfield services primarily to independent and major oilfield companies across the United States, including regions like the Gulf of Mexico and Rocky Mountains. Further details and the presentation will be available on RPC.net.
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