RPC, Inc. reports developments as a diversified oilfield services company serving oil and gas exploration, production and development customers. Its updates center on Technical Services and Support Services, including pressure pumping, pressure control, coiled tubing, snubbing, cementing, downhole tools, wireline, rental tools, pipe inspection and storage.
Recurring RES news includes quarterly financial results, segment and service-line activity, cash dividend declarations, conference-call notices and board governance changes. Company releases also describe activity across U.S. oilfield regions, including the Gulf of America, mid-continent, southwest, Appalachian and Rocky Mountain regions, and selected international markets.
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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) 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.