Rpc Inc Stock Price, News & Analysis

RPC, Inc. (NYSE: RES) reported Q4 2020 revenues of $148.6 million, down 37.0% from Q4 2019. The company faced an operating loss of $21.6 million but narrowed losses compared to the previous year. Net loss was $10.2 million ($0.05 per share), improving from $23.4 million in Q4 2019. For 2020, revenues totaled $598.3 million, down from $1.22 billion. EBITDA was negative $2.5 million for Q4. Despite challenges, RPC ended 2020 with $84.5 million in cash, indicating improved liquidity.

RPC, Inc. (NYSE: RES) will release its fourth-quarter financial results for the period ending December 31, 2020, on January 27, 2021, before market opening. A conference call to discuss the results will occur at 9:00 a.m. Eastern Time on the same day. Interested participants can join via phone or listen to the archived broadcast on the Company's investor website. RPC provides a wide range of oilfield services and equipment primarily within the U.S. and selected international markets.

RPC, Inc. (NYSE: RES) announced the appointment of Patrick J. Gunning to its Board of Directors, effective January 1, 2021. Gunning, who previously served as Chief Financial Officer at the Robert W. Woodruff Arts Center and held multiple leadership roles at Ernst & Young LLP, brings over 40 years of extensive financial experience. He will fill the board position left by James B. Williams, who is retiring after 36 years. President Richard A. Hubbell expressed confidence in Gunning's ability to provide valuable strategic insights.

RPC, Inc. (NYSE: RES) announced the appointment of Susan Bell to its Board of Directors, effective January 1, 2021. Bell had a 36-year career at Ernst and Young LLP, where she held significant leadership roles, including audit and advisory partner. Her extensive experience in financial expertise and governance is expected to enhance RPC's strategic direction. She replaces Bill J. Dismuke, who retired after 15 years. CEO Richard A. Hubbell expressed confidence in Bell's ability to contribute significantly to the Board's objectives.

RPC, Inc. (NYSE: RES) reported Q3 2020 revenues of $116.6 million, down 60.2% from $293.2 million in Q3 2019. Operating loss improved to $31.8 million from $92.6 million. However, net loss was $16.4 million or $0.08 per share, compared to $69.2 million or $0.33 per share a year prior. Adjusted net loss was $20.0 million. Despite a 30.6% sequential revenue increase attributed to rising oilfield activity, management cautioned that current pricing levels remain insufficient for sustainable returns. RPC ended Q3 with $145.6 million cash, debt-free.

RPC, Inc. (NYSE: RES) plans to release its financial results for the third quarter ending September 30, 2020, on October 28, 2020, before the market opens. A conference call will take place on the same day at 9:00 a.m. Eastern Time to discuss the company's financial and operating results. The call will be accessible via toll-free numbers and will also be available for archiving on the company's investor website for 90 days. RPC provides oilfield services primarily in the U.S., including the Gulf of Mexico and other regions.

RPC, Inc. (NYSE: RES) has appointed Gary W. Rollins as the new Chairman of the Board following the passing of R. Randall Rollins on August 17, 2020. Gary Rollins has been with the board since 1984 and holds extensive experience in management, previously serving as President and COO of Orkin. Additionally, Harry J. Cynkus and Jerry W. Nix have joined the board, both bringing valuable financial leadership experience from their previous roles at Rollins, Inc. and Genuine Parts Company, respectively. RPC provides specialized oilfield services, primarily to independent and major oilfield companies.

RPC, Inc. (NYSE: RES) announces the passing of its Chairman of the Board, R. Randall Rollins, who died on August 17, 2020, after a short illness at the age of 88. Randall served as Chairman since 1991 and was instrumental in guiding RPC for nearly 50 years. His leadership was marked by integrity and innovation in the oilfield services sector. Following his death, Lead Director Henry B. Tippie and CEO Richard A. Hubbell will continue their roles until a succession plan is finalized. RPC provides specialized oilfield services primarily in the U.S. and selected international markets.

RPC, Inc. (NYSE: RES) reported its second quarter 2020 results, showing a revenue decline of 75.1% to $89.3 million versus $358.5 million in Q2 2019. The company faced an operating loss of $37.5 million, significantly down from an operating profit of $8.4 million a year ago. Net loss was $25.1 million, equating to $0.12 loss per share. For the first half of 2020, total revenues were $333.1 million, compared to $693.2 million in the same period last year. Despite the challenges, RPC ended the quarter with a cash balance of $145.4 million.