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.
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.
RPC, Inc. (NYSE: RES) will release its second-quarter financial results on July 29, 2020, before the market opens. A conference call to discuss the results is scheduled for the same day at 9:00 a.m. Eastern Time. Participants can join by dialing (833) 579-0910, or (778) 560-2620 for international callers, using conference ID 2329539. The call will also be available via a webcast on RPC's investor website, which will be archived for 90 days.