RPC, Inc. Reports Fourth Quarter Financial Results and Declares Cash Dividend

On January 30, 2025, RPC, Inc. (NYSE: RES) released its unaudited financial results for the fourth quarter and full year 2024, along with declaring a regular quarterly cash dividend. The company reported that revenues for the fourth quarter decreased by 1% sequentially to $335.4 million. Net income for the same period was $12.8 million, reflecting a 32% decrease compared to the previous quarter, with diluted earnings per share (EPS) at $0.06. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at $46.1 million, down 17% sequentially.

The full-year 2024 results showcased a 13% decrease in revenues compared to the previous year, totaling $1.4 billion. Net income for the full year was $91.4 million, with diluted EPS at $0.43. Adjusted EBITDA for the year stood at $233.0 million with a margin of 16.5%. The company maintained a debt-free status throughout the year, paid $34.4 million in dividends, and repurchased $9.9 million of common stock in 2024, including buyback program repurchases.

RPC’s President and CEO, Ben M. Palmer, commented on the results, mentioning a slight sequential improvement in pressure pumping and emphasizing the company’s optimism about its new products and services in downhole tools. Looking into 2025, RPC intends to continue investing in innovation and projects capital spending ranging from $150 million to $200 million. Acquisitions to expand the business remain a strategic priority.

The company’s conference call held on January 30 discussed these financial results. Interested parties were able to access a live webcast on the investor relations section of RPC, Inc.’s website. RPC, Inc. provides specialized oilfield services and equipment primarily to independent and major oilfield companies in various regions of the United States. The company remains committed to its strategic priorities and aims for sustainable growth and profitability in the upcoming year. The full details of the financial results and operations can be found in the company’s recent filing.

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.