RPC, Inc. Reports Second Quarter 2024 Financial Results And Declares Regular Quarterly Cash Dividend
* Non-GAAP and adjusted measures, including adjusted operating income, adjusted net income, adjusted earnings per share (diluted), EBITDA and adjusted EBITDA, adjusted EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.
* Sequential comparisons are to 1Q:24. The Company believes quarterly sequential comparisons are most useful in assessing industry trends and RPC's recent financial results. Both sequential and year-over-year comparisons are available in the tables at the end of this earnings release.
Second Quarter 2024 Highlights
- Revenues decreased 4% sequentially to
$364.2 million - Net income was
$32.4 million , up 18% sequentially, and diluted Earnings Per Share (EPS) was$0.15 ; net income margin increased 160 basis points sequentially to 8.9% - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
$68.5 million , up 9% sequentially; Adjusted EBITDA margin increased 210 basis points sequentially to 18.8% - Results reflected solid demand and margin improvement across most of the Company's key service lines, while pressure pumping challenges persisted
- The Company remained debt-free and paid
$8.6 million in dividends in 2Q:24, ending the quarter with over$260 million in cash
Management Commentary
"Second quarter results showed a sequential increase in profitability despite a soft environment for pressure pumping, and we are pleased with the resilience of our overall portfolio of services," stated
"Pressure pumping remains highly competitive, and we think the industry continues to be over-supplied with a declining rig count. This headwind has been exacerbated by frac fleets from gassy basins moving into the Permian over the past year and efficiency gains that are consistently adding pump hour capacity to the industry. During the second quarter, we upgraded our equipment with the deployment of a Tier 4 dual-fuel fleet without adding to our total fleet count, and are evaluating future investments and options to further transition our asset base toward dual-fuel or electric equipment that is in high demand from E&P customers."
"Our balance sheet is strong, with over
Selected Industry Data
(Source: |
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2Q:24 |
|
1Q:24 |
|
Change |
|
% Change |
|
2Q:23 |
|
Change |
|
% Change |
|
|||||
|
|
|
603 |
|
|
623 |
|
|
(20) |
|
(3.2) |
% |
|
719 |
|
|
(116) |
|
(16.1) |
% |
Oil price ($/barrel) |
|
$ |
81.78 |
|
$ |
77.46 |
|
$ |
4.32 |
|
5.6 |
% |
$ |
73.54 |
|
$ |
8.24 |
|
11.2 |
% |
Natural gas ($/Mcf) |
|
$ |
2.07 |
|
$ |
2.15 |
|
$ |
(0.08) |
|
(3.7) |
% |
$ |
2.16 |
|
$ |
(0.09) |
|
(4.2) |
% |
2Q:24 Consolidated Financial Results (Sequential Comparisons versus 1Q:24)
Revenues
were
Cost of revenues
, which excludes depreciation and amortization of
Selling, general and administrative expenses
were
Interest income
totaled
Income tax provision
was
Net income and diluted EPS
were
Adjusted EBITDA
was
Non-GAAP adjustments : there were no adjustments to GAAP performance measures in 2Q:24, other than those necessary to calculate EBITDA and Adjusted EBITDA (see Appendices A, B and C).
Balance Sheet, Cash Flow and Capital Allocation
Cash and cash equivalents
were
Net cash provided by operating activities and free cash flow
were
Payment of dividends
totaled
Share repurchases were not executed in 2Q:24.
Segment Operations: Sequential Comparisons (versus 1Q:24)
Technical Services performs value-added completion, production and maintenance services directly to a customer's well. These services include pressure pumping, downhole tools, coiled tubing, cementing, and other offerings.
- Revenues were
$341.5 million , down 4% - Operating income was
$30.2 million , down 6% - Results were driven primarily by lower activity levels in pressure pumping, and the related negative leverage of fixed costs, particularly labor
Support Services provides equipment for customer use or services to assist customer operations, including rental tools, and pipe inspection services and storage.
- Revenues were
$22.7 million , up 6% - Operating income was
$4.4 million , up 22% - Results were driven by higher activity in rental tools and the high fixed-cost nature of these service lines
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Three Months Ended |
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Six Months Ended |
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|||||
(In thousands) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Services |
|
$ |
341,484 |
|
$ |
356,394 |
|
$ |
390,018 |
|
$ |
697,878 |
|
$ |
842,009 |
Support Services |
|
|
22,669 |
|
|
21,439 |
|
|
25,840 |
|
|
44,108 |
|
|
50,517 |
Total revenues |
|
$ |
364,153 |
|
$ |
377,833 |
|
$ |
415,858 |
|
$ |
741,986 |
|
$ |
892,526 |
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical Services |
|
$ |
30,198 |
|
$ |
31,956 |
|
$ |
77,017 |
|
$ |
62,154 |
|
$ |
180,550 |
Support Services |
|
|
4,379 |
|
|
3,599 |
|
|
7,920 |
|
|
7,978 |
|
|
14,564 |
Corporate expenses |
|
|
(2,447) |
|
|
(4,420) |
|
|
(4,672) |
|
|
(6,867) |
|
|
(9,753) |
Pension settlement charges |
|
|
— |
|
|
— |
|
|
(911) |
|
|
— |
|
|
(18,286) |
Gain on disposition of assets, net |
|
|
3,338 |
|
|
1,214 |
|
|
3,015 |
|
|
4,552 |
|
|
5,951 |
Total operating income |
|
$ |
35,468 |
|
$ |
32,349 |
|
$ |
82,369 |
|
$ |
67,817 |
|
$ |
173,026 |
Interest expense |
|
|
(99) |
|
|
(234) |
|
|
(73) |
|
|
(333) |
|
|
(145) |
Interest income |
|
|
3,343 |
|
|
2,965 |
|
|
2,698 |
|
|
6,308 |
|
|
4,553 |
Other income, net |
|
|
732 |
|
|
767 |
|
|
631 |
|
|
1,499 |
|
|
1,392 |
Income before income taxes |
|
$ |
39,444 |
|
$ |
35,847 |
|
$ |
85,625 |
|
$ |
75,291 |
|
$ |
178,826 |
Conference Call Information
About RPC
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout
Forward Looking Statements
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations or hopes. In particular, such statements include, without limitation: our optimism that our newly launched downhole tools products will have a positive impact on Company performance; in coiled tubing, our excitement about developing opportunities for specialized work leveraging our existing technologies; our assessment of the industry and market, including that pressure pumping remains highly competitive and that the industry continues to be over-supplied with a declining rig count; efficiency gains consistently adding pump hour capacity to the industry; and our considerations of future investments and options to further transition our asset base toward dual-fuel or electric equipment that is in high demand from E&P customers and any implied statements that such transition will have positive impact on Company performance; our search for long-term strategic investments, evaluation of potential acquisitions and plans to strategically deploy capital to grow the business while remaining committed to steadily returning cash to our stockholders. Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the
For information about
(404) 321-2140
irdept@rpc.net
(404) 419-3809
mark.chekanow@rpc.net
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CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) |
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Three Months Ended |
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Six Months Ended |
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|||||
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|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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REVENUES |
|
$ |
364,153 |
|
$ |
377,833 |
|
$ |
415,858 |
|
$ |
741,986 |
|
$ |
892,526 |
COSTS AND EXPENSES: |
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|
|
|
|
|
|
|
|
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|
|
|
|
Cost of revenues (exclusive of depreciation and amortization shown separately |
|
|
262,284 |
|
|
276,609 |
|
|
265,786 |
|
|
538,893 |
|
|
571,036 |
Selling, general and administrative expenses |
|
|
37,406 |
|
|
40,085 |
|
|
43,604 |
|
|
77,491 |
|
|
85,801 |
Pension settlement charge |
|
|
— |
|
|
— |
|
|
911 |
|
|
— |
|
|
18,286 |
Depreciation and amortization |
|
|
32,333 |
|
|
30,004 |
|
|
26,203 |
|
|
62,337 |
|
|
50,328 |
Gain on disposition of assets, net |
|
|
(3,338) |
|
|
(1,214) |
|
|
(3,015) |
|
|
(4,552) |
|
|
(5,951) |
Operating income |
|
|
35,468 |
|
|
32,349 |
|
|
82,369 |
|
|
67,817 |
|
|
173,026 |
Interest expense |
|
|
(99) |
|
|
(234) |
|
|
(73) |
|
|
(333) |
|
|
(145) |
Interest income |
|
|
3,343 |
|
|
2,965 |
|
|
2,698 |
|
|
6,308 |
|
|
4,553 |
Other income, net |
|
|
732 |
|
|
767 |
|
|
631 |
|
|
1,499 |
|
|
1,392 |
Income before income taxes |
|
|
39,444 |
|
|
35,847 |
|
|
85,625 |
|
|
75,291 |
|
|
178,826 |
Income tax provision |
|
|
7,025 |
|
|
8,380 |
|
|
20,612 |
|
|
15,405 |
|
|
42,289 |
NET INCOME |
|
$ |
32,419 |
|
$ |
27,467 |
|
$ |
65,013 |
|
$ |
59,886 |
|
$ |
136,537 |
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EARNINGS PER SHARE |
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|
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|
|
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Basic |
|
$ |
0.15 |
|
$ |
0.13 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.63 |
Diluted |
|
$ |
0.15 |
|
$ |
0.13 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
214,844 |
|
|
215,001 |
|
|
216,398 |
|
|
214,922 |
|
|
216,762 |
Diluted |
|
|
214,844 |
|
|
215,001 |
|
|
216,398 |
|
|
214,922 |
|
|
216,762 |
RPC INCORPORATED AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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|
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|
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|
|
(In thousands) |
||||
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|
|
|
|
||
|
|
2024 |
|
2023 |
||
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
261,516 |
|
$ |
223,310 |
Accounts receivable, net |
|
|
303,074 |
|
|
324,915 |
Inventories |
|
|
113,426 |
|
|
110,904 |
Income taxes receivable |
|
|
8,253 |
|
|
52,269 |
Prepaid expenses |
|
|
8,155 |
|
|
12,907 |
Other current assets |
|
|
2,551 |
|
|
2,768 |
Total current assets |
|
|
696,975 |
|
|
727,073 |
Property, plant and equipment, net |
|
|
500,492 |
|
|
435,139 |
Operating lease right-of-use assets |
|
|
22,902 |
|
|
24,537 |
Finance lease right-of-use assets |
|
|
4,534 |
|
|
1,036 |
|
|
|
50,824 |
|
|
50,824 |
Other intangibles, net |
|
|
11,880 |
|
|
12,825 |
Retirement plan assets |
|
|
29,613 |
|
|
26,772 |
Other assets |
|
|
8,026 |
|
|
8,639 |
Total assets |
|
$ |
1,325,246 |
|
$ |
1,286,845 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable |
|
$ |
100,276 |
|
$ |
85,036 |
Accrued payroll and related expenses |
|
|
26,503 |
|
|
30,956 |
Accrued insurance expenses |
|
|
5,754 |
|
|
5,340 |
Accrued state, local and other taxes |
|
|
5,608 |
|
|
4,461 |
Income taxes payable |
|
|
303 |
|
|
275 |
Unearned revenue |
|
|
— |
|
|
15,743 |
Current portion of operating lease liabilities |
|
|
6,513 |
|
|
7,367 |
Current portion of finance lease liabilities and finance obligations |
|
|
3,828 |
|
|
375 |
Accrued expenses and other liabilities |
|
|
2,319 |
|
|
2,304 |
Total current liabilities |
|
|
151,104 |
|
|
151,857 |
Long-term accrued insurance expenses |
|
|
11,316 |
|
|
10,202 |
Retirement plan liabilities |
|
|
24,577 |
|
|
23,724 |
Long-term operating lease liabilities |
|
|
17,308 |
|
|
18,600 |
Long-term finance lease liabilities |
|
|
690 |
|
|
819 |
Other long-term liabilities |
|
|
2,537 |
|
|
7,840 |
Deferred income taxes |
|
|
57,958 |
|
|
51,290 |
Total liabilities |
|
|
265,490 |
|
|
264,332 |
Common stock |
|
|
21,501 |
|
|
21,502 |
Capital in excess of par value |
|
|
— |
|
|
— |
Retained earnings |
|
|
1,040,790 |
|
|
1,003,380 |
Accumulated other comprehensive loss |
|
|
(2,535) |
|
|
(2,369) |
Total stockholders' equity |
|
|
1,059,756 |
|
|
1,022,513 |
Total liabilities and stockholders' equity |
|
$ |
1,325,246 |
|
$ |
1,286,845 |
RPC INCORPORATED AND SUBSIDIARIES |
||||||
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
|
|
|
|
|
|
(In thousands) |
||||
Six months ended |
|
2024 |
|
2023 |
||
|
|
|
(Unaudited) |
|
|
(Unaudited) |
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income |
|
$ |
59,886 |
|
$ |
136,537 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
62,337 |
|
|
50,328 |
Pension settlement charge |
|
|
— |
|
|
18,286 |
Working capital |
|
|
56,524 |
|
|
(28,399) |
Other operating activities |
|
|
5,740 |
|
|
806 |
Net cash provided by operating activities |
|
|
184,487 |
|
|
177,558 |
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
Capital expenditures |
|
|
(127,799) |
|
|
(104,488) |
Proceeds from sale of assets |
|
|
8,883 |
|
|
8,688 |
Purchase of business - advance |
|
|
— |
|
|
(78,982) |
Net cash used for investing activities |
|
|
(118,916) |
|
|
(174,782) |
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
Payment of dividends |
|
|
(17,203) |
|
|
(17,314) |
Cash paid for common stock purchased and retired |
|
|
(9,858) |
|
|
(11,351) |
Cash paid for finance lease and finance obligations |
|
|
(304) |
|
|
— |
Net cash used for financing activities |
|
|
(27,365) |
|
|
(28,665) |
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
38,206 |
|
|
(25,889) |
Cash and cash equivalents at beginning of period |
|
|
223,310 |
|
|
126,424 |
Cash and cash equivalents at end of period |
|
$ |
261,516 |
|
$ |
100,535 |
Non-GAAP Measures
A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on
Appendix A |
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|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
(In thousands) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of Operating Income to Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
35,468 |
|
$ |
32,349 |
|
$ |
82,369 |
|
$ |
67,817 |
|
$ |
173,026 |
Add: Pension settlement charge |
|
|
— |
|
|
— |
|
|
911 |
|
|
— |
|
|
18,286 |
Adjusted operating income |
|
$ |
35,468 |
|
$ |
32,349 |
|
$ |
83,280 |
|
$ |
67,817 |
|
$ |
191,312 |
Appendix B |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
(In thousands) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of Net Income to Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
32,419 |
|
$ |
27,467 |
|
$ |
65,013 |
|
$ |
59,886 |
|
$ |
136,537 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pension settlement charges, before taxes |
|
|
— |
|
|
— |
|
|
911 |
|
|
— |
|
|
18,286 |
Less: Tax effect of pension settlement charges |
|
|
— |
|
|
— |
|
|
(220) |
|
|
— |
|
|
(4,315) |
Total adjustments, net of tax |
|
|
— |
|
|
— |
|
|
691 |
|
|
— |
|
|
13,971 |
Adjusted net income |
|
$ |
32,419 |
|
$ |
27,467 |
|
$ |
65,704 |
|
$ |
59,886 |
|
$ |
150,508 |
(Unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of Diluted Earnings Per Share to Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.15 |
|
$ |
0.13 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.63 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pension settlement charges, before taxes |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.08 |
Less: Tax effect of pension settlement charges |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
(0.02) |
Total adjustments, net of tax |
|
|
— |
|
|
— |
|
|
0.00 |
|
|
— |
|
|
0.06 |
Adjusted diluted earnings per share |
|
$ |
0.15 |
|
$ |
0.13 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in thousands) |
|
|
214,844 |
|
|
215,001 |
|
|
216,398 |
|
|
214,922 |
|
|
216,762 |
Appendix C |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended |
|
Six Months Ended |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
(In thousands) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
32,419 |
|
$ |
27,467 |
|
$ |
65,013 |
|
$ |
59,886 |
|
$ |
136,537 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income tax provision |
|
|
7,025 |
|
|
8,380 |
|
|
20,612 |
|
|
15,405 |
|
|
42,289 |
Add: Interest expense |
|
|
99 |
|
|
234 |
|
|
73 |
|
|
333 |
|
|
145 |
Add: Depreciation and amortization |
|
|
32,333 |
|
|
30,004 |
|
|
26,203 |
|
|
62,337 |
|
|
50,328 |
Less: Interest income |
|
|
3,343 |
|
|
2,965 |
|
|
2,698 |
|
|
6,308 |
|
|
4,553 |
EBITDA |
|
$ |
68,533 |
|
$ |
63,120 |
|
$ |
109,203 |
|
$ |
131,653 |
|
$ |
224,746 |
Add: Pension settlement charges |
|
|
— |
|
|
— |
|
|
911 |
|
|
— |
|
|
18,286 |
Adjusted EBITDA |
|
$ |
68,533 |
|
$ |
63,120 |
|
$ |
110,114 |
|
$ |
131,653 |
|
$ |
243,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
364,153 |
|
$ |
377,833 |
|
$ |
415,858 |
|
$ |
741,986 |
|
$ |
892,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income margin(1) |
|
|
8.9 % |
|
|
7.3 % |
|
|
15.6 % |
|
|
8.1 % |
|
|
15.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin(1) |
|
|
18.8 % |
|
|
16.7 % |
|
|
26.5 % |
|
|
17.7 % |
|
|
27.2 % |
|
|||||||||||||||
(1) Net income margin is calculated as net income divided by revenues. EBITDA margin is calculated as EBITDA divided by revenues. |
Appendix D |
||||||
|
|
|
|
|
|
|
(Unaudited) |
|
Six months ended |
||||
|
|
|
|
|
||
(In thousands) |
|
2024 |
|
2023 |
||
Reconciliation of Operating Cash Flow to Free Cash Flow |
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
184,487 |
|
$ |
177,558 |
Capital expenditures |
|
|
(127,799) |
|
|
(104,488) |
Free cash flow |
|
$ |
56,688 |
|
$ |
73,070 |
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