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Mar 31, 2023
Rpc Q1 2023 Earnings Report
RPC reported first quarter 2023 financial results, with revenues impacted by weather disruptions and a change in the job mix in pressure pumping.
Key Takeaways
RPC, Inc. announced its Q1 2023 results with revenues of $476.7 million and a net income of $71.5 million, or $0.33 diluted earnings per share. The results reflect a stable oilfield operating environment, with revenues increasing compared to the prior year due to improved pricing and higher customer activity levels.
RPC's Q1 2023 revenues were $476.7 million, a slight decrease compared to the previous quarter.
Net income for Q1 2023 was $71.5 million, or $0.33 diluted earnings per share.
Operating profit for Q1 2023 was $90.7 million.
The company's strong balance sheet supports investments and returns to shareholders, including share buybacks and a cash dividend.
Rpc
Rpc
Forward Guidance
RPC's first quarter 2023 financial results reflect a stable oilfield operating environment as the strong activity of late 2022 continued. The company is encouraged by recent OPEC announcements which led to higher oil prices and a strengthening of the industry’s fundamentals.
Positive Outlook
- Recent OPEC announcements led to higher oil prices.
- Strengthening of the industry’s fundamentals.
- Profitable operations.
- Prudent working capital management.
- Debt-free company.
Challenges Ahead
- Uncertainty in near term outlook caused by low natural gas prices
- Fluctuating oil prices have introduced into our near-term outlook
- Low natural gas prices may reduce natural gas-directed drilling
- Low natural gas prices may reduce natural gas-directed completion activities
- The company recently received new tier 4 dual-fuel pressure pumps and are deploying them as replacements for older pressure pumping equipment being sent out for scheduled refurbishment.