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Dec 31, 2022
Rpc Q4 2022 Earnings Report
RPC's financial performance improved due to a strong oilfield operating environment, resulting in increased revenues and profitability.
Key Takeaways
RPC, Inc. reported a strong fourth quarter with revenues of $482.0 million, a 4.9% increase compared to the previous quarter. Operating profit was $112.3 million, and net income reached $87.0 million, or $0.40 diluted earnings per share. The company's cash balance increased significantly, and the Board of Directors doubled the quarterly dividend.
Revenues increased by 4.9% sequentially, driven by improved pricing and higher equipment utilization.
Operating profit rose to $112.3 million, reflecting a strong oilfield operating environment.
Net income reached $87.0 million, or $0.40 diluted earnings per share.
Cash balance improved by $90.5 million, allowing for continued investment and increased shareholder returns.
Rpc
Rpc
Forward Guidance
RPC anticipates continued robust drilling and completion activities based on customer indications as they enter the first quarter of 2023.
Positive Outlook
- Continued robust drilling activities expected.
- Continued robust completion activities expected.
- Strong capital position will allow to continue to invest in businesses
- Strong capital position will allow to return capital to shareholders.