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RPC, Inc. (RES) is a specialized oilfield services company that supports independent and major oilfield operators in the exploration, production, and development of oil and gas properties. Operating primarily in the United States, the company provides a wide range of technical and support services essential for well completion, production, and maintenance. Its offerings include pressure pumping, downhole tools, coiled tubing, and rental equipment, among others, tailored to meet the needs of the energy sector.
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Technical Services - Provides completion, production, and maintenance services directly to customer wells, including pressure pumping, downhole tools, coiled tubing, cementing, nitrogen, and snubbing.
- Pressure Pumping - Delivers hydraulic fracturing and other pressure-related services to enhance well productivity.
- Downhole Tools - Supplies tools and services for wellbore intervention and completion activities.
- Coiled Tubing - Offers continuous tubing services for well intervention and maintenance.
- Cementing - Provides cementing services to secure well casings and prevent fluid migration.
- Nitrogen - Supplies nitrogen services for well stimulation and maintenance.
- Snubbing - Performs live well intervention services using specialized equipment.
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Support Services - Offers equipment rentals and services to assist customer operations, including tubular rentals, pipe inspection, and oilfield training.
- Rental Tools - Rents tubulars and related tools for drilling and production activities.
- Pipe Inspection and Storage - Provides inspection and storage services for tubular goods.
- Oilfield Training - Delivers training programs to enhance operational safety and efficiency.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ben M. Palmer ExecutiveBoard | President and Chief Executive Officer | President, CEO, and Board Member at Marine Products Corporation | Joined RES in 1996 as CFO and Treasurer; became CEO in May 2022. Previously worked at EQ Services and Arthur Andersen LLP. | View Report → |
Richard A. Hubbell ExecutiveBoard | Executive Chairman of the Board | Executive Chairman of the Board at Marine Products Corporation | Joined RES in 1970. Served as CEO from 2003 to 2022. Extensive experience in oilfield services. | |
Michael L. Schmit Executive | Vice President, CFO, Treasurer, Secretary | None | Joined RES in May 2022. Previously held financial leadership roles at Schweitzer-Mauduit International, Chart Industries, and Georgia-Pacific. | |
Amy R. Kreisler Board | Director | Vice President at LOR, Inc.; Executive Director of The O. Wayne Rollins Foundation; Trustee roles | Attorney with extensive non-profit and foundation leadership experience. Serves on Marine Products Corporation Board. | |
Gary W. Rollins Board | Director | Executive Chairman of Rollins, Inc.; Director at Marine Products Corporation | Long-serving Director at RES since 1984. Extensive leadership experience in pest control and governance. | |
Jerry W. Nix Board | Director | Director at Marine Products Corporation and Rollins, Inc. | Former Vice Chairman and CFO of Genuine Parts Company. Extensive financial and strategic experience. Served as a U.S. Air Force pilot. | |
John F. Wilson Board | Director | Vice Chairman of Rollins, Inc.; Director at Marine Products Corporation | Former President and COO of Rollins, Inc. Extensive operational leadership experience in pest control industry. | |
Patrick J. Gunning Board | Director | Director at Marine Products Corporation and Rollins, Inc. | Former partner at Ernst & Young LLP. Extensive financial and risk oversight experience. CPA in Georgia. | |
Susan R. Bell Board | Director | Director at Marine Products Corporation, Rollins, Inc., and First Advantage Corporation | Retired Ernst & Young partner. Chairs audit committees at Rollins and First Advantage. Serves on non-profit boards. |
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Given the continued challenges in the pressure pumping market, including idling assets and headcount reductions , how do you plan to balance your commitment to upgrade your fleet over time with the need to maintain financial discipline and avoid adding capacity to an already well-supplied marketplace ?
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You mentioned losing a significant pressure pumping customer due to acquisition and the acquiring company's incumbent frac supplier taking over ; what steps are you taking to mitigate the risk of customer consolidation impacting your revenues in the future?
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In light of your focus on M&A to grow non-pressure pumping service lines and rebalance your portfolio , and considering that bid/ask spreads have compressed but not significantly , do you believe valuations of potential targets are now acceptable to proceed with acquisitions, and how are you addressing this challenge?
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With your new proprietary technology aiming to reduce reliance on bridge plugs by using release pods , what are the potential barriers to widespread adoption among your customers, and how do you plan to overcome them to ensure this technology contributes significantly to your earnings?
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Given that demand is more challenged for your legacy diesel equipment fleets , while upgrading to Tier 4 DGB fleets takes approximately nine months , and you are not requiring long-term contracts for such investments , how do you plan to manage this transition period in a highly competitive market with limited pricing visibility ?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Spinnaker Oilwell Services, LLC | 2023 | The acquisition, completed on July 1, 2023, was valued at $79.3 million (comprising cash, finance payoffs, and assumed obligations) and was funded with cash on hand. This deal strategically expands RPC’s cementing business—adding 18 full-service cementing spreads along with significant goodwill ($18.7M) and intangible assets ($13.2M)—to complement its existing South Texas operations. |
Recent press releases and 8-K filings for RES.
- Q1 2025 performance: Delivered robust financial results with revenues of $333 million, net income of $12 million, and EBITDA of $48.9 million (14.7% margin), supported by a strong balance sheet featuring $327 million in cash and no debt
- Completed the Pintail acquisition for $245 million (including $170 million cash, $50 million seller note, and $25 million stock), bolstering its oilfield services portfolio in key regions
- Declared a quarterly cash dividend with a total payment of $8.7 million and $0.04 per share (payable on June 10, 2025)
- Filed an 8-K report on April 22, 2025 detailing Annual Meeting outcomes, including the election of nine Board nominees and ratification of Grant Thornton LLP as independent auditor for the fiscal year ending December 31, 2025
- RPC Inc announced the acquisition of Pintail Completions (Pintail Alternative Energy, L.L.C.) for approximately $245 million, effective April 1, 2025.
- The transaction, involving cash, restricted stock, and a three-year note, is expected to enhance RPC's wireline completions services in the Permian basin and be accretive to 2025 earnings per share and free cash flow.
- RPC Inc announced the acquisition of Pintail Alternative Energy (operating as Pintail Completions) for approximately $245 million, effective April 1, 2025.
- The deal was structured with $170 million in cash, $25 million in restricted stock, and a $50 million three-year note, and is expected to be accretive to RPC’s 2025 earnings per share and operating/free cash flow.
- The acquisition reinforces RPC’s strategic focus on high-margin service lines in the Permian basin, adding a market leader in wireline completions with a strong operational footprint.