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    RPC Inc (RES)

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    Business Description

    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.

    1. 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.

    2. 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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Ben M. PalmerPresident and Chief Executive OfficerMay 17, 2022Ben M. Palmer has been the President and Chief Executive Officer of RPC, Inc. since May 17, 2022. Previously, he served as Vice President, Chief Financial Officer, and Treasurer starting in 1996 and as Corporate Secretary in 2018. He also holds executive roles at Marine Products Corporation and has prior experience in finance and auditing at EQ Services and Arthur Andersen LLP. He earned a B.S. in Business Administration from Auburn University.
    Michael L. SchmitVice President, Chief Financial Officer, Treasurer, and Corporate SecretaryMay 17, 2022Michael L. Schmit has served as Vice President, Chief Financial Officer, Treasurer, and Corporate Secretary of RPC, Inc. since May 17, 2022. Previously, he was Chief Accounting Officer at Schweitzer-Mauduit International, Inc. starting in 2019 and held roles at Chart Industries, Inc., including Chief Accounting Officer and Controller in 2019 and 2018. Earlier, he worked at Georgia-Pacific, LLC, and Ernst & Young. He holds a B.S. in Business Administration from the University of Nebraska and is a CPA.
    Richard A. HubbellExecutive Chairman of the BoardMay 17, 2022Richard A. Hubbell has been the Executive Chairman of the Board at RPC, Inc. since May 17, 2022. Previously, he was the company's President from 1987 and Chief Executive Officer from 2003 until May 17, 2022. He also serves as Executive Chairman of the Board at Marine Products Corporation and was its President and CEO since 2001. Before joining RPC, he was Executive Vice President of Rollins Communications, Inc., and joined Rollins, Inc. in 1970. He holds a B.A. in Economics from Westminster College.

    Questions to Ask Management

    1. 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 ?

    2. 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?

    3. 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?

    4. 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?

    5. 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 ?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateSecond quarter of 2023
    End Date/DurationNo preset expiration date
    Total additional amount8,000,000 shares
    Remaining authorization12,768,870 shares as of September 30, 2024
    DetailsDesigned to repurchase up to 49,578,125 shares in the open market. The program allows flexibility in timing and amount of repurchases based on market conditions, market price, general market and economic conditions, and other factors. It does not obligate the company to acquire any particular amount of common stock and may be suspended or discontinued at any time.