Oil and Gas Spotlight: RPC Inc. (RES) Sees 20% Gain Since Q2 Earnings Release
Last week the PRISM Oil and Gas Index company RPC, Inc. (RES) reported its Q2 financials with adjusted EBITDA of $68.5M vs FactSet $63.1M. Additionally, it slightly beat on EPS at $0.15 vs FactSet $0.14. The stock has risen over 20% since its report on July 25th.
Management was pleased with the sequential increase in profitability despite a soft environment for pressure pumping as their downhole tools delivered a solid quarter pushing their optimism that newly launched products will help strengthen momentum. Pressure pumping competition continues to be highly competitive as the company believes the industry is continuing its oversupply in declining rig counts. RPC is continuing to make long-term strategic investments that include acquisitions and is prioritizing its strategy to deploy capital that will grow the business while returning capital to investors.
About RPC, Inc.
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 the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC’s investor website can be found at www.rpc.net.
