The following is a summary of the RPC, Inc. (RES) Q1 2024 Earnings Call Transcript:

Financial Performance:

• RPC, Inc.'s Q1 2024 revenues decreased by 4% to $378 million.

• Technical Services and Support Services revenues decreased by 4% and 9% respectively.

• Adjusted EBITDA was $63.1 million, down from $79.5 million.

• Operating cash flow was $56.6 million and after CapEx of $52.8 million, free cash flow was $3.8 million. The company maintains its CapEx guidance range of $200 million to $250 million for 2024.

• The company repurchased approximately $10 million of shares and paid $8.6 million in dividends, returning more than $16 million of capital to shareholders.

• RPC maintains a debt-free balance sheet with a cash position of $212 million at quarter-end.

Business Progress:

• Activity level and pressure pumping was down modestly compared to the fourth quarter of 2023.

• RPC's total revenues declined about 4% with pressure pumping down 5% and other service lines in aggregate down 3%.

• The company looks to bring new Tier 4 dual fuel fleet into service by mid-year.

• RPC Inc. continues to explore acquisition targets to increase scale and bolster service lines, and plans to continue investing in fleet upgrades.

• The company plans for strategic investments throughout the year to enhance business performance and is cautiously observing electric technology market before making any significant commitments.

More details: RPC Inc IR

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