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RPC, Inc. Reports Third Quarter 2022 Financial Results
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PR Newswire
ATLANTA, Oct. 26, 2022
- Net income of $69.3 million compared to $46.9 million in the second quarter of 2022
- Diluted earnings per share of $0.32 compared to $0.22 in the second quarter of 2022
- EBITDA1 of $113.0 million compared to $80.6 million in the second quarter of 2022
ATLANTA, Oct. 26, 2022 /PRNewswire/ -- RPC, Inc. (NYSE: RES) today announced its unaudited results for the third quarter ended September 30, 2022. 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 and in selected international markets.
For the quarter ended September 30, 2022, RPC generated revenues of $459.6 million, an increase of 22.4 percent compared to $375.5 million in the second quarter of 2022, due to higher customer activity levels and pricing improvements, as well as an increasingly favorable job mix. Operating profit for the third quarter of 2022 was $92.2 million compared to an operating profit of $60.4 million in the second quarter of 2022. Net income for the third quarter of 2022 was $69.3 million, or $0.32 diluted earnings per share, compared to net income of $46.9 million, or $0.22 diluted earnings per share, in the second quarter of 2022. Earnings before interest, taxes, depreciation, and amortization (EBITDA)1 for the third quarter of 2022 was $113.0 million, an increase of 40.3 percent, compared to $80.6 million in the second quarter of 2022.
Cost of revenues during the third quarter of 2022 was $309.8 million, or 67.4 percent of revenues, compared to $260.9 million, or 69.5 percent of revenues in the second quarter of 2022. Cost of revenues increased primarily due to increases in expenses consistent with higher activity levels, such as materials and supplies expenses, maintenance and repairs expenses, employment costs and fuel costs. Cost of revenues as a percentage of revenues decreased due to the leverage of direct employment costs over higher revenues coupled with improved pricing for RPC's services.
Selling, general and administrative expenses were $38.2 million, or 8.3 percent of revenues in the third quarter of 2022 compared to $35.9 million, or 9.6 percent of revenues in the prior quarter. Depreciation and amortization was $20.9 million in the third quarter of 2022 compared to $20.1 million in the second quarter of 2022.
For the nine months ended September 30, 2022, revenues increased 87.7 percent to $1.1 billion compared to $596.7 million for the same period last year. Net income for the nine-month period was $131.4 million, or $0.61 diluted earnings per share, compared to a net loss of $5.1 million, or $0.02 loss per share, in the same period last year.
RPC's revenues for the quarter ended September 30, 2022 increased $234.3 million, or 104.0 percent, compared to the third quarter of the prior year due to improved pricing, higher customer activity levels and a larger active fleet of revenue-producing equipment. Cost of revenues during the third quarter of 2022 increased by $139.2 million compared to the third quarter of 2021. As a percentage of revenues, cost of revenues decreased to 67.4 percent in the third quarter of 2022 from 75.7 percent in the third quarter of 2021 because of improved pricing for our services and leverage of employment costs.
Selling, general and administrative expenses increased by $6.8 million in the third quarter of 2022 compared to the third quarter of the prior year. RPC's operating profit in the third quarter of 2022 was $92.2 million, compared to an operating profit of $8.0 million in the third quarter of 2021. Net income for the third quarter of 2022 was $69.3 million compared to a net income of $5.3 million in the third quarter of 2021. EBITDA1 for the third quarter of 2022 was $113.0 million compared to $26.5 million in the third quarter of 2021.
Rig Count and Commodity Price Statistics
The average U.S. domestic rig count during the third quarter of 2022 was 761, a 5.8 percent increase compared to the second quarter of 2022 and a 52.2 percent increase compared to the same period in 2021. The average price of oil during the third quarter of 2022 was $92.84 per barrel, a 14.8 percent decrease compared to the second quarter of 2022, but a 31.6 percent increase compared to the same period in 2021. The average price of natural gas during the third quarter of 2022 was $8.03 per Mcf, a 7.2 percent increase compared to the second quarter of 2022, and an 82.9 percent increase compared to the same period in 2021.
Management Commentary
"RPC's third quarter financial results reflect significant improvement as favorable industry fundamentals, including higher commodity prices, supported our customers' decisions to enhance their drilling and completion activities. High activity levels coupled with a tight supply of oilfield equipment and crews allowed us to improve our utilization and pricing and generate strong financial results," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "Although a seasonal slowdown during the fourth quarter is possible, our visibility into early 2023 indicates continued strong demand for our services," concluded Palmer.
Summary of Segment Operating Performance
RPC manages two operating segments – Technical Services and Support Services.
Technical Services includes RPC's oilfield service lines that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer's well. These services are generally directed toward improving the flow of oil and natural gas from producing formations or to address well control issues. The Technical Services segment includes pressure pumping, downhole tools and services, coiled tubing, nitrogen, hydraulic workover services, surface pressure control equipment, well control, and fishing tool operations.
Support Services includes RPC's oilfield service lines that provide equipment for customer use or services to assist customer operations. The equipment and services offered include rental of tubulars and related tools, pipe inspection and storage services, and oilfield training services.
Technical Services third quarter 2022 revenues increased by 22.4 percent compared to the prior quarter and by 105.7 percent compared to the same period of the prior year. Technical Services generated an operating profit of $89.5 million in the third quarter of 2022 compared to an operating profit of $59.8 million in the prior quarter, and an operating profit of $8.3 million in the third quarter of the prior year. The sequential and year-over-year improvements in Technical Services operating results were driven by higher customer activity levels, improved pricing and a larger active fleet of pressure pumping equipment.
Support Services revenues increased by 22.8 percent during the third quarter of 2022 compared to the prior quarter, and by 76.9 percent compared to the same period of the prior year. These increases were due to higher activity levels and improved pricing within rental tools. Support Services generated an operating profit of $5.3 million in the third quarter of 2022 compared to an operating profit of $3.3 million in the prior quarter, and an operating loss of $55 thousand in the same period of the prior year.
| (in thousands) | | Three Months Ended | | | Nine Months Ended September 30, | ||||||
| | | September 30, | | June 30, | | September 30, | | | | | |
| | | 2022 | | 2022 | | 2021 | | | 2022 | | 2021 |
| | | | | | | | | | | | |
| Revenues: | | | | | | | | | | | |
| Technical Services | $ | 435,775 | $ | 356,103 | $ | 211,842 | | $ | 1,058,227 | $ | 560,602 |
| Support Services | | 23,826 | | 19,404 | | 13,468 | | | 61,505 | | 36,075 |
| Total revenues | $ | 459,601 | $ | 375,507 | $ | 225,310 | | $ | 1,119,732 | $ | 596,677 |
| Operating profit (loss): | | | | | | | | | | | |
| Technical Services | $ | 89,455 | $ | 59,827 | $ | 8,272 | | $ | 171,093 | $ | 3,938 |
| Support Services | | 5,278 | | 3,334 | | (55) | | | 11,392 | | (5,353) |
| Corporate expenses | | (4,106) | | (4,544) | | (3,080) | | | (13,160) | | (9,760) |
| Gain on disposition of assets, net | | 1,543 | | 1,798 | | 2,837 | | | 6,295 | | 7,408 |
| Total operating profit (loss) | $ | 92,170 | $ | 60,415 | $ | 7,974 | | $ | 175,620 | $ Werbung Mehr Nachrichten zur RPC Aktie kostenlos abonnieren
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