RPC is like:

• A smaller Schlumberger or Halliburton, providing a range of specialized services and equipment for oil and gas wells.
• The Caterpillar for the oil and gas industry, offering essential heavy equipment and technical services to support well operations.

Technical Services

• Pressure Pumping & Fracturing: Services involving the injection of fluids at high pressure to stimulate oil and gas wells.
• Acidizing & Cementing: Chemical treatments (acidizing) and wellbore sealing (cementing) services for well completion and maintenance.
• Downhole Tools: Specialized equipment and services for operations performed within the wellbore.
• Coiled Tubing & Snubbing: Interventional services using flexible tubing or specialized equipment to perform wellbore operations under pressure.
• Nitrogen Services: Use of nitrogen for wellbore displacement, cleanouts, or pressure control.
• Well Control Services: Services and equipment designed to prevent uncontrolled flow of formation fluids from a well.
• Wireline & Pump Down Services: Services involving the use of a wireline or fluid pumping to convey tools and equipment into wells.
• Fishing Services: Retrieval of lost or stuck equipment from a wellbore.

Support Services

• Oilfield Equipment Rental: Provides a wide range of tools and equipment for drilling, completion, and workover activities.
• Pipe Inspection & Management: Services for inspecting, managing, and storing oilfield pipes.
• Well Control Training & Consulting: Offers educational programs and expert advice on well control procedures and safety.

RPC, Inc. (symbol: RES) primarily sells its oilfield services and equipment to other companies.

Based on the company's public filings, RPC serves a diverse customer base consisting of independent and major oil and natural gas exploration and production companies. However, RPC explicitly states that no single customer accounts for a material portion of its consolidated revenues. As such, the company does not have "major customers" in the sense of individually identifiable entities contributing a significant percentage of its sales that are publicly disclosed. Therefore, specific names of major customer companies cannot be provided.

Ben M. Palmer President and Chief Executive Officer

Mr. Palmer has served as President and Chief Executive Officer of RPC, Inc. since May 17, 2022. He previously held the position of Vice President, Chief Financial Officer, and Treasurer of RPC, Inc. starting in 1996, and also assumed the role of Corporate Secretary in 2018. Additionally, he serves as the President and Chief Executive Officer of Marine Products Corporation, an affiliated company, where he previously was Vice President, Chief Financial Officer, Treasurer, and Corporate Secretary. Before joining RPC, Inc., Mr. Palmer spent three years as the CFO of EQ Services, a commercial mortgage and asset management subsidiary of The Equitable Companies. His career also includes ten years with Arthur Andersen LLP in its audit and business advisory services division. He holds a Bachelor of Science in Business Administration from Auburn University.

Michael L. Schmit Vice President, Chief Financial Officer, Treasurer and Corporate Secretary

Mr. Schmit was appointed Vice President, Chief Financial Officer, Treasurer, and Corporate Secretary of RPC, Inc. on May 17, 2022. He also holds the same positions at Marine Products Corporation. Prior to joining RPC, Inc., he was Chief Accounting Officer at Schweitzer-Mauduit International, Inc. (SWM International), a global performance materials engineering and manufacturing company, since 2019. He previously served as Chief Accounting Officer and Corporate Controller of Chart Industries. Earlier in his career, Mr. Schmit worked in various financial and risk management roles for other public and private companies, including Georgia-Pacific, LLC, and spent time in public accounting with Ernst & Young in both the U.S. and Australia. He earned a B.S. in Business Administration with a major in accounting from the University of Nebraska and is a CPA.

Richard A. Hubbell Executive Chairman of the Board

Mr. Hubbell has served as Executive Chairman of the Board of RPC, Inc. since May 17, 2022. He previously held the roles of President of RPC, Inc. since 1987 and Chief Executive Officer from 2003 until May 17, 2022. Mr. Hubbell joined Rollins, Inc., the company from which RPC, Inc. was spun off, in 1970 and served as Executive Vice President of Rollins Communications, Inc. He is also the Executive Chairman of the Board at Marine Products Corporation, where he was previously President and Chief Executive Officer since its spin-off in 2001. He received a Bachelor of Arts in Economics from Westminster College.

The key risks to RPC, Inc.'s business are primarily driven by the cyclical nature of the oil and gas industry and the competitive landscape in which it operates.

1. Industry Volatility and Dependence on Oil and Natural Gas Prices: The demand for RPC's oilfield services and equipment is directly tied to the capital spending of oil and gas companies, which in turn is heavily influenced by the volatile prices of oil and natural gas and the overall performance of the U.S. economy. This unpredictability can significantly impact RPC's operations and financial performance.
2. Intense Competition and Pricing Pressures: RPC operates in a highly competitive oilfield services market, contending with both large integrated service providers and smaller specialized firms. This intense competition leads to pricing pressures, particularly in key service lines such as pressure pumping, which can negatively affect the company's profitability and margins.
3. Dependence on a Limited Number of Customers: While having major clients can be advantageous, a significant reliance on a single customer for a substantial portion of revenue poses a risk. Should such a relationship falter, it could lead to instability in RPC's revenue streams.

The accelerating global energy transition, driven by increasing investment in renewable energy sources and widespread decarbonization initiatives, poses an emerging threat to RPC. As the world shifts away from fossil fuels, the long-term demand for oil and gas exploration, production, and development services, which form the core of RPC's business, could significantly diminish.

Addressable Markets for RPC, Inc. (RES) Main Products and Services

Technical Services Segment

• Pressure Pumping (includes Fracturing):
  • Global market size was valued at USD 100.47 billion in 2025 and is projected to reach USD 167.52 billion by 2033. North America is expected to maintain its dominance in this market.
  • The global hydraulic fracturing market size was valued at USD 64.41 billion in 2025 and is predicted to increase to approximately USD 142.4 billion by 2035. Asia Pacific led the global market with a 60% share in 2025.
• Acidizing: null
• Cementing:
  • The global well cementing market size was valued at USD 10.99 billion in 2025 and is projected to grow to USD 21.39 billion by 2034. North America dominated the well cementing market with a market share of 42.50% in 2025.
• Downhole Tools:
  • The global downhole tools market size was estimated at USD 6.1 billion in 2024 and is expected to grow to USD 7.8 billion by 2029. North America held the largest share of 34.9% of the global market in 2025.
• Coiled Tubing:
  • The coiled tubing services market size is estimated at USD 7.66 billion in 2025 and is expected to reach USD 9.86 billion by 2030. North America accounted for 43.8% of the market share in 2024.
• Snubbing: null
• Nitrogen: null
• Well Control: null
• Wireline:
  • The Wireline Services Market was valued at USD 25.61 billion in 2024 and is poised to grow from USD 27.32 billion in 2025 to USD 45.9 billion by 2033.
• Pump Down: null
• Fishing Services: null

Support Services Segment

• Rental Tools (Oilfield Equipment Rental):
  • The global Oilfield Equipment Rental Services Market size was valued at USD 28.2 billion in 2024 and is poised to grow from USD 30.0 billion in 2025 to USD 49.29 billion by 2033. North America dominates the market in 2025.
• Oilfield Pipe Inspection:
  • The global Oil and Gas Pipeline Inspection Service Market is projected to reach USD 11.25 billion in 2026, and is projected to hit USD 14.96 billion by 2035. North America dominates this market.
• Pipe Management and Storage Services:
  • The global pipeline integrity management market is calculated at USD 2.42 billion in 2025 and is predicted to increase to approximately USD 3.80 billion by 2035. North America dominated the global market with the largest market share of 40% in 2025.
• Well Control Training and Consulting Services: null

Overall Oilfield Services Market

• The global oilfield services market size was estimated at USD 140.43 billion in 2024 and is projected to reach USD 196.22 billion by 2032.
• The North America oilfield services market size was calculated to be USD 46.27 billion in 2024 and is anticipated to be worth USD 61.03 billion by 2033.

RPC, Inc. (RES) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strategic Acquisitions, notably Pintail Completions: The acquisition of Pintail Completions, finalized on April 1, 2025, significantly contributed to RPC's 2025 revenue growth and is anticipated to continue bolstering its presence and service diversity, particularly in wireline services, within the Permian Basin. This acquisition is expected to be accretive to earnings per share and cash flow.
2. Diversification and Emphasis on Less Capital-Intensive and Specialized Technical Service Lines: RPC is strategically focusing on expanding its less capital-intensive service lines and specialized technical services. Specific growth has been noted in services such as cementing, snubbing, and well control. The company expects the delivery of a custom big bore snubbing unit in 2026 to support a long-term customer in gas storage maintenance.
3. Expansion of Downhole Tool Offerings and Technology: Growth is expected from the continued market penetration of Thru Tubing Solutions, including its A-10 downhole motor and the expansion of the Metal Max product into new markets. Additionally, the ongoing marketing and increasing adoption of the UnPlug technology are considered drivers for new product and service growth within downhole tools.
4. Capitalizing on Increased Permian Basin Operator Activity: While facing some recent declines, management anticipates that wireline services, particularly through Pintail Completions (the largest wireline provider in the Permian Basin), will closely track the activity levels of large operators in the Permian Basin in 2026. This suggests revenue growth tied to increased exploration and production activities by key customers in this significant region.

Share Repurchases

• RPC, Inc. repurchased approximately $11.34 million in shares during the first quarter of 2023.
• In the fourth quarter of 2023, the company bought back approximately $8.65 million in shares.
• During the first quarter of 2024, share repurchases amounted to approximately $9.86 million.

Share Issuance

• The number of shares outstanding for RPC, Inc. was approximately 213 million at the end of 2022 and 2021.
• Shares outstanding increased to approximately 213 million by the end of 2023.
• By the fourth quarter of 2025, RPC, Inc. had approximately 222 million shares outstanding, an increase of 0.5% from the prior quarter.

Outbound Investments

• On April 1, 2025, RPC, Inc. finalized the acquisition of Pintail Completions.
• This acquisition bolstered RPC's presence in the Permian Basin and diversified its service offerings.
• The Pintail Completions acquisition contributed $98.9 million to revenue in the second quarter of 2025 and $295.8 million to full-year 2025 revenue.

Capital Expenditures

• Full-year capital expenditures for RPC, Inc. in 2025 totaled $148 million.
• These capital expenditures primarily focused on maintenance, opportunistic asset purchases, and upgrades to ERP and other IT systems.
• For 2026, expected capital expenditures are projected to be between $150 million and $180 million, with management indicating adjustments based on activity levels.