RPC, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 25, 2017 at 05:20 pm IST
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RPC, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenues of $220,997,000 against $268,086,000 a year ago. Revenues decreased compared to the prior year due to lower activity levels, equipment utilization and pricing for services. Operating loss was $32,216,000 against $57,405,000 a year ago. Loss before income taxes was $32,638,000 against $57,790,000 a year ago. Net loss was $21,107,000 against $37,881,000 a year ago. Basic and diluted loss per share was $0.10 against $0.18 a year ago. EBITDA was $15,673,000 against $9,001,000 a year ago.
For the year, the company reported revenues of $728,974,000 against $1,263,840,000 a year ago. Operating loss was $238,942,000 against $156,277,000 a year ago. Loss before income taxes was $239,360,000 against $153,041,000 a year ago. Net loss was $141,246,000 against $99,561,000 a year ago. Basic and diluted loss per share was $0.66 against $0.47 a year ago. LBITDA was $21,888,000 against EBITDA of $119,885,000 a year ago.
RPC, Inc. acts as a holding company for several oilfield services companies that include Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services. It provides a range of oilfield services and equipment primarily to independent and oil and gas companies, which is 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. Its segments include Technical Services and Support Services. Technical Services segment includes pressure pumping, downhole tools services, coiled tubing, snubbing and other oilfield related services. Support Services segment includes renting tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. It is also engaged in oilfield cementing services in the Permian and Mid-Continent basins.
RPC, INC. 
