Reports Q2 revenue $415.86M, consensus $492.27M. “RPC’s second quarter 2023 financial results reflect a slight decline in drilling and completion activity, particularly in natural gas-directed basins. This weakness impacted our pressure pumping revenues and profits, as several large customers either reduced their well completion activity or delayed completion work,” stated Ben Palmer, RPC’s president and CEO. “While we believe that this slowdown is temporary, we are taking prudent cost-cutting measures to better align our cost structure to activity levels.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on RES:
- RPC, Inc. Announces Regular Quarterly Cash Dividend
- RPC, Inc. Reports Second Quarter 2023 Financial Results
- RPC Inc (RES) Q2 Earnings Cheat Sheet
- RPC, Inc. Expands its Oilfield Cementing Service Line Through the Acquisition of Spinnaker Oilwell Services, LLC
- RPC, Inc. acquires Spinnaker Oilwell Services for $79.5M
