RPC Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>RPC Inc. has submitted its 2023 10-K filing, detailing financial performance and stock activity.</b>

AI Summary

RPC INC (RES) filed a Annual Report (10-K) with the SEC on February 28, 2024. RPC Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as valuation allowance of deferred tax assets, inventory valuation, and allowance for credit loss are detailed for 2023, 2022, and 2021. Information regarding stock buyback programs and shares purchased for withholding taxes is included as of December 31, 2023, and June 30, 2023. Details on common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are provided for fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking RPC INC, this filing contains several important signals. This filing provides a comprehensive overview of RPC Inc.'s financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed breakdown of financial elements like deferred tax assets, inventory, and credit loss allowances, alongside stock buyback information, offers insights into the company's risk management and capital allocation strategies.

Risk Assessment

Risk Level: medium — RPC INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further comparative analysis or specific disclosures of significant events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand RPC Inc.'s performance and potential challenges in the oil and gas services sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 0000742278 — Central Index Key (Company identifier)
• 1389 — SIC Code (Oil, Gas Field Services)

Key Players & Entities

• RPC INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240228 (date) — Filed as of date
• 0000742278 (company) — Central Index Key
• 1389 (industry) — Standard Industrial Classification
• 2801 BUFORD HIGHWAY NE, SUITE 300 (address) — Business Address
• ATLANTA (location) — Business Address City
• GA (location) — Business Address State

FAQ

Industry Context

RPC Inc. operates in the oil and gas field services sector, providing services to oil and gas producers. The industry is cyclical and influenced by commodity prices and exploration activity.

Regulatory Implications

As a publicly traded company, RPC Inc. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as the annual 10-K.

What Investors Should Do

1. Analyze the financial statements for trends in revenue, expenses, and profitability.
2. Review the 'Risk Factors' section for potential challenges and uncertainties affecting the company.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $0.10 — ct: Title of each class COMMON STOCK, $0.10 PAR VALUE Trading Symbol(s) RES Na
• $7.15 — ork Stock Exchange on June 30, 2023, of $7.15 per share. RPC, Inc. had 215,445,398 s
• $200 million — ation that capital expenditures will be $200 million to $250 million during 2024; and our ex
• $250 million — al expenditures will be $200 million to $250 million during 2024; and our expectation that s

Filing Documents

• res-20231231x10k.htm (10-K) — 2600KB
• res-20231231xex21.htm (EX-21) — 15KB
• res-20231231xex23.htm (EX-23) — 3KB
• res-20231231xex24.htm (EX-24) — 16KB
• res-20231231xex31d1.htm (EX-31.1) — 10KB
• res-20231231xex31d2.htm (EX-31.2) — 10KB
• res-20231231xex32d1.htm (EX-32.1) — 8KB
• res-20231231xex97d1.htm (EX-97.1) — 69KB
• res-20231231x10k001.jpg (GRAPHIC) — 60KB
• res-20231231xex97d1001.jpg (GRAPHIC) — 8KB
• 0001558370-24-001993.txt (&nbsp;) — 13401KB
• res-20231231.xsd (EX-101.SCH) — 77KB
• res-20231231_cal.xml (EX-101.CAL) — 85KB
• res-20231231_def.xml (EX-101.DEF) — 295KB
• res-20231231_lab.xml (EX-101.LAB) — 627KB
• res-20231231_pre.xml (EX-101.PRE) — 565KB
• res-20231231x10k_htm.xml (XML) — 2938KB

Forward-Looking Statements

Forward-Looking Statements Certain statements made in this report that are not historical facts are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. The words "may," "should," "will," "expect," "believe," "anticipate," "intend," "seek," "project," "estimate," "focus," "plan," "continue," "likely," "design," "strategies," "outlook," "trend," the negative of such terms and different forms thereof (e.g., different tenses or number or principle parts, as well as gerunds and other parts of speech such as adjectives, adverbs and nouns derived therefrom), and similar expressions generally identify forward-looking statements. Such forward-looking statements may include, without limitation, statements that relate to our business strategy, plans and objectives, including without limitation the discussion under the heading, "Business – Growth Strategies," and our beliefs and expectations regarding future demand for our equipment and services and other events and conditions that may influence the oilfield services market and our performance in the future. Forward-looking statements made elsewhere in this report include, without limitation, statements regarding: our expectations that the acquisition of Spinnaker will expand RPC's cementing business from its presence in South Texas to basins in which we currently provide other services; our ability to continue to monitor factors that impact current and expected customer activity levels, such as the prices of oil and natural gas, changes in pricing for our services and equipment, and utilization of our equipment and personnel; the effect of geopolitical factors such as political instability in the petroleum-producing regions of the world, the actions of the OPEC oil cartel, overall economic conditions and weather in the United States, the prices of oil and natural gas, and our customers' drilling and production activities on our financial results; our strategy of utilizing equipment in u

Business

Item 1. Business Organization and Overview RPC is a Delaware corporation originally organized in 1984 as a holding company for several oilfield services companies and is headquartered in Atlanta, Georgia. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets. RPC acts as a holding company for the following legal entity groupings: Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. RPC is further organized into Technical Services and Support Services, which are its operating segments. As of December 31, 2023, RPC had 2,691 employees. 3 Business Segments RPC manages its business as either services offered on the well site with equipment and personnel (Technical Services), or services and equipment offered off the well site (Support Services). The businesses under Technical Services generate revenues based on equipment, personnel operating the equipment and the materials utilized to provide the service. They are all managed, analyzed and reported based on the similarities of the operational characteristics and costs associated with providing the service. In 2023, we estimate that 74% of our revenues were related to drilling and production activities for oil, while 26% of revenues were related to drilling and production activities for natural gas. During 2023, approximately five percent of RPC's consolidated revenues were generated from offshore operations in the U.S. Gulf of Mexico. Technical Services include RPC's oil and gas services that utilize people and equipment to perform value-added c

View Full Filing

View this 10-K filing on SEC EDGAR