# EDGAR Filing Document

**Accession Number:** 0000742278
**File Stem:** 0001558370-25-009493
**Filing Date:** 2025-7
**Character Count:** 32253
**Document Hash:** 704562b4f398809b4f548e5d6b461f7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009493.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001558370-25-009493

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RPC INC
- **CENTRAL INDEX KEY:** 0000742278
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL, GAS FIELD SERVICES, NBC [1389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 581550825
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08726
- **FILM NUMBER:** 251144453

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329
- **BUSINESS PHONE:** 404-321-2140

**MAIL ADDRESS:**
- **STREET 1:** 2801 BUFORD HIGHWAY NE, SUITE 300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RPC INC
- **DATE OF NAME CHANGE:** 19950809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RPC ENERGY SERVICES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): July 24, 2025**

**RPC, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**1-8726** | &nbsp;&nbsp;**58-1550825** |
| &nbsp;&nbsp;(State or Other Jurisdiction<br>of Incorporation) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(IRS Employer<br>Identification No.) |

---

2801 Buford Highway NE, Suite 300, Atlanta, Georgia 30329

(Address of principal executive office) (zip code)

**Registrant's telephone number, including area code: (404) 321-2140**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $0.10 par value** | **RES** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On July 24, 2025, RPC, Inc. issued a press release titled "RPC, Inc. Reports Second Quarter 2025 Financial Results And Declares Regular Quarterly Cash Dividend," announcing the financial results for the second quarter ended June 30, 2025.

**Item 9.01. Financial Statements and Exhibits.**

99.1 &nbsp;&nbsp;&nbsp;&nbsp; [Press Release dated](res-20250724xex99d1.htm)[July 24, 2025](res-20250724xex99d1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, RPC, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | RPC, Inc. |
| Date: July 24, 2025  | /s/ Michael L. Schmit |
|  | Michael L. Schmit |
|  | Vice President and Chief Financial Officer |

---

## Exhibit 99.1

Second Quarter 2025 Earnings Release

**Exhibit 99.1**

![Graphic](res-20250724xex99d1001.jpg)

**RPC, Inc. Reports Second Quarter 2025 Financial Results** 

**And Declares Regular Quarterly Cash Dividend**

ATLANTA, July 24, 2025 - RPC, Inc. (NYSE: RES) ("RPC" or the "Company"), a leading diversified oilfield services company, announced its unaudited results for the second quarter ended June 30, 2025.

***Non-GAAP and adjusted measures,*** *including adjusted revenues, adjusted operating income, adjusted net income, adjusted earnings per share (diluted), EBITDA and adjusted EBITDA, adjusted EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.*

***Sequential comparisons*** *are to 1Q:25. The Company believes quarterly sequential comparisons are most useful in assessing industry trends and RPC's recent financial results. Both sequential and year-over-year comparisons are available in the tables at the end of this earnings release.*

**Second Quarter 2025 Highlights**

● The Company acquired Pintail Completions ("Pintail"), effective April 1, 2025; Pintail is a leading wireline perforation service provider to blue chip customers in the Permian Basin

● Revenues increased 26% sequentially to $420.8 million with the inclusion of Pintail. Excluding the $98.9 million in revenues generated by Pintail, adjusted revenues decreased 3% sequentially

● Net income was $10.1 million, down 16% sequentially, and diluted Earnings Per Share (EPS) was $0.05; Net income margin decreased 120 basis points sequentially to 2.4%

● Adjusted net income, was $17.5 million, up 46% sequentially, and adjusted diluted Earnings per Share (EPS) was $0.08; Adjusted net income margin increased 60 basis points sequentially to 4.2%

● Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $65.6 million, up 34% sequentially; Adjusted EBITDA margin increased 90 basis points sequentially to 15.6%.

**Management Commentary**

"Downhole tools, coiled tubing, and rental tools all generated sequential revenue increases during the quarter. Wireline revenues benefited from the incorporation of our acquisition of Pintail effective April 1<sup>st</sup>. Pintail brings significant scale, a blue chip customer base and builds on RPC's diversified portfolio of companies." stated Ben M. Palmer, RPC's President and Chief Executive Officer. "The second quarter results were negatively impacted by our pressure pumping service line as we experienced weaker activity and pricing pressure along with impacts from weather, external non-productive time and customer startup delays during the quarter."

"The oilfield services market remains challenged by lower commodity prices and macro uncertainties. The diversified service lines, customer base, and geographies across our company provided resiliency during the quarter. Our business leaders have responded to this difficult environment by focusing on efficiencies and cost improvements, passing on increased supplier costs, where possible, and utilizing our balance sheet to opportunistically invest in the business. Competition continues to be intense, but we will remain disciplined focusing on full cycle returns."

------

Second Quarter 2025 Earnings Release

**Selected Industry Data** *(Source: Baker Hughes, Inc., U.S. Energy Information Administration)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q:25** | **1Q:25** | **Change** | **% Change** | **2Q:24** | **Change** | **% Change** |
| **U.S. rig count (avg)** | 571 | 588 | (17) | (2.9)% | 603 | (32) | (5.3)% |
| **Oil price ($/barrel)** | $64.74 | $71.93 | $(7.19) | (10.0)% | $81.78 | $(17.04) | (20.8)% |
| **Natural gas ($/Mcf)** | $3.20 | $4.14 | $(0.94) | (22.7)% | $2.07 | $1.13 | 54.6% |

---

**2Q:25 Consolidated Financial Results (sequential comparisons versus 1Q:25)**

***Revenues*** were $420.8 million, up 26%. Revenues for pressure pumping, the Company's largest service line, were down 18%, while all other service lines, excluding Pintail's wireline, increased. Within the Technical Services segment, pressure pumping remained the most challenged, impacted by weather, non-pumping non-productive time and customer startup delays that created unexpected white space, particularly in the month of June. Coiled tubing and downhole tools saw the biggest organic increases versus the prior quarter outside of wireline. Within the Support Services segment, rental tools had a 17% sequential increase during the quarter.

***Cost of revenues***, which excludes depreciation and amortization of $36.6 million, was $317.7 million, up from $243.9 million. These costs increased 30% during the quarter. The increase was primarily due to the addition of Pintail offset in part by lower pressure pumping activity and change in job mix.

***Selling, general and administrative expenses*** were $40.8 million, down from $42.5 million; as a percent of revenues, SG&A decreased 310 basis points to 9.7% due to a reduction in employment cost related items and SG&A cost leverage from Pintail's revenue contribution.

***Acquisition related employment costs*** were approximately $6.6 million during 2Q:25 and represent non-cash accounting adjustments related to the Pintail acquisition that are contingent upon continued employment. Acquisition related employment costs totaling $78.6 million are expected to be recognized equally over 12 quarters, representing the contingent service periods.

***Interest income*** totaled $1.6 million, down from the previous quarter, reflecting reduced cash balances after the Pintail acquisition.

***Interest expense*** totaled $1.0 million, up from the previous quarter as a result of the seller note issued in conjunction with the Pintail acquisition.

***Income tax provision*** was $7.2 million, or 41.3% of income before income taxes. The effective tax rate was unusually high mainly due to the Acquisition related employment costs which contributed to a lower pre-tax income and are largely non-deductible.

***Net income and diluted EPS*** were $10.1 million and $0.05, respectively, versus $12.0 million and $0.06, respectively, in 1Q:25. Net income margin decreased 120 basis points sequentially to 2.4%.

***Adjusted net income and adjusted diluted EPS*** were $17.5 million and $0.08, respectively, versus $12.0 million and $0.06, respectively, in 1Q:25. Adjusted net income margin increased 60 basis points sequentially to 4.2%.

***Adjusted EBITDA*** was $65.6 million, up from $48.9 million, due primarily to the contribution from the Pintail acquisition. Adjusted EBITDA margin increased 90 basis points sequentially to 15.6%.

------

Second Quarter 2025 Earnings Release

**Balance Sheet, Cash Flow and Capital Allocation**

***Cash and cash equivalents*** were $162.1 million at the end of the second quarter, with no outstanding borrowings under the Company's $100 million revolving credit facility.

***Net cash provided by operating activities and free cash flow*** were $92.9 million and $17.6 million, respectively, year-to-date through 2Q:25.

***Payment of dividends*** totaled $17.5 million year-to-date through 2Q:25. Additionally, the Board of Directors declared a regular quarterly cash dividend of $0.04 per share, payable on September 10, 2025, to common stockholders of record at the close of business on August 11, 2025.

***Share repurchases*** totaled $2.9 million year-to-date through 2Q:25 all of which related to tax withholding for restricted stock vesting.

**Segment Operations (sequential comparisons versus 1Q:25)**

**Technical Services** performs value-added completion, production and maintenance services directly to a customer's well. These services include pressure pumping, downhole tools, wireline, coiled tubing, cementing, and other offerings.

Revenues were 396.8 million, up 27%

Operating income was $21.1 million, up 51%

- Results were driven primarily by the addition of Pintail

**Support Services** provides equipment for customer use or services to assist customer operations, including rental tools, pipe inspection services and storage.

Revenues were $24.1 million, up 14%

Operating income was $4.6 million, up 74%

- Results were driven by higher activity in rental tools and the fixed-cost nature of these service lines

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | March 31, | June 30,  | **June 30,**  | June 30,  |
| (In thousands) | **2025** | 2025 | 2024 | **2025** | 2024 |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |  |
| **Revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;Technical Services | $**396754** | $311844 | $341484 | $**708598** | $697878 |
| &nbsp;&nbsp;Support Services | **24055** | 21033 | 22669 | **45088** | 44108 |
| **Total revenues** | $**420809** | $332877 | $364153 | $**753686** | $741986 |
| **Operating income:** |  |  |  |  |  |
| &nbsp;&nbsp;Technical Services | $**21123** | $14003 | $30198 | $**35126** | $62154 |
| &nbsp;&nbsp;Support Services | **4639** | 2661 | 4379 | **7300** | 7978 |
| &nbsp;&nbsp;Corporate expenses | **(5871)** | (5804) | (2447) | **(11675)** | (6867) |
| &nbsp;&nbsp;Acquisition related employment costs | **(6554)** |  |  | **(6554)** |  |
| &nbsp;&nbsp;Gain on disposition of assets, net | **2199** | 1526 | 3338 | **3725** | 4552 |
| **Total operating income** | $**15536** | $12386 | $35468 | $**27922** | $67817 |
| **Interest expense** | **(1007)** | (131) | (99) | **(1138)** | (333) |
| **Interest income** | **1618** | 3395 | 3343 | **5013** | 6308 |
| **Other income, net** | **1152** | 885 | 732 | **2037** | 1499 |
| **Income before income taxes** | $**17299** | $16535 | $39444 | $**33834** | $75291 |

---

------

Second Quarter 2025 Earnings Release

**Conference Call Information**

RPC, Inc. will hold a conference call today, July 24, 2025, at 9:00 a.m. ET to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast in the investor relations section of RPC, Inc.'s website at <u>www.rpc.net</u>. The live conference call can also be accessed by calling (888) 440-5966, or (646) 960-0125 for international callers, and using conference ID number 9842359. For those not able to attend the live conference call, a replay will be available in the investor relations section of RPC, Inc.'s website beginning approximately two hours after the call and for a period of 90 days.

**About RPC**

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, including the Gulf of America, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC's investor website can be found at <u>www.rpc.net</u>.

**Forward Looking Statements**

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations or hopes. In particular, such statements include, without limitation: our belief that our acquisition of Pintail Completions brings a scaled and high-quality company into our portfolio; our belief that Pintail's strong Permian operations are driven by a blue chip customer base and a highly regarded management team; our belief that Pintail builds on RPC's diversified portfolio of companies; our belief that the oilfield services market is challenged; our belief that the diversified service lines, customer base, and geographies across our company provide resiliency; our belief that our business leaders have responded to the difficult environment by focusing on efficiencies and cost improvements by passing on increased supplier costs and utilizing our balance sheet to opportunistically invest in the business; our belief that we can pass increased supplier costs to customers; our belief that competition continues to be intense; and our belief that we will remain disciplined and focused on returns. Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the U.S. economy, both of which can impact capital spending by our customers and demand for our services; business interruptions due to adverse weather conditions; changes in the competitive environment of our industry; political instability in the petroleum-producing regions of the world; the actions of the OPEC oil cartel; our customers' drilling and production activities; the risk that our assessments, such as regarding the oversupplied nature of oilfield services, will turn out incorrect; and our ability to identify and complete acquisitions and/or other strategic investments or transactions. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates, and expectations are contained in RPC's Form 10-K for the year ended December 31, 2024.

For information about RPC, Inc., please contact:

Joshua Large,

Vice President, Corporate Finance and Investor Relations

(404) 321-2152

jlarge@rpc.net

Michael L. Schmit,

Chief Financial Officer

(404) 321-2140

irdept@rpc.net

------

Second Quarter 2025 Earnings Release

**RPC INCORPORATED AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS** *(In thousands except per share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,** <br>**2025** | March 31,<br>2025 | June 30, <br>2024 | **June 30,** <br>**2025** | June 30, <br>2024 |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |  |
| **REVENUES** | $**420809** | $332877 | $364153 | $**753686** | $741986 |
| **COSTS AND EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization shown separately below) | **317746** | 243895 | 262284 | **561641** | 538893 |
| &nbsp;&nbsp;Selling, general and administrative expenses | **40825** | 42499 | 37406 | **83324** | 77491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related employment costs | **6554** |  |  | **6554** |  |
| &nbsp;&nbsp;Depreciation and amortization | **42347** | 35623 | 32333 | **77970** | 62337 |
| &nbsp;&nbsp;Gain on disposition of assets, net | **(2199)** | (1526) | (3338) | **(3725)** | (4552) |
| &nbsp;&nbsp;Operating income | **15536** | 12386 | 35468 | **27922** | 67817 |
| &nbsp;&nbsp;Interest expense | **(1007)** | (131) | (99) | **(1138)** | (333) |
| &nbsp;&nbsp;Interest income | **1618** | 3395 | 3343 | **5013** | 6308 |
| &nbsp;&nbsp;Other income, net | **1152** | 885 | 732 | **2037** | 1499 |
| &nbsp;&nbsp;Income before income taxes | **17299** | 16535 | 39444 | **33834** | 75291 |
| &nbsp;&nbsp;Income tax provision | **7151** | 4505 | 7025 | **11656** | 15405 |
| **NET INCOME** | $**10148** | $12030 | $32419 | $**22178** | $59886 |
| **EARNINGS PER SHARE** |  |  |  |  |  |
| &nbsp;&nbsp;Basic | $**0.05** | $0.06 | $0.15 | $**0.10** | $0.28 |
| &nbsp;&nbsp;Diluted | $**0.05** | $0.06 | $0.15 | $**0.10** | $0.28 |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |  |  |  |
| &nbsp;&nbsp;Basic | **220610** | 215691 | 214844 | **218150** | 214922 |
| &nbsp;&nbsp;Diluted | **220610** | 215691 | 214844 | **218150** | 214922 |

---

------

Second Quarter 2025 Earnings Release

**RPC INCORPORATED AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | *(In thousands)* | *(In thousands)* |
|  | **June 30,**  | December 31,  |
|  | **2025** | 2024 |
|  | (Unaudited) |  |
| **ASSETS** |  |  |
| Cash and cash equivalents | $**162113** | $325975 |
| Accounts receivable, net | **303353** | 276577 |
| Inventories | **117701** | 107628 |
| Income taxes receivable | **1305** | 4332 |
| Prepaid expenses | **13917** | 16136 |
| Retirement plan assets | **31489** |  |
| Other current assets | **12031** | 2194 |
| &nbsp;&nbsp;Total current assets | **641909** | 732842 |
| Property, plant and equipment, net | **560936** | 513516 |
| Operating lease right-of-use assets | **24801** | 27465 |
| Finance lease right-of-use assets | **5886** | 4400 |
| Goodwill | **93206** | 50824 |
| Other intangibles, net | **107135** | 13843 |
| Retirement plan assets | **—** | 30666 |
| Other assets | **30523** | 12933 |
| &nbsp;&nbsp;**Total assets** | $**1464396** | $1386489 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **LIABILITIES** |  |  |
| Accounts payable | $**132360** | $84494 |
| Accrued payroll and related expenses | **29931** | 25243 |
| Accrued insurance expenses | **8375** | 7942 |
| Accrued state, local and other taxes | **6514** | 3234 |
| Income taxes payable | **5171** | 446 |
| Unearned revenue | **—** | 45376 |
| Current portion of operating lease liabilities | **7185** | 7108 |
| Current portion of finance lease liabilities and finance obligations | **4290** | 3522 |
| Retirement plan liabilities | **23772** |  |
| Current portion of notes payable | **20000** |  |
| Accrued expenses and other liabilities | **5364** | 4548 |
| &nbsp;&nbsp;Total current liabilities | **242962** | 181913 |
| Accrued insurance expenses | **13587** | 12175 |
| Retirement plan liabilities | **—** | 24539 |
| Note payable | **30000** |  |
| Operating lease liabilities | **18432** | 21724 |
| Finance lease liabilities | **1156** | 559 |
| Other long-term liabilities | **12827** | 9099 |
| Deferred income taxes | **54417** | 58189 |
| &nbsp;&nbsp;**Total liabilities** | **373381** | 308198 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Common stock | **22062** | 21494 |
| Capital in excess of par value | **—** |  |
| Retained earnings | **1071483** | 1059625 |
| Accumulated other comprehensive loss | **(2530)** | (2828) |
| &nbsp;&nbsp;**Total stockholders' equity** | **1091015** | 1078291 |
| &nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**1464396** | $1386489 |

---

------

Second Quarter 2025 Earnings Release

**RPC INCORPORATED AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | *(In thousands)* | *(In thousands)* |
| **Six Months Ended June 30,**  | **2025** | 2024 |
|  | (Unaudited) | (Unaudited) |
| **OPERATING ACTIVITIES** |  |  |
| **Net income**  | $**22178** | $59886 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | **77970** | 62337 |
| &nbsp;&nbsp;Acquisition related employment costs | **6554** |  |
| &nbsp;&nbsp;Working capital | **(14824)** | 56524 |
| &nbsp;&nbsp;Other operating activities | **1065** | 5740 |
| **Net cash provided by operating activities** | **92943** | 184487 |
| **INVESTING ACTIVITIES** |  |  |
| Capital expenditures | **(75323)** | (127799) |
| Proceeds from sale of assets | **9496** | 8883 |
| Purchase of business, net of cash and debt assumed | **(165656)** |  |
| **Net cash used for investing activities** | **(231483)** | (118916) |
| **FINANCING ACTIVITIES** |  |  |
| Payment of dividends | **(17478)** | (17203) |
| Repayment of debt assumed at acquisition | **(4502)** |  |
| Cash paid for common stock purchased and retired | **(2868)** | (9858) |
| Cash paid for finance lease and finance obligations | **(474)** | (304) |
| **Net cash used for financing activities** | **(25322)** | (27365) |
| Net (decrease) increase in cash and cash equivalents | **(163862)** | 38206 |
| Cash and cash equivalents at beginning of period | **325975** | 223310 |
| **Cash and cash equivalents at end of period** | $**162113** | $261516 |

---

**Non-GAAP Measures**

RPC, Inc. has used the non-GAAP financial measures of adjusted revenues, adjusted operating income, adjusted net income, adjusted earnings per shar, adjusted EBITDA, adjusted EBITDA margin and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare the operating performance of our core business consistently over various time periods, and in the case of Adjusted EBITDA, without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating RPC's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, RPC's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows. Adjusted measures that exclude revenues and costs related to Pintail's performance allow for period to period comparison of our core, pre-acquisition business.

------

Second Quarter 2025 Earnings Release

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on RPC, Inc.'s investor website, which can be found at <u>www.rpc.net</u>.

**Appendix A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | March 31, | June 30,  | **June 30,**  | June 30,  |
| *(In thousands)* | **2025** | 2025 | 2024 | **2025** | 2024 |
| **Reconciliation of Operating Income to Adjusted Operating Income** |  |  |  |  |  |
| Operating income | $**15536** | $12386 | $35468 | $**27922** | $67817 |
| Add: Acquisition related employment costs | **6554** |  |  | **6554** |  |
| Adjusted operating income | $**22090** | $12386 | $35468 | $**34476** | $67817 |

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**Appendix B**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | March 31, | June 30,  | **June 30,**  | June 30,  |
| *(In thousands)* | **2025** | 2025 | 2024 | **2025** | 2024 |
| **Reconciliation of Net Income to Adjusted Net Income** |  |  |  |  |  |
| Net income | $**10148** | $12030 | $32419 | $**22178** | $59886 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Add: Acquisition related employment costs, before taxes | **6554** |  |  | **6554** |  |
| &nbsp;&nbsp;Add: Tax effect of Acquisition related employment costs  | **802** |  |  | **802** |  |
| Total adjustments, net of tax | **7356** |  |  | **7356** |  |
| Adjusted net income | $**17504** | $12030 | $32419 | $**29534** | $59886 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | March 31, | June 30,  | **June 30,**  | June 30,  |
|  | **2025** | 2025 | 2024 | **2025** | 2024 |
| **Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share** |  |  |  |  |  |
| Diluted earnings per share | $**0.05** | $0.06 | $0.15 | $**0.10** | $0.28 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Add: Acquisition related employment costs, before taxes | **0.03** |  |  | **0.03** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Tax effect of Acquisition related employment costs | **—** |  |  | **—** |  |
| Total adjustments, net of tax | **0.03** |  |  | **0.03** |  |
| Adjusted diluted earnings per share | $**0.08** | $0.06 | $0.15 | $**0.13** | $0.28 |
| Weighted average shares outstanding *(in thousands)* | **220610** | 215691 | 214844 | **218150** | 214922 |

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Second Quarter 2025 Earnings Release

**Appendix C**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | March 31, | March 31, | June 30,  | June 30,  | **June 30,**  | **June 30,**  | June 30,  | June 30,  |
| *(In thousands)* | **2025** | **2025** | 2025 | 2025 | 2024 | 2024 | **2025** | **2025** | 2024 | 2024 |
| **Reconciliation of Net Income to EBITDA and Adjusted EBITDA** |  |  |  |  |  |  |  |  |  |  |
| Net income | **$** | **10148** | $| 12030 | $| 32419 | **$** | **22178** | $| 59886 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Add: Income tax provision |  | **7151** |  | 4505 |  | 7025 |  | **11656** |  | 15405 |
| &nbsp;&nbsp;Add: Interest expense |  | **1007** |  | 131 |  | 99 |  | **1138** |  | 333 |
| &nbsp;&nbsp;Add: Depreciation and amortization |  | **42347** |  | 35623 |  | 32333 |  | **77970** |  | 62337 |
| &nbsp;&nbsp;Less: Interest income |  | **1618** |  | 3395 |  | 3343 |  | **5013** |  | 6308 |
| EBITDA | **$** | **59035** | $| 48894 | $| 68533 | **$** | **107929** | $| 131653 |
| &nbsp;&nbsp;Add: Acquisition related employment costs |  | **6554** |  |  |  |  |  | **6554** |  |  |
| Adjusted EBITDA | **$** | **65589** | $ | 48894 | $ | 68533 | **$** | **114483** | $ | 131653 |
| Revenues | **$** | **420809** | $ | 332877 | $ | 364153 | **$** | **753686** | $ | 741986 |
| Net income margin<sup>(1)</sup> |  | **2.4%** |  | 3.6% |  | 8.9% |  | **2.9%** |  | 8.1% |
| Adjusted EBITDA margin<sup>(1)</sup> |  | **15.6%** |  | 14.7% |  | 18.8% |  | **15.2%** |  | 17.7% |

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(1) Net income margin is calculated as net income divided by revenues. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenues.

**Appendix D**

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| | | |
|:---|:---|:---|
| (Unaudited) | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(In thousands)* | **2025** | 2024 |
| **Reconciliation of Operating Cash Flow to Free Cash Flow** |  |  |
| Net cash provided by operating activities | $**92943** | $184487 |
| Capital expenditures | **(75323)** | (127799) |
| &nbsp;&nbsp;Free cash flow | $**17620** | $56688 |

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