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What changed in RPC INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of RPC INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+193 added−170 removedSource: 10-K (2026-02-27) vs 10-K (2025-02-28)

Top changes in RPC INC's 2025 10-K

193 paragraphs added · 170 removed · 139 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

40 edited+3 added−8 removed61 unchanged
Biggest changeA breakdown of segment and service line revenues and a brief description of the primary services follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ Revenues ​ Revenues ​ ​ Revenues ​ Revenues ​ ​ Revenues ​ Revenues (in thousands) 0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ 1,326,005 ​ 93.7 % ​ $ 1,516,137 ​ 93.7 % ​ $ 1,516,363 ​ 94.7 % Support Services ​ ​ 88,994 — 6.3 ​ 0.0% ​ 101,337 — 6.3 ​ 0.0% ​ 85,399 0 5.3 ​ Total Revenues: ​ $ 1,414,999 ​ 100.0 % ​ $ 1,617,474 ​ 100.0 % ​ $ 1,601,762 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pressure Pumping (Technical Services) ​ $ 587,051 ​ 41.5 % ​ $ 771,542 ​ 54.5 % ​ $ 846,939 ​ 59.9 % Downhole Tools (Technical Services) ​ ​ 386,085 ​ 27.3 ​ ​ ​ 397,341 ​ 28.1 ​ ​ ​ 374,081 ​ 26.4 ​ Coiled Tubing (Technical Services) ​ ​ 135,175 ​ 9.6 ​ ​ ​ 152,484 ​ 10.8 ​ ​ ​ 140,889 ​ 10.0 ​ Cementing (Technical Services) ​ ​ 110,730 ​ 7.8 ​ ​ ​ 64,481 ​ 4.6 ​ ​ ​ 21,178 ​ 1.5 ​ Rental Tools (Support Services) ​ ​ 65,207 ​ 4.6 ​ ​ ​ 73,301 ​ 5.2 ​ ​ ​ 62,780 ​ 4.4 ​ Other (both segments) ​ $ 130,751 ​ 9.2 % ​ ​ 158,325 ​ 11.2 % ​ $ 155,895 ​ 11.0 % ​ Technical Services Segment Pressure Pumping : 41.5% of 2024 total revenues.
Biggest changeA breakdown of segment and service line revenues and a brief description of the primary services follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ 2024 ​ ​ 2023 ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ Revenues ​ Revenues ​ ​ Revenues ​ Revenues ​ ​ Revenues ​ Revenues (in thousands) 0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ 1,536,048 ​ 94.4 % ​ $ 1,326,005 ​ 93.7 % ​ $ 1,516,137 ​ 93.7 % Support Services ​ ​ 90,518 — 5.6 ​ 0.0% ​ 88,994 — 6.3 ​ 0.0% ​ 101,337 0 6.3 ​ Total Revenues: ​ $ 1,626,566 ​ 100.0 % ​ $ 1,414,999 ​ 100.0 % ​ $ 1,617,474 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pressure Pumping (Technical Services) ​ $ 485,047 ​ 29.8 % ​ $ 587,051 ​ 41.5 % ​ $ 771,542 ​ 47.7 % Downhole Tools (Technical Services) ​ ​ 393,771 ​ 24.2 ​ ​ ​ 386,085 ​ 27.3 ​ ​ ​ 397,341 ​ 24.6 ​ Wireline (Technical Services) ​ ​ 315,520 ​ 19.4 ​ ​ ​ 18,909 ​ 1.3 ​ ​ ​ 17,138 ​ 1.1 ​ Coiled Tubing (Technical Services) ​ ​ 151,515 ​ 9.3 ​ ​ ​ 135,175 ​ 9.6 ​ ​ ​ 152,484 ​ 9.4 ​ Cementing (Technical Services) ​ ​ 104,728 ​ 6.4 ​ ​ ​ 110,730 ​ 7.8 ​ ​ ​ 64,481 ​ 4.0 ​ Rental Tools (Support Services) ​ ​ 66,700 ​ 4.1 ​ ​ ​ 65,207 ​ 4.6 ​ ​ ​ 73,301 ​ 4.5 ​ Other (both segments) ​ $ 109,285 ​ 6.8 % ​ $ 111,842 ​ 7.9 % ​ $ 141,187 ​ 8.7 % ​ Technical Services Segment Pressure Pumping : 29.8% of 2025 total revenues.
The process of cementing includes developing a cement slurry formulated for a well’s unique characteristics, pumping the cement through the wellbore and into the space between the well casing and well bore. The pumping assets used in deploying the cement are the same/similar to the equipment used in hydraulic fracturing, making these operations complementary to our pressure pumping service line.
The process of cementing includes developing a cement slurry formulated for a well’s unique characteristics, pumping the cement through the wellbore and into the space between the well casing and well bore. The pumping assets used in deploying cement are the same/similar to the equipment used in hydraulic fracturing, making these operations complementary to our pressure pumping service line.
Refer to note to the consolidated financial statements titled Business Segment and Entity Wide Disclosures for additional financial information on our business segments. Customers RPC’s principal customers consist of major and independent oil and natural gas producing companies and can range in size from small and independent E&Ps to large (often public) integrated E&Ps.
Refer to the note to the consolidated financial statements titled Business Segment and Entity Wide Disclosures for additional financial information on our business segments. Customers RPC’s principal customers consist of major and independent oil and natural gas producing companies and can range in size from small and independent E&Ps to large (often public) integrated E&Ps.
The most recent significant recent downturn occurred following the onset of the COVID pandemic, with August 2020 marking the lowest U.S. domestic rig count in U.S. oilfield history at 250.
The most significant recent downturn occurred following the onset of the COVID pandemic, with August 2020 marking the lowest U.S. domestic rig count in U.S. oilfield history at 250.
Operating strategy ● Drive a culture of highly engaged, empowered, and appropriately incentivized employees ● Provide safe, high quality, well-maintained, in-demand equipment and services to our customers through highly trained personnel and strong logistical support processes ● Maintain a flexible cost structure that can respond quickly to volatile industry conditions and business activity levels ● Optimize asset utilization to leverage direct and overhead costs with a focus on profitability and a bias to avoid burning our assets on low-return projects – i.e., idle fleets as appropriate ● Develop new products and offer specialized services to differentiate ourselves in the marketplace Growth strategy ● Remain highly disciplined with respect to adding new incremental revenue-producing equipment ● Invest selectively in our key service lines to upgrade technologies and capabilities ● Acquire high-quality companies or assets that would increase our scale, diversify our key service lines, bolster our competencies, expand our customer base and deliver attractive financial returns; due to the fragmented nature of the oil and gas services industry, RPC believes a number of suitable acquisition opportunities exist ● Direct growth investments toward domestic (versus international) operations because of attractive activity levels, competitive positioning and lower geopolitical risks Capital allocation strategy ● Maintain a conservative and low-cost capital structure, with an appropriate use of debt financing, to sustain operational strength and liquidity during industry downturns ● Balance the use of cash invested in the Company (both organic and potential M&A) and returned to stockholders with strong alignment of management and shareholder interests ● Continue paying regular quarterly dividends, though we do not currently intend to steadily grow the regular dividend, nor do we have a target payout ratio of net income or cash flow to dividends; given the capital intensity and cyclical nature of the business, we do not plan to return significant excess cash to investors through special dividends 12 ​ ● Maintain a share buyback program to opportunistically repurchase stock in the open market in compliance with the federal securities laws and the applicable exchange listing requirements, if the Company believes our common stock represents an exceptional value Human Capital The table below shows the number of employees at December 31, 2024, and 2023: ​ ​ ​ ​ ​ At December 31, 2024 2023 Employees 2,597 2,691 ​ The Company operates in a cyclical business where financial performance and headcount are influenced by, among other things, changes in oil and natural gas prices.
Operating strategy ● Drive a culture of highly engaged, empowered, and appropriately incentivized employees ● Provide safe, high quality, well-maintained, in-demand equipment and services to our customers through highly trained personnel and strong logistical support processes ● Maintain a flexible cost structure that can respond quickly to volatile industry conditions and business activity levels ● Optimize asset utilization to leverage direct and overhead costs with a focus on profitability and a bias to avoid burning our assets on low-return projects – i.e., idle fleets as appropriate ● Develop new products and offer specialized services to differentiate ourselves in the marketplace Growth strategy ● Remain highly disciplined with respect to adding new incremental revenue-producing equipment ● Invest selectively in our key service lines to upgrade technologies and capabilities ● Acquire high-quality companies or assets that would increase our scale, diversify our key service lines, bolster our competencies, expand our customer base and deliver attractive financial returns; due to the fragmented nature of the oil and gas services industry, RPC believes a number of suitable acquisition opportunities exist ● Direct growth investments toward domestic (versus international) operations because of attractive activity levels, competitive positioning and lower geopolitical risks Capital allocation strategy ● Maintain a conservative and low-cost capital structure, with an appropriate use of debt financing, to sustain operational strength and liquidity during industry downturns ● Balance the use of cash invested in the Company (both organic and potential M&A) and returned to stockholders with strong alignment of management and shareholder interests ● Continue paying regular quarterly dividends, though we do not currently intend to steadily grow the regular dividend, nor do we have a target payout ratio of net income or cash flow to dividends; given the capital intensity and cyclical nature of the business, we do not plan to return significant excess cash to investors through special dividends 12 ​ ● Maintain a share buyback program to opportunistically repurchase stock in the open market in compliance with the federal securities laws and the applicable exchange listing requirements, if the Company believes our common stock represents an exceptional value Human Capital The table below shows the number of employees at December 31, 2025, and 2024: ​ ​ ​ ​ ​ At December 31, ​ ​ ​ 2025 ​ ​ ​ 2024 Employees 2,893 2,597 ​ The Company operates in a cyclical business where financial performance and headcount are influenced by, among other things, changes in oil and natural gas prices.
The demand for these services is generally influenced by customers’ decisions to invest capital toward initiating production in a new oil or natural gas well, improving production flows in an existing formation, or to address well control issues. This operating segment consists primarily of pressure pumping, downhole tools, coiled tubing and cementing.
The demand for these services is generally influenced by customers’ decisions to invest capital toward initiating production in a new oil or natural gas well, improving production flows in an existing formation, or to address well control issues. This operating segment consists primarily of pressure pumping, wireline, downhole tools, coiled tubing and cementing.
The equipment needed is in 8 ​ large part determined by the geological features of the production zone and the size of the well. Given the potentially significant range of equipment needs, operators and drilling contractors often find it more economical to supplement their tool and tubular assets with rental items instead of owning a complete set of assets.
The equipment needed is in large part determined by the geological features of the production zone and the size of the well. Given the potentially significant range of equipment needs, operators and drilling contractors often find it more economical to supplement their tool and tubular assets with rental items instead of owning a complete set of assets.
For these reasons, unconventional wells require more of RPC’s services, such as coiled tubing services and downhole tools, as described in subsections below. 7 ​ Hydraulic Fracturing, often synonymous with pressure pumping, is performed to stimulate production of oil and natural gas by increasing the permeability of a shale formation.
For these reasons, unconventional wells require more of RPC’s services, such as coiled tubing services and downhole tools, as described in subsections below. Hydraulic Fracturing, often synonymous with pressure pumping, is performed to stimulate production of oil and natural gas by increasing the permeability of a shale formation.
The industry also includes a number of other publicly traded peers whose operations are more similar to RPC, including Liberty Energy, Inc., Mammoth Energy Services, Inc., NCS Multistage Holdings, Inc., Nine Energy Services, Patterson-UTI Energy, Inc., ProFrac Holding Corp. and ProPetro Holding Corp., as well as numerous smaller, privately owned competitors.
The industry also includes a number of other publicly traded peers whose operations are more similar to RPC, including Liberty Energy, Inc., NCS Multistage Holdings, Inc., Nine Energy Services, Patterson-UTI Energy, Inc., ProFrac Holding Corp. and ProPetro Holding Corp., as well as numerous smaller, privately owned competitors.
Services involve unwinding and lowering a spooled wire into a well, conveying various types of tools or equipment. Slick or braided lines are non-conductive and primarily for jarring objects into or out of a well, as in fishing or plug-setting operations.
Services involve unwinding and lowering a spooled wire into a well, conveying various types of tools or equipment. Slick or braided lines are non-conductive and primarily for jarring objects into or out of a well, as in 8 ​ fishing or plug-setting operations.
Furthermore, there is an increased likelihood that a potential rapid rise in the use of artificial intelligence would have significant energy consumption requirements and boost demand for power solutions many of which use oil and gas.
Furthermore, there is an increased likelihood that a potential rapid rise in the use of artificial intelligence would have significant energy consumption requirements and boost demand for power solutions, many of which use oil and natural gas.
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.
The businesses under Technical Services generate revenues based on equipment, personnel operating the equipment and the materials utilized to provide the services. They are all managed, analyzed and reported based on the similarities of the operational characteristics and costs associated with providing the services.
Energy Information Administration) ​ ​ ​ ​ ​ ​ ​ ​ 10 ​ Efficiencies in pressure pumping. In the past decade, there have been significant improvements in the efficiency of OFS, with the end result being more oil and gas produced with less equipment.
Energy Information Administration) ​ ​ ​ ​ ​ ​ ​ ​ 10 ​ Efficiencies in pressure pumping. In the past decade, there have been significant improvements in the efficiency of OFS, with the end result being more oil and natural gas produced with less equipment.
RPC’s frac fleets are comprised of high pressure hydraulic pumps, powered by both diesel and dual-fuel engines, and ancillary equipment such as hoses, valves and blenders, and operational trailers to house personnel and computerized control systems. Pressure pumping equipment is typically truck or skid-mounted equipment for mobility.
RPC’s frac fleets are comprised of high pressure hydraulic pumps, powered by both diesel, dual-fuel and natural gas engines, and ancillary equipment such as hoses, valves and blenders, and operational trailers to house personnel and computerized control systems. Pressure pumping equipment is typically truck or skid-mounted equipment for mobility.
The Company ended 2024 with 10 horizontal fleets, of which 3 were Tier 4 DGB (dynamic gas blending, also referred to as dual-fuel as they can utilize both diesel and natural gas) and 3 were Tier 4 Diesel.
The Company ended 2025 with 10 horizontal fleets, of which 3 were Tier 4 DGB (dynamic gas blending, also referred to as dual-fuel as they can utilize both diesel and natural gas) and 3 were Tier 4 Diesel.
Electric assets are often desired by customers, especially large public companies, to achieve their ESG goals, while smaller independent E&Ps often place less value on ESG-related benefits. To date, RPC has not invested in electric fleets but is considering future investments in this area. Low natural gas prices.
Electric assets are often desired by customers, especially large public companies, to achieve their ESG goals, while smaller independent E&Ps often place less value on ESG-related benefits. To date, RPC has not invested in electric fleets but is considering future investments in this area. Volatility of natural gas prices .
Increased demands for larger-scale and newer technology solutions, as well as business combinations among large oil and gas companies, are driving consolidation of our competitors in certain service lines.
Increased demand for larger-scale and newer technology solutions, as well as business combinations among large oil and gas companies, are driving consolidation of our competitors in certain service lines.
Several factors have contributed to asset efficiency, including the industry’s ability to accurately identify high yielding formations, drill faster and more effectively, complete wells more quickly, and extract the same amount of oil and gas with less rigs and service equipment.
Several factors have contributed to asset efficiency, including the industry’s ability to accurately identify high yielding formations, drill faster and more effectively, complete wells more quickly, and extract the same amount of oil and natural gas with fewer rigs and service equipment.
The hollow tube can convey fluid which powers a motor or may be needed to clean out a wellbore. Coiled tubing units are effective over great distances making them ideal for completion activities in the U.S. domestic market, where lateral lengths have been increasing. Cementing: 7.8% of 2024 total revenues.
The hollow tube can convey fluid which powers a motor or may be needed to clean out a wellbore. Coiled tubing units are effective over great distances making them ideal for completion activities in the U.S. domestic market, where lateral lengths have been increasing. Cementing: 6.4% of 2025 total revenues.
As of December 31, 2024, RPC had 2,597 employees. 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).
As of December 31, 2025, RPC had 2,893 employees. 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).
Services and proprietary downhole motors and other specialized tools, such as fishing devices, are provided to drilling and production operators to enable casing perforation and bridge plug drilling at the completion stage of an oil or gas well. Products are also used during workover operations.
Services and proprietary downhole motors and other specialized tools, such as fishing devices, are provided to drilling and production operators to enable casing perforation and bridge plug drilling at the completion stage of an oil or gas well. Products are also used during workover operations and new market applications such as plug & abandonment, geothermal, and others.
The primary drivers of operational success for Support Services are offering safe, high quality and in-demand equipment, as well as meeting customer needs and competitive marketing of such services. Customers primarily include domestic operations of independent oil and gas producers and major multi-nationals and selected nationally owned oil companies. Support Services are provided in all of RPC’s principal geographical markets.
The primary drivers of operational success for Support Services are offering safe, high quality and in-demand equipment, as well as meeting customer needs and 7 ​ competitive marketing of such services. Customers primarily include domestic operations of independent oil and gas producers and major multi-nationals and selected nationally owned oil companies.
During 2024 the average U.S. rig count decreased 12.8% to 600 compared to the prior year. While oil and gas industry demand is influenced by many factors, the rig count is often used as a proxy for current and future industry activity. Oil and gas industry activity levels have historically been volatile, experiencing multiple cycles.
During 2025 the average U.S. rig count decreased 6.3% to 562 compared to the prior year. While oil and gas industry demand is influenced by many factors, the rig count is often used as a proxy for current and future industry activity. Oil and gas industry activity levels have historically been volatile, experiencing multiple cycles.
RPC 6 ​ 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.
RPC acts as a holding company for the following service companies: Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions, Pintail Completions 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.
Over the past several years, there has been oil and gas price volatility sparked by uncertainties related to the Russian invasion of Ukraine, tensions in the Middle East related to Israel’s conflict in the Gaza Strip and continued uncertainty from OPEC+ regarding production levels.
Over the past several years, there has been oil and gas price volatility sparked by uncertainties related to the Russian invasion of Ukraine, tensions in the Middle East and continued uncertainty from OPEC+ regarding production levels, and additional uncertainty with Venezuela.
Electric lines carry a conductor line into a well allowing the use of electrically-operated tools such as perforators and bridge plugs. Wireline services can also be an integral part of the plug and abandonment process near the end of the life cycle of a well. Support Services Segment Rental Tools: 4.6% of 2024 total revenues .
Electric lines carry a conductor line into a well allowing the use of electrically-operated tools such as perforators and bridge plugs. Wireline services can also be an integral part of the plug and abandonment process near the end of the life cycle of a well.
Examples of newly introduced products include a 3½ inch high performance downhole motor, as well as Unplug, a proprietary alternative solution to traditional bridge plugs using perforation pods to reduce inefficiencies and technical risks associated with traditional plugs. Coiled Tubing: 9.6% of 2024 total revenues.
Examples of newly introduced products include a 3½ inch high performance downhole motor, as well as UnPlug, a proprietary alternative solution to traditional bridge plugs using perforation pods to reduce inefficiencies and technical risks associated with traditional bridge plugs. Wireline: 19.4% of 2025 total revenues .
Suppliers The Company’s suppliers mainly provide equipment and materials used across our service lines. We purchase hydraulic fracturing fleets, including pumps and ancillary components, trucks, sand, chemicals, and cement to support our pressure pumping and cementing service lines. We also procure flexible steel pipe used in coiled tubing.
We purchase hydraulic fracturing fleets, including pumps and ancillary components, trucks, sand, chemicals, and cement to support our pressure pumping and cementing service lines. We also procure flexible steel pipe used in coiled tubing.
The Company intends to continue upgrading its equipment to Tier 4 DGB over time in response to the industry trending toward lower emission and more cost effective dual-fuel assets, but does not intend to increase its overall number of frac fleets. Downhole Tools: 27.3% of 2024 total revenues.
The Company intends to continue upgrading its equipment to natural gas burning over time in response to the industry trending toward lower emission and more cost effective dual-fuel assets but does not intend to increase its overall number of frac fleets. Downhole Tools: 24.2% of 2025 total revenues.
One of our customers, a private E&P company, accounted for approximately 13% of the Company’s revenues in 2024; another private E&P company accounted for approximately 11% of the Company’s revenues in 2022. Amounts for customers that exceeded 10% of the Company’s revenues in 2024 and 2022 were primarily associated with the Company’s Technical Services segment.
One of our customers, a private E&P company, accounted for approximately 15% of the Company’s revenues in 2025 and 13% of the Company’s revenues in 2024. The customer that exceeded 10% of the Company’s revenues in 2025 and 2024 was primarily associated with the Company’s Technical Services segment.
Services include responding to and controlling oil and gas well emergencies, including blowouts and well fires, as well as supply the equipment, expertise and personnel necessary to restore affected oil and gas wells to production so that drilling operations can resume as promptly as safety permits. Wireline .
Well Control . Services include responding to and controlling oil and gas well emergencies, including blowouts and well fires, as well as supply the equipment, expertise and personnel necessary to restore affected oil and gas wells to production so that drilling operations can resume as promptly as safety permits. Support Services Segment Rental Tools: 4.1% of 2025 total revenues .
RPC’s pressure pumping business is oriented toward spot and semi-dedicated customers in the Permian basin, while other service lines, such as downhole tools, cementing, coiled tubing and rental tools service both large and small customers across several major U.S. oil and gas basins. Sales are generated by RPC’s business unit specific sales forces and through referrals from existing customers.
RPC’s pressure pumping business is oriented towards providing services, materials, logistics and expertise to its customers in the Permian basin, while other service lines, such as downhole tools, cementing, coiled tubing and rental tools service have broad customer size and U.S. oil and gas basins exposure. 9 ​ Sales are generated by RPC’s business unit specific sales forces and through referrals from existing customers.
Generally speaking there are multiple suppliers for our key equipment and materials needs and we believe that these sources of supply are adequate to secure our demands at competitive prices. 9 ​ Industry Overview & Key Themes RPC provides its services primarily to domestic customers through a network of facilities strategically located to serve oil and gas drilling and production activities of its customers in Texas, the mid-continent, the southwest, the Gulf of America, the Rocky Mountain and the Appalachian regions.
Industry Overview & Key Themes RPC provides its services primarily to domestic customers through a network of facilities strategically located to serve oil and gas drilling and production activities of its customers in Texas, the mid-continent, the southwest, the Gulf of America, the Rocky Mountain and the Appalachian regions.
Governmental Regulation RPC’s business is affected by state, federal and foreign laws and other regulations relating to the oil and gas industry, as well as laws and regulations relating to worker safety and environmental protection.
We believe that this reduced exposure to active areas of a job location has led to fewer safety incidents. 13 ​ Governmental Regulation RPC’s business is affected by state, federal and foreign laws and other regulations relating to the oil and gas industry, as well as laws and regulations relating to worker safety and environmental protection.
The cement creates a barrier to protect the casing and prevent environmental contamination. In addition to completion uses, cementing can also be used to plug a well at the end of its life cycle. Effective July 1, 2023, the Company acquired Spinnaker, a leading provider of oilfield cementing services in the Permian and Mid-Continent basins.
The cement creates a barrier to protect the casing and prevent environmental contamination. In addition to uses for completing a new well, cementing can also be used to plug a well at the end of its life cycle. Snubbing .
The Company’s cementing revenues increased during 2024 primarily due to the effect of owning Spinnaker for a full year. Snubbing . Services involve using a hydraulic workover rig that permits an operator to repair damaged casing, production tubing and downhole production equipment while maintaining pressure on the well to minimize operational disruptions. Nitrogen .
Services involve using a hydraulic workover rig that permits an operator to repair damaged casing, production tubing and downhole production equipment while maintaining pressure on the well to minimize operational disruptions. Nitrogen . Both oilfield customers and industrial users outside of the oilfield use these services to, for example, clean drilling and production pipe or purge non-oilfield industrial pipelines.
There were no other customers in 2022 or 2024, and no customers in 2023 exceeding 10% of revenues. In addition, there was one customer that was also primarily associated with the Company’s Technical Services segment that accounted for approximately 10% of accounts receivable as of December 31, 2023.
There were no other customers in 2025 and 2024, and no customers in 2023 exceeding 10% of revenues. There were no customers that accounted for 10% or more of accounts receivable as of December 31, 2025, or December 31, 2024. Suppliers The Company’s suppliers mainly provide equipment and materials used across our service lines.
This abundant supply has resulted in low natural gas prices, thus reduced gas production activity. The Company believes the favorable long-term outlook for natural gas demand is sufficient for our customers to maintain natural gas-directed E&P activities.
Increased domestic consumption and exporting of natural gas in the United States has supported increased natural gas production. The Company believes the favorable long-term outlook for natural gas demand is sufficient for our customers to maintain natural gas-directed E&P activities. Competition RPC operates within the highly competitive OFS industry.
As recently reported by the U.S. Energy Information Administration, reported well completions was 11,659 in 2024, a decrease of approximately 9% compared to 2023. Fluctuations in the prices of commodities, particularly the price of oil, and activity levels as measured by well completions, significantly impact RPC’s financial results.
As recently reported by the U.S. Energy Information Administration, reported well completions totaled 11,809 in 2025, a decrease of approximately 1% compared to 2024.
Of note, while there is a sense of energy industry optimism regarding the new presidential administration, which is generally considered to be “pro-business” and supportive of the domestic energy industry, there is limited visibility on a number of regulatory or policy developments and the impact those may have on our business. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Average U.S. domestic rig count 600 ​ 688 ​ 723 Average natural gas price (per thousand cubic feet (mcf)) $ 2.19 ​ $ 2.54 ​ $ 6.44 Average oil price (per barrel) $ 76.60 ​ $ 77.55 ​ $ 94.89 Source: Baker Hughes, Inc., U.S.
Fluctuations in the prices of commodities, particularly the price of oil, and activity levels as measured by well completions, significantly impact RPC’s financial results. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Average U.S. domestic rig count 562 ​ 600 ​ 688 Average natural gas price (per thousand cubic feet (mcf)) $ 3.52 ​ $ 2.19 ​ $ 2.54 Average oil price (per barrel) $ 65.58 ​ $ 76.60 ​ $ 77.55 Source: Baker Hughes, Inc., U.S.
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Both oilfield customers and industrial users outside of the oilfield use these services to, for example, clean drilling and production pipe or purge non-oilfield industrial pipelines. Well Control .
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Support Services are provided in all of RPC’s principal geographical markets.
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In 2024 average natural gas prices decreased 13.8% compared to the prior year, despite strong performance in the second half of 2024. Flat consumption of natural gas in the United States has been met with increasing supply from high yielding gas shales and gas collected as byproduct from oil production.
Added
Effective April 1, 2025, the Company acquired Pintail Completions, a leading provider of oilfield wireline perforating services in the Permian basin. The Company’s wireline revenues increased during 2025 primarily due to the effect of owning Pintail for the partial year. Coiled Tubing: 9.3% of 2025 total revenues.
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However, currently suppressed activity has resulted in OFS companies shifting assets out of gassy basins toward oil basins, resulting in more competition in the Company’s key service lines, particularly pressure pumping in the Permian basin. Competition RPC operates in highly competitive areas of the OFS industry.
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Generally speaking, there are multiple suppliers for our key equipment and materials needs and we believe that these sources of supply are adequate to secure our demands at competitive prices.
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We believe that this reduced exposure to active areas of a job location has led to fewer safety incidents. 13 ​ Facilities/Equipment RPC’s equipment consists primarily of oil and gas services equipment used either in servicing customer wells or provided on a rental basis for customer use. Most of this equipment is Company owned.
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RPC purchases oilfield service equipment from a limited number of manufacturers. These manufacturers may not be able to meet our requests for timely delivery during periods of high demand which may result in delayed deliveries of equipment and higher prices for equipment.
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RPC owns and leases regional and district facilities from which its OFS are provided to land-based and offshore customers. RPC’s principal executive offices in Atlanta, Georgia are leased.
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The Company has four primary administrative buildings, two leased facilities, one in each of The Woodlands, Texas, and Midland, Texas, that include the Company’s operations, engineering, sales and marketing headquarters, and two owned facilities, one in Houma, Louisiana that includes certain administrative functions and one in Newcastle, Oklahoma that includes certain administrative functions, operations, engineering, sales and equipment storage yards.
Removed
RPC believes that its facilities are adequate for its current operations. For additional information with respect to RPC’s lease commitments, see note to the consolidated financial statements titled Leases.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

28 edited+13 added−3 removed68 unchanged
Biggest changeAmounts for customers that exceeded 10% of the Company’s revenues in 2024 and 2022 were primarily associated with the Company’s Technical Services segment. In addition, there was one customer that was also primarily associated with the Company’s Technical Services segment that accounted for approximately 10% of accounts receivable as of December 31, 2023.
Biggest changeOne of our customers, a private E&P company, accounted for approximately 15% of the Company’s revenues in 2025 and 13% of the Company’s revenues in 2024. The customer that exceeded 10% of the Company’s revenues in 2025 and 2024 was primarily associated with the Company’s Technical Services segment.
The Controlling Group may from time to time and at any time, in their sole discretion, acquire or cause to be acquired, additional equity or other instruments of the Company, its subsidiaries or affiliates, or derivative instruments the value of which is linked to Company securities, or dispose or cause to be disposed, such equity or other securities or instruments, in any amount that the Controlling Group may determine in their sole discretion, through open market transactions, privately negotiated transactions or 18 ​ otherwise.
The Controlling Group may from time to time and at any time, in their sole discretion, acquire or cause to be acquired, additional equity or other instruments of the Company, its subsidiaries or affiliates, or derivative instruments the value of which is linked to Company securities, or dispose or cause to be disposed, such equity or other securities or instruments, in any amount that the Controlling Group may determine in their sole discretion, through open market transactions, privately negotiated transactions or otherwise.
We cannot assure you that we will be able to maintain adequate insurance in the future at rates we consider reasonable or that our insurance coverage will be adequate to cover future claims and assessments that may arise. 17 ​ Regulatory Risks. Our operations may be adversely affected if we are unable to comply with regulations and environmental laws.
We cannot assure you that we will be able to maintain adequate insurance in the future at rates we consider reasonable or that our insurance coverage will be adequate to cover future claims and assessments that may arise. Regulatory Risks. Our operations may be adversely affected if we are unable to comply with regulations and environmental laws.
The frequency and severity of such incidents will affect our operating costs, insurability and relationships with customers, employees, and regulators. These occurrences could have a material adverse effect on us. We maintain what we believe is prudent insurance protection.
The 17 ​ frequency and severity of such incidents will affect our operating costs, insurability and relationships with customers, employees, and regulators. These occurrences could have a material adverse effect on us. We maintain what we believe is prudent insurance protection.
This and similar conclusions from similar investigations carry positive implications for our industry; however, more stringent regulations could be imposed in the future, which could have a material adverse impact on our costs and our business. Risks Related to our Capital and Ownership Structure.
This and similar conclusions from similar investigations have positive implications for our industry; however, more stringent regulations could be imposed in the future, which could have a material adverse impact on our costs and our business. Risks Related to our Capital and Ownership Structure.
Although the production sector of the oil and gas industry is less immediately affected by changing prices, and, as a result, less volatile than the exploration sector, producers react to declining oil and gas prices by curtailing capital spending, which would 14 ​ adversely affect our business.
Although the production sector of the oil and gas industry is less immediately affected by changing prices, and, as a result, less volatile than the exploration sector, producers react to declining oil and gas prices by curtailing capital spending, which would adversely affect our business.
We may be required to incur substantial indebtedness to finance future acquisitions and also may issue equity securities in connection with such acquisitions. The issuance of additional equity securities could result in significant dilution to our stockholders.
We may be required to incur substantial indebtedness to finance future acquisitions and also may issue equity securities in connection with such acquisitions. The issuance of additional equity securities could result in significant dilution for our stockholders.
If we are unable to adequately implement and maintain procedures and controls relating to our new ERP, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and impact our assessment of the effectiveness of our internal controls over financial reporting. 19 ​ General Risks. Our common stock price has been volatile.
If we are unable to adequately implement and maintain procedures and controls relating to our new ERP system, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and impact our assessment of the effectiveness of our internal controls over financial reporting. ​ General Risks. Our common stock price has been volatile.
As a Controlled Corporation, the Company need not comply with certain NYSE rules including those requiring a majority of independent directors, and independent compensation and nominating committees. RPC’s executive officers, directors and their affiliates hold directly or through indirect beneficial ownership, in the aggregate, approximately 61% of RPC’s outstanding shares of common stock as of February 14, 2025.
As a Controlled Corporation, the Company need not comply with certain NYSE rules including those requiring a majority of independent directors, and independent compensation and nominating committees. RPC’s executive officers, directors and their affiliates hold directly or through indirect beneficial ownership, in the aggregate, approximately 61% of RPC’s outstanding shares of common stock as of February 13, 2026.
The implementation of our new ERP will require new procedures and certain modifications to our disclosure controls and procedures and internal control over financial reporting and it will take time for such procedures and controls to become mature in their operation.
The implementation of our new ERP system requires new procedures and certain modifications to our disclosure controls and procedures and internal control over financial reporting, and it will take time for such procedures and controls to become mature in their operation.
The equipment and services in our industry segments are sold in highly competitive markets, and our revenues and earnings have in the past been affected by changes in competitive prices, fluctuations in the level of activity in major markets and general economic conditions.
We operate within the highly competitive OFS industry. The equipment and services in our industry segments are sold in highly competitive markets, and our revenues and earnings have in the past been affected by changes in competitive prices, fluctuations in the level of activity in major markets and general economic conditions.
Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, and certain companies under their control (the Controlling Group), controls in excess of 50% of the Company’s voting power.
The Company is a Controlled Corporation because a group that includes Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, certain of their family members and certain companies under their control (the Controlling Group), controls in excess of 50% of the Company’s voting power.
Our management and directors have a substantial ownership interest, and public stockholders may have no effective voice in the management of the Company. The Company has elected the Controlled Corporation exemption under Section 303A of the New York Stock Exchange (NYSE) Listed Company Manual. The Company is a Controlled Corporation because a group that includes Gary W. Rollins, Pamela R.
Our management and directors have a substantial ownership interest, and public stockholders may have no effective voice in the management of the Company. The Company has elected the Controlled Corporation exemption under Section 303A of the New York Stock Exchange (NYSE) Listed Company Manual.
The implementation will require the integration of the new ERP with multiple new and existing information systems and business processes and needs to be designed to accurately maintain our books and records and provide information to our management teams for the operation of the business.
The implementation requires the integration of the new ERP system with multiple new and existing information systems and business processes and is being designed to accurately maintain our books and records and provide information to our management teams for the operation of the business.
Many of our customers rely on their ability to raise equity capital and debt financing from capital markets to fund their operations.
Our business depends on capital spending by our customers, many of whom rely on outside financing to fund their operations. Many of our customers rely on their ability to raise equity capital and debt financing from capital markets to fund their operations.
Separately, the SEC has also announced that it is scrutinizing existing climate change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege our existing climate disclosures are misleading or deficient. Furthermore, in November 2022, the U.S.
To the extent that any rules ultimately implemented impose additional reporting obligations, we could face increased costs. Separately, the SEC has also announced that it is scrutinizing existing climate change related disclosures in public filings, increasing the potential for enforcement if the SEC were to allege our existing climate disclosures are misleading or deficient. Furthermore, in November 2022, the U.S.
There were no customers that accounted for 10% or more of accounts receivable as of December 31, 2024.
There were no other customers in 2025 and 2024, and no customers in 2023 exceeding 10% of revenues. There were no customers that accounted for 10% or more of accounts receivable as of December 31, 2025, or December 31, 2024.
The reliance on a large customer for a significant portion of our total revenues exposes us to the risk that the loss or reduction in revenues from this customer, which could occur unexpectedly, could have a material and disproportionate adverse impact upon our revenues and operating results.
The reliance on a large customer for a significant portion of our total revenues exposes us to the risk that the loss or reduction in revenues from this customer, which could occur unexpectedly, could have a material and disproportionate adverse impact on our revenues and operating results. 14 ​ Our concentration of customers in one industry and periodic downturns may impact our overall exposure to credit risk and cause us to experience increased credit loss allowance for accounts receivable.
These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. ​ We are implementing a new Enterprise Resource Planning system (ERP), and challenges with the implementation of the system may impact our business and operations. ​ We are beginning the process of a multi-year implementation of a new ERP.
We are implementing a new Enterprise Resource Planning system (ERP), and challenges with the implementation of the system may impact our business and operations. ​ We are in the process of a multi-year implementation of a new ERP system.
We have created and published certain voluntary disclosures regarding ESG matters and will continue to do so from time to time. To the extent that we report Green House Gas (GHG) emissions data, the methodologies that we use to calculate our emissions may change over time based upon changing industry standards.
To the extent that we report Green House Gas (GHG) emissions data, the methodologies that we use to calculate our emissions may change over time based upon changing industry standards.
Department of Labor adopted final rules that allow plan fiduciaries to consider climate change and other ESG factors when they select retirement investments and exercise shareholder rights, such as proxy voting. Should plan investors decide not to invest in us based on ESG factors, our business and access to capital may be negatively impacted.
Department of Labor (“DOL”) adopted final rules that allow plan fiduciaries to consider climate change and other ESG factors when they select retirement investments and exercise shareholder rights, such as proxy voting.
RPC’s success will depend to a significant extent on the continued service of key management personnel. The loss or interruption of the services of any senior management personnel or the inability to attract and retain other qualified management, sales, marketing and technical employees could disrupt RPC’s operations and cause a decrease in its revenues and profit margins.
The loss or interruption of the services of any senior management personnel or the inability to attract and retain other qualified management, sales, marketing and technical employees could disrupt RPC’s operations and cause a decrease in its revenues and profit margins. We may be unable to compete in the highly competitive oil and gas industry in the future.
This concentration of customers in one industry may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform ongoing credit evaluations of our customers and generally do not require collateral in support of our trade receivables.
Substantially all of our customers operate in the energy industry. This concentration of customers in one industry may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions.
Furthermore, the SEC has issued final rules, which are currently stayed pending judicial review; however, if implemented as proposed, these rules would, among other matters, establish a framework for reporting climate-related risks. To the extent that any rules ultimately implemented impose additional reporting obligations, we could face increased costs.
Furthermore, the SEC has issued final rules, which are currently stayed pending judicial review, and we cannot predict whether, when, or in what form such rules may ultimately be implemented; however, if implemented as proposed, these rules would, among other matters, establish a framework for reporting climate-related risks.
As a result, these stockholders effectively control the operations of RPC, including the election of directors and approval of significant corporate transactions such as acquisitions and other matters requiring stockholder approval. This concentration of ownership could also have the effect of delaying or preventing a third party from acquiring control over the Company at a premium.
As a result, these stockholders effectively control the operations of RPC, including the election of directors and approval of significant corporate transactions such as acquisitions and other matters requiring stockholder approval.
These factors are outside of our control, and in the event our customers cannot continue to raise outside capital to fund their operations, RPC’s financial results would be negatively impacted. RPC’s success will depend on its key personnel, and the loss of any key personnel may affect its revenues.
In addition, continued elevated interest rates continue to impact their ability to borrow cost effectively and potentially constrain the amount of borrowings. These factors are outside of our control, and in the event our customers cannot continue to raise outside capital to fund their operations, RPC’s financial results would be negatively impacted.
The periodic downturns that our industry experiences may adversely affect our customers' operations, which could cause us to experience increased credit losses for accounts receivable. Our business depends on capital spending by our customers, many of whom rely on outside financing to fund their operations.
We perform ongoing credit evaluations of our customers and generally do not require collateral in support of our trade receivables. The periodic downturns that our industry experiences may adversely affect our customers' operations, which could cause us to experience increased credit losses for accounts receivable.
The Controlling Group could take actions that could negatively impact our results of operations, financial condition or stock price.
This concentration of ownership could also have the effect of delaying or preventing a third party from acquiring control over the Company at a premium. ​ 18 ​ The Controlling Group could take actions that could negatively impact our results of operations, financial condition or stock price.
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One of our customers, a private E&P company, accounted for approximately 13% of the Company’s revenues in 2024; and another private E&P company accounted for approximately 11% of the Company’s revenues in 2022. There were no other customers in 2022 or 2024, and no customers in 2023 exceeding 10% of revenues.
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RPC’s success will depend on its key personnel, and the loss of any key personnel may affect its revenues. RPC’s success will depend to a significant extent on the continued service of key management personnel.
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Our concentration of customers in one industry and periodic downturns may impact our overall exposure to credit risk and cause us to experience increased credit loss allowance for accounts receivable. Substantially all of our customers operate in the energy industry.
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Recent increases in interest rates, not withstanding modest interest rate reductions by the US Federal Reserve Board, have increased our cost of borrowing, and further increases could materially adversely affect our ability to fund working capital and other capital requirements on a cost-effective basis, and could and negatively impact our cash flows and profitability.
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We may be unable to compete in the highly competitive oil and gas industry in the future. We operate in highly competitive areas of the OFS industry.
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In addition, changed priorities in terms of governmental interpretation of discrimination and other laws could result in enforcement actions or other litigation regarding the Company’s ESG practices. We have created and published certain voluntary disclosures regarding ESG matters and will continue to do so from time to time.
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The DOL has announced that it will no longer defend these rules and that it intends to replace the rules, although no action in this regard has been taken, and the rules remain in effect. Should plan investors decide not to invest in us based on ESG factors, our business and access to capital may be negatively impacted.
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These risks could have a material adverse effect on our business, consolidated results of operations and consolidated financial condition. ​ ​ ​ ​ 19 ​ Risks Related to Artificial Intelligence Increased usage of Artificial Intelligence (AI) and machine learning technologies could expose us to operational, safety, cybersecurity, legal and reputational risks and could adversely affect our ability to compete, our operating results and our cash flows.
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In an asset- and labor-intensive oilfield services business with geographically dispersed field operations, AI is often used (or is embedded in third-party software platforms we use) to support dispatch and logistics, equipment maintenance planning, inventory and procurement, demand forecasting, pricing and other commercial decision-making, safety and compliance monitoring, cybersecurity threat detection, and administrative functions.
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Competitors may deploy AI-enabled tools more quickly or effectively than we do, improving their cost structure, responsiveness and utilization and increasing competitive pressure. Conversely, if we do not successfully deploy and govern AI, we may not achieve anticipated improvements in operating efficiency or customer service.
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Any of these factors could adversely affect our ability to maintain utilization and pricing, could increase costs, and could contribute to greater volatility in our margins and cash flows, particularly during periods of lower customer activity levels.
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The use of AI technologies is evolving rapidly, and the risks associated with these technologies are difficult to predict and may increase over time. AI may also increase cybersecurity and confidentiality risks.
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We have enhanced our security measures, applied a risk-based approach, and collaborated with reliable partners to safeguard data and establish clear ownership rights; however, there is no guarantee that our security measures will protect us against all material risks. We monitor the evolving AI legal landscape, adapting to new regulations to ensure compliance, support innovation, and manage risks.
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The use of generative AI tools may increase the risk that confidential or proprietary information is inadvertently disclosed or incorporated into third-party systems. If such information is exposed, misused, or becomes subject to unclear ownership or license terms, we could incur remediation costs, contractual liabilities, regulatory penalties and reputational harm.
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Future AI-related regulations could also affect us even if our internal use remains limited. Governments may enact rules governing automated decision-making, data usage, safety testing, workforce impacts, or transparency requirements applicable to manufacturers or their supply chains.
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Compliance with such regulations could require changes to the software, systems, or data processes we use, and non-compliance—whether by us or a third-party vendor—could expose us to penalties or reputational harm.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeRPC has created a cross-departmental team to screen Company vendors (also known as partners and managed service providers) for vulnerabilities on their own systems and compliance with RPC’s policies and procedures, to mitigate risks potentially caused by third party breaches. ​ As part of its Standard Operating Procedures, RPC has adopted Incident Response Policy (IRP), Data Classification and Handling Policy, and other policies regarding key areas of information security.
Biggest changeTo help guide its overall program, RPC has adopted the Center for Internet Security (CIS) framework, which provides prioritized guidance to help defend systems and networks against the most prevalent cyber-attacks as well as support a Zero Trust architecture. 20 ​ RPC has created a cross-departmental team to screen Company vendors (also known as partners and managed service providers) for vulnerabilities on their own systems and compliance with RPC’s policies and procedures, to mitigate risks potentially caused by third party breaches. ​ As part of its Standard Operating Procedures, RPC has adopted Incident Response Policy (IRP), Data Classification and Handling Policy, and other policies regarding key areas of information security.
For more information on our cybersecurity related risks, see Item 1A Risk Factors of this Annual Report on Form 10-K. ​ Governance ​ Role of the Board ​ On an annual basis, the Board reviews and approves the overall enterprise risk management approach and processes implemented by management to identify, assess, manage, and mitigate risk.
For more information on our cybersecurity-related risks, see Item 1A Risk Factors – Risks Related to Digital Operations, Cybersecurity and Business Disruption of this Annual Report on Form 10-K. ​ Governance ​ Role of the Board ​ On an annual basis, the Board reviews and approves the overall enterprise risk management approach and processes implemented by management to identify, assess, manage, and mitigate risk.
In addition, the Audit Committee receives reports summarizing threat detection and mitigation plans, audits of internal controls, training and certification, and other cyber related priorities and initiatives, as well as timely updates from senior leaders on material incidents relating to information systems security, including cybersecurity incidents.
In addition, the Audit Committee receives reports summarizing threat detection and mitigation plans, audits of internal controls, training and certification, and other cyber-related priorities and initiatives, as well as timely updates from senior leaders on material incidents relating to information systems security, including cybersecurity incidents. The Audit Committee includes members with experience in risk management, including risks related to cybersecurity.
These leaders communicate closely with members of RPC’s Information Security Committee (ISC) which oversees the adopted CIS Control Framework, governs the Company’s information security programs and monitors the effectiveness of the Company’s cybersecurity and technology risk management practices. In addition, ISC provides oversight to align security strategies with business objectives. The Company also maintains business continuity and disaster recovery plans.
These leaders communicate closely with members of RPC’s Information Security Committee (ISC) which oversees the adopted CIS Control Framework, governs the Company’s information security programs and monitors the effectiveness of the Company’s cybersecurity and technology risk management practices. In addition, ISC provides oversight to align security strategies with business objectives.
The Audit Committee includes members with experience in risk management including risks related to cybersecurity. 20 ​ Role of Management RPC’s cybersecurity program is overseen by the Chief Information Officer (CIO) as well as several key members of RPC’s Enterprise Technology team. These key leaders collectively have over 50 years of experience in network security, cybersecurity and enterprise risk management.
Role of Management RPC’s cybersecurity program is overseen by the Chief Information Officer (CIO) as well as several key members of RPC’s Enterprise Technology team. These key leaders collectively have over 50 years of experience in network security, cybersecurity and enterprise risk management.
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To help guide its overall program, RPC has adopted the Center for Internet Security (CIS) framework, which provides prioritized guidance to help defend systems and networks against the most prevalent cyber-attacks as well as support for a Zero Trust.
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The Company also maintains business continuity and disaster recovery plans. ​ ​ 21 ​

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe lease agreement on the headquarters is effective through May 2031. RPC believes its current operating facilities are suitable and adequate to meet current and reasonably anticipated future needs.
Biggest changeFor additional information see note to the consolidated financial statements titled “Related Party Transactions.” The lease agreement for the headquarters is effective through May 2031. RPC believes its current operating facilities are suitable and adequate to meet current and reasonably anticipated future needs.
Descriptions of the major facilities used in our operations are as follows: ​ Owned Locations Broussard, Louisiana — Operations, sales and equipment storage yard Elk City, Oklahoma — Operations, sales and equipment storage yard Houma, Louisiana — Administrative office Channelview, Texas — Pipe storage yard and inspection services Newcastle, Oklahoma — Operations, sales and administrative offices El Reno, Oklahoma — Operations, sales and administrative offices Pleasanton, Texas — Operations, sales and administrative offices ​ Leased Locations Midland, Texas — Operations, sales and administrative offices Seminole, Oklahoma — Pumping services facility The Woodlands, Texas — Operations, sales and administrative office Odessa, Texas — Pumping services facility Hobbs, New Mexico— Operations, sales and administrative office Atlanta, Georgia — Headquarters ​ ​
Descriptions of the major facilities used in our operations are as follows: ​ Owned Locations Broussard, Louisiana — Operations, sales and equipment storage yard Elk City, Oklahoma — Operations, sales and equipment storage yard Houma, Louisiana — Administrative office Odessa, Texas — Operations, sales and administrative offices Channelview, Texas — Pipe storage yard and inspection services Newcastle, Oklahoma — Operations, sales and administrative offices El Reno, Oklahoma — Operations, sales and administrative offices Pleasanton, Texas — Operations, sales and administrative offices ​ Leased Locations Midland, Texas — Operations, sales and administrative offices Seminole, Oklahoma — Pumping services facility The Woodlands, Texas — Operations, sales and administrative office Hobbs, New Mexico— Operations, sales and administrative office Atlanta, Georgia — Headquarters ​ ​
Item 2. Properties RPC owns or leases approximately 90 offices and operating facilities. The Company leases approximately 21,200 square feet of office space in Atlanta, Georgia that serves as its headquarters, a portion of which is allocated and charged to Marine Products Corporation. For additional information see note titled Related Party Transactions.
Item 2. Properties RPC owns or leases approximately 80 offices and operating facilities. The Company leases approximately 21,200 square feet of office space in Atlanta, Georgia that serves as its headquarters, a portion of which is allocated and charged to Marine Products Corporation.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeRPC is also subject to sales and use tax audits in various jurisdictions. While the outcome of these lawsuits, legal proceedings, claims and audits cannot be predicted with certainty, management believes that the outcome of all such proceedings, even if determined adversely, would not have a material adverse effect on RPC’s business or financial condition. ​
Biggest changeRPC is also subject to sales and use tax audits in various jurisdictions. While the outcome of these existing lawsuits, legal proceedings, claims and audits cannot be predicted with certainty, management believes that the outcome of all such proceedings, even if determined adversely, would not have a material adverse effect on RPC’s business or financial condition. ​

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIssuer Purchases of Equity Securities Shares repurchased by the Company and affiliated purchasers in the fourth quarter of 2024 are outlined below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number Maximum ​ ​ ​ ​ ​ ​ ​ of Shares (or ​ Number (or ​ ​ ​ ​ Units) Approximate ​ ​ ​ ​ ​ ​ ​ Purchased as ​ Dollar Value) of ​ ​ ​ ​ ​ ​ ​ Part of ​ Shares (or Units) ​ Total Number of Average Price Publicly that May Yet Be ​ Shares ​ Paid Per Announced Purchased Under ​ ​ (or Units) ​ Share Plans or the Plans or Period ​ Purchased ​ (or Unit) Programs (1) Programs (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1, 2024, to October 31, 2024 — ​ $ — — 12,768,870 November 1, 2024, to November 30, 2024 — ​ — — 12,768,870 December 1, 2024, to December 31, 2024 1,590 (1) ​ 6.36 — 12,768,870 Totals 1,590 ​ $ 6.36 — 12,768,870 ​ (1) Represents shares repurchased by the Company in connection with taxes related to vesting of certain restricted shares.
Biggest changeIssuer Purchases of Equity Securities Shares repurchased by the Company and affiliated purchasers in the fourth quarter of 2025 are outlined below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ of Shares (or ​ Number (or ​ ​ ​ ​ Units) Approximate ​ ​ ​ ​ ​ ​ ​ Purchased as ​ Dollar Value) of ​ ​ ​ ​ ​ ​ ​ Part of ​ Shares (or Units) ​ Total Number of Average Price Publicly that May Yet Be ​ Shares ​ Paid Per Announced Purchased Under ​ ​ (or Units) ​ Share Plans or the Plans or Period ​ Purchased ​ (or Unit) Programs (1) Programs (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1, 2025, to October 31, 2025 — ​ $ — — 12,768,870 November 1, 2025, to November 30, 2025 — ​ — — 12,768,870 December 1, 2025, to December 31, 2025 — ​ — — 12,768,870 Totals — ​ $ — — 12,768,870 ​ (1) The Company has a stock buyback program initially adopted in 1998 (and subsequently amended in 2013, 2021 and 2024) that authorized the repurchase of up to 49,578,125 shares in the aggregate.
Currently the program does not have a predetermined expiration date. ​ ​ 22 ​ Performance Graph The following graph shows a five-year comparison of the cumulative total stockholder return based on the performance of the stock of the Company, assuming dividend reinvestment, as compared with both a broad equity market index and an industry or peer group index.
Currently the program does not have a predetermined expiration date. ​ ​ 23 ​ Performance Graph The following graph shows a five-year comparison of the cumulative total stockholder return based on the performance of the stock of the Company, assuming dividend reinvestment, as compared with both a broad equity market index, an industry index and a peer group index.
Dividends On January 28, 2025, the Board of Directors declared a $0.04 per share cash dividend payable March 10, 2025, to stockholders of record at the close of business on February 10, 2025. The Company expects to continue to pay cash dividends to common stockholders, subject to industry conditions and RPC’s earnings, financial condition, and other relevant factors.
Dividends On January 27, 2026, the Board of Directors declared a $0.04 per share cash dividend payable March 10, 2026, to stockholders of record at the close of business on February 10, 2026. The Company expects to continue to pay cash dividends to common stockholders, subject to industry conditions and RPC’s earnings, financial condition, and other relevant factors.
The Company was a component of the Russell 2000 during 2024. The Russell 2000 is a stock index measuring the performance of the small-cap segment of the US equity universe. The components of the index had a weighted average market capitalization in 2024 of $3.6 billion, and a median market capitalization of $987 million.
The Company was a component of the Russell 2000 during 2025. The Russell 2000 is a stock index measuring the performance of the small-cap segment of the US equity universe. The components of the index had a weighted average market capitalization in 2025 of $4.6 billion, and a median market capitalization of $987 million.
There were no shares purchased on the open market during the fourth quarter of 2024 and 12,768,870 shares remained available to be repurchased under the current authorization as of December 31, 2024.
There were no shares purchased on the open market, or otherwise, during the fourth quarter of 2025 and 12,768,870 shares remained available to be repurchased under the current authorization as of December 31, 2025.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information RPC’s common stock is listed for trading on the New York Stock Exchange under the symbol RES. As of February 14, 2025, there were 216,057,711 shares of common stock outstanding and approximately 26,000 beneficial holders of our common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information RPC’s common stock is listed for trading on the New York Stock Exchange under the symbol RES.
The companies included in the Peer Group have been weighted according to each respective issuer's stock market capitalization at the beginning of each year. The peer group used in the immediately preceding fiscal year (the Former Peer Group) included Halliburton Company, Oil States International, Inc., Patterson-UTI Energy, Inc. and Liberty Energy Inc.
The companies included in the Peer Group have been weighted according to each respective issuer's stock market capitalization at the beginning of each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Company/Index ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RPC, Inc.
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(2) The Company has a stock buyback program initially adopted in 1998 (and subsequently amended in 2013, 2021 and 2023) that authorized the repurchase of up to 49,578,125 shares in the aggregate.
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As of February 13, 2026, there were 221,639,270 shares of common stock outstanding and 771 holders of record of the Company’s common stock per our transfer agent. The number of holders of record of the Company’s common stock does not include Depository Trust Company participants or beneficial owners holding shares through nominee names.
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ProPetro Holding Corp. is included for this fiscal year because it operates similar service lines in similar domestic markets as the Company and has sufficient trading history to be included for this fiscal year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Company/Index ​ 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RPC, Inc.
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Common Stock ​ 100 ​ 144 ​ 284 ​ 237 ​ 198 ​ 187 Russell 2000 Index ​ 100 ​ 115 ​ 91 ​ 107 ​ 119 ​ 134 Philadelphia Oil Service Index (OSX) ​ 100 ​ 121 ​ 195 ​ 199 ​ 176 ​ 182 Peer Group ​ 100 ​ 121 ​ 210 ​ 194 ​ 156 ​ 160 ​ ​
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Common Stock ​ 100 ​ 60 ​ 87 ​ 170 ​ 142 ​ 119 Russell 2000 Index ​ 100 ​ 120 ​ 138 ​ 110 ​ 128 ​ 143 Philadelphia Oil Service Index (OSX) ​ 100 ​ 58 ​ 70 ​ 113 ​ 115 ​ 102 Peer Group ​ 100 ​ 75 ​ 91 ​ 158 ​ 145 ​ 117 Former Peer Group ​ 100 ​ 76 ​ 91 ​ 160 ​ 149 ​ 118 ​ ​ ​ ​

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThese measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. ​ 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 statements 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. ​ ​ 26 ​ Set forth below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, (In thousands) 2024 0 2023 0 2022 Reconciliation of Net Income to EBITDA and Adjusted EBITDA ​ ​ ​ ​ ​ Net income ​ $ 91,444 ​ $ 195,113 ​ $ 218,363 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Add: Income tax provision ​ 21,358 ​ 61,130 ​ 71,269 Add: Interest expense ​ 724 ​ 341 ​ 614 Add: Depreciation and amortization ​ 132,575 ​ 108,123 ​ 83,017 Less: Interest income ​ 13,134 ​ 8,599 ​ 1,171 EBITDA ​ $ 232,967 ​ $ 356,108 ​ $ 372,092 Add: Pension settlement charges ​ — ​ 18,286 ​ 2,921 Adjusted EBITDA ​ $ 232,967 ​ $ 374,394 ​ $ 375,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,414,999 ​ $ 1,617,474 ​ $ 1,601,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income margin ​ ​ 6.5% ​ ​ 12.1% ​ ​ 13.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA margin ​ ​ 16.5% ​ ​ 23.1% ​ ​ 23.4% ​ ​ ​ ​ ​ ​ ​ ​ (Unaudited) ​ Year ended December 31, (In thousands) 2024 2023 Reconciliation of Operating Cash Flow to Free Cash Flow ​ ​ Net cash provided by operating activities ​ $ 349,386 ​ $ 394,763 Capital expenditures ​ ​ (219,930) ​ ​ (181,005) Free cash flow ​ $ 129,456 ​ $ 213,758 ​ Liquidity and Capital Resources Cash and Cash Flows The Company’s cash and cash equivalents were $326.0 million as of December 31, 2024, $223.3 million as of December 31, 2023, and $126.4 million as of December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 (In thousands) ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ $ 349,386 ​ $ 394,763 Net cash used for investing activities ​ ​ (201,551) ​ ​ (241,712) Net cash used for financing activities ​ ​ (45,170) ​ ​ (56,165) ​ Cash provided by operating activities for the year ended December 31, 2024, decreased by $45.4 million compared to the year ended December 31, 2023, primarily due to a decrease in net income, partially offset by favorable changes in working capital.
Biggest changeThese measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. ​ 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 statements 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. ​ ​ ​ ​ 28 ​ Set forth below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) (Unaudited) ​ ​ ​ 2025 ​ 2024 ​ ​ ​ 2023 Reconciliation of Net Income to EBITDA and Adjusted EBITDA ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 32,080 ​ $ 91,444 ​ $ 195,113 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Add: Income tax provision ​ 24,469 ​ 21,358 ​ 61,130 Add: Interest expense ​ 3,029 ​ 724 ​ 341 Add: Depreciation and amortization ​ 161,193 ​ 132,575 ​ 108,123 Less: Interest income ​ 8,415 ​ 13,134 ​ 8,599 EBITDA ​ ​ 212,356 ​ ​ 232,967 ​ ​ 356,108 ​ ​ ​ ​ ​ ​ ​ Add: Acquisition related employment costs ​ 20,312 ​ — ​ — Add: Pension settlement charges ​ ​ — ​ ​ — ​ ​ 18,286 Adjusted EBITDA ​ $ 232,668 ​ $ 232,967 ​ $ 374,394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,626,566 ​ $ 1,414,999 ​ $ 1,617,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income margin (1) ​ ​ 2.0% ​ ​ 6.5% ​ ​ 12.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA margin (1) ​ ​ 14.3% ​ ​ 16.5% ​ ​ 23.1% ​ (1) Net income margin is calculated as net income divided by revenues.
We record specific provisions when we become aware of a customer's inability to meet its 29 ​ financial obligations, such as in the case of bankruptcy filings or deterioration in the customer's operating results or financial position. If circumstances related to a customer change, our estimate of the realizability of the receivable would be further adjusted, either upward or downward.
We record specific provisions when we become aware of a customer's inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer's operating results or financial position. If circumstances related to a customer change, our estimate of the realizability of the receivable would be further adjusted, either upward or downward.
Management believes that Free cash flow, which measures our ability to generate needed cash from 24 ​ business operations, is an important financial measure for evaluating RPC’s financial condition.
Management believes that Free cash flow, which measures our ability to generate needed cash from business operations, is an important financial measure for evaluating RPC’s financial condition.
In addition to reserves established for specific customers, we establish general reserves by using different percentages depending on the age of the receivables which we adjust periodically based on management judgment and the economic strength of our customers. The net credit loss allowance as a percentage of revenues ranged from 0.4% to 0.8% over the last three years.
In addition to reserves established for specific customers, we establish general reserves by using different percentages depending on the age of the receivables which we adjust periodically based on management’s judgment and the economic strength of our customers. The net credit loss allowance as a percentage of revenues ranged from 0.4% to 0.8% over the last three years.
Discussions of year-to-year comparisons of 2023 and 2022 items that are not included in this Form 10-K can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 on our Annual report on Form 10-K for the year ended December 31, 2023, which Item is incorporated herein by reference.
Discussions of year-to-year comparisons of 2024 and 2023 items that are not included in this Form 10-K can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 on our Annual report on Form 10-K for the year ended December 31, 2024, which Item is incorporated herein by reference.
Accounts are written off against the allowance when the Company determines that amounts are uncollectible, and recoveries of amounts previously written off are recorded when collected. Significant recoveries will generally reduce the required provision in the period of recovery, thereby causing credit loss allowance to fluctuate significantly from period to period. Recoveries were insignificant in 2024, 2023 and 2022.
Accounts are written off against the allowance when the Company determines that amounts are uncollectible, and recoveries of amounts previously written off are recorded when collected. Significant recoveries will generally reduce the required provision in the period of recovery, thereby causing credit loss allowance to fluctuate significantly from period to period. Recoveries were insignificant in 2025, 2024 and 2023.
Increasing or decreasing the estimated general reserve percentage by 0.50 percentage points as of December 31, 2024, would have resulted in a change of approximately $1.1 million in the recorded provision for current expected credit losses.
Increasing or decreasing the estimated general reserve percentage by 0.50 percentage points as of December 31, 2025, would have resulted in a change of approximately $1.3 million in the recorded provision for current expected credit losses.
This has resulted in an oversupply of OFS capacity and led to increased price competition. ● Trend toward lower emissions equipment, typically dual fuel or electric assets; the Company has multiple Tier 4 dual fuel frac fleets which have maintained stronger utilization than legacy Tier 2 assets.
This has resulted in an oversupply of OFS capacity in the market and led to increased price competition. ● Trend toward client preference for lower emissions equipment, typically dual fuel or electric assets; the Company has multiple Tier 4 dual fuel frac fleets which have maintained stronger utilization than legacy Tier 2 assets.
We believe the liquidity provided by our existing cash and cash equivalents and our overall strong capitalization will provide sufficient liquidity to meet our requirements for at least the next twelve months.
We believe the liquidity provided by our existing cash and cash equivalents and our overall strong capitalization is sufficient to meet our requirements for at least the next twelve months.
The Company has a stock buyback program to repurchase up to 49,578,125 shares in the open market, including an additional 8,000,000 shares authorized for repurchase by the Board of Directors in 2023. There were 1,010,258 shares repurchased on the open market during 2024, and 12,768,870 shares remained available to be repurchased under the current authorization as of December 31, 2024.
The Company has a stock buyback program to repurchase up to 49,578,125 shares in the open market, including an additional 8,000,000 shares authorized for repurchase by the Board of Directors in 2023. There were no shares repurchased on the open market during 2025, and 12,768,870 shares remained available to be repurchased under the current authorization as of December 31, 2025.
Several key trends discussed above in Item 1., Business, were key drivers of the Company’s results in 2024: ● Generally lower industry activity, including a 12.8% decline in the rig count and a decrease in the total number of well completions. ● Lower energy prices, which limits the profit incentive for our customers to use our (and our competitors) oilfield services, including pressure pumping and other ancillary product and service offerings. ● Continued efficiencies of oilfield equipment allowing the industry to extract the same or more hydrocarbons with the same or fewer assets.
Several key trends discussed above in Item 1., Business, were key drivers of the Company’s results in 2025: ● Generally lower industry activity, including a 6.3% decline in the rig count. ● Lower oil prices, which limits the profit incentive for our customers to use our (and our competitors) oilfield services, including pressure pumping and other ancillary product and service offerings. ● Continued efficiencies of oilfield equipment allowing the industry to extract the same or more hydrocarbons with the same or fewer assets.
The Company paid $34.4 million in dividends and repurchased $9.9 million of common stock in 2024 compared to $34.6 million in dividends paid and $21.1 million of common stock repurchased in 2023. Financial Condition and Liquidity The Company’s financial condition remains strong.
The Company paid $35.1 million in dividends and repurchased $2.9 million of common stock in 2025 compared to $34.4 million in dividends paid and $9.9 million of common stock repurchased in 2024. Financial Condition and Liquidity The Company’s financial condition remains strong.
Outlook The current and projected prices of oil, natural gas and natural gas liquids are important catalysts for U.S. domestic drilling activity and can be impacted by economic and policy developments as well as geopolitical disruptions, such as the continuing conflicts in the Middle East as well as Russia and Ukraine.
Outlook The current and projected prices of oil, natural gas and natural gas liquids are important catalysts for U.S. domestic drilling activity and can be impacted by economic and policy developments as well as geopolitical disruptions.
As of December 31, 2024, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $16.3 million; therefore, a total of $83.7 million of the facility was available. The Company is currently in compliance with the credit facility financial covenants.
As of December 31, 2025, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $18.2 million; therefore, a total of $81.8 million of the facility was available. The Company is currently in compliance with the credit facility financial covenants.
Gain on disposition of assets, net was $8.2 million in 2024 compared to a gain on disposition of assets, net of $9.3 million in 2023. The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment. ​ Other income, net.
The gain on disposition of assets, net is generally comprised of gains and losses related to various property and equipment dispositions or sales to customers of lost or damaged rental equipment. ​ Other income, net. Other income, net was $6.4 million in 2025 compared to other income, net of $2.9 million in the prior year.
Net income was $91.4 million in 2024, or $0.43 diluted earnings per share, compared to net income of $195.1 million in 2023, or $0.90 diluted earnings per share. Net income margin was 6.5% for 2024, compared to 12.1% in 2023. ​ Adjusted EBITDA and Adjusted EBITDA margin.
Net income was $32.1 million in 2025, or $0.15 diluted earnings per share, compared to net income of $91.4 million in 2024, or $0.43 diluted earnings per share. Net income margin was 2.0% for 2025, compared to 6.5% in 2024. ​ Adjusted EBITDA and Adjusted EBITDA margin.
We continue to monitor the supply and demand for our services and the competitive environment, including trends such as increasing customer preferences for lower emission and more efficient equipment. Increased asset efficiency in recent years of oilfield completion fleets, particularly in pressure pumping, has inherently contributed to oversupply in the OFS market.
We continue to monitor the supply and demand for our services and the competitive environment, including trends such as increasing customer preferences for more efficient equipment. Increased efficiencies in recent years of oilfield completion services and equipment, particularly in pressure pumping, has inherently contributed to oversupply in the Oilfield Services (OFS) market. We believe that competition will remain intense.
As a result, during the measurement period, which may be up to one year from the business acquisition date, the Company may have to record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. 30 ​ Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Consolidated Statements of Operations. ​ Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, pre-acquisition contingencies and any contingent consideration, where applicable.
Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Consolidated Statements of Operations. ​ Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, pre-acquisition contingencies and any contingent consideration, where applicable.
Similarly, Free cash flow should be considered in addition to, rather than as a substitute for GAAP presentation of net cash provided by operating activities, as a measure of our financial condition. ​ See Non-GAAP Financial Measures below for a reconciliation of EBITDA and Adjusted EBITDA to net income, and Adjusted EBITDA margin to net income margin, the most directly comparable financial measure calculated and presented in accordance with GAAP and a reconciliation of Free Cash Flow to Operating Cash Flow, the most directly comparable financial measure calculated and presented in accordance with GAAP. ​ Results of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ (in thousands, except for percentages) ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues by business segment: ​ ​ ​ ​ ​ ​ Technical $ 1,326,005 ​ $ 1,516,137 ​ $ 1,516,363 ​ Support ​ 88,994 ​ ​ 101,337 ​ ​ 85,399 ​ Total revenue $ 1,414,999 ​ $ 1,617,474 ​ $ 1,601,762 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues (exclusive of depreciation and amortization shown separately below) $ 1,036,648 $ 1,089,519 $ 1,088,115 ​ Selling, general and administrative expenses ​ 156,437 ​ ​ 165,940 ​ ​ 148,573 ​ Pension settlement charges ​ — ​ ​ 18,286 ​ ​ 2,921 ​ Depreciation and amortization ​ 132,575 ​ ​ 108,123 ​ ​ 83,017 ​ Gain on disposition of assets ​ (8,199) ​ ​ (9,344) ​ ​ (8,804) ​ Other income, net ​ (2,854) ​ ​ (3,035) ​ ​ (1,135) ​ Interest expense ​ 724 ​ ​ 341 ​ ​ 614 ​ Interest income ​ (13,134) ​ ​ (8,599) ​ ​ (1,171) ​ Income tax provision ​ 21,358 ​ ​ 61,130 ​ ​ 71,269 ​ Net income $ 91,444 ​ $ 195,113 ​ $ 218,363 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income margin ​ 6.5% ​ ​ 12.1% ​ ​ 13.6% ​ Net cash provided by operating activities $ 349,386 ​ $ 394,763 ​ $ 201,286 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP Financial Measures ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA $ 232,967 ​ $ 374,394 ​ $ 375,013 ​ Adjusted EBITDA margin ​ 16.5% ​ ​ 23.1% ​ ​ 23.4% ​ Free cash flow $ 129,456 ​ $ 213,758 ​ $ 61,734 ​ ​ Year Ended December 31, 2024, Compared to Year Ended December 31, 2023 Revenues.
Similarly, Free cash flow should be considered in addition to, rather than as a substitute for GAAP presentation of net cash provided by operating activities, as a measure of our financial condition. ​ See “Non-GAAP Financial Measures” below for a reconciliation of EBITDA and Adjusted EBITDA to net income, and Adjusted EBITDA margin to net income margin, the most directly comparable financial measure calculated and presented in accordance with GAAP and a reconciliation of Free Cash Flow to Operating Cash Flow, the most directly comparable financial measure calculated and presented in accordance with GAAP. ​ 26 ​ Results of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ (in thousands, except for percentages) ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues by business segment: ​ ​ ​ ​ ​ ​ Technical $ 1,536,048 ​ $ 1,326,005 ​ $ 1,516,137 ​ Support ​ 90,518 ​ ​ 88,994 ​ ​ 101,337 ​ Total revenue $ 1,626,566 ​ $ 1,414,999 ​ $ 1,617,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenues (exclusive of depreciation and amortization shown separately below) $ 1,232,882 $ 1,036,648 $ 1,089,519 ​ Selling, general and administrative expenses ​ 175,639 ​ ​ 156,437 ​ ​ 165,940 ​ Acquisition related employment costs ​ 20,312 ​ ​ — ​ ​ — ​ Pension settlement charges ​ — ​ ​ — ​ ​ 18,286 ​ Depreciation and amortization ​ 161,193 ​ ​ 132,575 ​ ​ 108,123 ​ Gain on disposition of assets ​ (8,192) ​ ​ (8,199) ​ ​ (9,344) ​ Other income, net ​ (6,431) ​ ​ (2,854) ​ ​ (3,035) ​ Interest expense ​ 3,029 ​ ​ 724 ​ ​ 341 ​ Interest income ​ (8,415) ​ ​ (13,134) ​ ​ (8,599) ​ Income tax provision ​ 24,469 ​ ​ 21,358 ​ ​ 61,130 ​ Net income $ 32,080 ​ $ 91,444 ​ $ 195,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income margin ​ 2.0% ​ ​ 6.5% ​ ​ 12.1% ​ Net cash provided by operating activities $ 201,331 ​ $ 349,386 ​ $ 394,763 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-GAAP Financial Measures ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA $ 232,668 ​ $ 232,967 ​ $ 374,394 ​ Adjusted EBITDA margin ​ 14.3% ​ ​ 16.5% ​ ​ 23.1% ​ Free cash flow $ 52,924 ​ $ 129,456 ​ $ 213,758 ​ ​ Year Ended December 31, 2025, Compared to Year Ended December 31, 2024 Revenues.
The Company currently has a $100.0 million revolving credit facility that matures in June 2027. The facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items.
RPC does not expect to utilize our revolving credit facility to meet these liquidity requirements in the near term. The Company currently has a $100.0 million revolving credit facility that matures in June 2027. The facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items.
The decrease in the effective tax rate in 2024 compared to the prior year is due to the strong impact of beneficial discrete adjustments on a decreased pretax income. ​ Net income, net income margin and diluted earnings per share.
The increase in the effective tax rate in 2025 compared to the prior year is due to the significant impact of detrimental permanent and discrete adjustments on a lower pretax income. ​ Net income, net income margin and diluted earnings per share.
In accordance with SAB Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $120.6 million for 2024, compared to $97.7 million in the prior year. ​ Selling, general and administrative expenses. Selling, general and administrative expenses decreased to $156.4 million in 2024 compared to $165.9 million in the prior year.
In accordance with Staff Accounting Bulletin (SAB) Topic 11.B, cost of revenues presented on the Consolidated Statements of Operations excludes depreciation and amortization totaling $141.2 million for 2025 compared to $120.6 million in the prior year. ​ Selling, general and administrative expenses.
The Company does not currently offer electric frac fleets. ● E&P consolidation (See section titled Industry Overview and Key Themes in Item 1., Business, for more detail) has resulted in the loss of some customers. Revenues during 2024 totaled $1.4 billion, a decrease of 12.5% compared to 2023.
The Company does not currently offer electric frac fleets. ● E&P consolidation (See section titled Industry Overview and Key Themes in Item 1., Business, for more detail) has resulted in the loss of some customers. ● The Pintail acquisition described in more detail below.
RPC believes that oil prices currently remain above levels sufficient to motivate our customers to maintain drilling and completion activities. Long-term, projected steady higher demand for oil and natural gas should drive increased activity in most of the basins in which RPC operates.
RPC believes that oil prices currently remain at levels sufficient to continue drilling and completion activities, however the recent fluctuations of oil prices and potential further volatility could result in the Company’s customers opting to delay completion activity. Long-term, projected higher demand for oil and natural gas should drive increased activity in most of the basins in which RPC operates.
The Company has recorded the exposure from these audits to the extent issues are resolved or are probable and can be reasonably estimated. There are issues that could result in unfavorable outcomes that cannot be currently estimated.
The Company has ongoing sales and use tax audits in various jurisdictions subject to varying interpretations of statutes. The Company has recorded the exposure from these audits to the extent issues are resolved or are probable and reasonably estimable. These audits involve issues that could result in unfavorable outcomes that cannot be currently estimated.
Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. ​ Impact of Recent Accounting Pronouncements See note titled Significant Accounting Policies in the Notes to the consolidated financial statements, which is incorporated herein by reference for a description of recent accounting standards, including the expected dates of adoption and estimated effects on results of operations and financial condition. ​
See Note titled “Acquisition” in the Notes to Consolidated Financial Statements. ​ Impact of Recent Accounting Pronouncements See note titled “Significant Accounting Policies” in the Notes to the consolidated financial statements, which is incorporated herein by reference for a description of recent accounting standards, including the expected dates of adoption and estimated effects on results of operations and financial condition. ​ ​ 33 ​
Income tax provision was $21.4 million during 2024, compared to $61.1 million tax provision in the prior year. The effective provision rate was 18.9% for 2024, compared to a 23.9% effective provision rate for the prior year.
Income tax provision was $24.5 million during 2025, compared to $21.4 million tax provision in the prior year. The effective provision rate was 43.3% for 2025, compared to an 18.9% effective provision rate for the prior year.
We plan to continue the ERP implementation through a phased approach with costs being incurred over the next few years. ​ On January 28, 2025, the Board of Directors declared a regular quarterly cash dividend of $0.04 per share payable March 10, 2025, to common stockholders of record at the close of business on February 10, 2025.
On January 27, 2026, the Board of Directors declared a regular quarterly cash dividend of $0.04 per share payable March 10, 2026, to common stockholders of record at the close of business on February 10, 2026.
If inflation in the general economy increases, the Company’s costs for equipment, materials and labor could increase as well. In addition, increases in activity in the domestic oilfield can cause upward wage pressure in the labor markets from which it hires employees, especially if employment in the general economy increases.
In addition, increases in activity in the domestic oilfield can cause upward wage pressures in the labor markets from which it hires employees, especially if employment in the general economy increases. Also, activity increases can cause supply disruptions and higher costs of certain materials and key equipment components used to provide services to the Company’s customers.
Assessment of goodwill impairment is conducted at the level of each reporting unit. Technical Services and Support Services, comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. The fair value of each reporting unit is estimated using an income approach and a market approach.
Technical Services and Support Services, comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. The fair value of each reporting unit is estimated using an income approach and a market approach. The income approach uses discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance.
These claims are monitored, and the cost estimates are revised as developments occur relating to such claims. The Company has retained an independent third-party actuary to assist in the calculation of a range of exposure for these claims. As of December 31, 2024, the Company estimates the range of exposure to be from $17.8 million to $22.3 million.
These claims are monitored, and the cost estimates are revised as developments occur relating to such claims. The Company has retained an independent third-party actuary to assist in the calculation of a range of exposure for these claims using various actuarial methods including paid and incurred loss development, paid and incurred Bornhuetter-Ferguson, case outstanding loss development and expected loss.
Changes in working capital was a source of cash of $116.7 million for the year ended December 31, 2024, compared to a source of cash of $57.8 million in the same period last year.
Change in working capital was a use of cash of $37.4 million during 2025, compared to a $116.7 million source of cash in the same period last year.
The Company conducts impairment tests on goodwill annually during the fourth quarter, or more frequently if events or changes in circumstances indicate an impairment may exist. The Company completes a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill.
The Company completes either a qualitative or quantitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Assessment of goodwill impairment is conducted at the level of each reporting unit.
Support Services segment revenues for 2024 decreased by 12.2% compared to the prior year, primarily due to lower activity levels within rental tools. ​ Cost of revenues. Cost of revenues decreased 4.9% to $1.0 billion for 2024 compared to the prior year.
Support Services reported operating income of $13.6 million for 2025 compared to operating income of $15.8 million for 2024. Support Services operating income for 2025 decreased by $2.2 million compared to 2024, due to lower pricing within rental tools. ​ Cost of revenues. Cost of revenues increased 18.9% to $1.2 billion for 2025 compared to the prior year.
Cash provided by operating activities decreased to $349.4 million in 2024, from $394.8 million in 2023. Free cash flow decreased to $129.5 million in 2024, from $213.8 million in 2023 primarily due to a decrease in cash provided by operating activities, driven by lower net income partially offset by favorable working capital changes.
Cash provided by operating activities decreased to $201.3 million in 2025, from $349.4 million in 2024 primarily due to a decrease in net income, coupled with unfavorable changes in working capital.
These judgments are based on our historical experience, terms of existing contracts, trends in the industry, and information available from other outside sources, as appropriate. Senior management has discussed the development, selection and disclosure of its critical accounting estimates requiring significant judgments and estimates with the Audit Committee of our Board of Directors.
Senior management has discussed the development, selection and disclosure of its critical accounting estimates requiring significant judgments and estimates with the Audit Committee of our Board of Directors.
Related Party Transactions See note titled Related Party Transactions in the Notes to consolidated financial statements for a description of related party transactions. Critical Accounting Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require significant judgment by management in selecting the appropriate assumptions for calculating accounting estimates.
Critical Accounting Estimates The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require significant judgment by management in selecting the appropriate assumptions for calculating accounting estimates. These judgments are based on our historical experience, terms of existing contracts, trends in the industry, and information available from other outside sources, as appropriate.
The income approach uses discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures and the timing of expected future cash flows based on market conditions.
This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired.
Adjusted EBITDA was $233.0 million, and Adjusted EBITDA margin was 16.5% in 2024 compared to $374.4 million and 23.1% in 2023. The decline in 2024 was primarily due to lower revenues, associated negative operating leverage and fixed cost absorption. ​ Cash provided by operating activities and Free cash flow.
Adjusted EBITDA was $232.7 million, and Adjusted EBITDA margin was 14.3% in 2025 compared to $233.0 million and 16.5% in 2024. ​ Cash provided by operating activities and Free cash flow.
Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed.
Long-lived assets including goodwill — RPC carries a variety of long-lived assets on its balance sheet including property, plant and equipment and goodwill. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value.
This decrease is primarily due to lower industry activity levels, competitive pricing and reduced fixed cost absorption. Net income for 2024 was $91.4 million, or $0.43 earnings per share compared to net income of $195.1 million, or $0.90 earnings per share in 2023. Cash flows from operating activities increased to $349.4 million in 2024 compared to $394.8 million in 2023.
Net income for 2025 was $32.1 million, or $0.15 earnings per share compared to net income of $91.4 million, or $0.43 earnings per share in 2024. Cash flows from operating activities decreased to $201.3 million in 2025 compared to $349.4 million in 2024.
We expect to fund these obligations primarily through cash generated from our operations. See note titled Leases and note titled Employee Benefit Plans in the Notes to consolidated financial statements for additional details. Off Balance Sheet Arrangements The Company does not have any material off balance sheet arrangements.
See note titled “Leases” in the Notes to consolidated financial statements for additional details. Off Balance Sheet Arrangements The Company does not have any material off balance sheet arrangements. Related Party Transactions See note titled “Related Party Transactions” in the Notes to consolidated financial statements for a description of related party transactions.
Free cash flow in 2024 was also impacted by an increase in capital expenditures. ​ Non -GAAP Financial Measures Reconciliation of GAAP and non-GAAP Financial Measures Disclosed above are non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow.
Free cash flow decreased to $52.9 million in 2025, from $129.5 million in 2024 primarily due to a decrease in cash provided by operating activities, partially offset by lower capital expenditures. ​ Non -GAAP Financial Measures Reconciliation of GAAP and non-GAAP Financial Measures Disclosed above are non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow.
The Company’s decisions about the amount of cash to be used for investing and financing activities are influenced by our capital position, and the expected amount of cash to be provided by operations. RPC does not expect to utilize our revolving credit facility to meet these liquidity requirements in the near term.
Our material cash requirements, including commitments for capital expenditures, as of the end of the latest fiscal period, are set forth below under “Cash Requirements.” The Company’s decisions about the amount of cash to be used for investing and financing activities are influenced by our capital position, and the expected amount of cash to be provided by operations.
We believe that most of the feasible operating efficiency gains have been realized, but competition is expected to remain at a high level. Contractual Obligations The Company’s obligations and commitments that require future payments include certain non-cancelable leases, purchase obligations, amounts related to the usage of corporate aircraft, distribution related to SERP terminations, ongoing ERP implementation and other long-term liabilities.
Contractual Obligations The Company’s obligations and commitments that require future payments include certain non-cancelable leases, purchase obligations, amounts related to the usage of corporate aircraft, ongoing ERP implementation, letters of credit, the Seller Note and 31 ​ other long-term liabilities. We expect to fund these obligations primarily through cash generated from our operations.
Cost of revenues decreased primarily due to reduced expenses consistent with lower activity levels, such as materials and supplies expenses and 25 ​ maintenance and repairs expenses. These costs decreased less than the revenue decrease given the fixed nature of some of these costs, including labor, and the timing of maintenance and repairs.
Cost of revenues increased primarily due to costs from recently acquired Pintail. Excluding results from Pintail, cost of revenues decreased in line with revenues primarily due to a decrease in expenses consistent with lower activity levels, such as materials and supplies, fleet and transportation and maintenance and repairs expenses.
Revenues of $1.4 billion for 2024 decreased 12.5% compared to 2023, with both Technical Services segment and Support Services segment revenues each declining. The decrease in revenues is primarily due to lower industry activity levels across service lines and competitive pricing.
The decrease in Technical Services operating income was primarily due to lower pricing coupled with decreased activity in pressure pumping and several other service lines. Support Services segment revenues for 2025 increased by 1.7% compared to 2024, primarily due to higher activity levels within rental tools.
Other income, net was $2.9 million in 2024 compared to other income, net of $3.0 million in the prior year. ​ Interest expense and interest income. Interest expense was $724 thousand in 2024 compared to $341 thousand in the prior year.
Other income recorded during 2025 included a property insurance recovery of approximately $2.5 million. ​ Interest expense and interest income. Interest expense was $3.0 million in 2025 compared to $724 thousand in the prior year. Interest expense increased primarily due to interest on the Seller Note issued in conjunction with the Pintail acquisition.
Also, activity increases can cause supply disruptions and higher costs of certain materials and key equipment components used to provide services to the Company’s customers. In recent years, the price of labor and raw materials have increased. These cost increases have moderated but remain high by historical standards.
In recent years, the price of labor and raw materials increased while labor shortages caused by the departure of skilled labor from the domestic oilfield industry in prior years. The cost increases have moderated but remain high by historical standards.
The Company expects to continue to pay cash dividends to common stockholders, subject to industry conditions and RPC’s earnings, financial condition, and other relevant factors. 28 ​ Inflation The Company purchases its equipment and materials from suppliers who provide competitive prices and employ skilled workers from competitive labor markets.
The Company expects to continue to pay cash dividends to common stockholders, subject to industry conditions and RPC’s earnings, financial condition, and other relevant factors. Management expects to fund the foregoing obligations primarily from operating cash flows and existing cash, with the revolving credit facility providing added flexibility if needed.
Interest expense includes facility fees on the unused portion of the credit facility and the amortization of loan origination costs. Interest income increased to $13.1 million compared to $8.6 million in the prior year due to higher average cash balances. ​ Income tax provision.
Interest income decreased to $8.4 million compared to $13.1 million in the prior year primarily due to a lower average cash balance, primarily due to the acquisition of Pintail on April 1, 2025 and a decrease in net cash provided by operating activities. ​ Income tax provision.
The Company has recorded liabilities as of December 31, 2024, of $20.1 million, which represents management’s best estimate of probable loss. Long-lived assets including goodwill — RPC carries a variety of long-lived assets on its balance sheet including property, plant and equipment and goodwill.
As of December 31, 2025, the Company estimates the range of exposure to be from $19.1 million to $26.7 million. The Company has recorded liabilities as of December 31, 2025, of $22.8 million, which represents management’s best estimate of probable loss.
The changes in accounts receivable and the other components of working capital were primarily due to the timing of payments and receipts. Cash used for investing activities for 2024 decreased by $40.2 million compared to 2023, primarily due to the purchase of Spinnaker during 2023 (as there were no acquisitions in 2024).
The changes in accounts receivable, accounts payable and the other components were mainly due to the timing of payments and receipts. Working capital in the prior year was impacted favorably by the receipt of a $52.8 million federal income tax refund.
Removed
This decrease was primarily due to lower industry activity levels across service lines and competitive pricing. The Company’s pressure pumping revenues (largest service line within Technical Services) were the largest contributor to the revenue decrease. Operating Profit for 2024 was $97.5 million, a 60.2% decrease compared to the prior year.
Added
These and other key trends we expect to impact our future results, including expected ongoing consolidation of OFS as well as E&P companies, expected reduction in volatility of rig counts due to increase in capital discipline in E&P, ongoing geopolitical uncertainties, expectations for increased energy consumption due to the rise of AI, general oversupply of OFS capacity, particularly in pressure pumping, creating a high level of price competition, trend for larger E&Ps to seek out OFS partners who can provide larger scale and newer technology options, a favorable long-term outlook for natural gas demand, potential increases to cost of materials due to tariffs, and our strategy to diversify our service lines are discussed in more detail above under “Item 1, Business Technical Services Segment”; “Industry Overview & Key Themes”; “ Competition”; and “Strategy” above, which are incorporated by reference in this Management’s Discussion and Analysis. ​ Revenues during 2025 totaled $1.6 billion, an increase of 15.0% compared to 2024.
Removed
During 2024, capital expenditures totaled $219.9 million which included the purchase of a new Tier 4 dual-fuel fleet, coupled with capitalized maintenance and upgrades of our existing equipment. As of December 31, 2024, there were no outstanding borrowings under our credit facility.
Added
The increase in revenues was primarily due to revenues from recently acquired Pintail of $295.8 million, partially offset by lower pressure pumping activity levels compared to the prior year. Operating income for 2025 was $44.7 million, a 54.1% decrease compared to the prior year.
Removed
Revenues for pressure pumping, the Company’s largest service line, decreased 24%, while all other service lines combined decreased 2%. ​ Technical Services segment revenues of $1.3 billion for 2024 decreased 12.5% compared to the prior year. The decrease in Technical Services revenue was primarily due to a decrease in pressure pumping activity and price competition.
Added
During 2025, capital expenditures totaled $148.4 million primarily for capitalized maintenance and upgrades of our existing equipment, coupled with ERP and other IT system upgrades.
Removed
The decline in pressure pumping, as well as lower revenues in coiled tubing, were partially offset by growth in cementing. Cementing revenue increased compared to 2023 as the Company benefitted from a full year of results from the mid-2023 acquisition of Spinnaker.
Added
As of December 31, 2025, there were no outstanding borrowings under our credit facility. ​ 25 ​ Pintail Acquisition As described in more detail in the notes to financial statements, on April 1, 2025, we completed our acquisition of Pintail Alternative Energy, L.L.C. ("Pintail”).
Removed
The decrease was primarily due to a decrease in variable expenses consistent with lower activity levels as well as lower incentive compensation. ​ Depreciation and amortization. Depreciation and amortization increased 22.6% to $132.6 million in 2024, compared to $108.1 million in 2023.
Added
Under the acquisition agreement, the consideration for the transaction consisted of: (i) $170 million in cash ("the Closing Cash”), subject to certain adjustments (ii) $25 million of RPC common stock (pursuant to which 4,545,454 shares were issued) (the “Stock Consideration”), and (iii) $50 million in the form of a secured note payable to Houston LP (the "Seller Note”).
Removed
Depreciation and amortization increased due to capital expenditures in the past year, and to some extent from investments made during 2023 (2024 had a full year of depreciation of those assets versus a partial year in 2023).
Added
For further information, see “Acquisition related employment costs” and “Cash Requirements” below.
Removed
In addition to standard capital spending on repairs, maintenance, replacements, and upgrades, the Company purchased a Tier 4 dual fuel frac fleet in both 2023 and 2024. The incremental depreciation related to these investments was a key driver in the depreciation increase in 2024. ​ Gain on disposition of assets, net.
Added
Revenues of $1.6 billion for 2025 increased 15.0% compared to 2024, with both Technical Services segment and Support Services segment revenues increasing. The increase in revenues was primarily due to revenues from recently acquired Pintail of $295.8 million, partially offset by lower pressure pumping activity levels compared to the prior year. The pressure pumping market remains highly competitive.
Removed
Changes in working capital was a significant source of cash in the current year primarily due to the following: a decrease of $47.9 million in taxes receivable including a $52.8 million federal tax refund received during the second quarter of 2024, coupled with a $48.0 million decrease in accounts receivable.
Added
Management believes the industry continues to be over-supplied and efficiency gains are consistently adding pump hour capacity to the industry. These challenges, as well as a declining rig count, have impacted activity, asset utilization, and pricing. ​ Technical Services segment revenues of $1.5 billion for 2025 increased 15.8% compared to the prior year.
Removed
Capital expenditures were $219.9 million for the year ended December 31, 2024, compared to $181.0 million for the year ended December 31, 2023. Capital investments during 2024 included the purchase of a Tier 4 dual fuel pressure pumping fleet, which replaced a Tier 2 diesel fleet.
Added
The increase in Technical Services revenue was due primarily to results from recently acquired Pintail, partially offset by a decrease in pressure pumping revenues. Technical Services reported operating income of $68.0 million during 2025 compared to operating income of $89.1 million in 2024.
Removed
In addition, certain capital spending items were delayed from 2023 into 2024, which was a contributing factor to the year-over-year increase. 27 ​ Cash used for financing activities for 2024 decreased by $11.0 million primarily due to a decrease in repurchases of the Company’s common shares in the open market.
Added
Selling, general and administrative expenses increased to $175.6 million in 2025 compared to $156.4 million in the prior year. The increase was primarily due to an increase in employment related costs coupled with acquisition related costs and expenses from recently acquired Pintail. ​ 27 ​ Acquisition related employment costs.
Removed
For additional information with respect to RPC’s facility, see note to the consolidated financial statements titled Long-Term Debt. Cash Requirements The Company currently expects capital expenditures to be between $150 million and $200 million in 2025 and to be directed towards both capitalized maintenance of our existing equipment and selected growth opportunities.
Added
Acquisition related employment costs of $20.3 million represent certain accounting adjustments related to portions of the Pintail acquisition consideration that are contingent upon continued employment. This includes amortized portions of the Stock Consideration and the Redistribution Payments which are non-cash in nature, as well as the acquisition-related employment obligation asset representing 50% of the Seller Note.
Removed
The Company is allocating capital to maintain the capacity of our pressure pumping fleet to offset anticipated future fleet retirements and is evaluating future investments and options to further upgrade our equipment across the business. The Company has ongoing sales and use tax audits in various jurisdictions subject to varying interpretations of statutes.
Added
See note to the consolidated financial statements titled “Acquisition” for additional information related to these costs. ​ Depreciation and amortization. Depreciation and amortization increased 21.6% to $161.2 million in 2025, compared to $132.6 million in 2024.
Removed
In the fourth quarter of 2024, the Board of Directors approved the termination of the Supplemental Executive Retirement Plan (SERP). Pursuant to the Internal Revenue Service rules, participant balances will be distributed between 12 and 24 months after termination. The Company is currently evaluating its funding options and timing to distribute participant balances.
Added
Depreciation and amortization increased due to additional fixed assets and intangibles related to the Pintail acquisition, coupled with capital expenditures in the past year. ​ Gain on disposition of assets, net. Gain on disposition of assets, net was $8.2 million in 2025, consistent with the gain on disposition of assets, net of $8.2 million in 2024.
Removed
In the fourth quarter of 2024, the Company entered into a multi-year systems transformation program to upgrade our ERP and supply chain systems. We are currently in the early phases and expensed the majority of non-recurring costs incurred in 2024.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeItem 7A. Quantitative and Qualitative Disclosures about Market Risk The Company is subject to interest rate risk exposure through borrowings on its revolving credit facility. As of December 31, 2024, there were no outstanding interest-bearing advances on our credit facility which bore interest at a floating rate.
Biggest changeItem 7A. Quantitative and Qualitative Disclosures about Market Risk The Company is subject to interest rate risk exposure through borrowings on its revolving credit facility and the Pintail Seller Note. As of December 31, 2025, there were no outstanding interest-bearing advances on our credit facility which bore interest at a floating rate.
Additionally, the Company is exposed to market risk resulting from changes in foreign exchange rates. However, since the majority of the Company’s transactions occur in U.S. currency, this risk is not expected to have a material effect on its consolidated results of operations or financial condition. ​ 31 ​
Additionally, the Company is exposed to market risk resulting from changes in foreign exchange rates. However, since the majority of the Company’s transactions occur in U.S. currency, this risk is not expected to have a material effect on its consolidated results of operations or financial condition. ​ 34 ​

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