April 26, 2023

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RPC, Inc., a leading provider of specialized oilfield services and equipment, recently announced its unaudited results for the first quarter ended March 31, 2023. Despite weather disruptions and changes in its largest service line, RPC generated revenues of $476.7 million, resulting in an operating profit of $90.7 million and net income of $71.5 million. These results were impacted by a non-cash pension settlement charge of $17.4 million due to the final termination of RPC's pension plan.

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Share Buyback and Dividend Increase

Despite these challenges, RPC's strong balance sheet has allowed the company to continue investing in its business and returning capital to shareholders. With a debt-free company and a cash balance of $177.9 million, RPC has resumed its open market share buybacks and announced that its Board has approved an increased share repurchase authorization and a $0.04 per share cash dividend.

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Members of LevelFields received the alert of this event on April 26, 7:20 AM ET

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