$RES

RPC Posts Higher Q1 Sales Amid Soft Drilling, Crude Output Remains Resilient

US oilfield services provider RPC (RES) reported Q1 earnings Thursday, showing sales of $454.8 million, up from $332.9 million, even as drilling and completion activity continued to run well below pre-2023 levels.The average US rig count in Q1 was 548 rigs, down 6.8% from 588 rigs a year earlier, RPC said, citing data from Baker Hughes (BKR).RPC reported US crude production holding firm at about 14 million barrels per day, even as rig counts declined from 2022 highs.RPC said oil production has trended higher despite lower rig activity. It added that frac spreads have also declined.Price: $7.02, Change: $-0.36, Percent Change: -4.88%

RPC Shares Down After Q1 Adjusted Earnings Fall

RPC (RES) shares were down 5.4% in Thursday trading after it reported Q1 adjusted earnings of $0.03 per diluted share, down from $0.06 a year earlier.Analysts surveyed by FactSet expected $0.03.Revenue for the quarter ended March 31 was $454.8 million, up from $332.9 million a year earlier.Four analysts polled by FactSet expected $406.7 million.Price: $6.96, Change: $-0.42, Percent Change: -5.69%

RPC Keeps Quarterly Dividend at $0.04 a Share, Payable June 10 to Holders of Record May 11