-- 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.
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