RPC公司第二季收入增9.5%至4.6億美元 淨利潤升至1208萬美元

RPC, INC._June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________to__________
Commission File No. 001-08726
RPC, INC.
(Exact name of registrant as specified in its charter)
Delaware
  ​ ​ ​
58-1550825

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)

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2801 Buford Highway, Suite 300, Atlanta, Georgia 30329

(Address of principal executive offices)
(Zip code)

(404) 321-2140
(Registrant’s telephone number, including area code) 
Securities Registered under Section 12(b) of the Act:
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Title of each class:
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Trading Symbol(s)
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Name of each exchange on which registered:

Common stock, par value $0.10
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RES
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New York Stock Exchange

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
☐
Accelerated filer
☒

Non-accelerated filer
☐
Smaller reporting company
☐

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Emerging growth company
☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of  July 24, 2026, RPC, Inc. had 221,657,012 shares of common stock outstanding.
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Table of Contents

RPC, INC. AND SUBSIDIARIES
Table of Contents
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Page No.

Part I. Financial Information
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Item 1.
Financial Statements (Unaudited)
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Consolidated Balance Sheets – As of June 30, 2026, and December 31, 2025
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3

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Consolidated Statements of Operations – For the three and six months ended June 30, 2026, and 2025
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4

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Consolidated Statements of Comprehensive Income – For the three and six months ended June 30, 2026, and 2025
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5

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Consolidated Statements of Stockholders’ Equity – For the three and six months ended June 30, 2026, and 2025
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6

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Consolidated Statements of Cash Flows – For the six months ended June 30, 2026, and 2025
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7

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Notes to Consolidated Financial Statements
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8 –19

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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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20 – 29

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Item 3.
Quantitative and Qualitative Disclosures about Market Risk
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29

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Item 4.
Controls and Procedures
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29

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Part II. Other Information
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Item 1.
Legal Proceedings
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30

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Item 1A.
Risk Factors
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30

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Item 2.
Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
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30

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Item 3.
Defaults upon Senior Securities
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30

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Item 4.
Mine Safety Disclosures
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30

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Item 5.
Other Information
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30

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Item 6.
Exhibits
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31

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Signatures
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32

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2

Table of Contents

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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
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RPC, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2026, AND DECEMBER 31, 2025
 (In thousands, except share and par value data)
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June 30, 
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December 31, 

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  ​ ​ ​
2026
  ​ ​ ​
2025

ASSETS
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(Unaudited)
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(Note 1)

Cash and cash equivalents
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$
 179,468
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$
 209,974

Accounts receivable, net
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 378,538
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 327,668

Inventories
​
 
 125,793
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 119,004

Income taxes receivable
​
 
 3,411
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 6,302

Prepaid expenses
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 15,544
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 18,307

Other current assets
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 23,220
​
 
 23,215

 Total current assets
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 725,974
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 704,470

Property, plant and equipment, net
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 519,012
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 531,556

Operating lease right-of-use assets
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 19,466
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 24,094

Finance lease right-of-use assets
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 1,623
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 1,934

Goodwill
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 81,249
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 83,422

Other intangibles, net
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 93,764
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​
 97,499

Other assets
​
 
 18,667
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 25,410

 Total assets
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$
 1,459,755
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$
 1,468,385

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LIABILITIES AND STOCKHOLDERS’ EQUITY
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LIABILITIES
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Accounts payable
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$
 146,966
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$
 119,757

Accrued payroll and related expenses
​
 
 33,188
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 38,636

Accrued insurance expenses
​
 
 8,063
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 7,194

Accrued state, local and other taxes
​
 
 6,066
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 3,543

Income taxes payable
​
 
 896
​
 
 787

Unearned revenue
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 —
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 13,233

Current portion of operating lease liabilities 
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 5,759
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 7,606

Current portion of finance lease liabilities
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​
 941
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 977

Current portion of notes payable
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 10,000
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​
 20,000

Accrued expenses and other liabilities
​
 
 5,434
​
 
 5,419

 Total current liabilities
​
 
 217,313
​
 
 217,152

Accrued insurance expenses
​
 
 17,254
​
 
 15,570

Notes payable
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 20,000
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 30,000

Operating lease liabilities
​
 
 14,423
​
 
 17,762

Finance lease liabilities
​
​
 756
​
​
 1,041

Other long-term liabilities
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​
 6,941
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​
 10,814

Deferred income taxes
​
 
 74,319
​
 
 76,875

 Total liabilities
​
 
 351,006
​
 
 369,214

Commitments and contingencies (Note 13)
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STOCKHOLDERS’ EQUITY
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Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
​
 
 —
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 —

Common stock, $0.10 par value, 349,000,000 shares authorized, 221,657,012 and 220,571,673 shares issued and outstanding in 2026 and 2025, respectively
​
 
 22,166
​
 
 22,057

Capital in excess of par value
​
 
 —
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 —

Retained earnings
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 1,089,403
​
 
 1,079,664

Accumulated other comprehensive loss
​
 
 (2,820)
​
 
 (2,550)

 Total stockholders’ equity
​
 
 1,108,749
​
 
 1,099,171

 Total liabilities and stockholders’ equity
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$
 1,459,755
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$
 1,468,385

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The accompanying notes are an integral part of these consolidated financial statements.
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3

Table of Contents

RPC, INC. AND SUBSIDIARIES
​
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026, AND 2025
(In thousands except per share data)
(Unaudited)
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Three months ended 
​
Six months ended June 30,  

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenues
​
$
 460,869
​
$
 420,809
​
$
 915,624
​
$
 753,686

COSTS AND EXPENSES:
​
  ​
​
​
  ​
​
​
  ​
  ​
​
  ​
  ​

Cost of revenues (exclusive of depreciation and amortization shown separately below)
 
​
 345,718
 
​
 317,746
 
​
 701,303
 
​
 561,641

Selling, general and administrative expenses
 
​
 51,523
 
​
 40,825
 
​
 99,730
 
​
 83,324

Acquisition related employment costs
​
​
 7,291
​
​
 6,554
​
​
 14,583
​
​
 6,554

Depreciation and amortization
 
​
 42,982
 
​
 42,347
 
​
 85,836
 
​
 77,970

Gain on disposition of assets, net
 
​
 (1,416)
 
​
 (2,199)
 
​
 (3,219)
 
​
 (3,725)

Operating income 
 
​
 14,771
 
​
 15,536
 
​
 17,391
 
​
 27,922

Interest expense
 
​
 (671)
 
​
 (1,007)
 
​
 (1,501)
 
​
 (1,138)

Interest income
 
​
 1,546
 
​
 1,618
 
​
 3,316
 
​
 5,013

Other income, net
 
​
 929
 
​
 1,152
 
​
 1,678
 
​
 2,037

Income before income taxes
 
​
 16,575
 
​
 17,299
 
​
 20,884
 
​
 33,834

Income tax provision 
 
​
 4,500
 
​
 7,151
 
​
 7,954
 
​
 11,656

Net income 
​
$
 12,075
​
$
 10,148
​
$
 12,930
​
$
 22,178

​
​
​
​
​
​
​
​
​
​
​
​
​

Earnings per share
​
 
  ​
​
 
​
​
 
  ​
​
 
  ​

Basic
​
$
0.05
​
$
 0.05
​
$
 0.06
​
$
 0.10

Diluted
​
$
0.05
​
$
 0.05
​
$
 0.06
​
$
 0.10

​
The accompanying notes are an integral part of these consolidated financial statements.
​

4

Table of Contents

RPC, INC. AND SUBSIDIARIES
​
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026, AND 2025
(In thousands)
(Unaudited)
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three months ended 
​
Six months ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Net income 
​
$
 12,075
​
$
 10,148
​
$
 12,930
​
$
 22,178

Other comprehensive income (loss):
​
  ​
​
​
  ​
​
​
  ​
​
​
  ​
​

Foreign currency translation
 
​
 (157)
 
​
 291
 
​
 (270)
 
​
 298

Comprehensive income 
​
$
 11,918
​
$
 10,439
​
$
 12,660
​
$
 22,476

​
The accompanying notes are an integral part of these consolidated financial statements.
​

5

Table of Contents

RPC, INC. AND SUBSIDIARIES
​
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026, AND 2025
(In thousands)
(Unaudited)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Six months ended June 30, 2026

​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​

​
​
​
​
​
​
​
Capital in 
​
​
​
​
Other
​
​
​

​
​
Common Stock
​
Excess of
​
Retained
​
Comprehensive
​
​
​

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Par Value
  ​ ​ ​
Earnings
  ​ ​ ​
Loss
  ​ ​ ​
Total

Balance, December 31, 2025
 
 220,572
​
$
 22,057
​
$
 —
​
$
 1,079,664
​
$
 (2,550)
​
$
 1,099,171

Stock issued for stock incentive plans, net
 
 1,607
​
 
 161
​
 
 3,337
​
 
 —
​
 
 —
​
 
 3,498

Stock purchased and retired
 
 (541)
​
 
 (54)
​
 
 (3,337)
​
 
 (61)
​
 
 —
​
 
 (3,452)

Net income
 
—
​
 
 —
​
 
 —
​
 
 855
​
 
 —
​
 
 855

Cash dividends ($0.04 per share)
 
—
​
 
—
​
 
 —
​
 
 (8,865)
​
 
 —
​
 
 (8,865)

Acquisition related employment costs, net of taxes
 
—
​
 
 —
​
 
 —
​
 
 5,208
​
 
 —
​
 
 5,208

Foreign currency translation
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 (113)
​
 
 (113)

Balance, March 31, 2026
​
 221,638
​
​
 22,164
​
​
 —
​
​
 1,076,801
​
​
 (2,663)
​
​
 1,096,302

Stock issued for stock incentive plans, net
​
 19
​
​
 2
​
​
 4,182
​
​
 —
​
​
 —
​
​
 4,184

Stock purchased and retired
​
 —
​
​
 —
​
​
 (4,182)
​
​
 4,182
​
​
 —
​
​
 —

Net income
​
 —
​
​
 —
​
​
 —
​
​
 12,075
​
​
 —
​
​
 12,075

Cash dividends ($0.04 per share)
​
 —
​
​
 —
​
​
 —
​
​
 (8,864)
​
​
 —
​
​
 (8,864)

Acquisition related employment costs, net of taxes
​
 —
​
​
 —
​
​
 —
​
​
 5,209
​
​
 —
​
​
 5,209

Foreign currency translation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (157)
​
​
 (157)

Balance, June 30, 2026
​
 221,657
​
$
 22,166
​
$
 —
​
$
 1,089,403
​
$
 (2,820)
​
$
 1,108,749

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Six months ended June 30, 2025

​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​

​
​
​
​
​
​
​
Capital in 
​
​
​
​
Other
​
​
​

​
​
Common Stock
​
Excess of
​
Retained
​
Comprehensive
​
​
​

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Par Value
  ​ ​ ​
Earnings
  ​ ​ ​
Loss
  ​ ​ ​
Total

Balance, December 31, 2024
 
 214,942
​
$
 21,494
​
$
 —
​
$
 1,059,625
​
$
 (2,828)
​
$
 1,078,291

Stock issued for stock incentive plans, net
 
 1,501
​
 
 150
​
 
 2,629
​
 
 —
​
 
 —
​
 
 2,779

Stock purchased and retired
 
 (424)
​
 
 (42)
​
 
 (2,629)
​
 
 (197)
​
 
 —
​
 
 (2,868)

Net income
 
—
​
 
 —
​
 
 —
​
 
 12,030
​
 
 —
​
 
 12,030

Cash dividends ($0.04 per share)
​
—
​
 
—
​
 
 —
​
 
 (8,653)
​
 
 —
​
​
 (8,653)

Foreign currency translation
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 7
​
 
 7

Balance, March 31, 2025
​
 216,019
​
​
 21,602
​
​
 —
​
​
 1,062,805
​
​
 (2,821)
​
​
 1,081,586

Stock issued for stock incentive plans, net
​
 4,598
​
​
 460
​
​
 2,885
​
​
 —
​
​
 —
​
​
 3,345

Stock purchased and retired
​
 —
​
​
 —
​
​
 (2,885)
​
​
 2,885
​
​
 —
​
​
 —

Net income
​
 —
​
​
 —
​
​
 —
​
​
 10,148
​
​
 —
​
​
 10,148

Cash dividends ($0.04 per share)
​
 —
​
​
 —
​
​
 —
​
​
 (8,825)
​
​
 —
​
​
 (8,825)

Acquisition related employment costs, net of taxes
​
 —
​
​
 —
​
​
 —
​
​
 4,470
​
​
 —
​
​
 4,470

Foreign currency translation
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 291
​
​
 291

Balance, June 30, 2025
 
 220,617
​
$
 22,062
​
$
 —
​
$
 1,071,483
​
$
 (2,530)
​
$
 1,091,015

​
The accompanying notes are an integral part of these consolidated financial statements.
​
​

6

Table of Contents

RPC, INC. AND SUBSIDIARIES
​
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026, AND 2025
(In thousands)
(Unaudited)
​

​

​

​

​

​

​

​
​
Six months ended June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

OPERATING ACTIVITIES
​
​
  ​
​
​
  ​

Net income 
​
$
 12,930
​
$
 22,178

Adjustments to reconcile net income to net cash provided by operating activities:
 
​
​
 
​
​

Depreciation and amortization
 
​
 85,836
 
​
 77,970

Stock-based compensation expense
 
​
 7,682
 
​
 6,124

Gain on disposition of assets, net
 
​
 (3,219)
 
​
 (3,725)

Deferred income tax benefit
 
​
 (2,556)
 
​
 (3,772)

Acquisition related employment costs
​
​
 14,583
​
​
 6,554

Other non-cash adjustments
​
​
 119
​
​
 (193)

 (Increase) decrease in assets:
 
​
​
 
​
​

Accounts receivable
 
​
 (50,996)
 
​
 39,678

Income taxes receivable
 
​
 2,891
 
​
 3,027

Inventories
 
​
 (6,948)
 
​
 (2,317)

Prepaid expenses
 
​
 2,762
 
​
 2,524

Other current assets
 
​
 (164)
 
​
 (579)

Retirement plan assets
​
​
 —
​
​
 (823)

Other non-current assets
 
​
 2,576
 
​
 (1,213)

(Decrease) increase in liabilities:
 
​
​
 
​
​

Accounts payable
 
​
 26,934
 
​
 (21,350)

Income taxes payable
 
​
 109
 
​
 4,725

Unearned revenue
​
​
 (13,233)
​
​
 (45,376)

Accrued payroll and related expenses
 
​
 (5,388)
 
​
 1,644

Accrued insurance expenses
 
​
 869
 
​
 433

Accrued state, local and other taxes
 
​
 2,523
 
​
 2,494

Other accrued expenses
​
​
 (1,964)
​
​
 273

Retirement plan liabilities
 
​
 —
 
​
 (767)

Long-term accrued insurance expenses
 
​
 1,684
 
​
 1,412

Other long-term liabilities
 
​
 (2,423)
 
​
 4,022

Net cash provided by operating activities
 
​
 74,607
 
​
 92,943

​
​
​
​
​
​
​

INVESTING ACTIVITIES
 
​
  ​
 
​
  ​

Capital expenditures
 
​
 (70,837)
 
​
 (75,323)

Proceeds from sale of assets
 
​
 7,421
 
​
 9,496

Purchase of business, net of cash and debt assumed
 
​
 —
 
​
 (165,656)

Net cash used for investing activities
 
​
 (63,416)
 
​
 (231,483)

​
​
​
​
​
​
​

FINANCING ACTIVITIES
 
​
  ​
 
​
  ​

Payment of dividends
 
​
 (17,729)
 
​
 (17,478)

Repayment of debt
 
​
 (20,000)
 
​
 (4,502)

Cash paid for common stock purchased and retired
 
​
 (3,452)
 
​
 (2,868)

Cash paid for finance lease
​
​
 (516)
​
​
 (474)

Net cash used for financing activities
 
​
 (41,697)
 
​
 (25,322)

​
​
​
​
​
​
​

Net decrease in cash and cash equivalents
 
​
 (30,506)
 
​
 (163,862)

Cash and cash equivalents at beginning of period
 
​
 209,974
 
​
 325,975

Cash and cash equivalents at end of period
​
$
 179,468
​
$
 162,113

​
​
​
​
​
​
​

Supplemental cash flows disclosure:
​
​
​
​
​
​

Income tax payments, net
​
$
 7,402
​
$
 7,498

Interest paid
​
$
 1,335
​
$
 875

Supplemental disclosure of noncash investing activities:
​
​
​
​
​
​

Capital expenditures included in accounts payable
​
$
 7,693
​
$
 10,322

​
The accompanying notes are an integral part of these consolidated financial statements.
​
​

7

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

1.    GENERAL
The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or “the Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control.
In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026.
The balance sheet at December 31, 2025, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025.
A group that includes Amy R. Kreisler and Timothy C. Rollins, each of whom is a director of the Company, certain of their family members, and certain companies under their and/or their family members’ control, controls in excess of fifty percent of the Company’s voting power.
​
2. RECENT ACCOUNTING STANDARDS
​
Recently Issued Accounting Standards Update (ASU) Not Yet Adopted:
​
ASU 2025-11: Interim Reporting (Topic 270): Narrow-Scope Improvements: This ASU updates existing guidance related to interim reporting. This amendment provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The provisions in this ASU are effective beginning in the first quarter of 2028. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.
​
ASU 2025-06: Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software: This ASU updates existing guidance related to the capitalization of development costs for internal-use software. These amendments update the threshold required to start capitalizing software costs and remove references to a sequential software development method. The provisions in this ASU are effective beginning in the first quarter of 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.
​
ASU 2024-03: Income Statement (Topic 220): Disaggregation of Income Statement Expenses: The amendments in this ASU require public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. These disclosures are effective beginning with 2027 annual reports, and interim reports beginning with the first quarter of 2028. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently assessing the potential impact of adoption of these provisions on the consolidated financial statements.
​
​
3. ACQUISITION
On April 1, 2025 (the "Closing Date”), RPC, through its wholly owned subsidiary, Thru Tubing Solutions, Inc., completed the acquisition of Pintail Alternative Energy, L.L.C ("Pintail”). The supplemental pro forma financial information presented below has been prepared using the acquisition method of accounting and is based on the historical financial information of Pintail and RPC. This pro forma financial information does not necessarily represent what the combined company’s revenues or results 

8

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

of operations would have been had the acquisition been completed on January 1, 2024, nor do they intend to be a projection of future operating results of the combined company. 
The following table provides unaudited supplemental pro forma financial information for the six months ended on June 30, 2025, as if the acquisition of Pintail had occurred on January 1, 2024. The unaudited pro forma information includes incremental depreciation expense related to fair value adjustments to property, plant and equipment, amortization of intangible assets acquired, removal of non-recurring transaction costs directly associated with the Merger, and interest expense on the Seller Note, as well as the Acquisition related employment costs associated with the Contingent Consideration and Redistribution Payments. The unaudited pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the acquisition, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Pintail.
​
​

​

​

​

​
​
Six months ended June 30,

​
  ​ ​ ​
2025

(in thousands)
​
​
​

Revenues
​
$
 861,438

Net income
​
​
 21,773

​
​
4.    REVENUES
Accounting Policy:
RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers.
Sales tax charged to customers is presented on a net basis within the accompanying Consolidated Statements of Operations and therefore excluded from revenues.
Nature of services:
RPC provides a broad range of specialized oilfield services to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets. RPC manages its business as either (1) services offered on the well site with equipment and personnel (Technical Services) or (2) services and tools offered off the well site (Support Services). For more detailed information about the Company’s operating segments, see Note titled “Business Segment and Entity Wide Disclosures.”
Our contracts with customers are generally short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. RPC contracts with its customers to provide the following services by reportable segment:
Technical Services
●Includes pressure pumping, downhole tools, wireline, coiled tubing, cementing, snubbing, nitrogen, well control and fishing.

Support Services
●Rental tools – RPC rents tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities.
●Other support services include pipe handling and pipe inspection and storage services, and well control training.

9

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

Payment terms:
RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection is generally expected between 30 to 60 days after invoicing. As the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the services are provided to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to our arrangements with customers.
Significant judgments:
RPC believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. RPC has elected the right to invoice practical expedient for recognizing revenue related to its performance obligations.
Disaggregation of revenues:
See Note titled “Business Segment and Entity Wide Disclosures” for disaggregation of revenue by operating segment and services offered in each of them and by geographic regions.
Contract balances:
Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net in the accompanying Consolidated Balance Sheets and are shown below:
​
​

​

​

​

​

​

​

​
​
June 30,
​
December 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

(in thousands)
​
​
​
​
​
​

Unbilled trade receivables
​
$
 65,640
​
$
 46,817

​
Substantially all the unbilled trade receivables disclosed were, or are expected to be, invoiced during the following quarter.
​
Unearned revenue
 Contract liabilities represent payments received in advance of satisfying the Company’s performance obligation and are recognized over time as the service is performed. All of the $13.2 million recorded as unearned revenue as of December 31, 2025, was recognized as revenues during the first quarter of 2026. 
5.    STOCK-BASED COMPENSATION
The Company has issued various forms of stock incentives, including incentive and non-qualified stock options, time-lapse restricted shares and performance share unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. 
As of June 30, 2026, there were 3,392,311 shares available for grant under the Company’s 2024 Stock Incentive Plan. 
​
​

10

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

6. DEPRECIATION AND AMORTIZATION
Depreciation and amortization disclosed in the Consolidated Statements of Operations related to the following components:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three months ended 
​
Six months ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
​
2026
​
​
2025
  ​ ​ ​
​
2026
​
​
2025

(in thousands)
​
​
​
​
​
​
​
​
​
​
​
​

Cost of revenues
​
$
 37,447
​
$
 36,595
​
$
 74,573
​
$
 69,025

Selling, general and administrative expenses
​
​
 5,535
​
​
 5,752
​
​
 11,263
​
​
 8,945

Total
​
$
 42,982
​
$
 42,347
​
$
 85,836
​
$
 77,970

​
​
7.  INCOME TAXES
The Company generally determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. In certain instances, the Company uses the discrete method when it believes the actual year-to-date effective rate provides a more reliable estimate of its income tax rate for the period. The estimated tax rate is revised, if necessary, at the end of each successive interim period to the Company’s current annual estimated tax rate.
​
 For the three months ended June 30, 2026, the effective rate reflects a provision of 27.1% compared to a provision of 41.3% for the comparable period in the prior year. For the six months ended June 30, 2026, the effective rate reflects a provision of 38.1% compared to a provision of 34.5% for the comparable period in the prior year. The change in effective tax rate is primarily due to the smaller impact of discrete and permanent adjustments on pretax income.
​
8.    EARNINGS PER SHARE
Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock outstanding issued to employees and as seller consideration as part of Pintail acquisition (participating securities) and a reconciliation of outstanding weighted average shares:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three months ended 
​
Six months ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

(in thousands)
​
​
​
​
​
​
​
​
​
​
​
​

Net income available for stockholders 
​
$
 12,075
​
$
 10,148
​
$
 12,930
​
$
 22,178

Less: Adjustments for earnings attributable to participating securities
​
​
 (424)
​
​
 (21)
​
​
 (655)
​
​
 (256)

Net income used in calculating earnings per share
​
$
 11,651
​
$
 10,127
​
$
 12,275
​
$
 21,922

​
​
​
​
​
​
​
​
​
​
​
​
​

Weighted average shares outstanding (including participating securities)
​
 
 221,659
​
 
 220,610
​
 
 221,495
​
 
 218,150

Adjustment for participating securities
​
 
 (6,662)
​
 
 (8,390)
​
 
 (6,713)
​
 
 (6,080)

Shares used in calculating basic and diluted earnings per share
​
 
 214,997
​
 
 212,220
​
 
 214,782
​
 
 212,070

​
​
​
​
​
​
​

11

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

9. ACCOUNTS RECEIVABLE
Accounts receivable, net consists of the following:
​
​

​

​

​

​

​

​

​
  ​ ​ ​
June 30,
  ​ ​ ​
December 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

(in thousands)
​
  ​
​
​
  ​
​

Trade receivables:
 
​
  ​
 
​
  ​

Billed
​
$
 316,061
​
$
 281,918

Unbilled
​
 
 65,640
​
 
 46,817

Other receivables
​
 
 5,500
​
 
 5,955

Total
​
 
 387,201
​
 
 334,690

Less: allowance for credit losses
​
 
 (8,663)
​
 
 (7,022)

Accounts receivable, net
​
$
 378,538
​
$
 327,668

​
Trade receivables relate to revenues generated from equipment and services, for which credit is extended based on our evaluation of the customer’s credit worthiness. Unbilled receivables represent revenues earned but not billed to the customer until future dates, usually within one month. Other receivables consist primarily of net amounts receivable from an agent that operates internationally, as well as amounts due from the favorable resolution of state tax audits and rebates due from suppliers.
​
10.    CURRENT EXPECTED CREDIT LOSSES
The Company utilizes an expected credit loss model for valuing its accounts receivable, a financial asset measured at amortized cost. The Company is exposed to credit losses primarily from providing oilfield services. The Company’s expected allowance for credit losses for accounts receivable is based on historical collection experience, current and future economic and market conditions and a review of the current status of customers’ account receivable balances. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. 
The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected:
​
​

​

​

​

​

​

​

​
​
​
​
​

​
​
Six months ended 

​
​
June 30, 

​
  ​ ​ ​
2026
​
2025

(in thousands)
​
​
​
​
​
​

Beginning balance
​
$
 7,022
​
$
 7,906

Provision for current expected credit losses
​
​
 2,360
​
 
 207

Write-offs
​
​
 (750)
​
 
 (1,264)

Recoveries collected (net of expenses)
​
​
 31
​
 
 58

Ending balance
​
$
 8,663
​
$
 6,907

​
​
​
​
​
​
​
​

12

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

11.    INVENTORIES
Inventories consist of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) components and attachments for manufactured equipment used in providing services. In the table below, spare parts and components are included as part of raw materials and supplies; tools that are assembled using components are reported as finished goods. Inventories are recorded at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method or the weighted average cost method.
​
​

​

​

​

​

​

​

​
​
June 30, 
​
December 31, 

(in thousands)
​
2026
​
2025

Raw materials and supplies
​
$
 115,406
​
$
 109,259

Finished goods
​
​
 10,387
​
 
 9,745

Total Inventory
​
$
 125,793
​
$
 119,004

​
​
​
12. OTHER INTANGIBLES, NET
Intangible assets are amortized over their legal or estimated useful life. The following table provides a summary of the gross carrying value and accumulated amortization by each major intangible asset class as of June 30, 2026, and December 31, 2025:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
June 30, 2026
​
​
December 31, 2025

​
​
Estimated Useful Life (in years)
​
​
Gross 
 Carrying 
Amount
​
​
Accumulated Amortization
​
​
Gross 
 Carrying 
Amount
​
​
Accumulated Amortization

(in thousands)
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Finite-lived intangibles:
​
​
​
​
​
​
​
​
​
​
​
​
​
​

 Customer relationships
​
10
​
$
 93,800
​
$
 (13,475)
​
$
 93,700
​
 $
 (8,778)

 Trade names and trademarks 
​
10
​
​
 15,119
​
​
 (2,729)
​
​
 12,819
​
​
 (1,816)

 Software licenses
​
3
​
​
 5,350
​
​
 (4,301)
​
​
 5,350
​
​
 (3,776)

​
​
​
​
$
 114,269
​
$
 (20,505)
​
$
 111,869
​
$
 (14,370)

​
Amortization expense for each of the periods presented follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three months ended 
​
Six months ended 

​
​
June 30, 
​
June 30, 

​
  ​ ​ ​
​
2026
​
​
2025
  ​ ​ ​
​
2026
​
​
2025

(in thousands)
​
​
​
​
​
​
​
​
​
​
​
​

Amortization of finite-lived intangible assets
​
$
 2,750
​
$
 3,017
​
$
 5,908
​
$
 3,610

​
 Estimated future amortization expense based on balances as of June 30, 2026, were as follows: $6.7 million for the remainder of 2026 and approximately $15.0 million for each of the years 2027 through 2029 and $14.2 million for 2030.
​
13.     COMMITMENTS AND CONTINGENCIES
Sales and Use Taxes - The Company has ongoing sales and use tax audits in various jurisdictions and may be subjected to varying interpretations of statute that could result in unfavorable outcomes. In accordance with ASC 450-20, Loss Contingencies, any probable and reasonable estimate of assessment costs have been included in accrued state, local and other taxes.
During the second quarter, the Company resolved certain state sales and use tax matters for which it had previously received tax notifications. The resolution did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.
​
Litigation - RPC is a party to various routine legal proceedings primarily involving commercial claims, employee liability and workers’ compensation claims, claims for personal injury, and other claims. RPC insures against these risks to the extent deemed prudent by its management, but no assurance can be given that the nature and amount of such insurance will, in every case, fully indemnify RPC against liabilities arising out of pending and future legal proceedings related to its business activities. 

13

Table of Contents
RPC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
​

RPC is also subject to sales and use tax audi