Oil and gasoline companies firm RPC has seen its web earnings edge down from $71.5 million within the first quarter of the yr to $65 million in Q2.
Nonetheless, web earnings for the second quarter of 2023 was considerably above the $46.9 million posted within the second quarter of 2022.
The corporate reported revenues of $415.9 million, a lower in comparison with $476.7 million within the first quarter. Revenues declined resulting from job delays and cancellations by a number of strain pumping clients, in addition to weaker exercise in a lot of the pure gas-directed basins through which RPC operates, the corporate mentioned in its quarterly report.
The lower was offset by improved pricing, greater buyer exercise ranges and a bigger lively fleet of revenue-producing gear, the corporate mentioned.
For the six months ended June 30, 2023, RPC mentioned its revenues elevated 35.2 p.c to 4892.5 million in comparison with $660.1 million for a similar interval final yr. Internet earnings for the six-month interval was $136.5 million in comparison with $62.0 million for a similar interval a yr in the past.
“RPC’s second quarter 2023 monetary outcomes replicate a slight decline in drilling and completion exercise, significantly in pure gas-directed basins. This weak spot impacted our strain pumping revenues and income, as a number of giant clients both diminished their effectively completion exercise or delayed completion work,” said RPC’s president and chief government officer, Ben M. Palmer. “Whereas we imagine that this slowdown is non permanent, we’re taking prudent cost-cutting measures to raised align our price construction to exercise ranges.”
“As we introduced a number of weeks in the past, RPC acquired Spinnaker Oilwell Companies, a number one supplier of oilfield cementing companies within the Permian and mid-Continent basins. This acquisition will considerably increase our cementing enterprise past its present location in South Texas to 2 different basins through which we offer our different companies,” Palmer mentioned.
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