RPC, Inc. (RES) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today along with our 2024 10-K and other public filings that outline those risks, all of which can be found on RPC's website at www.rpc.net. In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. I'll now turn the call over to our President and CEO, Ben Palmer. Thanks, Mike, and thank you for joining our call this morning. Today, we will talk about our second quarter results, which incorporate a full quarter of the recent Pentail acquisition. In addition, we will share our views about the impacts we are seeing from increasing macro and geopolitical uncertainties, which were prevalent during the quarter. Second quarter results reflect a sequential improvement due to the full quarter impact of our Pentail acquisition. While many of our legacy service lines saw modest revenue increases, Pressure pumping continued to experience a challenging environment. Pressure pumping was negatively impacted by lower industry activity overall, but also by weather, third-party non-productive time, and customer calendar delays. We saw more than a 200% increase in third-party non-productive time, which was most pronounced in June. This combined with customer delays resulted in operational inefficiencies. Pressure pumping is now prim...