RPC Reports Record First Quarter 2011 Financial Results

RPC RES today announced its unaudited results for the first quarter ended March 31, 2011. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, and in selected international markets. For the quarter ended March 31, 2011, revenues increased 79.1 percent to $381,761,000 compared to $213,144,000 in the first quarter last year. Revenues increased compared to the prior year due to higher activity levels, a larger fleet of revenue-producing equipment, the expansion of customer relationships, and improved pricing, particularly within our technical services segment. Operating profit for the quarter was $106,326,000 compared to operating profit of $22,568,000 in the prior year. Net income was $65,524,000 or $0.45 diluted earnings per share, compared to net income of $13,400,000 or $0.09 diluted earnings per share last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 164.7 percent to $146,197,000 compared to $55,232,000 in the prior year.