RES News & Events

RPC announced that Ben M. Palmer plans to retire from his role as President and CEO, and step down from the Board of Directors of RPC by the end of 2026, following 30 years with the Company. Accordingly, the Board of Directors has initiated a search for Palmer's successor, which is expected to conclude before the end of 2026. Palmer will continue serving in his role until the earlier of a successor being named or December 31 after which he will remain in an advisory capacity to ensure continuity and support a smooth leadership transition. Palmer has served as President and CEO of RPC since 2022, following more than two decades as CFO and Treasurer beginning in 1996. The Board of Directors has initiated a formal search to identify RPC's next CEO and intends to engage a leading independent search firm to assist in the process. The search will focus on candidates who have a proven record of operational excellence in oilfield services combined with a focus on growth, while maintaining the financial strength RPC is known for.

Reports Q1 revenue $454.76M, consensus $406.68M. "During the first quarter we experienced modest revenue increases despite weather impacts to start the year. Our Technical Services segment revenues increased 7% sequentially. Within Technical Services, Cudd Energy Services' pressure pumping saw the largest percentage increase at 20% followed by Cudd Pressure Control's nitrogen service line which increased 13%. Thru Tubing Solutions' downhole tools increased 11% driven by higher activity supported by new technologies. Our Support Services segment revenues were flat sequentially, as the first quarter typically sees the biggest weather impact," stated Ben Palmer, RPC's President and Chief Executive Officer.