On this page of StockholderLetter.com we present the latest annual shareholder letter from RPC INC — ticker symbol RES. Reading current and past RES letters to shareholders can bring important insights into the investment thesis.
ESTABLISHED BRANDS AND DISCIPLINED EXECUTION 2025 ANNUAL REPORT
RPC, INC. AN OIL AND GAS SERVICES COMPANY RPC provides a broad range of specialized RLO HOG VHUYLFHV DQG equipment to independent DQG PDMRU RLO HOG FRPSDQLHV HQJDJHG in the exploration, production and development of oil and gas properties in selected U.S. domestic and international markets. RPC is headquartered in Atlanta, Georgia, and its common shares are traded on the New York Stock Exchange under the ticker symbol RES. Visit our corporate website at RPC.net. 2025 FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 LETTER TO STOCKHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 OUR BRANDS AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 INNOVATIVE PRODUCTS FROM ESTABLISHED BRANDS . . . . . . . . . . . . . 6 2025 FORM 10-K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 CORPORATE INFORMATION . . . . . . . . . . . . . . . . . . . . . Inside Back Cover Front Cover (top to bottom, left to right) Cudd Pressure Control, Coiled Tubing Units, New Mexico Cudd Pressure Control, Snubbing Hydraulic Workover, Odessa, TX Cudd Energy Services, Natural Gas Frac Pump Inside Front Cover Patterson Tubular Services, Electrical Resistance Weld (ERW) Inspection System
2025 FINANCIAL HIGHLIGHTS REVENUES ($ in thousands) 2025 $ 1,626,566 2024 ADJUSTED DILUTED EARNINGS PER SHARE(1) 2025 2024 2022 2023 2025 2024 16.3% 6.6% $ 232,668 (1) Adjusted Net Income, Adjusted Diluted Earnings per Share and Adjusted EBITDA are financial measures that do not conform to generally accepted accounting principles (GAAP). Additional disclosures regarding these non-GAAP financial measures, including reconciliations of the noted graphs, are included on page 73 of this 2025 Annual Report. 2021 29.9% 2025 2024 $ 232,967 $ 374,394 $ 375,013 $ 91,004 2023 37.9% ($ in thousands) 2022 2023 RETURN ON INVESTED CAPITAL(2) ADJUSTED EBITDA(1) 2021 2022 $ 1.02 $ 0.03 $ 53,601 2021 $ 0.25 2025 2024 $ 91,444 $ 7,217 2023 $ 209,029 2022 $ 220,565 2021 $ 0.43 ($ in thousands) $ 0.97 ADJUSTED NET INCOME(1) 23.9% $ 1,414,999 $ 864,929 2023 $ 1,617,474 2022 $ 1,601,762 2021 (2) Net cash provided by operating activities divided by average invested capital (stockholders equity + notes payable to banks + other long-term liabilities) 1
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 • shareholder letter icon 3/18/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/15/2023 RES Stockholder Letter
 • stockholder letter icon 3/14/2024 RES Stockholder Letter
 • stockholder letter icon 3/12/2025 RES Stockholder Letter
 • stockholder letter icon More "Oil & Gas Equipment & Services" Category Stockholder Letters
 • Benford's Law Stocks icon RES Benford's Law Stock Score = 89


RES Shareholder/Stockholder Letter Transcript:

ESTABLISHED BRANDS AND
DISCIPLINED EXECUTION
2025
ANNUAL
REPORT

RPC, INC. AN OIL AND GAS SERVICES COMPANY
RPC provides a broad range of specialized RLO  HOG VHUYLFHV DQG 
equipment to independent DQG PDMRU RLO  HOG FRPSDQLHV HQJDJHG 
in the exploration, production and development of oil and gas
properties in selected U.S. domestic and international markets. RPC
is headquartered in Atlanta, Georgia, and its common shares are
traded on the New York Stock Exchange under the ticker symbol RES.
Visit our corporate website at RPC.net.
2025 FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
LETTER TO STOCKHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
OUR BRANDS AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
INNOVATIVE PRODUCTS FROM ESTABLISHED BRANDS . . . . . . . . . . . . . 6
2025 FORM 10-K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
CORPORATE INFORMATION . . . . . . . . . . . . . . . . . . . . . Inside Back Cover
Front Cover (top to bottom, left to right)
Cudd Pressure Control, Coiled Tubing Units, New Mexico
Cudd Pressure Control, Snubbing Hydraulic Workover, Odessa, TX
Cudd Energy Services, Natural Gas Frac Pump
Inside Front Cover
Patterson Tubular Services, Electrical Resistance Weld (ERW) Inspection System

2025 FINANCIAL HIGHLIGHTS
REVENUES
($ in thousands)
2025
$ 1,626,566
2024
ADJUSTED DILUTED EARNINGS
PER SHARE(1)
2025
2024
2022
2023
2025
2024
16.3%
6.6%
$ 232,668
(1) Adjusted Net Income, Adjusted Diluted Earnings per Share
and Adjusted EBITDA are financial measures that do not conform
to generally accepted accounting principles (GAAP). Additional
disclosures regarding these non-GAAP financial measures,
including reconciliations of the noted graphs, are included
on page 73 of this 2025 Annual Report.
2021
29.9%
2025
2024
$ 232,967
$ 374,394
$ 375,013
$ 91,004
2023
37.9%
($ in thousands)
2022
2023
RETURN ON INVESTED
CAPITAL(2)
ADJUSTED EBITDA(1)
2021
2022
$ 1.02
$ 0.03
$ 53,601
2021
$ 0.25
2025
2024
$ 91,444
$ 7,217
2023
$ 209,029
2022
$ 220,565
2021
$ 0.43
($ in thousands)
$ 0.97
ADJUSTED NET INCOME(1)
23.9%
$ 1,414,999
$ 864,929
2023
$ 1,617,474
2022
$ 1,601,762
2021
(2) Net cash provided by operating activities divided by
average invested capital (stockholders    equity + notes
payable to banks + other long-term liabilities)
1

LETTER TO STOCKHOLDERS
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overarching goal remains the creation of long-term
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SELECT 2025 INDUSTRY DATA  6JG RTKEG QH 7 5  ETWFG 
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NKPG RGTHQTOCPEG  6JG CXGTCIG 7 5  FQOGUVKE FTKNNKPI 
TKI EQWPV FGETGCUGF       HTQO     KP      VQ     KP 
      7 5  YGNN EQORNGVKQP EQWPV CNUQ KU UKIPK  ECPV 
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DGECWUG OQUV QH QWT UGTXKEGU UWRRQTV QKN  GNF EQORNGVKQP 
CEVKXKVKGU  &WTKPI      VJGTG YGTG        QKN CPF ICU 
YGNN EQORNGVKQPU TGRQTVGF KP VJG 7 5  FQOGUVKE OCTMGV  
YJKEJ YCU C FGETGCUG QH CRRTQZKOCVGN[    EQORCTGF VQ 
      &GURKVG VJGUG JGCFYKPFU  YG TGOCKP CEVKXG YKVJ 
KPKVKCVKXGU VQ FTKXG KPETGOGPVCN TGXGPWGU CPF KORTQXG 
OCTIKPU CPF DGNKGXG VJGUG GHHQTVU ECP JGNR RCTVKCNN[ 
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D[     [GCT QXGT [GCT VQ      DKNNKQP KP RCTV FWG VQ VJG 
CESWKUKVKQP QH 2KPVCKN %QORNGVKQPU  9JKNG RTGUUWTG 
RWORKPI FGENKPGF D[      QWT FKXGTUK  GF RQTVHQNKQ 
QH QVJGT UGTXKEG NKPGU KPETGCUGF D[      RTQXKFKPI 
C EQWPVGTDCNCPEG VQ VJG CEWVG RTGUUWTGU YG HCEGF 
KP VJG HTCE OCTMGV  9G DGNKGXG C EQPVKPWGF HQEWU QP 
ITQYKPI DWUKPGUUGU YKVJ NQYGT ECRKVCN KPVGPUKV[ KU MG[ 
VQ OCKPVCKPKPI C TGUKNKGPV RQTVHQNKQ QH QHHGTKPIU CPF 
OKPKOK\KPI XQNCVKNKV[ QH QWT   PCPEKCN RGTHQTOCPEG  #HVGT 
UVCDKNK\KPI CV CDQWV     KP VJG NCVVGT RCTV QH       VJG 
7 5  TKI EQWPV UVGCFKN[ FTKHVGF NQYGT VQ VJG     TCPIG D[ 
OKF      CPF EQPVKPWGF NQYGT TCPIKPI DGVYGGP     CPF 
    D[ VJG GPF QH       +P CFFKVKQP  VJG PWODGT QH CEVKXG 
FQOGUVKE HTCE URTGCFU URGPV OQUV QH VJG [GCT VTGPFKPI 
NQYGT  YJKNG KPFWUVT[ YKFG EQORNGVKQP CEVKXKV[ FGENKPGF 
UNKIJVN[  9KVJ VJKU DCEMFTQR  QWT KPFWUVT[ JCU DGGP 
SWKVG EQORGVKVKXG CU QKN  GNF UGTXKEGU RTQXKFGTU UGGM VQ 
OCZKOK\G WVKNK\CVKQP QH CUUGVU   
%QUV QH TGXGPWGU  YJKEJ GZENWFGU FGRTGEKCVKQP CPF 
COQTVK\CVKQP  YCU      DKNNKQP HQT       WR TQWIJN[      
OKNNKQP  QT CRRTQZKOCVGN[      XGTUWU       6JG KPETGCUG 
RTKOCTKN[ TGUWNVGF HTQO VJG CESWKUKVKQP QH 2KPVCKN 
%QORNGVKQPU  
5GNNKPI  IGPGTCN CPF CFOKPKUVTCVKXG GZRGPUGU  5) #  
KPETGCUGF       OKNNKQP  QT CRRTQZKOCVGN[     XGTUWU 
      VQ        OKNNKQP  6JG KPETGCUG YCU RTKOCTKN[ FWG
VQ CESWKUKVKQP TGNCVGF EQUVU CPF GZRGPUGU HTQO TGEGPVN[
   '$+6&#  CFLWUVGF '$+6&#  CFLWUVGF PGV KPEQOG  CFLWUVGF FKNWVGF 
GCTPKPIU RGT UJCTG CPF HTGG ECUJ   QY CTG   PCPEKCN OGCUWTGU VJCV FQ PQV 
EQPHQTO VQ IGPGTCNN[ CEEGRVGF CEEQWPVKPI RTKPEKRNGU  )##2   #FFKVKQPCN 
FKUENQUWTGU TGICTFKPI VJGUG PQP )##2   PCPEKCN OGCUWTGU  KPENWFKPI C 
TGEQPEKNKCVKQP QH VJGO VQ VJG OQUV FKTGEVN[ EQORCTCDNG )##2 OGCUWTGU  
CTG HQWPF KP +VGO   QH 42%  +PE   U   -   NKPI  KPENWFGF KP VJKU      #PPWCN 
4GRQTV  CPF QP RCIG    QH VJKU 42%  +PE       #PPWCN 4GRQTV 

CESWKTGF 2KPVCKN  &GRTGEKCVKQP CPF COQTVK\CVKQP
& #  KPETGCUGF       OKNNKQP  QT CRRTQZKOCVGN[     
XGTUWU       VQ        OKNNKQP  6JG KPETGCUG KP & # YCU 
C HWPEVKQP QH VJG KPXGUVOGPVU YG JCXG OCFG KP QWT 
DWUKPGUUGU CPF VJG 2KPVCKN CESWKUKVKQP  
1RGTCVKPI KPEQOG YCU       OKNNKQP KP       EQORCTGF VQ 
      OKNNKQP KP       
0GV KPEQOG YCU       OKNNKQP KP      EQORCTGF VQ PGV 
KPEQOG QH       OKNNKQP NCUV [GCT  &KNWVGF GCTPKPIU RGT 
UJCTG YCU       KP      EQORCTGF VQ       NCUV [GCT  
#FLWUVGF PGV KPEQOG    YCU       OKNNKQP KP      
EQORCTGF VQ PGV KPEQOG QH       OKNNKQP NCUV [GCT  
#FLWUVGF FKNWVGF GCTPKPIU RGT UJCTG    YCU       KP      
EQORCTGF VQ       NCUV [GCT  
#FLWUVGF 'CTPKPIU DGHQTG KPVGTGUV  VCZGU  FGRTGEKCVKQP 
CPF COQTVK\CVKQP    YCU        OKNNKQP KP      EQORCTGF 
VQ        OKNNKQP KP        
%CUJ RTQXKFGF D[ QRGTCVKPI CEVKXKVKGU KP      YCU        
OKNNKQP  FQYP HTQO        OKNNKQP NCUV [GCT  
%CRKVCN GZRGPFKVWTGU FGETGCUGF VQ        OKNNKQP  HTQO 
       OKNNKQP KP       
(TGG ECUJ   QY    YCU       OKNNKQP KP       9JKNG PQV CU 
JKIJ CU       VJKU UVTQPI ECUJ   QY IGPGTCVKQP TGUWNVGF 
KP VYQ [GCT EWOWNCVKXG ECUJ   QY HTQO QRGTCVKQPU QH 
CRRTQZKOCVGN[      OKNNKQP CPF VYQ [GCT EWOWNCVKXG 
HTGG ECUJ   QY QH PGCTN[        OKNNKQP  YJKEJ YG 
DGNKGXG KU C UVTQPI CEJKGXGOGPV KP C ECRKVCN KPVGPUKXG 
DWUKPGUU IKXGP VJG TGEGPV KPFWUVT[ EQPFKVKQPU  9G YKNN 
EQPVKPWG VQ RTWFGPVN[ FGRNQ[ ECRKVCN D[ KPXGUVKPI KP CPF 
UGNGEVKXGN[ WRITCFKPI QWT CUUGV DCUG YJKNG OKPFHWN QH 
KPFWUVT[ ECRCEKV[  
42% TGOCKPU EQOOKVVGF VQ TGVWTPKPI ECRKVCN VQ QWT 
UVQEMJQNFGTU  (QT VJG [GCT  YG RCKF       OKNNKQP KP 
EQOOQP UVQEM FKXKFGPFU  9G CTG RNGCUGF VJCV QWT UVTQPI 
ECUJ IGPGTCVKQP UWRRQTVGF KPXGUVOGPVU KP VJG DWUKPGUU 
CPF C UVGCF[ TGVWTP QH ECRKVCN VQ UVQEMJQNFGTU  
LOOKING AHEAD  9G VCMG RTKFG KP QWT EQPUKUVGPV CDKNKV[ 
VQ FGNKXGT RTQ  VCDKNKV[ CPF IGPGTCVG ECUJ   QY  GXGP COKF 
EJCNNGPIKPI KPFWUVT[ EQPFKVKQPU CPF CFXGTUG OCTMGV 
F[PCOKEU  1WT FKUEKRNKPGF   PCPEKCN CRRTQCEJ JCU 
RQUKVKQPGF WU YGNN  CPF YG CTG RTGRCTGF VQ FGRNQ[ ECRKVCN 
VQ UWRRQTV ITQYVJ KPKVKCVKXGU  YJKEJ YKNN TGOCKP C EGPVTCN 
UVTCVGIKE RTKQTKV[ VJTQWIJQWV      CPF DG[QPF  +PVGTPCNN[  
we are advancing several initiatives aimed at enhancing
GZGEWVKQP CPF GZRCPFKPI OCTIKPU  #V VJG UCOG VKOG  YG 
CTG EQPVKPWKPI VQ KPXGUV KP PGY CPF FKHHGTGPVKCVGF RTQFWEVU 
CPF UGTXKEGU  OCP[ QH YJKEJ CTG GZRGEVGF VQ ICKP VTCEVKQP 
KP      HQNNQYKPI GPEQWTCIKPI EWUVQOGT HGGFDCEM 
9KVJ TGURGEV VQ CESWKUKVKQPU  YG CTG CEVKXGN[ CPF 
VJQWIJVHWNN[ GXCNWCVKPI QRRQTVWPKVKGU VJCV ECP HWTVJGT 
DTQCFGP CPF GPJCPEG QWT RNCVHQTO CPF DTCPF RQTVHQNKQ  
9G UGG OGCPKPIHWN XCNWG KP CEJKGXKPI ITGCVGT UECNG CPF 
KP CFFKPI DWUKPGUUGU VJCV IGPGTCVG UVTQPI ECUJ   QY CPF 
OCKPVCKP NQ[CN EWUVQOGT TGNCVKQPUJKRU VQ QWT FKXGTUK  GF 
RQTVHQNKQ  6JG CESWKUKVKQP CPF KPVGITCVKQP QH 2KPVCKN  
EQODKPGF YKVJ QWT EQPUGTXCVKXG QRGTCVKPI RJKNQUQRJ[ 
CPF UVTQPI   PCPEKCN RQUKVKQP  TGKPHQTEGU QWT RQUKVKQP CU 
C RTGHGTTGF RCTVPGT HQT DWUKPGUU QYPGTU UGGMKPI VQ LQKP 
C NCTIGT QTICPK\CVKQP YKVJ GZRCPFGF OCTMGV TGCEJ CPF 
EQORTGJGPUKXG UGTXKEG QHHGTKPIU  9G TGOCKP HQEWUGF 
QP KFGPVKH[KPI QRRQTVWPKVKGU VJCV CNKIP UVTCVGIKECNN[ CPF 
EWNVWTCNN[ YKVJ 42% CPF GZGEWVKPI VTCPUCEVKQPU VJCV 
GPJCPEG NQPI VGTO XCNWG 
+P ENQUKPI  YG GZVGPF QWT UKPEGTG CRRTGEKCVKQP VQ QWT 
GORNQ[GGU HQT VJGKT FGFKECVKQP CPF TGUKNKGPEG  YJKEJ 
TGOCKP GUUGPVKCN VQ QWT CDKNKV[ VQ EQORGVG UWEEGUUHWNN[ 
KP VQFC[  U FGOCPFKPI OCTMGVRNCEG  9G CNUQ VJCPM QWT 
EWUVQOGTU HQT VJGKT EQPVKPWGF VTWUV CPF RCTVPGTUJKR  
YJKEJ YG UVTKXG VQ JQPQT VJTQWIJ TGNKCDKNKV[  UWRGTKQT 
XCNWG  CPF GZEGRVKQPCN UGTXKEG  #FFKVKQPCNN[  ,GTT[ 0KZ  
.GCF &KTGEVQT  JCU EJQUGP PQV VQ UVCPF HQT TG GNGEVKQP 
CV QWT #RTKN      5VQEMJQNFGTU /GGVKPI  CPF YG YCPV 
VQ VJCPM JKO HQT JKU OCP[ [GCTU QH NGCFGTUJKR  UGTXKEG 
CPF UWRRQTV YJKNG UGTXKPI QP QWT $QCTF QH &KTGEVQTU 
CPF XCTKQWU EQOOKVVGGU  6Q CNN UVCMGJQNFGTU  YG TGOCKP 
  TON[ EQOOKVVGF VQ VJG   PCPEKCN FKUEKRNKPG CPF RTWFGPV 
QRGTCVKPI RJKNQUQRJ[ VJCV JCU IWKFGF QWT EQORCP[ HQT 
FGECFGU CPF YKNN EQPVKPWG VQ RQUKVKQP WU HQT EQPVKPWGF 
NQPI VGTO UWEEGUU 
5KPEGTGN[ 
BEN M. PALMER
2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1H  EGT
3


shareholder letter icon 3/18/2026 Letter Continued (Full PDF)
 

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