RPC (RES) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues were $332.9 million, down 1% sequentially and 11.9% year-over-year, with stable performance in key service lines and a solid EBITDA margin increase.

• Net income was $12 million ($0.06 per diluted share), down from $27.5 million year-over-year, impacted by a higher effective tax rate.

• Closed the $245 million acquisition of Pintail Completions in early April, expanding scale and blue-chip E&P customer exposure.

• Maintained a strong balance sheet post-acquisition, with no outstanding borrowings under the $100 million revolving credit facility.

• Management remains focused on disciplined capital deployment, cost control, and financial stability amid a competitive and uncertain market.

Financial highlights

• Q1 revenues were $332.9 million, down 1% sequentially and 11.9% year-over-year.

• EBITDA was $48.9 million (14.7% margin), up 6% sequentially but down from $63.1 million (16.7% margin) year-over-year.

• Diluted EPS was $0.06, flat sequentially but down from $0.13 year-over-year.

• Free cash flow was $7.6 million; net cash from operating activities was $39.9 million.

• Cash and cash equivalents stood at $326.7 million at quarter-end, with $8.7 million in dividends paid.

Outlook and guidance

• 2025 capital expenditures, including Pintail, are expected at $165–$215 million, focused mainly on maintenance and selected growth.

• Pintail is expected to be accretive to EPS and cash flow for 2025, with capex for Pintail likely up to $20 million annualized.

• Management expects continued high competition and oversupply in pressure pumping, with most efficiency gains already realized.

• Macro uncertainty persists due to volatile commodity prices, unclear oil supply/demand outlooks, and recent tariff actions.