RPC misses by $0.05, reports revs in-line
Reports Q2 (Jun) loss of $0.16 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.11); revenues fell 48.9% year/year to $297.6 mln vs the $299.11 mln consensus.
- "RPC's financial results during Q2 of 2015 reflect our industry's declining activity levels and competitive pricing for our services," stated Richard A. Hubbell, RPC's President and Chief Executive Officer.
- "The average U.S. domestic rig count during Q2 was 907, a decrease of 51.1% compared to the same period in 2014, and a decrease of 35.4% compared to Q1 of 2015. The average price of natural gas was $2.70 per Mcf, a 40.7% decrease compared to the prior year, and a 4.3% decrease compared to Q1 of 2015. The unconventional rig count declined by 45.6% compared to the prior year and 33.1% sequentially. The average price of oil during the quarter was $57.53 per barrel, a 44.3% decrease compared to the prior year but a 17.4% increase compared to the first quarter of 2015. Our sequential revenue decline was slightly less than overall industry declines because of the increasing service intensity of pressure pumping, which is RPC's largest service line."