RPC Inc (RES) 2026 Q2 法說會逐字稿

Good morning, and thank you for joining us for RPC Inc's second quarter 2026 earnings conference call. Today's call will be hosted by Ben Palmer, President and CEO, and Mike Schmit, Chief Financial Officer. (Operator Instructions) I would like to advise everyone that this conference call is being recorded.

早安，感謝各位參加 RPC Inc 2026 年第二季財報電話會議。今天的會議將由總裁暨執行長 Ben Palmer 與財務長 Mike Schmit 主持。(接線員指示) 我想提醒各位，本次電話會議正在錄音。

I will now turn the call over to Mr. Schmit.

現在我將把電話交給 Schmit 先生。

Thank you, and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today, along with our 10-K and other public filings that outline those risks, all of which can be found on RPC's website at www.rpc.net.

謝謝，各位早安。在開始之前，我想提醒各位，本次電話會議中將發表的部分陳述可能屬於前瞻性陳述，並反映若干已知與未知風險。請參閱我們今日發布的新聞稿，以及我們的 10-K 與其他公開申報文件，其中概述了這些風險；上述資料皆可於 RPC 網站 www.rpc.net 查閱。

In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

在今日的財報新聞稿與電話會議中，我們將提及若干非 GAAP 的營運績效與流動性衡量指標。我們相信這些非 GAAP 指標可讓我們在不同期間之間一致地比較績效。我們的新聞稿與網站包含這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表。

I'll now turn the call over to our President and CEO, Ben Palmer.

現在我把電話交給我們的總裁暨執行長 Ben Palmer。

Thank you, Mike, and thank you for joining our call this morning. Before turning to our second quarter results, I want to briefly address the CEO succession announcement we made in June. As we announced, I plan to retire as President and CEO and step down from the board by the end of 2026, following 30 years with RPC. The board has initiated a search for my successor, which is expected to conclude before year-end, and I will remain in an advisory capacity to support a smooth leadership transition. It's been the privilege of my professional life to spend the past three decades at RPC.

謝謝你，Mike，也感謝各位今天早上加入我們的電話會議。在談到第二季業績之前，我想先簡要說明我們在 6 月發布的執行長接班公告。如同我們所宣布的，我計畫在 2026 年底退休，卸任總裁暨執行長並退出董事會，屆時我在 RPC 的任職將滿 30 年。董事會已啟動接班人選的遴選，預計在年底前完成；我也將以顧問身分留任，以支持順利的領導交接。能在 RPC 度過過去三十年，是我職業生涯中最大的榮幸。

Together with our talented team, we've built a diversified platform underpinned by strong brands, low leverage balance sheet, and a disciplined focus on full-cycle returns. I'm committed to working closely with the board to ensure continuity for our employees, customers, and shareholders. And in the meantime, our focus remains on disciplined execution, prudent capital allocation, and delivering long-term shareholder value.

在我們優秀團隊的共同努力下，我們建立了多元化的平台，並以強勢品牌、低槓桿的資產負債表，以及對全週期報酬的紀律性聚焦為基礎。我承諾將與董事會密切合作，確保員工、客戶與股東的延續性。同時，我們仍將專注於紀律執行、審慎的資本配置，以及創造長期股東價值。

With that, let's turn to our second quarter results, and I'll provide you with a few operational highlights. While industry activity levels remained relatively subdued, RPC delivered sequential revenue growth and meaningful margin expansion driven by strong execution, improved job mix, technology adoption, and contributions from targeted investments.

接下來讓我們談第二季業績，我將提供幾項營運重點。儘管產業活動水準仍相對低迷，RPC 仍實現了季比營收成長與顯著的利潤率擴張，主要受惠於強勁的執行力、改善的工作組合、技術採用，以及精準投資的貢獻。

Within Technical Services, Thru Tubing Solutions' downhole tools revenues increased 10% sequentially. We saw broad-based strength with our Rocky Mountain region growing more than 20% sequentially. Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies and our patent portfolio. Over the last several years, we have introduced new motor sizes, new motor components, split string tools, surface tools, and stage isolation products, just to name a few. These products have been well received and allow us to continue our market leadership.

在技術服務（Technical Services）方面，Thru Tubing Solutions 的井下工具營收季比成長 10%。我們看到全面性的強勁表現，其中落磯山地區季比成長超過 20%。Thru Tubing Solutions 是井下完井工具的市場領導者，擁有由專有技術與我們的專利組合所支撐的產品組合。過去幾年，我們推出了新的馬達尺寸、新的馬達零組件、分段管柱工具（split string tools）、地面工具，以及分段隔離產品等，僅舉數例。這些產品獲得良好回響，使我們得以持續維持市場領導地位。

Thru Tubing Solutions has introduced new sizes of its metal-on-metal power section called Metal Max, along with expanding availability across districts. This has resulted in increased addressable market and improved Metal Max penetration. Metal Max performance and design characteristics are enabling entry into new markets and applications previously served by traditional power section components. The product reduces the number of trips an operator has to make out of the hole, reducing non-productive time. Our Thru Tubing Solutions team completed multiple horseshoe wells in the Permian, exceeding 27,000 feet over the last several weeks.

Thru Tubing Solutions 推出了其金屬對金屬動力段（power section）Metal Max 的新尺寸，並擴大各地區的供應範圍。這使可服務市場（addressable market）擴大，並提升 Metal Max 的滲透率。Metal Max 的性能與設計特性，使其得以進入過去由傳統動力段零組件所服務的新市場與新應用。該產品可減少操作方需要起下鑽（out of the hole）的次數，降低非生產時間。在過去幾週，我們的 Thru Tubing Solutions 團隊在二疊紀盆地（Permian）完成多口馬蹄形井（horseshoe wells），總長度超過 27,000 英尺。

In addition to long lateral sections, these wells have added friction and complexities due to the turns. We collaborate with operators to package a solution that will drill out the well in the most efficient and reliable way. Thru Tubing Solutions unplugged technology, which replaces traditional bridge plugs, continues to have success. During the quarter, we had several additional customers trial this product.

除了長水平段之外，這些井因轉彎而增加摩擦與複雜度。我們與操作方合作，整合解決方案，以最有效率且最可靠的方式完成井內鑽除作業。Thru Tubing Solutions 的 unplugged 技術（取代傳統橋塞）持續取得成功。本季期間，我們有數位新增客戶試用此產品。

Overall, our downhole tools business is benefiting from more complex and longer laterals that are well-suited for our technology solutions. Also within Technology Services, Cudd Pressure Control's revenues were up 8% sequentially, led by coiled tubing, snubbing, and well control. Cudd Pressure Control's snubbing business was up 14% sequentially. We received a big bore snubbing unit during the quarter and began work in early June. The unit has since mobilized to a multi-project job.

整體而言，我們的井下工具業務正受惠於更複雜且更長的水平段，這些情境非常適合我們的技術解決方案。同樣在技術服務方面，Cudd Pressure Control 的營收季比成長 8%，主要由連續油管（coiled tubing）、頂壓作業（snubbing）與井控（well control）帶動。Cudd Pressure Control 的頂壓作業業務季比成長 14%。本季我們接收了一套大口徑頂壓作業設備，並於 6 月初開始作業。該設備此後已動員至一項多專案工作。

The big bore's design features make it ideally suited for cavern gas storage inspections, which is regulatory driven. This is part of our effort to continue diversifying beyond well completions. Coiled tubing, our largest service line within Cudd Pressure Control, was up 6% sequentially. Coiled tubing had the strongest growth in Elk City, which serves multiple basins, as well as growth in Pennsylvania and Michigan. We saw increased utilization across all of our larger diameter units with the 2 7/8-inch unit fully utilized.

大口徑設備的設計特點使其非常適合用於洞穴式天然氣儲存（cavern gas storage）檢測，而此需求由法規所驅動。這也是我們持續朝完井以外領域多元化的一部分努力。連續油管作業是 Cudd Pressure Control 旗下最大的服務線，營收季比成長 6%。連續油管的成長以 Elk City 最為強勁（該地服務多個盆地），同時在賓夕法尼亞州與密西根州亦有成長。我們看到所有較大口徑機組的使用率提升，其中 2 7/8 吋機組達到滿載使用。

As part of our multi-year coiled tubing strategy, we have accelerated our investments here. We expect a total of 3, 2 7/8 capable units by year-end with two coming from reel trailer upgrades to previously modernized units and one from the previously delivered Trailblazer unit. These upgrades provide additional large-diameter capabilities to be deployed to the highest-return markets.

作為我們多年期連續油管策略的一部分，我們已加速在此領域的投資。我們預期到年底將共有 3 套具備 2 7/8 能力的機組，其中兩套來自對先前已現代化機組的捲筒拖車（reel trailer）升級，另一套則來自先前交付的 Trailblazer 機組。這些升級將提供額外的大口徑能力，可部署至報酬最高的市場。

While the wireline market conditions remain highly competitive, we have remained disciplined on pricing and continue to maintain a strong position with key customers. Pintail Wireline revenues were down 16% sequentially. Revenues were impacted by customer activity reductions and lost crews due to aggressive competitor pricing.

儘管測井電纜（wireline）市場環境仍高度競爭，我們在定價上保持紀律，並持續與主要客戶維持強勢地位。Pintail Wireline 的營收季比下滑 16%。營收受到客戶活動減少影響，且因競爭對手激進定價而流失部分作業班組。

Cudd Energy Services' pressure pumping business saw a 1% sequential revenue decrease. Revenues benefited from slightly improved pricing but was also offset by slightly lower pump hours. Job mix impacted revenues as we saw less fuel and M&S costs and revenues but benefited our profit margin. Our focus remains on continuing to earn an appropriate return on our equipment over a cycle, but without significant activity changes, we do not see meaningful increases in pricing. Currently, we have no plans to reactivate fleets at current levels.

Cudd Energy Services 的壓裂泵送（pressure pumping）業務營收季比下降 1%。營收受惠於定價略有改善，但也被泵送工時略降所抵銷。工作組合影響了營收：我們看到燃料與 M&S 成本及相應營收較少，但有利於我們的利潤率。我們的重點仍是確保設備在全週期內能賺取適當報酬；但在活動量未出現顯著變化的情況下，我們不預期定價會有明顯上升。以目前水準而言，我們沒有重新啟用車隊（fleets）的計畫。

However, we are encouraged by easing gas takeaway constraints and the potential for '27 E&P budgets to reflect a more supportive commodity price environment. Current oil prices are more supportive of activity levels. However, the volatility from geopolitical events creates a less certain environment for customer investment decisions.

不過，我們對天然氣外運限制（gas takeaway constraints）緩解，以及 2027 年 E&P 預算可能反映更有利的大宗商品價格環境，感到鼓舞。目前油價對活動水準較具支撐。然而，地緣政治事件帶來的波動，使客戶投資決策所處環境更不確定。

We believe operators are being cautious due to uncertainty around the duration and ultimate levels of commodity prices. We do not expect a significant change in activity near term, but we acknowledge the dynamic nature of the market and are in a position to respond. Our focus is on controllable factors, strong full-cycle returns, and cash flow generation.

我們認為，操作方因對大宗商品價格的持續時間與最終水準存在不確定性而保持謹慎。我們不預期短期內活動量會有顯著變化，但我們也認知市場具動態性，並已具備因應的能力。我們的重點在可控因素、強勁的全週期報酬，以及現金流創造。

With that, I'll now have Mike discuss the quarter's financial results.

接下來，我請 Mike 說明本季的財務結果。

Thanks, Ben. Our second quarter financial results with sequential comparisons to the first quarter of 2026 are as follows. Revenues increased 1% to $461 million. Breaking down our operating segments, Technical Services, which represented 95% of our total second quarter revenues, were up 1%. Support Services, which represented 5% of revenues, were up 11%. The following is a breakdown of the second quarter revenues for our largest service lines. Pressure pumping, 30.3%; downhole tools, 25.3%; wireline, 19.2%; coiled tubing, 8.8%; cementing, 6.2%; rental tools, 3.6%. Together, these service lines accounted for 94% of our total revenues.

謝謝你，Ben。我們 2026 年第二季的財務結果，並與 2026 年第一季進行連續比較如下。營收增加 1% 至 4.61 億美元。按營運部門拆分，技術服務占第二季總營收的 95%，成長 1%。支援服務占營收的 5%，成長 11%。以下為第二季最大服務線的營收占比拆分。壓裂泵送 30.3%；井下工具 25.3%；測井電纜（wireline）19.2%；連續油管（coiled tubing）8.8%；固井 6.2%；租賃工具 3.6%。合計而言，這些服務線占我們總營收的 94%。

Cost of revenues, excluding depreciation and amortization, was $346 million compared to $356 million in the prior quarter. This decrease was primarily related to job mix as we provided lower levels of materials and supplies and fuel for customers during the quarter. SG&A expenses were $52 million, up from $48 million in the prior quarter. SG&A increased due to some incentive comp, higher bad debt expense, and some other consulting expenses. As a percent of revenue, SG&A increased 60 basis points to 11.2%.

營收成本（不含折舊與攤銷）為 3.46 億美元，較前一季的 3.56 億美元下降。此下降主要與作業組合有關，因為本季我們為客戶提供的材料與耗材以及燃料水準較低。SG&A 費用為 5,200 萬美元，高於前一季的 4,800 萬美元。SG&A 增加係因部分獎勵性薪酬、較高的壞帳費用，以及部分其他顧問費用。以營收百分比計，SG&A 增加 60 個基點至 11.2%。

Depreciation and amortization was $43 million, slightly up from the previous quarter. The effective tax rate was lower compared to the previous quarter, primarily due to a smaller impact of the permanent adjustments on increased pre-tax income. Adjusted diluted EPS was $0.08 per share in the second quarter. Adjustments totaled $0.03 per share and related to the acquisition-related employment costs. Adjusted EBITDA was $66 million, up from $53.5 million.

折舊與攤銷為 4,300 萬美元，較前一季略增。有效稅率較前一季降低，主要因稅前所得增加下，永久性調整的影響較小。第二季調整後稀釋每股盈餘（EPS）為每股 0.08 美元。調整項合計為每股 0.03 美元，與併購相關的雇用成本有關。調整後 EBITDA 為 6,600 萬美元，高於 5,350 萬美元。

Adjusted EBITDA margins increased 250 basis points sequentially to 14.3%. EBITDA margin benefited by modest pricing improvements, better job mix, operational leverage from higher revenues at several locations, and a sales tax refund. Net cash provided by operating activities year-to-date is $75 million. And after CapEx of $71 million, free cash flow is $4 million. Working capital has been impacted by higher revenues and the timing of customer payments.

調整後 EBITDA 利潤率較前一季提高 250 個基點至 14.3%。EBITDA 利潤率受惠於溫和的價格改善、更佳的作業組合、數個據點在營收提高下的營運槓桿，以及一筆銷售稅退稅。年初至今由營運活動提供的淨現金為 7,500 萬美元。在資本支出（CapEx）7,100 萬美元之後，自由現金流為 400 萬美元。營運資金受到較高營收以及客戶付款時點的影響。

At quarter end, we had approximately $180 million in cash, $30 million notes payable, and no borrowings on our $100 million revolving credit facility, which we amended and extended during the quarter through June 2031. Our regular cash dividend remains unchanged at $0.04 per share. Dividend payments totaled $17.7 million to date. We expect 2026 capital expenditures in the range of $170 million to $190 million.

截至季末，我們約有 1.8 億美元現金、3,000 萬美元應付票據，且在我們 1 億美元循環信用額度下沒有借款；該額度我們已於本季修訂並延長至 2031 年 6 月。我們的例行現金股利維持不變，為每股 0.04 美元。截至目前股利支付合計 1,770 萬美元。我們預期 2026 年資本支出介於 1.7 億至 1.9 億美元。

We raised the range due to targeted growth investments where we see strong full-cycle returns, particularly in the areas that can further differentiate our service offerings. Given the timing and lead times, some of the spend may ultimately occur in 2027. We will continue to adjust our spend based on project returns and opportunity.

我們上調該區間，係因在我們看到強勁全週期報酬的領域進行有針對性的成長投資，特別是在可進一步差異化我們服務供給的領域。考量時程與交期，部分支出最終可能會發生在 2027 年。我們將持續依據專案報酬與機會調整支出。

I'll now turn it back over to Ben for some closing remarks.

接下來我把時間交還給 Ben，請他做一些結語。

Okay. Thank you, Mike. While we remain cautious regarding the pace of broader industry improvement, we believe RPC is well positioned with differentiated technologies, a strong balance sheet, and the financial flexibility to pursue attractive opportunities, while continuing to generate cash and deliver strong full cycle returns and strong full-cycle returns. I want to thank all of our employees who put in tremendous work to provide high levels of service and value to our customers every day.

好的。謝謝你，Mike。儘管我們對整體產業改善的步伐仍保持審慎，我們相信 RPC 具備差異化技術、強健的資產負債表，以及追求具吸引力機會的財務彈性，同時持續創造現金並帶來強勁的全週期報酬與強勁的全週期報酬，因此處於有利位置。我要感謝所有員工每天投入大量心力，為客戶提供高水準的服務與價值。

Thank you for joining us this morning, and at this time, we're happy to address any questions.

感謝各位今天早上加入我們；此刻我們很樂意回答任何問題。

(Operator Instructions) John Daniel, Daniel Energy Partners.

（接線員指示）John Daniel，Daniel Energy Partners。

So I only really have one question, on the coiled tubing units, the upgrades are you seeing -- are they staying in one basing? Or do you see the opportunities to take them across the US? And just your thoughts on where that could go over the next couple of years in terms of need for more of those units.

我其實只有一個問題，關於連續油管（coiled tubing）機組的升級，你們看到——它們是否會一直留在同一個盆地？還是你們看到把它們帶到全美各地的機會？以及你們對未來幾年在需要更多這類機組方面可能的走向有何看法？

Yes, we've done a lot in South Texas, the Mid-Con, and the Permian. That's where our focus has been, but obviously, they are mobile, and particular customer relationships will have a big bearing on where we send those. But I would see at this point in time, those particular basins are the ones that we would probably be focused on. We don't see any big shifts at this point in time in that.

是的，我們在南德州、Mid-Con，以及二疊紀盆地（Permian）做了很多。那一直是我們的重點，但顯然它們是可移動的，而特定客戶關係將對我們把這些設備送到哪裡有很大影響。但就目前而言，我認為這些特定盆地仍會是我們可能聚焦的地方。我們目前沒有看到這方面有任何重大轉移。

Okay, and then I think that -- I'm going to squeeze one more. Just on your frac side of the business. I know you don't -- I don't think you're going to disclose how many fleets you get running today, but just some thoughts on, do you see opportunities for incremental horsepower deployments?

好的，然後我想——我再擠一個問題。關於你們壓裂（frac）業務這一塊。我知道你們不——我想你們不會披露目前有多少支車隊在運行，但想請教一下，你們是否看到增量馬力部署的機會？

In terms of increased, I would say, no. What we are doing, though, we are supporting the business, we are making selective, call them upgrades or whatever as equipment, obviously something you manage over time in terms of older units, those refurbed or replaced. Obviously, we're upgrading those to the newer technology, obviously leaning more and more into the equipment that is either entirely or the DGB type of equipment. So that's ongoing, that process of doing those upgrades.

就增加而言，我會說，不會。不過我們正在做的是支持業務，我們在選擇性地進行一些——可以稱之為升級之類的——因為設備顯然需要隨時間管理；就較舊的機組而言，要麼翻新要麼汰換。顯然，我們正把它們升級到較新的技術，並且越來越偏向使用全電或 DGB 類型的設備。所以這個升級流程仍在持續進行。

I would say again, we're trying to remain disciplined as we have over time. We're not aggressively trying to upgrade. We're trying to be prudent, use what we have that's available, that we can generate decent returns with, but we're able to -- the business is able to fund those needs that we're willing to put back into the business.

我再說一次，我們一如既往地努力保持紀律。我們並沒有積極地推動升級。我們力求審慎，使用我們現有可用、且能帶來不錯報酬的設備；同時，我們也能——業務本身能夠為我們願意再投入到業務中的那些需求提供資金。

(Operator Instructions) We have reached the end of the Q&A session. I will now turn the call back to Mr. Ben Palmer for closing remarks.

（接線員指示）問答環節到此結束。我現在把電話交回給 Ben Palmer 先生作結語。

Okay, thank you, operator, and thank you for listening in. We appreciate it. Hope you have a good rest of the day and look forward to checking in. Take care.

好的，謝謝接線員，也謝謝各位收聽。我們非常感謝。祝各位今天剩下的時間愉快，也期待再與各位聯繫。保重。

This concludes today's call. A reminder that the conference call will be replayed on www.rpc.net within two hours following the completion of the call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。提醒各位，電話會議結束後兩小時內，將可在 www.rpc.net 重播本次會議。感謝各位參與。您現在可以掛線。