RPC (RES) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	1-8726
Entity Registrant Name	RPC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1550825
Entity Address, Address Line One	2801 Buford Highway, Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-2140
Title of 12(b) Security	Common stock, par value $0.10
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		214,499,822
Entity Central Index Key	0000742278
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	RES

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 49,523	$ 116,262
Accounts receivable, net of allowance for doubtful accounts of $5,577 in 2019 and $4,813 in 2018	288,563	323,533
Inventories	107,028	130,083
Income taxes receivable	20,771	35,832
Prepaid expenses	6,531	9,766
Assets held for sale	5,385
Other current assets	3,310	3,462
Total current assets	481,111	618,938
Property, plant and equipment, less accumulated depreciation of $1,381,482 in 2019 and $1,633,827 in 2018	528,925	517,982
Operating lease right-of-use assets	35,556
Goodwill	32,150	32,150
Other assets	32,121	30,510
Total assets	1,109,863	1,199,580
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	82,813	103,401
Accrued payroll and related expenses	24,022	25,715
Accrued insurance expenses	6,489	6,183
Accrued state, local and other taxes	7,368	3,081
Income taxes payable	849	4,706
Current portion of operating lease liabilities	11,066
Other accrued expenses	3,613	151
Total current liabilities	136,220	143,237
Long-term accrued insurance expenses	13,543	12,072
Long-term pension liabilities	33,575	29,638
Deferred income taxes	38,680	60,375
Long-term operating lease liabilities	30,165
Other long-term liabilities	2,505	3,839
Total liabilities	254,688	249,161
Common stock	21,450	21,454
Capital in excess of par value
Retained earnings	854,170	947,711
Accumulated other comprehensive loss	(20,445)	(18,746)
Total stockholders' equity	855,175	950,419
Total liabilities and stockholders' equity	$ 1,109,863	$ 1,199,580

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Less: Allowance for doubtful accounts	$ 5,577	$ 4,813
Accumulated depreciation of property, plant and equipment	$ 1,381,482	$ 1,633,827

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Operations
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254
Cost of revenues (exclusive of items shown below)	225,230	300,947	742,713	908,631
Selling, general and administrative expenses	42,571	41,787	131,285	128,135
Impairment and other charges	71,650		71,650
Depreciation and amortization	44,701	42,993	130,087	120,567
Loss (gain) on disposition of assets, net	1,727	(286)	(2,910)	(3,459)
Operating (loss) income	(92,639)	54,553	(86,413)	190,380
Interest expense	(8)	(150)	(261)	(368)
Interest income	182	783	1,576	1,643
Other (expense) income, net	(937)	287	(545)	9,786
(Loss) income before income taxes	(93,402)	55,473	(85,643)	201,441
Income tax (benefit) provision	(24,221)	5,506	(21,894)	39,401
Net (loss) income	$ (69,181)	$ 49,967	$ (63,749)	$ 162,040
(Loss) earnings per share
Basic (in dollars per share)	$ (0.33)	$ 0.23	$ (0.30)	$ 0.75
Diluted (in dollars per share)	$ (0.33)	0.23	(0.30)	0.75
Dividends per share (in dollars per share)		$ 0.10	$ 0.15	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (69,181)	$ 49,967	$ (63,749)	$ 162,040
Other comprehensive (loss) income:
Pension adjustment and reclassification adjustment, net of taxes	173	157	520	485
Foreign currency translation	82	386	513	(29)
Comprehensive (loss) income	$ (68,926)	$ 50,510	$ (62,716)	$ 162,496

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2017	$ 21,654		$ 906,745	$ (16,702)	$ 911,697
Balance (in shares) at Dec. 31, 2017	216,544
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 50	$ 2,505			2,555
Stock issued for stock incentive plans, net (in shares)	498
Stock purchased and retired	$ (157)	(2,505)	(28,048)		(30,710)
Stock purchased and retired (in shares)	(1,573)
Net (loss) income			52,130		52,130
Dividends			(21,657)		(21,657)
Pension adjustment, net of taxes				173	173
Foreign currency translation				(481)	(481)
Balance at Mar. 31, 2018	$ 21,547		909,185	(17,025)	913,707
Balance (in shares) at Mar. 31, 2018	215,469
Balance at Dec. 31, 2017	$ 21,654		906,745	(16,702)	911,697
Balance (in shares) at Dec. 31, 2017	216,544
Increase (Decrease) in Stockholders' Equity
Net (loss) income					162,040
Foreign currency translation					(29)
Balance at Sep. 30, 2018	$ 21,480		971,382	(16,261)	976,601
Balance (in shares) at Sep. 30, 2018	214,798
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standards (Note 2)			15	(15)
Balance at Mar. 31, 2018	$ 21,547		909,185	(17,025)	913,707
Balance (in shares) at Mar. 31, 2018	215,469
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (8)	2,039			2,031
Stock issued for stock incentive plans, net (in shares)	(82)
Stock purchased and retired	$ (56)	(2,039)	(7,291)		(9,386)
Stock purchased and retired (in shares)	(560)
Net (loss) income			59,943		59,943
Dividends			(21,529)		(21,529)
Pension adjustment, net of taxes				155	155
Foreign currency translation				66	66
Balance at Jun. 30, 2018	$ 21,483		940,308	(16,804)	944,987
Balance (in shares) at Jun. 30, 2018	214,827
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (3)	2,621			2,618
Stock issued for stock incentive plans, net (in shares)	(25)
Stock purchased and retired	$ 0	(2,621)	2,557		(64)
Stock purchased and retired (in shares)	(4)
Net (loss) income			49,967		49,967
Dividends			(21,450)		(21,450)
Pension adjustment, net of taxes				157	157
Foreign currency translation				386	386
Balance at Sep. 30, 2018	$ 21,480		971,382	(16,261)	976,601
Balance (in shares) at Sep. 30, 2018	214,798
Balance at Dec. 31, 2018	$ 21,454		947,711	(18,746)	950,419
Balance (in shares) at Dec. 31, 2018	214,544
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 84	2,368			2,452
Stock issued for stock incentive plans, net (in shares)	843
Stock purchased and retired	$ (24)	(2,368)	(306)		(2,698)
Stock purchased and retired (in shares)	(245)
Net (loss) income			(739)		(739)
Dividends			(21,486)		(21,486)
Pension adjustment, net of taxes				173	173
Foreign currency translation				98	98
Balance at Mar. 31, 2019	$ 21,514		927,556	(21,207)	927,863
Balance (in shares) at Mar. 31, 2019	215,142
Balance at Dec. 31, 2018	$ 21,454		947,711	(18,746)	950,419
Balance (in shares) at Dec. 31, 2018	214,544
Increase (Decrease) in Stockholders' Equity
Net (loss) income					(63,749)
Foreign currency translation					513
Balance at Sep. 30, 2019	$ 21,450		854,170	(20,445)	855,175
Balance (in shares) at Sep. 30, 2019	214,500
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standards (Note 2)			2,376	(2,732)	(356)
Balance at Mar. 31, 2019	$ 21,514		927,556	(21,207)	927,863
Balance (in shares) at Mar. 31, 2019	215,142
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (2)	2,438			2,436
Stock issued for stock incentive plans, net (in shares)	(23)
Stock purchased and retired	$ (54)	(2,438)	(2,159)		(4,651)
Stock purchased and retired (in shares)	(540)
Net (loss) income			6,171		6,171
Dividends			(10,738)		(10,738)
Pension adjustment, net of taxes				174	174
Foreign currency translation				333	333
Balance at Jun. 30, 2019	$ 21,458		920,917	(20,700)	921,675
Balance (in shares) at Jun. 30, 2019	214,579
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standards (Note 2)			87		87
Stock issued for stock incentive plans, net	$ (8)	2,444			2,436
Stock issued for stock incentive plans, net (in shares)	(77)
Stock purchased and retired		$ (2,444)	2,434		(10)
Stock purchased and retired (in shares)	(2)
Net (loss) income			(69,181)		(69,181)
Pension adjustment, net of taxes				173	173
Foreign currency translation				82	82
Balance at Sep. 30, 2019	$ 21,450		$ 854,170	$ (20,445)	$ 855,175
Balance (in shares) at Sep. 30, 2019	214,500

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net (loss) income	$ (63,749)	$ 162,040
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	132,515	123,281
Stock-based compensation expense	7,324	7,204
Gain on disposition of assets, net	(2,910)	(3,459)
Gain due to insurance recovery		(9,646)
Gain due to benefit financing arrangement	(126)	(1,020)
Deferred income tax (benefit) provision	(21,777)	6,319
Impairment and other non-cash charges	71,650
(Increase) decrease in assets:
Accounts receivable	35,052	(5,029)
Income taxes receivable	15,061	28,664
Inventories	17,713	(14,233)
Prepaid expenses	2,472	2,647
Other current assets	263	1,420
Other non-current assets	(3,850)	(2,106)
Increase (decrease) in liabilities:
Accounts payable	(24,125)	21,852
Income taxes payable	(3,857)	1,775
Accrued payroll and related expenses	(1,711)	8,583
Accrued insurance expenses	306	604
Accrued state, local and other taxes	4,287	(1,545)
Other accrued expenses	(1,815)	(873)
Pension liabilities	4,627	(4,700)
Long-term accrued insurance expenses	1,471	1,059
Other long-term liabilities	892	(885)
Net cash provided by operating activities	169,713	321,952
INVESTING ACTIVITIES
Capital expenditures	(209,263)	(199,581)
Proceeds from sale of assets	12,394	10,102
Proceeds from insurance recovery		9,646
Proceeds from benefit plan financing arrangement	507	2,218
Re-investment in benefit plan financing arrangement	(507)	(2,218)
Net cash used for investing activities	(196,869)	(179,833)
FINANCING ACTIVITIES
Payment of dividends	(32,224)	(64,636)
Cash paid for common stock purchased and retired	(7,359)	(40,160)
Net cash used for financing activities	(39,583)	(104,796)
Net (decrease) increase in cash and cash equivalents	(66,739)	37,323
Cash and cash equivalents at beginning of period	116,262	91,050
Cash and cash equivalents at end of period	49,523	128,373
Supplemental cash flows disclosure:
Income taxes (refund) paid, net	(10,826)	1,781
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 18,345	$ 8,960

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2019
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019. The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2019
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ​

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2019
REVENUES
REVENUES	3. REVENUES Accounting Policy: RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the consolidated statements of operations and therefore excluded from revenues. Nature of services: RPC provides a broad range of specialized oilfield services to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets. RPC manages its business as either (1) services offered on the well site with equipment and personnel (Technical Services) or (2) services and tools offered off the well site (Support Services). For more detailed information about operating segments, see Note 7. RPC contracts with its customers to provide the following services by reportable segment: Technical Services ● Includes pressure pumping, downhole tools services, coiled tubing, nitrogen, snubbing and other oilfield related services including wireline, well control, fishing and pump down services. Support Services ● Rental tools – RPC rents tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. ● Other support services include oilfield pipe inspection services, pipe management and pipe storage; well control training and consulting. Our contracts with customers are generally very short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. Payment terms: RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection generally occurs between Significant judgments: RPC believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. RPC has elected the right to invoice practical expedient for recognizing revenue related to its performance obligations. Disaggregation of revenues: See Note 7 for disaggregation of revenue by operating segment and services offered in each of them and by geographic regions. Timing of revenue recognition for each of the periods presented is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 293,240 ​ 439,994 ​ 986,412 ​ 1,344,254 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 ​ Contract balances: Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net on the consolidated balance sheets are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, September 30, December 31, (in thousands) ​ 2019 ​ 2018 ​ 2018 ​ 2017 Unbilled trade receivables ​ $ 55,837 ​ $ 56,408 ​ $ 102,760 ​ $ 68,494 ​ Substantially all of the unbilled trade receivables disclosed were invoiced during the following quarter.

IMPAIRMENT AND OTHER CHARGES

IMPAIRMENT AND OTHER CHARGES	9 Months Ended
	Sep. 30, 2019
IMPAIRMENT AND OTHER CHARGES
IMPAIRMENT AND OTHER CHARGES	4. IMPAIRMENT AND OTHER CHARGES In response to the decline in customer activities and expectation for it to continue in the near term, the Company recorded the following estimated pre-tax charges during the three and nine months ended September 30, 2019. These charges are reflected in Impairment and other charges in the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ September 30, September 30, September 30, September 30, (in thousands) ​ 2019 ​ 2018 ​ 2019 ​ 2018 Abandonment of assets (1) ​ $ 34,575 ​ $ — ​ $ 34,575 ​ $ — Assets held for sale write down (2) ​ 14,326 ​ — ​ 14,326 ​ — Retirement of equipment (3) ​ 15,953 ​ — ​ 15,953 ​ — Inventory write-downs ​ 5,501 ​ — ​ 5,501 ​ — Severance costs ​ 1,268 ​ — ​ 1,268 ​ — Other ​ 27 ​ — ​ 27 ​ — Total ​ $ 71,650 ​ $ — ​ $ 71,650 ​ $ — (1) Includes accelerated depreciation for assets that were ceased to be used during the third quarter of 2019 and were abandoned before the end of their previously estimated useful lives. These assets have been recorded at salvage value Also includes Right-Of-Use (ROU) assets related to leased real estate locations that were abandoned; see Note 14 for additional information on leased assets. (2) Represents real estate properties that are expected to be sold within the next 12 months. In connection with the plan of sale, the Company determined that the carrying values of some of the underlying assets exceeded their fair values. The impairment loss of $14,326,000 represents the excess of the carrying values of the assets over their fair values, less cost to sell. The carrying value of the assets that are held for sale is separately presented in the Consolidated Balance Sheets in the caption "Assets held for sale," and these assets are no longer depreciated. (3) Represents older pressure pumping equipment being retired because it no longer effectively meets the industry’s current market requirements, needs more maintenance, and is not expected to generate adequate returns in the future. The estimated charges listed above are subject to change in the near term as the assets are disposed and severances are paid as the Company continues to position itself to compete in this difficult market environment. See Note 7 for details of impairment and other charges by segment.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table reflects the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (In thousands) 2019 2018 2019 2018 Net (loss) income available for stockholders: ​ $ (69,181) ​ $ 49,967 ​ $ (63,749) ​ $ 162,040 Less: Adjustments for earnings attributable to participating securities ​ — ​ (528) ​ (334) ​ (1,791) Net (loss) income used in calculating earnings per share ​ $ (69,181) ​ $ 49,439 ​ $ (64,083) ​ $ 160,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 214,521 ​ 214,807 ​ 214,823 ​ 215,362 Adjustment for participating securities ​ (2,496) ​ (2,392) ​ (2,538) ​ (2,482) Shares used in calculating basic and diluted earnings per share ​ 212,025 ​ 212,415 ​ 212,285 ​ 212,880 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of September 30, 2019, there were 4,654,643 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Pre-tax expense ​ $ 2,436 ​ $ 2,618 ​ $ 7,324 ​ $ 7,204 After tax expense ​ $ 1,840 ​ $ 1,977 ​ $ 5,530 ​ $ 5,439 ​ Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2018 2,352,150 ​ $ 17.15 Granted 858,150 ​ 11.39 Vested (623,590) ​ 14.73 Forfeited (114,983) ​ 15.78 Non-vested shares at September 30, 2019 2,471,727 ​ $ 13.21 ​ The total fair value of shares vested was $7,018,000 during the nine months ended September 30, 2019 and $16,445,000 during the nine months ended September 30, 2018. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete tax adjustment. This discrete tax adjustment was a detriment of $530,600 for the nine months ended September 30, 2019 and a benefit of $1,620,000 for the nine months ended September 30, 2018. As of September 30, 2019, total unrecognized compensation cost related to non-vested restricted shares was $45,948,000, which is expected to be recognized over a weighted-average period of 3.7 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2019
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business under Technical Services and Support Services. Technical Services is comprised of service lines that generate revenue based on equipment, personnel or materials at the well site and are closely aligned with completion and production activities of the customers. Support Services is comprised of service lines which generate revenue from services and tools offered off the well site and are more closely aligned with the customers’ drilling activities. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses, and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 111,163 ​ $ 237,487 ​ $ 428,988 ​ $ 762,527 Downhole Tools ​ 111,619 ​ 112,798 ​ 334,053 ​ 313,360 Coiled Tubing ​ 19,622 ​ 26,248 ​ 61,084 ​ 78,848 Nitrogen ​ 10,140 ​ 12,645 ​ 33,667 ​ 35,860 Snubbing ​ 4,407 ​ 4,257 ​ 12,225 ​ 14,284 All other ​ 17,532 ​ 27,836 ​ 56,579 ​ 85,307 Total Technical Services ​ $ 274,483 ​ $ 421,271 ​ $ 926,596 ​ $ 1,290,186 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 12,479 ​ $ 13,957 ​ $ 40,377 ​ $ 36,527 All other ​ 6,278 ​ 4,766 ​ 19,439 ​ 17,541 Total Support Services ​ $ 18,757 ​ $ 18,723 ​ $ 59,816 ​ $ 54,068 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 ​ The following summarizes revenues for the United States and separately for all international locations combined for the three and nine months ended September 30, 2019. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 United States revenues ​ $ 275,928 ​ $ 417,349 ​ $ 933,583 ​ $ 1,278,655 International revenues ​ 17,312 ​ 22,645 ​ 52,829 ​ 65,599 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 ​ The accounting policies of the reportable segments are the same as those described in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three and nine months ended September 30, 2019 and 2018 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Revenues: ​ ​ ​ ​ Technical Services ​ $ 274,483 ​ $ 421,271 ​ $ 926,596 ​ $ 1,290,186 Support Services ​ 18,757 ​ 18,723 ​ 59,816 ​ 54,068 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 Operating (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (18,174) ​ $ 56,209 ​ $ (15,782) ​ $ 196,838 Support Services ​ 1,632 ​ 1,787 ​ 8,787 ​ 2,075 Corporate Expenses ​ (2,720) ​ (3,729) ​ (10,678) ​ (11,992) Impairment and Other Charges (1) ​ ​ (71,650) ​ ​ — ​ ​ (71,650) ​ ​ — (Loss) Gain on disposition of assets, net ​ (1,727) ​ 286 ​ 2,910 ​ 3,459 Total operating (loss) income ​ $ (92,639) ​ $ 54,553 ​ $ (86,413) ​ $ 190,380 Interest expense ​ (8) ​ (150) ​ (261) ​ (368) Interest income ​ 182 ​ 783 ​ 1,576 ​ 1,643 Other (expense) income , net ​ (937) ​ 287 ​ (545) ​ 9,786 (Loss) Income before income taxes ​ $ (93,402) ​ $ 55,473 ​ $ (85,643) ​ $ 201,441 (1) Represents $69,640 related to Technical Services and $2,010 related to Corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 122,827 ​ $ 7,026 ​ $ 234 ​ $ 130,087 Capital expenditures ​ 198,757 ​ 8,546 ​ 1,960 ​ 209,263 Identifiable assets ​ $ 963,544 ​ $ 77,848 ​ $ 68,471 ​ $ 1,109,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2018 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 110,991 ​ $ 9,247 ​ $ 329 ​ $ 120,567 Capital expenditures ​ 194,115 ​ 4,260 ​ 1,206 ​ 199,581 Identifiable assets ​ $ 984,397 ​ $ 77,870 ​ $ 183,395 ​ $ 1,245,662 ​

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2019
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories of $107,028,000 at September 30, 2019 and $130,083,000 at December 31, 2018 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	9. EMPLOYEE BENEFIT PLAN The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Interest cost ​ $ 490 ​ $ 458 ​ $ 1,470 ​ $ 1,374 Expected return on plan assets ​ (649) ​ (710) ​ (1,949) ​ (2,128) Amortization of net losses ​ 229 ​ 206 ​ 689 ​ 618 Net periodic benefit cost (credit) ​ $ 70 ​ $ (46) ​ $ 210 ​ $ (136) ​ The Company did not make a contribution to this plan during the nine months ended September 30, 2019. A cash and a contribution of $5,000,000 was made during the nine months ended September 30, 2018. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $26,955,000 as of September 30, 2019 and $22,815,000 as of December 31, 2018. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Unrealized gains (losses), net related to the SERP assets were approximately as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Unrealized gains, net ​ $ 370 ​ $ 861 ​ $ 4,006 ​ $ 1,246 ​ The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
	Sep. 30, 2019
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	10. NOTES PAYABLE TO BANKS The Company has a revolving credit facility with Bank of America and five other lenders which provides for a line of credit of up to $125 million, including a $35 million letter of credit subfacility, and a $35 million swingline subfacility. The revolving credit facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. Certain of the Company's minor subsidiaries are not guarantors. On October 26, 2018, the Company entered into Amendment No. 4 to Credit Agreement (the “Amendment”). The Amendment, among other matters, replaces the existing minimum tangible net worth covenant with the following covenants: (i) when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, a maximum consolidated leverage ratio of 2.50:1.00 and a minimum debt service coverage ratio of 2.00:1.00, and (ii) otherwise, a minimum tangible net worth covenant of no less than $600 million. The Amendment additionally (1) extends the Credit Agreement maturity date from January 17, 2019 to October 26, 2023, (2) eliminates any borrowing base limitations on revolving loans when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, (3) reduces the commitment fees payable by RPC by 7.5 basis points at each pricing level and (4) reduces the letter of credit sublimit from $50 million to $35 million. As of September 30, 2019, the Company was in compliance with these covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); plus, a margin ranging from 1.125% to 2.125% , based on a quarterly consolidated leverage ratio calculation; or ● the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50% , (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00% ; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation. In addition, the Company pays an annual fee ranging from 0.15% to 0.25%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of approximately $3.3 million. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance of $0.3 million at September 30, 2019 is classified as part of non-current other assets. As of September 30, 2019, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $20.6 million; therefore, a total of $104.4 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan cost, and interest paid on the credit facility were as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Interest incurred ​ $ 8 ​ $ 61 ​ $ 186 ​ $ 181 Interest paid ​ ​ — ​ ​ 118 ​ ​ 121 ​ ​ 180 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended September 30, 2019, the income tax benefit reflects an effective tax rate of 25.9 percent compared to an income tax provision of 9.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2019, the income tax benefit reflects an effective tax rate of 25.6 percent compared to 19.6 percent for the comparable period in the prior year. The 2019 effective rate includes detrimental discrete adjustments of $3.6 million resulting from restricted stock vesting and dividends and beneficial prior year true-ups as compared to the 2018 effective rate.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2019
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	12. FAIR VALUE DISCLOSURES The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of September 30, 2019 and December 31, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Equity securities ​ $ 234 ​ $ 234 ​ $ — ​ $ — Investments measured at net asset value ​ $ 26,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2018 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 211 ​ $ 211 ​ $ — ​ $ — Investments measured at net asset value ​ $ 22,815 ​ ​ ​ ​ The Company determines the fair value of equity securities that have a readily determinable fair value through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities comprised of the SERP assets, as described in Note 9, are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the period ended September 30, 2019, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at September 30, 2019 and December 31, 2018. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in Note 10. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) Change during the period: ​ ​ ​ ​ Before-tax amount ​ — ​ 513 ​ 513 Adoption of accounting standard (Note 2) ​ ​ (2,732) ​ ​ — ​ ​ (2,732) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 520 ​ — ​ 520 Total activity for the period ​ (2,212) ​ 513 ​ (1,699) Balance at September 30, 2019 ​ $ (18,090) ​ $ (2,355) ​ $ (20,445) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Foreign ​ ​ ​ ​ ​ Pension ​ Gain (Loss) On ​ Currency ​ ​ ​ ​ Adjustment Securities Translation Total Balance at December 31, 2017 ​ $ (14,470) ​ $ 15 ​ $ (2,247) ​ $ (16,702) Change during the period: ​ ​ ​ ​ Before-tax amount ​ — ​ (15) ​ (29) ​ (44) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 485 ​ — ​ — ​ 485 Total activity for the period ​ 485 ​ (15) ​ (29) ​ 441 Balance at September 30, 2018 ​ $ (13,985) ​ $ — ​ $ (2,276) ​ $ (16,261) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ​ In the first quarter of 2019, the Company adopted the provisions of ASU 2018-02, which provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (AOCI) to retained earnings due to the change in the U.S. federal tax rate as a result of the Tax Cuts and Jobs Act, which took effect in January 2018. Accordingly, the Company elected to reclassify approximately $2.7 million of stranded tax effects related to its pension plan from AOCI to retained earnings.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
LEASES
LEASES	14. LEASES The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. Prior year financial statements have not been restated and therefore those amounts are not presented below. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related ROU asset and liability at the present value of lease payments over the term. A few of the leases include rental escalation clauses or renewal options and they have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. ROU assets exclude lessor incentives received. The Company’s lease population consists primarily of real estate including its corporate headquarters, office space and warehouses, in addition to vehicles, railcars, storage containers and office equipment. The Company does not have any finance leases. The Company has a significant population of month-to-month real estate leases that have been classified as short-term leases, and therefore has not recognized a ROU asset or lease liability related to them. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments relate primarily to taxes and insurance on real estate contracts and are recognized as expense when incurred. The Company subleases certain real estate to third parties. Our sublease portfolio consists solely of operating leases. As of September 30, 2019, the Company had no operating leases that had not yet commenced. During the nine months ended September 30, 2019, the Company entered into new leases or modified existing leases that resulted in an increase of ROU assets in exchange for operating lease liabilities as disclosed below. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: ​ ​ ​ ​ ​ ​ ​ (in thousands) Classification on the Consolidated Balance Sheet September 30, 2019 Assets: ​ ​ ​ ​ ​ Operating lease assets ​ Operating lease right-of-use assets ​ $ 35,556 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current – operating leases ​ Current portion of operating leases ​ $ 11,066 Non-current – operating leases ​ Long-term operating lease liabilities ​ ​ 30,165 Total lease liabilities ​ ​ ​ $ 41,231 ​ During the quarter ended September 30, 2019, the Company recorded an impairment totaling $4.6 million representing the acceleration of depreciation on the remaining balance of the ROU assets related to leased real estate locations that have been abandoned. The Company has not terminated these leases and continues to carry the present value of lease liability related to these payments. Lease costs: The components of lease expense for the period are reported as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated ​ Three months ended ​ Nine months ended (in thousands) Statements of Operations September 30, 2019 September 30, 2019 Operating lease cost ​ Cost of revenues ​ $ 1,777 ​ ​ 5,649 Short-term lease cost ​ Cost of revenues ​ ​ 932 ​ ​ 3,325 Variable lease cost ​ Cost of revenues ​ ​ 2 ​ ​ 3 Operating lease cost ​ Selling, general and administrative expenses ​ $ 1,839 ​ ​ 5,845 Short-term lease cost ​ Selling, general and administrative expenses ​ ​ 593 ​ ​ 2,116 Variable lease cost ​ Selling, general and administrative expenses ​ ​ 336 ​ ​ 391 Sublease income ​ Selling, general and administrative expenses ​ ​ (18) ​ ​ (54) ​ Total lease cost ​ ​ ​ $ 5,461 ​ ​ 17,275 ​ ​ ​ ​ ​ ​ Other information: ​ Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) ​ $ 10,291 ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ $ 7,207 Weighted average remaining lease term – operating leases ​ ​ 5.4 years Weighted average discount rate – operating leases ​ ​ 3.74 % ​ ​ ​ ​ ​ ​ ​ Operating Maturity of lease liabilities (in thousands) Leases 2019 (excluding the nine months ended September 30, 2019) ​ $ 3,371 2020 ​ ​ 11,770 2021 ​ ​ 9,385 2022 ​ ​ 6,369 2023 ​ ​ 3,914 Thereafter ​ ​ 10,886 Total lease payments ​ ​ 45,695 Less: Amounts representing interest ​ ​ (4,464) Present value of lease liabilities $ 41,231 ​

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2019
RECENT ACCOUNTING STANDARDS
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.
Revenues	RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the consolidated statements of operations and therefore excluded from revenues.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2019
REVENUES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 293,240 ​ 439,994 ​ 986,412 ​ 1,344,254 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 ​
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, September 30, December 31, (in thousands) ​ 2019 ​ 2018 ​ 2018 ​ 2017 Unbilled trade receivables ​ $ 55,837 ​ $ 56,408 ​ $ 102,760 ​ $ 68,494 ​

IMPAIRMENT AND OTHER CHARGES (T

IMPAIRMENT AND OTHER CHARGES (Tables)	9 Months Ended
	Sep. 30, 2019
IMPAIRMENT AND OTHER CHARGES
Schedule of impairment and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ September 30, September 30, September 30, September 30, (in thousands) ​ 2019 ​ 2018 ​ 2019 ​ 2018 Abandonment of assets (1) ​ $ 34,575 ​ $ — ​ $ 34,575 ​ $ — Assets held for sale write down (2) ​ 14,326 ​ — ​ 14,326 ​ — Retirement of equipment (3) ​ 15,953 ​ — ​ 15,953 ​ — Inventory write-downs ​ 5,501 ​ — ​ 5,501 ​ — Severance costs ​ 1,268 ​ — ​ 1,268 ​ — Other ​ 27 ​ — ​ 27 ​ — Total ​ $ 71,650 ​ $ — ​ $ 71,650 ​ $ — (1) Includes accelerated depreciation for assets that were ceased to be used during the third quarter of 2019 and were abandoned before the end of their previously estimated useful lives. These assets have been recorded at salvage value Also includes Right-Of-Use (ROU) assets related to leased real estate locations that were abandoned; see Note 14 for additional information on leased assets. (2) Represents real estate properties that are expected to be sold within the next 12 months. In connection with the plan of sale, the Company determined that the carrying values of some of the underlying assets exceeded their fair values. The impairment loss of $14,326,000 represents the excess of the carrying values of the assets over their fair values, less cost to sell. The carrying value of the assets that are held for sale is separately presented in the Consolidated Balance Sheets in the caption "Assets held for sale," and these assets are no longer depreciated. (3) Represents older pressure pumping equipment being retired because it no longer effectively meets the industry’s current market requirements, needs more maintenance, and is not expected to generate adequate returns in the future.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (In thousands) 2019 2018 2019 2018 Net (loss) income available for stockholders: ​ $ (69,181) ​ $ 49,967 ​ $ (63,749) ​ $ 162,040 Less: Adjustments for earnings attributable to participating securities ​ — ​ (528) ​ (334) ​ (1,791) Net (loss) income used in calculating earnings per share ​ $ (69,181) ​ $ 49,439 ​ $ (64,083) ​ $ 160,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 214,521 ​ 214,807 ​ 214,823 ​ 215,362 Adjustment for participating securities ​ (2,496) ​ (2,392) ​ (2,538) ​ (2,482) Shares used in calculating basic and diluted earnings per share ​ 212,025 ​ 212,415 ​ 212,285 ​ 212,880

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Pre-tax expense ​ $ 2,436 ​ $ 2,618 ​ $ 7,324 ​ $ 7,204 After tax expense ​ $ 1,840 ​ $ 1,977 ​ $ 5,530 ​ $ 5,439
Schedule of changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2018 2,352,150 ​ $ 17.15 Granted 858,150 ​ 11.39 Vested (623,590) ​ 14.73 Forfeited (114,983) ​ 15.78 Non-vested shares at September 30, 2019 2,471,727 ​ $ 13.21

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 111,163 ​ $ 237,487 ​ $ 428,988 ​ $ 762,527 Downhole Tools ​ 111,619 ​ 112,798 ​ 334,053 ​ 313,360 Coiled Tubing ​ 19,622 ​ 26,248 ​ 61,084 ​ 78,848 Nitrogen ​ 10,140 ​ 12,645 ​ 33,667 ​ 35,860 Snubbing ​ 4,407 ​ 4,257 ​ 12,225 ​ 14,284 All other ​ 17,532 ​ 27,836 ​ 56,579 ​ 85,307 Total Technical Services ​ $ 274,483 ​ $ 421,271 ​ $ 926,596 ​ $ 1,290,186 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 12,479 ​ $ 13,957 ​ $ 40,377 ​ $ 36,527 All other ​ 6,278 ​ 4,766 ​ 19,439 ​ 17,541 Total Support Services ​ $ 18,757 ​ $ 18,723 ​ $ 59,816 ​ $ 54,068 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 United States revenues ​ $ 275,928 ​ $ 417,349 ​ $ 933,583 ​ $ 1,278,655 International revenues ​ 17,312 ​ 22,645 ​ 52,829 ​ 65,599 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Revenues: ​ ​ ​ ​ Technical Services ​ $ 274,483 ​ $ 421,271 ​ $ 926,596 ​ $ 1,290,186 Support Services ​ 18,757 ​ 18,723 ​ 59,816 ​ 54,068 Total revenues ​ $ 293,240 ​ $ 439,994 ​ $ 986,412 ​ $ 1,344,254 Operating (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (18,174) ​ $ 56,209 ​ $ (15,782) ​ $ 196,838 Support Services ​ 1,632 ​ 1,787 ​ 8,787 ​ 2,075 Corporate Expenses ​ (2,720) ​ (3,729) ​ (10,678) ​ (11,992) Impairment and Other Charges (1) ​ ​ (71,650) ​ ​ — ​ ​ (71,650) ​ ​ — (Loss) Gain on disposition of assets, net ​ (1,727) ​ 286 ​ 2,910 ​ 3,459 Total operating (loss) income ​ $ (92,639) ​ $ 54,553 ​ $ (86,413) ​ $ 190,380 Interest expense ​ (8) ​ (150) ​ (261) ​ (368) Interest income ​ 182 ​ 783 ​ 1,576 ​ 1,643 Other (expense) income , net ​ (937) ​ 287 ​ (545) ​ 9,786 (Loss) Income before income taxes ​ $ (93,402) ​ $ 55,473 ​ $ (85,643) ​ $ 201,441 (1) Represents $69,640 related to Technical Services and $2,010 related to Corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 122,827 ​ $ 7,026 ​ $ 234 ​ $ 130,087 Capital expenditures ​ 198,757 ​ 8,546 ​ 1,960 ​ 209,263 Identifiable assets ​ $ 963,544 ​ $ 77,848 ​ $ 68,471 ​ $ 1,109,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2018 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 110,991 ​ $ 9,247 ​ $ 329 ​ $ 120,567 Capital expenditures ​ 194,115 ​ 4,260 ​ 1,206 ​ 199,581 Identifiable assets ​ $ 984,397 ​ $ 77,870 ​ $ 183,395 ​ $ 1,245,662

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	9 Months Ended
	Sep. 30, 2019
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Interest cost ​ $ 490 ​ $ 458 ​ $ 1,470 ​ $ 1,374 Expected return on plan assets ​ (649) ​ (710) ​ (1,949) ​ (2,128) Amortization of net losses ​ 229 ​ 206 ​ 689 ​ 618 Net periodic benefit cost (credit) ​ $ 70 ​ $ (46) ​ $ 210 ​ $ (136)
Schedule of trading gains (losses) related to SERP assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Unrealized gains, net ​ $ 370 ​ $ 861 ​ $ 4,006 ​ $ 1,246

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
	Sep. 30, 2019
NOTES PAYABLE TO BANKS
Schedule of interest incurred on unused portion of credit facility and amortization of loan costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2019 2018 2019 2018 Interest incurred ​ $ 8 ​ $ 61 ​ $ 186 ​ $ 181 Interest paid ​ ​ — ​ ​ 118 ​ ​ 121 ​ ​ 180

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2019
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Equity securities ​ $ 234 ​ $ 234 ​ $ — ​ $ — Investments measured at net asset value ​ $ 26,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2018 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 211 ​ $ 211 ​ $ — ​ $ — Investments measured at net asset value ​ $ 22,815 ​ ​ ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) Change during the period: ​ ​ ​ ​ Before-tax amount ​ — ​ 513 ​ 513 Adoption of accounting standard (Note 2) ​ ​ (2,732) ​ ​ — ​ ​ (2,732) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 520 ​ — ​ 520 Total activity for the period ​ (2,212) ​ 513 ​ (1,699) Balance at September 30, 2019 ​ $ (18,090) ​ $ (2,355) ​ $ (20,445) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Foreign ​ ​ ​ ​ ​ Pension ​ Gain (Loss) On ​ Currency ​ ​ ​ ​ Adjustment Securities Translation Total Balance at December 31, 2017 ​ $ (14,470) ​ $ 15 ​ $ (2,247) ​ $ (16,702) Change during the period: ​ ​ ​ ​ Before-tax amount ​ — ​ (15) ​ (29) ​ (44) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 485 ​ — ​ — ​ 485 Total activity for the period ​ 485 ​ (15) ​ (29) ​ 441 Balance at September 30, 2018 ​ $ (13,985) ​ $ — ​ $ (2,276) ​ $ (16,261) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ​ In the first quarter of 2019, the Company adopted the provisions of ASU 2018-02, which provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (AOCI) to retained earnings due to the change in the U.S. federal tax rate as a result of the Tax Cuts and Jobs Act, which took effect in January 2018. Accordingly, the Company elected to reclassify approximately $2.7 million of stranded tax effects related to its pension plan from AOCI to retained earnings.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
LEASES
Schedule of operating leased assets and liabilities	​ ​ ​ ​ ​ ​ ​ (in thousands) Classification on the Consolidated Balance Sheet September 30, 2019 Assets: ​ ​ ​ ​ ​ Operating lease assets ​ Operating lease right-of-use assets ​ $ 35,556 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current – operating leases ​ Current portion of operating leases ​ $ 11,066 Non-current – operating leases ​ Long-term operating lease liabilities ​ ​ 30,165 Total lease liabilities ​ ​ ​ $ 41,231 ​ During the quarter ended September 30, 2019, the Company recorded an impairment totaling $4.6 million representing the acceleration of depreciation on the remaining balance of the ROU assets related to leased real estate locations that have been abandoned. The Company has not terminated these leases and continues to carry the present value of lease liability related to these payments.
Schedule of operating lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification on the Consolidated ​ Three months ended ​ Nine months ended (in thousands) Statements of Operations September 30, 2019 September 30, 2019 Operating lease cost ​ Cost of revenues ​ $ 1,777 ​ ​ 5,649 Short-term lease cost ​ Cost of revenues ​ ​ 932 ​ ​ 3,325 Variable lease cost ​ Cost of revenues ​ ​ 2 ​ ​ 3 Operating lease cost ​ Selling, general and administrative expenses ​ $ 1,839 ​ ​ 5,845 Short-term lease cost ​ Selling, general and administrative expenses ​ ​ 593 ​ ​ 2,116 Variable lease cost ​ Selling, general and administrative expenses ​ ​ 336 ​ ​ 391 Sublease income ​ Selling, general and administrative expenses ​ ​ (18) ​ ​ (54) ​ Total lease cost ​ ​ ​ $ 5,461 ​ ​ 17,275
Schedule of lease cost	​ ​ ​ ​ ​ ​ Other information: ​ Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) ​ $ 10,291 ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ $ 7,207 Weighted average remaining lease term – operating leases ​ ​ 5.4 years Weighted average discount rate – operating leases ​ ​ 3.74 %
Schedule of maturity of lease liabilities	​ ​ ​ ​ ​ ​ ​ Operating Maturity of lease liabilities (in thousands) Leases 2019 (excluding the nine months ended September 30, 2019) ​ $ 3,371 2020 ​ ​ 11,770 2021 ​ ​ 9,385 2022 ​ ​ 6,369 2023 ​ ​ 3,914 Thereafter ​ ​ 10,886 Total lease payments ​ ​ 45,695 Less: Amounts representing interest ​ ​ (4,464) Present value of lease liabilities $ 41,231

GENERAL - (Details)

GENERAL - (Details)	9 Months Ended
	Sep. 30, 2019
Chairman of the Board and Director
Ownership control
Voting power (in percent)	50.00%

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Jan. 01, 2019
RECENT ACCOUNTING STANDARDS
Operating Lease, Right-of-Use Asset		$ 35,556
ASU No. 2016-02, Leases (Topic 842)
RECENT ACCOUNTING STANDARDS
Operating Lease, Liability		$ 41,231
ASU No. 2016-02, Leases (Topic 842) | Restatement Adjustment
RECENT ACCOUNTING STANDARDS
Operating Lease, Liability			$ 44,000
Operating Lease, Right-of-Use Asset			$ 44,000
ASU No. 2018-02, (Topic 220)
RECENT ACCOUNTING STANDARDS
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 2,700

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2019
Minimum
Revenue satisfaction period	30 days
Maximum
Revenue satisfaction period	60 days

REVENUES - Timing of revenue re

REVENUES - Timing of revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of revenue:
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254
Oilfield services transferred at a point in time
Disaggregation of revenue:
Revenues
Oilfield services transferred over time
Disaggregation of revenue:
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 55,837	$ 56,408	$ 102,760	$ 68,494

IMPAIRMENT AND OTHER CHARGES -

IMPAIRMENT AND OTHER CHARGES - (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
IMPAIRMENT AND OTHER CHARGES
Abandonment of assets	$ 34,575,000	$ 34,575,000
Assets held for sale write down	14,326,000	14,326,000
Retirement of equipment	15,953,000	15,953,000
Inventory write-downs	5,501,000	5,501,000
Severance costs	1,268,000	1,268,000
Other	27,000	27,000
Total	$ 71,650,000	$ 71,650,000

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
EARNINGS PER SHARE
Net (loss) income available for stockholders:	$ (69,181)	$ 6,171	$ (739)	$ 49,967	$ 59,943	$ 52,130	$ (63,749)	$ 162,040
Less: Adjustments for earnings attributable to participating securities				(528)			(334)	(1,791)
Net (loss) income used in calculating earnings per share	$ (69,181)			$ 49,439			$ (64,083)	$ 160,249
Weighted average shares outstanding (including participating securities)	214,521			214,807			214,823	215,362
Adjustment for participating securities	(2,496)			(2,392)			(2,538)	(2,482)
Shares used in calculating basic and diluted earnings per share	212,025			212,415			212,285	212,880

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2019
STOCK-BASED COMPENSATION
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		4,654,643

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,436	$ 2,618	$ 7,324	$ 7,204
After tax expense	$ 1,840	$ 1,977	$ 5,530	$ 5,439

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares
Non-vested shares at December 31, 2018 | shares	2,352,150
Granted | shares	858,150
Vested | shares	(623,590)
Forfeited | shares	(114,983)
Non-vested shares at June 30, 2019 | shares	2,471,727
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2018 | $ / shares	$ 17.15
Granted | $ / shares	11.39
Vested | $ / shares	14.73
Forfeited | $ / shares	15.78
Non-vested shares at June 30, 2019 | $ / shares	$ 13.21

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Stock-based compensation
Fair value, shares vested	$ 7,018,000	$ 16,445,000
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	(530,600)	$ 1,620,000
Unrecognized compensation cost related to non-vested restricted shares	$ 45,948,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 8 months 12 days

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Revenues by major service lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment information:
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254
Technical Services
Segment information:
Revenues	274,483	421,271	926,596	1,290,186
Technical Services | Pressure Pumping
Segment information:
Revenues	111,163	237,487	428,988	762,527
Technical Services | Downhole Tools
Segment information:
Revenues	111,619	112,798	334,053	313,360
Technical Services | Coiled Tubing
Segment information:
Revenues	19,622	26,248	61,084	78,848
Technical Services | Nitrogen
Segment information:
Revenues	10,140	12,645	33,667	35,860
Technical Services | Snubbing
Segment information:
Revenues	4,407	4,257	12,225	14,284
Technical Services | All other
Segment information:
Revenues	17,532	27,836	56,579	85,307
Support Services
Segment information:
Revenues	18,757	18,723	59,816	54,068
Support Services | Rental Tools
Segment information:
Revenues	12,479	13,957	40,377	36,527
Support Services | All other
Segment information:
Revenues	$ 6,278	$ 4,766	$ 19,439	$ 17,541

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Disaggregate revenue by locations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment information:
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254
United States revenues
Segment information:
Revenues	275,928	417,349	933,583	1,278,655
International revenues
Segment information:
Revenues	$ 17,312	$ 22,645	$ 52,829	$ 65,599

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Segment Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenues:
Revenues	$ 293,240	$ 439,994	$ 986,412	$ 1,344,254
Operating (loss) income:
Impairment and other charges	71,650		71,650
(Loss) Gain on disposition of assets, net	(1,727)	286	2,910	3,459
Operating (loss) income	(92,639)	54,553	(86,413)	190,380
Interest expense	(8)	(150)	(261)	(368)
Interest income	182	783	1,576	1,643
Other (expense) income , net	(937)	287	(545)	9,786
(Loss) income before income taxes	(93,402)	55,473	(85,643)	201,441
Depreciation and amortization	44,701	42,993	130,087	120,567
Capital expenditures			209,263	199,581
Identifiable assets	1,109,863	1,245,662	1,109,863	1,245,662	$ 1,199,580
Technical Services
Revenues:
Revenues	274,483	421,271	926,596	1,290,186
Operating (loss) income:
Impairment and other charges	69,640
Operating (loss) income	(18,174)	56,209	(15,782)	196,838
Depreciation and amortization			122,827	110,991
Capital expenditures			198,757	194,115
Identifiable assets	963,544	984,397	963,544	984,397
Support Services
Revenues:
Revenues	18,757	18,723	59,816	54,068
Operating (loss) income:
Operating (loss) income	1,632	1,787	8,787	2,075
Depreciation and amortization			7,026	9,247
Capital expenditures			8,546	4,260
Identifiable assets	77,848	77,870	77,848	77,870
Corporate
Operating (loss) income:
Impairment and other charges			2,010
Operating (loss) income	(2,720)	(3,729)	(10,678)	(11,992)
Depreciation and amortization			234	329
Capital expenditures			1,960	1,206
Identifiable assets	$ 68,471	$ 183,395	$ 68,471	$ 183,395

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
INVENTORIES
Total inventories	$ 107,028	$ 130,083

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - Multiple Employers Retirement Income Plan - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee benefit plan
Interest cost	$ 490,000	$ 458,000	$ 1,470,000	$ 1,374,000
Expected return on plan assets	(649,000)	(710,000)	(1,949,000)	(2,128,000)
Amortization of net losses	229,000	206,000	689,000	618,000
Net periodic benefit cost (credit)	$ 70,000	$ (46,000)	$ 210,000	(136,000)
Employer contributions				$ 5,000,000

EMPLOYEE BENEFIT PLAN- SERP (De

EMPLOYEE BENEFIT PLAN- SERP (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
SERP
Fair value of plan assets
Fair value of plan assets	$ 26,955,000	$ 22,815,000

EMPLOYEE BENEFIT PLAN - Unreali

EMPLOYEE BENEFIT PLAN - Unrealized gains, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
SERP
Defined Benefit Plan Disclosure [Line Items]
Unrealized gains, net	$ 370	$ 861	$ 4,006	$ 1,246

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	Oct. 26, 2018USD ($)	Sep. 30, 2019USD ($)Lender	Dec. 31, 2018USD ($)
Amendment
Revolving credit facility
Maximum consolidated leverage ratio	2.50%
Minimum debt service coverage ratio	2.00%
Minimum EBITDA	$ 50,000
Minimum net worth covenant	$ 600,000
Revolving credit facility
Revolving credit facility
Number of additional credit lenders | Lender		5
Maximum borrowing capacity		$ 125,000
Origination and other costs		3,300
Unamortized origination and other costs		300
Outstanding debt		0
Remaining borrowing capacity		$ 104,400
Revolving credit facility | Minimum
Revolving credit facility
Annual fee (as a percent)		0.15%
Revolving credit facility | Maximum
Revolving credit facility
Annual fee (as a percent)		0.25%
Revolving credit facility | Amendment
Revolving credit facility
Reduction in commitment fees (in points)	7.50%
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Minimum
Revolving credit facility
Basis points added		1.125%
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Maximum
Revolving credit facility
Basis points added		2.125%
Revolving credit facility | Amendment | Base Rate | Minimum
Revolving credit facility
Basis points added		0.125%
Revolving credit facility | Amendment | Base Rate | Maximum
Revolving credit facility
Basis points added		1.125%
Revolving credit facility | Amendment | Base Rate | Federal Funds Rate
Revolving credit facility
Basis points added		0.50%
Revolving credit facility | Amendment | Base Rate | Eurodollar Rate
Revolving credit facility
Basis points added		1.00%
Revolving credit facility | Letter of credit
Revolving credit facility
Maximum borrowing capacity		$ 35,000	$ 50,000
Outstanding debt		20,600
Revolving credit facility | Letter of credit | Amendment
Revolving credit facility
Maximum borrowing capacity	$ 35,000
Revolving credit facility | Swingline
Revolving credit facility
Maximum borrowing capacity		$ 35,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revolving credit facility
Interest incurred	$ 8	$ 61	$ 186	$ 181
Interest paid		$ 118	$ 121	$ 180

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES
Effective tax rate (as a percent)	25.90%	9.90%	25.60%	19.60%
Income tax provision adjustment			$ 3.6

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Equity securities	$ 234	$ 211
Investments measured at net asset value	26,955	22,815
Quoted prices in active markets for identical assets (Level 1)
Assets:
Equity securities	234	211
Significant other observable inputs (Level 2)
Assets:
Equity securities
Investments measured at net asset value
Significant unobservable inputs (Level 3)
Assets:
Equity securities

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Mar. 31, 2019
AOCI rollforward
Balance	$ (18,746)	$ (16,702)
Change during the period:
Before-tax amount	513	(44)
Adoption of accounting standards (Note 2)			$ 87	$ (356)
Reclassification adjustment, net of taxes:
Amortization of net loss	520	485
Total activity for the period	(1,699)	441
Balance	(20,445)	(16,261)
ASU No. 2018-02, (Topic 220)
Change during the period:
Adoption of accounting standards (Note 2)	(2,732)
Pension Adjustment
AOCI rollforward
Balance	(15,878)	(14,470)
Change during the period:
Before-tax amount
Reclassification adjustment, net of taxes:
Amortization of net loss	520	485
Total activity for the period	(2,212)	485
Balance	(18,090)	(13,985)
Pension Adjustment | ASU No. 2018-02, (Topic 220)
Change during the period:
Adoption of accounting standards (Note 2)	(2,732)
Unrealized Gain (Loss) On Securities
AOCI rollforward
Balance		15
Change during the period:
Before-tax amount		(15)
Reclassification adjustment, net of taxes:
Amortization of net loss
Total activity for the period		(15)
Balance
Foreign Currency Translation
AOCI rollforward
Balance	(2,868)	(2,247)
Change during the period:
Before-tax amount	513	(29)
Reclassification adjustment, net of taxes:
Amortization of net loss
Total activity for the period	513	(29)
Balance	(2,355)	$ (2,276)
Foreign Currency Translation | ASU No. 2018-02, (Topic 220)
Change during the period:
Adoption of accounting standards (Note 2)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - ASU 2018-02 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
ASU No. 2018-02, (Topic 220)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 2.7

LEASES - Assets and liabilities

LEASES - Assets and liabilities (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Assets:
Operating lease right-of-use assets	$ 35,556
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease right-of-use assets
Liabilities
Current - operating leases	$ 11,066
Non-current - operating leases	$ 30,165
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Non-current - operating leases
Impairment of acceleration of remaining balance of ROU assets	$ 4,600
ASU No. 2016-02, Leases (Topic 842)
Liabilities
Total lease liabilities	$ 41,231

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - ASU No. 2016-02, Leases (Topic 842) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
LEASES
Total lease cost	$ 5,461	$ 17,275
Cost of revenues
LEASES
Operating lease cost	1,777	5,649
Short-term lease cost	932	3,325
Variable lease cost	2	3
Selling, general and administrative expenses
LEASES
Operating lease cost	1,839	5,845
Short-term lease cost	593	2,116
Variable lease cost	336	391
Sublease income	$ (18)	$ (54)

LEASES - Other information (Det

LEASES - Other information (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
LEASES
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$ 10,291
ROU assets obtained in exchange for operating lease liabilities	$ 7,207
Weighted average remaining lease term - operating leases	5 years 4 months 24 days
Weighted average discount rate - operating leases	3.74%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands	Sep. 30, 2019USD ($)
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
2019 (excluding the nine months ended September 30, 2019)	$ 3,371
2020	11,770
2021	9,385
2022	6,369
2023	3,914
Thereafter	10,886
Total lease payments	45,695
Less: Amounts representing interest	(4,464)
Total lease liabilities	$ 41,231