RPC (RES) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		215,123,252
Entity Central Index Key	0000742278
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	RES

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 145,405,000	$ 50,023,000
Accounts receivable, net of allowance for doubtful accounts of $4,051 in 2020 and $5,181 in 2019	109,183,000	242,574,000
Inventories	93,392,000	100,947,000
Income taxes receivable	46,907,000	24,145,000
Prepaid expenses	5,855,000	10,459,000
Assets held for sale	5,385,000	5,385,000
Other current assets	2,976,000	3,325,000
Total current assets	409,103,000	436,858,000
Property, plant and equipment, less accumulated depreciation of $793,163 in 2020 and $1,396,908 in 2019	278,358,000	516,727,000
Operating lease right-of-use assets	29,215,000	33,850,000
Goodwill	32,150,000	32,150,000
Other assets	34,042,000	33,633,000
Total assets	782,868,000	1,053,218,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	21,083,000	53,147,000
Accrued payroll and related expenses	13,246,000	19,641,000
Accrued insurance expenses	6,312,000	7,540,000
Accrued state, local and other taxes	3,731,000	2,427,000
Income taxes payable	435,000	1,534,000
Current portion of operating lease liabilities	9,411,000	10,625,000
Other accrued expenses	4,596,000	6,488,000
Total current liabilities	58,814,000	101,402,000
Long-term accrued insurance expenses	12,995,000	14,040,000
Long-term pension liabilities	37,420,000	39,254,000
Deferred income taxes	902,000	37,319,000
Long-term operating lease liabilities	23,978,000	28,378,000
Other long-term liabilities	106,000	2,492,000
Total liabilities	134,215,000	222,885,000
STOCKHOLDER'S EQUITY
Common stock	21,512,000	21,443,000
Capital in excess of par value	0	0
Retained earnings	649,844,000	832,113,000
Accumulated other comprehensive loss	(22,703,000)	(23,223,000)
Total stockholders' equity	648,653,000	830,333,000
Total liabilities and stockholders' equity	$ 782,868,000	$ 1,053,218,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 4,051,000	$ 5,181,000
Accumulated depreciation	$ 793,163	$ 1,396,908

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172
Cost of revenues (exclusive of items shown below)	80,037	265,088	261,981	517,483
Selling, general and administrative expenses	28,775	43,293	65,305	88,714
Impairment and other charges	1,639	0	207,175	0
Depreciation and amortization	19,573	42,881	58,866	85,386
Gain on disposition of assets, net	(3,194)	(1,133)	(4,013)	(4,637)
Operating (loss) income	(37,530)	8,387	(256,237)	6,226
Interest expense	(71)	(164)	(184)	(253)
Interest income	68	594	402	1,394
Other (expense) income, net	(1,481)	(53)	(1,789)	392
(Loss) income before income taxes	(39,014)	8,764	(257,808)	7,759
Income tax (benefit) provision	(13,921)	2,593	(72,292)	2,327
Net (loss) income	$ (25,093)	$ 6,171	$ (185,516)	$ 5,432
(loss) Earnings per share
Basic (in dollars per share)	$ (0.12)	$ 0.03	$ (0.87)	$ 0.02
Diluted (in dollars per share)	$ (0.12)	0.03	$ (0.87)	0.02
Dividend per share (in dollars per share)		$ 0.05		$ 0.15

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) income	$ (25,093)	$ 6,171	$ (185,516)	$ 5,432
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	186	174	918	347
Foreign currency translation	314	333	(398)	431
Comprehensive (loss) income	$ (24,593)	$ 6,678	$ (184,996)	$ 6,210

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 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					5,432
Foreign currency translation					431
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)			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
Balance at Dec. 31, 2019	$ 21,443		832,113	(23,223)	830,333
Balance (in shares) at Dec. 31, 2019	214,423
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 100	1,997			2,097
Stock issued for stock incentive plans, net (in shares)	1,014
Stock purchased and retired	$ (17)	(1,997)	1,222		(792)
Stock purchased and retired (in shares)	(177)
Net (loss) income			(160,423)		(160,423)
Pension adjustment, net of taxes				732	732
Foreign currency translation				(712)	(712)
Balance at Mar. 31, 2020	$ 21,526		672,912	(23,203)	671,235
Balance (in shares) at Mar. 31, 2020	215,260
Balance at Dec. 31, 2019	$ 21,443		832,113	(23,223)	830,333
Balance (in shares) at Dec. 31, 2019	214,423
Increase (Decrease) in Stockholders' Equity
Net (loss) income					(185,516)
Foreign currency translation					(398)
Balance at Jun. 30, 2020	$ 21,512		649,844	(22,703)	648,653
Balance (in shares) at Jun. 30, 2020	215,123
Balance at Mar. 31, 2020	$ 21,526		672,912	(23,203)	671,235
Balance (in shares) at Mar. 31, 2020	215,260
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (4)	2,021			2,017
Stock issued for stock incentive plans, net (in shares)	(135)
Stock purchased and retired	$ (10)	$ (2,021)	2,025		(6)
Stock purchased and retired (in shares)	(2)
Net (loss) income			(25,093)		(25,093)
Pension adjustment, net of taxes				186	186
Foreign currency translation				314	314
Balance at Jun. 30, 2020	$ 21,512		$ 649,844	$ (22,703)	$ 648,653
Balance (in shares) at Jun. 30, 2020	215,123

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net (loss) income	$ (185,516)	$ 5,432
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	58,924	86,809
Stock-based compensation expense	4,114	4,888
Gain on disposition of assets, net	4,013	4,637
Deferred income tax benefit	(36,723)	(12,579)
Impairment and other non-cash charges	206,264
(Increase) decrease in assets:
Accounts receivable	133,223	(34,337)
Income taxes receivable	(22,762)	31,158
Inventories	7,320	11,701
Prepaid expenses	4,601	1,614
Other current assets	235	600
Other non-current assets	(423)	(3,609)
Increase (decrease) in liabilities:
Accounts payable	(27,451)	2,764
Income taxes payable	(1,099)	(3,647)
Accrued payroll and related expenses	(6,373)	(2,758)
Accrued insurance expenses	(1,228)	1,167
Accrued state, local and other taxes	1,304	2,753
Other accrued expenses	(4,966)	(349)
Pension liabilities	(610)	4,497
Long-term accrued insurance expenses	(1,045)	2,208
Other long-term liabilities	(1,677)	(245)
Net cash provided by operating activities	122,099	93,430
INVESTING ACTIVITIES
Capital expenditures	(38,659)	(132,253)
Proceeds from sale of assets	12,740	9,776
Net cash used for investing activities	(25,919)	(122,477)
FINANCING ACTIVITIES
Payment of dividends		(32,224)
Cash paid for common stock purchased and retired	(798)	(7,349)
Net cash used for financing activities	(798)	(39,573)
Net increase (decrease) in cash and cash equivalents	95,382	(68,620)
Cash and cash equivalents at beginning of period	50,023	116,262
Cash and cash equivalents at end of period	145,405	47,642
Supplemental cash flows disclosure:
Income taxes refund, net	(9,847)	(12,125)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 2,185	$ 31,407

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. The balance sheet at December 31, 2019 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, 2019. 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

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2020
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition in place of the current incurred loss model. The Company adopted the provisions of the standard in the first quarter of 2020 specifically identified an immaterial cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to continue to record an allowance on its trade receivables based on aging at the end of each reporting period using current reasonable and supportable forecasted economic conditions. See Note 8 “Current Expected Credit Losses” for expanded disclosures. ● ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company adopted these provisions in the first quarter of 2020, on a prospective basis. ● 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. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and the Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2020
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 ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 89,300 ​ 358,516 ​ 333,077 ​ 693,172 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, June 30, December 31, (in thousands) ​ 2020 ​ 2019 ​ 2019 ​ 2018 Unbilled trade receivables ​ $ 21,578 ​ $ 52,052 ​ $ 95,898 ​ $ 56,408 ​ Substantially all of the unbilled trade receivables disclosed were invoiced during the following quarter.

IMPAIRMENT AND OTHER CHARGES

IMPAIRMENT AND OTHER CHARGES	6 Months Ended
	Jun. 30, 2020
IMPAIRMENT AND OTHER CHARGES
IMPAIRMENT AND OTHER CHARGES	4. IMPAIRMENT AND OTHER CHARGES During the second quarter of 2020, the Company experienced drastic declines in oilfield drilling and completions, with revenues reflecting low levels not recorded by RPC or the industry for many years. In response, the Company reduced headcount, furloughed employees and implemented compensation reductions for remaining active employees with the goal of adjusting its cost structure in response to expected low revenue levels. Beginning late in the first quarter of 2020 and continuing during the second quarter, the oil and gas industry experienced an unprecedented disruption due to the substantial decline in global demand for oil caused by the COVID-19 pandemic and subsequent mitigation efforts as well as macroeconomic events such as the geopolitical tensions between the Organization of Petroleum Exporting Countries and Russia, regarding limits on oil production. These factors resulted in a significant drop in oil prices and a substantial deterioration of the Company’s market capitalization. The Company determined these events constituted a triggering event that required a review of the recoverability of its long-lived assets and performed an interim goodwill impairment assessment as of March 31, 2020. The Company used both income based and market based approaches to determine the fair value of its long-lived asset groups and its reporting units for goodwill impairment assessment. Under the income approach, the fair value for each of its asset groups and reporting units was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company used internal forecasts, updated for recent events, to estimate future cash flows and terminal value calculation, which incorporates historical and forecasted trends, including an estimate of long-term future growth rates, based on its most recent views of the long-term outlook for each asset group and reporting units. For the market based valuation, the Company used comparable public company multiples. The selection of comparable businesses was based on the markets in which the asset groups and reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. Based on the concluded fair value of the asset groups, the Company measured and recorded an impairment loss that represents the amount by which the asset groups' carrying amounts exceeded their fair value. For purposes of the goodwill impairment assessment, the fair value of each reporting unit exceeded its net book value and therefore, goodwill was deemed not impaired. The Company recorded the following pre-tax charges during the three and six months ended June 30, 2020 which are reflected in “Impairment and other charges” in the consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ June 30, June 30, (in thousands) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Long Lived Asset Impairments (1) ​ $ — ​ $ — ​ $ 204,765 ​ $ — Severance Costs ​ 1,487 ​ — ​ 1,882 ​ — Other (2) ​ 152 ​ — ​ 528 ​ — Total ​ $ 1,639 ​ $ — ​ $ 207,175 ​ $ — (1). Relates solely to the Technical Services segment and primarily includes pressure pumping and coiled tubing assets. (2). Includes interest costs related to leased assets that were impaired in the third and fourth quarters of 2019 and additional costs related to abandoned assets. See Note 7 for details of impairment and other charges by segment . The Company plans to continue to adjust its cost structure in accordance with its assessment of the operating environment. If market conditions continue to deteriorate, including crude oil prices further declining and remaining at low levels for a sustained period of time, the Company may record further asset impairments, or an impairment of the carrying value of goodwill.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net loss 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 shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30 ​ June 30 (In thousands) 2020 2019 2020 2019 Net (loss) income available for stockholders: ​ $ (25,093) ​ $ 6,171 ​ $ (185,516) ​ $ 5,432 Less: Adjustments for earnings attributable to participating securities ​ — ​ (109) ​ — ​ (334) Net (loss) income used in calculating earnings per share ​ $ (25,093) ​ $ 6,062 ​ $ (185,516) ​ $ 5,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,174 ​ 214,908 ​ 215,090 ​ 214,974 Adjustment for participating securities ​ (2,772) ​ (2,569) ​ (2,730) ​ (2,559) Shares used in calculating basic and diluted earnings per share ​ 212,402 ​ 212,339 ​ 212,360 ​ 212,415 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, there were 3,850,000 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30 (in thousands) 2020 2019 2020 2019 Pre-tax expense ​ $ 2,017 ​ $ 2,436 ​ $ 4,114 ​ $ 4,888 After tax expense ​ $ 1,523 ​ $ 1,839 ​ $ 3,106 ​ $ 3,690 ​ Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2019 2,393,673 ​ $ 13.23 Granted 1,085,875 ​ 4.59 Vested (555,291) ​ 16.63 Forfeited (206,707) ​ 14.10 Non-vested shares at June 30, 2020 2,717,434 ​ $ 7.05 ​ The total fair value of shares vested was $2,467,000 during the six months ended June 30, 2020 and $6,970,000 during the six months ended June 30, 2019. 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 $1,655,000 for the six months ended June 30, 2020 and a detriment of $510,000 for the six months ended June 30, 2019. As of June 30, 2020, total unrecognized compensation cost related to non-vested restricted shares was $45,512,000, which is expected to be recognized over a weighted-average period of 4.2 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2020
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 ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 23,717 ​ $ 170,066 ​ $ 120,481 ​ $ 317,825 Downhole Tools ​ 35,151 ​ 112,763 ​ 121,059 ​ 222,434 Coiled Tubing ​ 8,973 ​ 21,284 ​ 25,212 ​ 41,462 Nitrogen ​ 5,621 ​ 12,219 ​ 15,553 ​ 23,527 Snubbing ​ 1,093 ​ 4,355 ​ 3,397 ​ 7,818 All other ​ 5,977 ​ 17,347 ​ 22,530 ​ 39,047 Total Technical Services ​ $ 80,532 ​ $ 338,034 ​ $ 308,232 ​ $ 652,113 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 5,069 ​ $ 13,962 ​ $ 15,475 ​ $ 27,898 All other ​ 3,699 ​ 6,520 ​ 9,370 ​ 13,161 Total Support Services ​ $ 8,768 ​ $ 20,482 ​ $ 24,845 ​ $ 41,059 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 ​ The following summarizes revenues for the United States and separately for all international locations combined for the three and six months ended June 30, 2020 and 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 ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 United States revenues ​ $ 82,506 ​ $ 343,688 ​ $ 310,500 ​ $ 657,656 International revenues ​ 6,794 ​ 14,828 ​ 22,577 ​ 35,516 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 ​ 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 six months ended June 30, 2020 and 2019 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Revenues: ​ ​ ​ ​ Technical Services ​ $ 80,532 ​ $ 338,034 ​ $ 308,232 ​ $ 652,113 Support Services ​ 8,768 ​ 20,482 ​ 24,845 ​ 41,059 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 Operating (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (34,100) ​ $ 6,850 ​ $ (46,307) ​ $ 2,392 Support Services ​ (1,846) ​ 4,018 ​ (299) ​ 7,155 Corporate Expenses ​ (3,139) ​ (3,614) ​ (6,469) ​ (7,958) Impairment and Other Charges (1) ​ ​ (1,639) ​ ​ — ​ ​ (207,175) ​ ​ — Gain on disposition of assets, net ​ 3,194 ​ 1,133 ​ 4,013 ​ 4,637 Total operating (loss) income ​ $ (37,530) ​ $ 8,387 ​ $ (256,237) ​ $ 6,226 Interest expense ​ (71) ​ (164) ​ (184) ​ (253) Interest income ​ 68 ​ 594 ​ 402 ​ 1,394 Other (expense) income , net ​ (1,481) ​ (53) ​ (1,789) ​ 392 (Loss) Income before income taxes ​ $ (39,014) ​ $ 8,764 ​ $ (257,808) ​ $ 7,759 (1) Represents $541 related to Corporate and the remainder to Technical Services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the six months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ June 30, 2020 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 54,615 (1) $ 4,111 ​ $ 140 ​ $ 58,866 Capital expenditures ​ 31,296 ​ 7,027 ​ 336 ​ 38,659 Identifiable assets ​ $ 474,670 (1) $ 62,867 ​ $ 245,331 ​ $ 782,868 (1) Reflects impact of impairment charges recorded during the six months ended June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the six months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ June 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 80,370 ​ $ 4,856 ​ $ 160 ​ $ 85,386 Capital expenditures ​ 125,171 ​ 6,260 ​ 822 ​ 132,253 Identifiable assets ​ $ 1,030,073 ​ $ 86,928 ​ $ 106,966 ​ $ 1,223,967 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2020
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES	8. CURRENT EXPECTED CREDIT LOSSES The Company adopted ASU No 2016-13, Current Expected Credit Losses (Topic 326) on January 1, 2020 on a prospective basis with an immaterial cumulative-effect adjustment to the opening balance of retained earnings. This ASU replaces the current loss model with an expected credit loss model for financial assets measured at amortized cost that includes accounts (trade) receivable. The Company is exposed to credit losses primarily from providing oilfield services. The Company’s expected credit loss allowance for accounts receivable is based on historical collection experience, current and future economic and market conditions and a review of the current status of customers’ account receivable balances. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of current expected credit losses was not significantly impacted. Estimates used to determine the allowance for current expected credit losses are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected as of June 30, 2020: ​ ​ ​ ​ ​ (in thousands) 2020 Beginning Balance, January 1 ​ $ 5,181 Adoption of ASC 326 ​ — Provision (benefit) for current expected credit losses ​ (828) Write-offs ​ (302) Recoveries collected (net of expenses) ​ — Balance as of June 30 ​ $ 4,051 ​

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2020
INVENTORIES
INVENTORIES	9. INVENTORIES Inventories of $93,392,000 at June 30, 2020 and $100,947,000 at December 31, 2019 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Jun. 30, 2020
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	10. 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 ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 412 ​ $ 490 ​ $ 823 ​ $ 980 Expected return on plan assets ​ (396) ​ (650) ​ (791) ​ (1,300) Amortization of net losses ​ 247 ​ 230 ​ 493 ​ 460 Net periodic benefit cost ​ $ 263 ​ $ 70 ​ $ 525 ​ $ 140 ​ The Company did not make a contribution to this plan during the six months ended June 30, 2020 or June 30, 2019. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading, and are stated at fair value totaling $27,520,000 as of June 30, 2020 and $28,476,000 as of December 31, 2019. 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. Trading gains (losses), net related to the SERP assets were approximately as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Trading gains (losses), net ​ $ 4,029 ​ $ 785 ​ $ (958) ​ $ 3,636 ​ 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	6 Months Ended
	Jun. 30, 2020
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	11. 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 July 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) extended the Credit Agreement maturity date from January 17, 2020 to July 26, 2023, (2) eliminated 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) reduced the commitment fees payable by RPC by 7.5 basis points at each pricing level and (4) reduced the letter of credit sublimit from $50 million to $35 million. As of June 30, 2020, 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 $0.2 million at June 30, 2020 is classified as part of non-current other assets. As of June 30, 2020, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $19.8 million; therefore, a total of $105.2 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 ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Interest incurred ​ $ 40 ​ $ 89 ​ $ 153 ​ $ 178 Interest paid ​ ​ 40 ​ ​ 58 ​ ​ 80 ​ ​ 121 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
INCOME TAXES
INCOME TAXES	12. 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 June 30, 2020, the effective rate reflects a benefit of 35.7 percent compared to a provision of 29.6 percent for the comparable period in the prior year. For the six months ended June 30, 2020, the effective rate reflects a benefit of 28.0 percent compared to a provision of 30.0 percent for the comparable period in the prior year. The effective tax rate for the current quarter reflects a net discrete provision totaling $2.1 million related primarily to revaluing certain deferred tax assets and liabilities recorded as of December 31, 2019 that are expected to be recognized in 2020. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted into law on March 27, 2020, provides the opportunity for a five-year carryback of net operating losses for the tax years ended 2018, 2019 and 2020. The Company expects to realize the benefit of its tax year 2019 net operating loss carryback to tax year 2014 where the tax rate was 35 percent and therefore, recognized a discrete tax benefit of $13.1 million during the first quarter. In addition, the Company recorded a net discrete tax provision during the current quarter of

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2020
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	13. 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 June 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at June 30, 2020 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 ​ $ 101 ​ $ 101 ​ $ — ​ $ — Investments measured at net asset value ​ $ 27,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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 ​ $ 237 ​ $ 237 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,476 ​ ​ ​ ​ 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 10, 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 June 30, 2020, 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 June 30, 2020 and December 31, 2019. 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 11. 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. The Company's real estate classified as held for sale has been stated at fair value less costs. The fair value measurement was based on observable market data that includes price per square foot involving comparable properties in similar locations. The non-recurring fair value measurement of both these asset categories are reflected in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of June 30, 2020 with ​ ​ ​ Quoted prices in active ​ ​ ​ ​ ​ ​ ​ ​ ​ markets for identical ​ Significant other ​ Significant (in thousands ​ Total ​ assets ​ observable inputs ​ unobservable inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Assets held for sale ​ $ 5,385 ​ $ — ​ $ 5,385 ​ $ — ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	6 Months Ended
	Jun. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	14. 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, 2019 ​ $ (20,908) ​ $ (2,315) ​ $ (23,223) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (398) ​ (398) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 918 ​ — ​ 918 Total activity for the period ​ 918 ​ (398) ​ 520 Balance at June 30, 2020 ​ $ (19,990) ​ $ (2,713) ​ $ (22,703) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) ​ Change during the period: ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 431 ​ 431 ​ Adoption of accounting standard ​ ​ (2,732) ​ ​ ​ ​ ​ (2,732) ​ Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 347 ​ — ​ 347 ​ Total activity for the period ​ (2,385) ​ 431 ​ (1,954) ​ Balance at June 30, 2019 ​ $ (18,263) ​ $ (2,437) ​ $ (20,700) ​ (1) Reported as part of selling, general and administrative expenses. As of January 1, 2019, 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 2019-02, 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.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Jun. 30, 2020
RECENT ACCOUNTING STANDARDS.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition in place of the current incurred loss model. The Company adopted the provisions of the standard in the first quarter of 2020 specifically identified an immaterial cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to continue to record an allowance on its trade receivables based on aging at the end of each reporting period using current reasonable and supportable forecasted economic conditions. See Note 8 “Current Expected Credit Losses” for expanded disclosures. ● ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company adopted these provisions in the first quarter of 2020, on a prospective basis. ● 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. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and the Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.
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)	6 Months Ended
	Jun. 30, 2020
REVENUES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 89,300 ​ 358,516 ​ 333,077 ​ 693,172 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 ​
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, June 30, December 31, (in thousands) ​ 2020 ​ 2019 ​ 2019 ​ 2018 Unbilled trade receivables ​ $ 21,578 ​ $ 52,052 ​ $ 95,898 ​ $ 56,408 ​

IMPAIRMENT AND OTHER CHARGES (T

IMPAIRMENT AND OTHER CHARGES (Tables)	6 Months Ended
	Jun. 30, 2020
IMPAIRMENT AND OTHER CHARGES
Schedule of impairment and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ June 30, June 30, (in thousands) ​ 2020 ​ 2019 ​ 2020 ​ 2019 Long Lived Asset Impairments (1) ​ $ — ​ $ — ​ $ 204,765 ​ $ — Severance Costs ​ 1,487 ​ — ​ 1,882 ​ — Other (2) ​ 152 ​ — ​ 528 ​ — Total ​ $ 1,639 ​ $ — ​ $ 207,175 ​ $ — (1). Relates solely to the Technical Services segment and primarily includes pressure pumping and coiled tubing assets. (2). Includes interest costs related to leased assets that were impaired in the third and fourth quarters of 2019 and additional costs related to abandoned assets.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30 ​ June 30 (In thousands) 2020 2019 2020 2019 Net (loss) income available for stockholders: ​ $ (25,093) ​ $ 6,171 ​ $ (185,516) ​ $ 5,432 Less: Adjustments for earnings attributable to participating securities ​ — ​ (109) ​ — ​ (334) Net (loss) income used in calculating earnings per share ​ $ (25,093) ​ $ 6,062 ​ $ (185,516) ​ $ 5,098 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,174 ​ 214,908 ​ 215,090 ​ 214,974 Adjustment for participating securities ​ (2,772) ​ (2,569) ​ (2,730) ​ (2,559) Shares used in calculating basic and diluted earnings per share ​ 212,402 ​ 212,339 ​ 212,360 ​ 212,415

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30 (in thousands) 2020 2019 2020 2019 Pre-tax expense ​ $ 2,017 ​ $ 2,436 ​ $ 4,114 ​ $ 4,888 After tax expense ​ $ 1,523 ​ $ 1,839 ​ $ 3,106 ​ $ 3,690
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2019 2,393,673 ​ $ 13.23 Granted 1,085,875 ​ 4.59 Vested (555,291) ​ 16.63 Forfeited (206,707) ​ 14.10 Non-vested shares at June 30, 2020 2,717,434 ​ $ 7.05

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 23,717 ​ $ 170,066 ​ $ 120,481 ​ $ 317,825 Downhole Tools ​ 35,151 ​ 112,763 ​ 121,059 ​ 222,434 Coiled Tubing ​ 8,973 ​ 21,284 ​ 25,212 ​ 41,462 Nitrogen ​ 5,621 ​ 12,219 ​ 15,553 ​ 23,527 Snubbing ​ 1,093 ​ 4,355 ​ 3,397 ​ 7,818 All other ​ 5,977 ​ 17,347 ​ 22,530 ​ 39,047 Total Technical Services ​ $ 80,532 ​ $ 338,034 ​ $ 308,232 ​ $ 652,113 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 5,069 ​ $ 13,962 ​ $ 15,475 ​ $ 27,898 All other ​ 3,699 ​ 6,520 ​ 9,370 ​ 13,161 Total Support Services ​ $ 8,768 ​ $ 20,482 ​ $ 24,845 ​ $ 41,059 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 United States revenues ​ $ 82,506 ​ $ 343,688 ​ $ 310,500 ​ $ 657,656 International revenues ​ 6,794 ​ 14,828 ​ 22,577 ​ 35,516 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Revenues: ​ ​ ​ ​ Technical Services ​ $ 80,532 ​ $ 338,034 ​ $ 308,232 ​ $ 652,113 Support Services ​ 8,768 ​ 20,482 ​ 24,845 ​ 41,059 Total revenues ​ $ 89,300 ​ $ 358,516 ​ $ 333,077 ​ $ 693,172 Operating (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (34,100) ​ $ 6,850 ​ $ (46,307) ​ $ 2,392 Support Services ​ (1,846) ​ 4,018 ​ (299) ​ 7,155 Corporate Expenses ​ (3,139) ​ (3,614) ​ (6,469) ​ (7,958) Impairment and Other Charges (1) ​ ​ (1,639) ​ ​ — ​ ​ (207,175) ​ ​ — Gain on disposition of assets, net ​ 3,194 ​ 1,133 ​ 4,013 ​ 4,637 Total operating (loss) income ​ $ (37,530) ​ $ 8,387 ​ $ (256,237) ​ $ 6,226 Interest expense ​ (71) ​ (164) ​ (184) ​ (253) Interest income ​ 68 ​ 594 ​ 402 ​ 1,394 Other (expense) income , net ​ (1,481) ​ (53) ​ (1,789) ​ 392 (Loss) Income before income taxes ​ $ (39,014) ​ $ 8,764 ​ $ (257,808) ​ $ 7,759 (1) Represents $541 related to Corporate and the remainder to Technical Services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the six months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ June 30, 2020 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 54,615 (1) $ 4,111 ​ $ 140 ​ $ 58,866 Capital expenditures ​ 31,296 ​ 7,027 ​ 336 ​ 38,659 Identifiable assets ​ $ 474,670 (1) $ 62,867 ​ $ 245,331 ​ $ 782,868 (1) Reflects impact of impairment charges recorded during the six months ended June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the six months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ June 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 80,370 ​ $ 4,856 ​ $ 160 ​ $ 85,386 Capital expenditures ​ 125,171 ​ 6,260 ​ 822 ​ 132,253 Identifiable assets ​ $ 1,030,073 ​ $ 86,928 ​ $ 106,966 ​ $ 1,223,967

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2020
CURRENT EXPECTED CREDIT LOSSES
Schedule of roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected	​ ​ ​ ​ ​ (in thousands) 2020 Beginning Balance, January 1 ​ $ 5,181 Adoption of ASC 326 ​ — Provision (benefit) for current expected credit losses ​ (828) Write-offs ​ (302) Recoveries collected (net of expenses) ​ — Balance as of June 30 ​ $ 4,051

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2020
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 412 ​ $ 490 ​ $ 823 ​ $ 980 Expected return on plan assets ​ (396) ​ (650) ​ (791) ​ (1,300) Amortization of net losses ​ 247 ​ 230 ​ 493 ​ 460 Net periodic benefit cost ​ $ 263 ​ $ 70 ​ $ 525 ​ $ 140
Schedule of trading gains (losses) related to SERP assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Trading gains (losses), net ​ $ 4,029 ​ $ 785 ​ $ (958) ​ $ 3,636

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	6 Months Ended
	Jun. 30, 2020
NOTES PAYABLE TO BANKS
Schedule of interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates on long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, (in thousands) 2020 2019 2020 2019 Interest incurred ​ $ 40 ​ $ 89 ​ $ 153 ​ $ 178 Interest paid ​ ​ 40 ​ ​ 58 ​ ​ 80 ​ ​ 121

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2020
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at June 30, 2020 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 ​ $ 101 ​ $ 101 ​ $ — ​ $ — Investments measured at net asset value ​ $ 27,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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 ​ $ 237 ​ $ 237 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,476 ​ ​ ​
Schedule of valuation of financial instruments measured at fair value on a non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements as of June 30, 2020 with ​ ​ ​ Quoted prices in active ​ ​ ​ ​ ​ ​ ​ ​ ​ markets for identical ​ Significant other ​ Significant (in thousands ​ Total ​ assets ​ observable inputs ​ unobservable inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Assets held for sale ​ $ 5,385 ​ $ — ​ $ 5,385 ​ $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	6 Months Ended
	Jun. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of 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, 2019 ​ $ (20,908) ​ $ (2,315) ​ $ (23,223) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (398) ​ (398) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 918 ​ — ​ 918 Total activity for the period ​ 918 ​ (398) ​ 520 Balance at June 30, 2020 ​ $ (19,990) ​ $ (2,713) ​ $ (22,703) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) ​ Change during the period: ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 431 ​ 431 ​ Adoption of accounting standard ​ ​ (2,732) ​ ​ ​ ​ ​ (2,732) ​ Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 347 ​ — ​ 347 ​ Total activity for the period ​ (2,385) ​ 431 ​ (1,954) ​ Balance at June 30, 2019 ​ $ (18,263) ​ $ (2,437) ​ $ (20,700) ​ (1) Reported as part of selling, general and administrative expenses.

GENERAL - (Details)

GENERAL - (Details)	6 Months Ended
	Jun. 30, 2020
Chairman of the Board and Director
Ownership control
Voting power (in percent)	50.00%

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	6 Months Ended
	Jun. 30, 2020
Minimum
Revenue satisfaction period	30 days
Maximum
Revenue satisfaction period	60 days

REVENUES - Disaggregation of re

REVENUES - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of revenue:
Total revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172
Oilfield services transferred at a point in time
Disaggregation of revenue:
Total revenues	0	0	0	0
Oilfield services transferred over time
Disaggregation of revenue:
Total revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 21,578	$ 52,052	$ 95,898	$ 56,408

IMPAIRMENT AND OTHER CHARGES (D

IMPAIRMENT AND OTHER CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
IMPAIRMENT AND OTHER CHARGES
Long Lived Asset Impairments (1)	$ 0	$ 0	$ 204,765	$ 0
Severance costs	1,487	0	1,882	0
Other (2)	152	0	528	0
Total	$ 1,639	$ 0	$ 207,175	$ 0

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
EARNINGS PER SHARE
Net loss available for stockholders	$ (25,093)	$ (160,423)	$ 6,171	$ (739)	$ (185,516)	$ 5,432
Less: Adjustments for earnings attributable to participating securities			(109)			(334)
Net loss income used in calculating per share	$ (25,093)		$ 6,062		$ (185,516)	$ 5,098
Weighted average shares outstanding (including participating securities)	215,174		214,908		215,090	214,974
Adjustment for participating securities	(2,772)		(2,569)		(2,730)	(2,559)
Shares used in calculating basic and diluted earnings per share	212,402		212,339		212,360	212,415

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
	Apr. 30, 2014	Jun. 30, 2020
STOCK-BASED COMPENSATION
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		3,850,000

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,017	$ 2,436	$ 4,114	$ 4,888
After tax expense	$ 1,523	$ 1,839	$ 3,106	$ 3,690

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Shares
Non-vested shares at December 31, 2019 | shares	2,393,673
Granted | shares	1,085,875
Vested | shares	(555,291)
Forfeited | shares	(206,707)
Non-vested shares at June 30, 2020 | shares	2,717,434
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2019 | $ / shares	$ 13.23
Granted | $ / shares	4.59
Vested | $ / shares	16.63
Forfeited | $ / shares	14.10
Non-vested shares at June 30, 2020 | $ / shares	$ 7.05

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock-based compensation
Fair value, shares vested	$ 2,467,000	$ 6,970,000
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	(1,655,000)	$ (510,000)
Unrecognized compensation cost related to non-vested restricted shares	$ 45,512,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	4 years 2 months 12 days

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment information:
Total revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172
Technical Services
Segment information:
Total revenues	80,532	338,034	308,232	652,113
Technical Services | Pressure Pumping
Segment information:
Total revenues	23,717	170,066	120,481	317,825
Technical Services | Downhole Tools
Segment information:
Total revenues	35,151	112,763	121,059	222,434
Technical Services | Coiled Tubing
Segment information:
Total revenues	8,973	21,284	25,212	41,462
Technical Services | Nitrogen
Segment information:
Total revenues	5,621	12,219	15,553	23,527
Technical Services | Snubbing
Segment information:
Total revenues	1,093	4,355	3,397	7,818
Technical Services | All other
Segment information:
Total revenues	5,977	17,347	22,530	39,047
Support Services
Segment information:
Total revenues	8,768	20,482	24,845	41,059
Support Services | Rental Tools
Segment information:
Total revenues	5,069	13,962	15,475	27,898
Support Services | All other
Segment information:
Total revenues	$ 3,699	$ 6,520	$ 9,370	$ 13,161

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment information:
Total revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172
United States
Segment information:
Total revenues	82,506	343,688	310,500	657,656
International
Segment information:
Total revenues	$ 6,794	$ 14,828	$ 22,577	$ 35,516

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues	$ 89,300	$ 358,516	$ 333,077	$ 693,172
Operating (loss) income:
Operating (loss) income	(37,530)	8,387	(256,237)	6,226
Capital expenditures			38,659	132,253
Depreciation and amortization	19,573	42,881	58,866	85,386
Identifiable assets	782,868	1,223,967	782,868	1,223,967
Impairment and other charges	(1,639)	0	(207,175)	0
Gain on disposition of assets, net	3,194	1,133	4,013	4,637
Interest expense	71	164	184	253
Interest income	68	594	402	1,394
Other (expense) income , net	(1,481)	(53)	(1,789)	392
(Loss) income before income taxes	(39,014)	8,764	(257,808)	7,759
Technical Services
Revenues:
Revenues	80,532	338,034	308,232	652,113
Operating (loss) income:
Operating (loss) income	(34,100)	6,850	(46,307)	2,392
Capital expenditures			31,296	125,171
Depreciation and amortization			54,615	80,370
Identifiable assets	474,670	1,030,073	474,670	1,030,073
Support Services
Revenues:
Revenues	8,768	20,482	24,845	41,059
Operating (loss) income:
Operating (loss) income	(1,846)	4,018	(299)	7,155
Capital expenditures			7,027	6,260
Depreciation and amortization			4,111	4,856
Identifiable assets	62,867	86,928	62,867	86,928
Corporate
Operating (loss) income:
Operating (loss) income	(3,139)	(3,614)	(6,469)	(7,958)
Capital expenditures			336	822
Depreciation and amortization			140	160
Identifiable assets	$ 245,331	$ 106,966	245,331	$ 106,966
Impairment and other charges			$ 541

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Allowance for doubtful accounts rollforward
Beginning balance	$ 5,181
Provision (benefit) for current expected credit losses	(828)
Write-offs	(302)
Recoveries collected (net of expenses)	0
Ending balance	$ 4,051

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
INVENTORIES
Raw materials, parts and supplies of inventories	$ 93,392,000	$ 100,947,000

EMPLOYEE BENEFIT PLAN - Compone

EMPLOYEE BENEFIT PLAN - Components of net periodic benefit cost (Details) - Multiple Employers Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 412	$ 490	$ 823	$ 980
Expected return on plan assets	(396)	(650)	(791)	(1,300)
Amortization of net losses	247	230	493	460
Net periodic benefit cost	$ 263	$ 70	$ 525	$ 140

EMPLOYEE BENEFIT PLAN - SERP (D

EMPLOYEE BENEFIT PLAN - SERP (Details) - Supplemental Retirement Plan ('SERP') - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 27,520,000		$ 27,520,000		$ 28,476,000
Trading gains (losses), net	$ 4,029,000	$ 785,000	$ (958,000)	$ 3,636,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revolving credit facility
Interest incurred	$ 40	$ 89	$ 153	$ 178
Interest paid	$ 40	$ 58	$ 80	$ 121

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	Jul. 26, 2018USD ($)	Jun. 30, 2020USD ($)Lender
Amendment
Revolving credit facility
Minimum EBITDA	$ 50,000
Maximum consolidated leverage ratio	2.50%
Minimum debt service coverage ratio	2.00%
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		200
Outstanding debt		0
Available credit facility		$ 105,200
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	$ 50,000	$ 35,000
Outstanding debt		19,800
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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2014
Income tax carryforwards
Effective tax rate (as a percent)	35.70%		29.60%	28.00%	30.00%
Statutory federal income tax rate							35.00%
Discrete tax benefit adjustment	$ 1.6			$ 35.8		$ 2.1
At tax rate of 21%
Income tax carryforwards
Discrete tax benefit adjustment		$ 13.1

FAIR VALUE DISCLOSURES - Financ

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Equity securities	$ 101	$ 237
Investments measured at net asset value	27,520	28,476
Level 1
Assets:
Equity securities	$ 101	$ 237

FAIR VALUE DISCLOSURES - Fina_2

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on non-recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Assets held for sale	$ 5,385	$ 5,385
Fair value on a non-recurring basis
Assets:
Assets held for sale	5,385
Fair value on a non-recurring basis | Level 2
Assets:
Assets held for sale	$ 5,385

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
AOCI rollforward
Balance	$ (23,223)	$ (18,746)
Before-tax amount	(398)	431
Adoption of accounting standard		(2,732)
Amortization of net loss	918	347
Total activity in period	520	(1,954)
Balance	(22,703)	(20,700)
Pension Adjustment
AOCI rollforward
Balance	(20,908)	(15,878)
Adoption of accounting standard		(2,732)
Amortization of net loss	918	347
Total activity in period	918	(2,385)
Balance	(19,990)	(18,263)
Foreign Currency Translation
AOCI rollforward
Balance	(2,315)	(2,868)
Before-tax amount	(398)	431
Total activity in period	(398)	431
Balance	$ (2,713)	$ (2,437)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - ASU 2018-02 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		$ (2,732)
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	$ 2,700