RPC (RES) 10-Q30 Apr 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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		215,735,024
Entity Central Index Key	0000742278
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	RES

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 85,421	$ 84,496
Accounts receivable, net of allowance for credit losses of $5,717 in 2021 and $4,815 in 2020	186,891	161,771
Inventories	80,165	82,918
Income taxes receivable	82,612	82,943
Prepaid expenses	8,027	9,124
Assets held for sale	4,032	4,032
Other current assets	2,493	3,075
Total current assets	449,641	428,359
Property, plant and equipment, less accumulated depreciation of $788,922 in 2021 and $790,712 in 2020	257,309	264,411
Operating lease right-of-use assets	25,400	27,270
Goodwill	32,150	32,150
Other assets	35,573	38,315
Total assets	800,073	790,505
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	60,649	41,080
Accrued payroll and related expenses	23,074	18,428
Accrued insurance expenses	4,443	5,489
Accrued state, local and other taxes	4,539	2,788
Income taxes payable	1,302	1,115
Current portion of operating lease liabilities	8,594	9,192
Other accrued expenses	946	1,473
Total current liabilities	103,547	79,565
Long-term accrued insurance expenses	10,543	11,822
Long-term pension liabilities	31,088	33,080
Deferred income taxes	12,631	13,332
Long-term operating lease liabilities	19,088	21,090
Other long-term liabilities		49
Total liabilities	176,897	158,938
STOCKHOLDER'S EQUITY
Common stock	21,574	21,495
Capital in excess of par value	0	0
Retained earnings	619,019	627,778
Accumulated other comprehensive loss	(17,417)	(17,706)
Total stockholders' equity	623,176	631,567
Total liabilities and stockholders' equity	$ 800,073	$ 790,505

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 5,717	$ 4,815
Accumulated depreciation	$ 788,922	$ 790,712

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 182,610	$ 243,777
Cost of revenues (exclusive of items shown below)	146,223	181,944
Selling, general and administrative expenses	30,595	36,530
Impairment and other charges	0	205,536
Depreciation and amortization	17,773	39,293
Gain on disposition of assets, net	(1,460)	(819)
Operating loss	(10,521)	(218,707)
Interest expense	(380)	(113)
Interest income	18	334
Other income (expense), net	507	(308)
Loss before income taxes	(10,376)	(218,794)
Income tax benefit	(714)	(58,371)
Net loss	$ (9,662)	$ (160,423)
Loss per share
Basic (in dollars per share)	$ (0.05)	$ (0.76)
Diluted (in dollars per share)	$ (0.05)	$ (0.76)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net loss	$ (9,662)	$ (160,423)
Other comprehensive income (loss):
Pension adjustment	153	732
Foreign currency translation	136	(712)
Comprehensive loss	$ (9,373)	$ (160,403)

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, 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			(160,423)		(160,423)
Pension adjustment				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, 2020	$ 21,495		627,778	(17,706)	631,567
Balance (in shares) at Dec. 31, 2020	214,951
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 93	1,446			1,539
Stock issued for stock incentive plans, net (in shares)	924
Stock purchased and retired	$ (14)	$ (1,446)	903		(557)
Stock purchased and retired (in shares)	(140)
Net loss			(9,662)		(9,662)
Pension adjustment				153	153
Foreign currency translation				136	136
Balance at Mar. 31, 2021	$ 21,574		$ 619,019	$ (17,417)	$ 623,176
Balance (in shares) at Mar. 31, 2021	215,735

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net loss	$ (9,662)	$ (160,423)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	17,800	39,532
Stock-based compensation expense	1,539	2,097
Gain on disposition of assets, net	(1,460)	(819)
Deferred income tax benefit	(752)	(33,495)
Impairment and other non-cash charges		205,437
(Increase) decrease in assets:
Accounts receivable	(25,076)	(5,664)
Income taxes receivable	331	(10,855)
Inventories	2,800	3,286
Prepaid expenses	1,097	1,753
Other current assets	614	81
Other non-current assets	2,735	4,980
Increase (decrease) in liabilities:
Accounts payable	18,155	17,004
Income taxes payable	187	257
Accrued payroll and related expenses	4,638	182
Accrued insurance expenses	(1,046)	(448)
Accrued state, local and other taxes	1,751	1,347
Other accrued expenses	(1,611)	(2,733)
Pension liabilities	(1,788)	(5,070)
Long-term accrued insurance expenses	(1,279)	825
Other long-term liabilities	291	(2,435)
Net cash provided by operating activities	9,264	54,839
INVESTING ACTIVITIES
Capital expenditures	(11,750)	(25,019)
Proceeds from sale of assets	3,968	3,595
Net cash used for investing activities	(7,782)	(21,424)
FINANCING ACTIVITIES
Cash paid for common stock purchased and retired	(557)	(792)
Net cash used for financing activities	(557)	(792)
Net increase in cash and cash equivalents	925	32,623
Cash and cash equivalents at beginning of period	84,496	50,023
Cash and cash equivalents at end of period	85,421	82,646
Supplemental cash flows disclosure:
Income taxes refund, net	(481)	(12,281)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 5,271	$ 7,250

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2021
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 months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, controls in excess of fifty percent

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	3 Months Ended
RECENT ACCOUNTING STANDARDS	Mar. 31, 2021
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) 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 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 Company adopted these provisions in the first quarter of 2021 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued, and does not expect adoption to have a material impact on its consolidated financial statements.

REVENUES

REVENUES	3 Months Ended
REVENUES	Mar. 31, 2021
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 ● Support Services ● ● 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 March 31, (in thousands) 2021 2020 Oilfield services transferred at a point in time $ — $ — Oilfield services transferred over time 182,610 243,777 Total revenues $ 182,610 $ 243,777 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: March 31, December 31, (in thousands) 2021 2020 Unbilled trade receivables $ 50,370 $ 29,754 Substantially all of the unbilled trade receivables disclosed were or are expected to be invoiced during the following quarter.

IMPAIRMENT AND OTHER CHARGES

IMPAIRMENT AND OTHER CHARGES	3 Months Ended
IMPAIRMENT AND OTHER CHARGES	Mar. 31, 2021
IMPAIRMENT AND OTHER CHARGES
IMPAIRMENT AND OTHER CHARGES	4. IMPAIRMENT AND OTHER CHARGES The Company recorded the following pre-tax charges during the three months ended March 31, 2021 and 2020 which are reflected in “Impairment and other charges” in the consolidated statements of operations: Three months ended March 31, March 31, (in thousands) 2021 2020 Long-lived asset impairments (1) $ — $ 204,765 Severance costs — 395 Other (2) — 376 Total $ — $ 205,536 (1). (2). See Note 7 for details of impairment and other charges by segment .

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2021
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. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended March 31, (In thousands) 2021 2020 Net loss available for stockholders : $ (9,662) $ (160,423) Less: Adjustments for earnings attributable to participating securities — — Net loss used in calculating earnings per share $ (9,662) $ (160,423) Weighted average shares outstanding (including participating securities) 215,538 215,007 Adjustment for participating securities (2,579) (2,696) Shares used in calculating basic and diluted earnings per share 212,959 212,311

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2021
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 March 31, 2021, there were 3,089,330 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended March 31, (in thousands) 2021 2020 Pre-tax expense $ 1,539 $ 2,097 After tax expense $ 1,154 $ 1,583 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2021: Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2020 2,235,179 $ 6.81 Granted 1,010,700 3.87 Vested (429,748) 15.02 Forfeited (87,250) 6.93 Non-vested shares at March 31, 2021 2,728,881 $ 7.91 The total fair value of shares vested was $1,732,000 during the three months ended March 31, 2021 and $2,461,000 during the three months ended March 31, 2020. 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 was a detrimental adjustment of $1,160,000 for the three months ended March 31, 2021 and a detrimental adjustment of $1,631,000 for the three months ended March 31, 2020. As of March 31, 2021, total unrecognized compensation cost related to non-vested restricted shares was $43,264,000 which is expected to be recognized over a weighted-average period of 4.6 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
BUSINESS SEGMENT INFORMATION	Mar. 31, 2021
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 March 31, (in thousands) 2021 2020 Technical Services: Pressure Pumping $ 74,900 $ 96,765 Downhole Tools 56,377 85,908 Coiled Tubing 14,768 16,239 Nitrogen 11,160 9,931 Snubbing 3,832 2,304 All other 11,604 16,553 Total Technical Services $ 172,641 $ 227,700 Support Services: Rental Tools $ 6,032 $ 10,404 All other 3,937 5,673 Total Support Services $ 9,969 $ 16,077 Total Revenues $ 182,610 $ 243,777 The following summarizes revenues for the United States and separately for all international locations combined for the three months ended March 31, 2021 and 2020. 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 March 31, (in thousands) 2021 2020 United States revenues $ 172,929 $ 227,994 International revenues 9,681 15,783 Total revenues $ 182,610 $ 243,777 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 months ended March 31, 2021 and 2020 are shown in the following table: Three months ended March 31, (in thousands) 2021 2020 Revenues: Technical Services $ 172,641 $ 227,700 Support Services 9,969 16,077 Total revenues $ 182,610 $ 243,777 Operating (loss) income: Technical Services $ (5,762) $ (12,207) Support Services (2,896) 1,547 Corporate Expenses (3,323) (3,330) Impairment and Other Charges (1) - (205,536) Gain on disposition of assets, net 1,460 819 Total operating loss $ (10,521) $ (218,707) Interest expense (380) (113) Interest income 18 334 Other income (expense) , net 507 (308) Loss before income taxes $ (10,376) $ (218,794) (1) Relates exclusively to Technical Services. As of and for the three months ended Technical Support March 31, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 15,728 $ 1,977 $ 68 $ 17,773 Capital expenditures 9,648 1,937 165 11,750 Identifiable assets $ 507,815 $ 70,304 $ 221,954 $ 800,073 As of and for the three months ended Technical Support March 31, 2020 Services Services Corporate Total (in thousands) Depreciation and amortization $ 36,995 $ 2,228 $ 70 $ 39,293 Capital expenditures 20,338 4,681 — 25,019 Identifiable assets $ 654,354 $ 70,022 $ 173,254 $ 897,630

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
CURRENT EXPECTED CREDIT LOSSES	Mar. 31, 2021
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES	8. CURRENT EXPECTED CREDIT LOSSES The Company utilizes an expected credit loss model for valuing its accounts receivable, a financial asset measured at amortized cost. 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 estimated amount of accounts receivable that may not be collected is based on aging of the account 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. Estimates used to determine the allowance for current expected credit losses are based on an 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: Three months ended March 31, 2021 2020 (in thousands) Beginning balance $ 4,815 $ 5,181 Provision (benefit) for current expected credit losses 946 212 Write-offs (53) (301) Recoveries collected (net of expenses) 9 8 Ending balance $ 5,717 $ 5,100

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Mar. 31, 2021
INVENTORIES
INVENTORIES	9. INVENTORIES Inventories of $80,165,000 $82,918,000

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	3 Months Ended
EMPLOYEE BENEFIT PLAN	Mar. 31, 2021
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 employer Retirement Income Plan: Three months ended March 31, (in thousands) 2021 2020 Interest cost $ 247 $ 411 Expected return on plan assets (377) (395) Amortization of net losses 202 246 Net periodic benefit cost $ 72 $ 262 The Company did not make a contribution to this plan during the three months ended March 31, 2021 or March 31, 2020. In October 2020, the Company amended the Retirement Income Plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or by initiating a monthly annuity payment. The lump-sum payment window offering ended during the fourth quarter of 2020 and plan assets were used to fund participant elections. The resulting non-cash settlement charges represent the accelerated recognition of actuarial losses reflected in Accumulated Other Comprehensive Income (Loss) (AOCI). A settlement loss of 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 primarily in mutual funds and Company owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP that have been classified as trading, and are stated at fair value totaling $29.6 million as of March 31, 2021 and $32.0 million as of December 31, 2020. 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, net related to the SERP assets were approximately as follows: Three months ended March 31, (in thousands) 2021 2020 Trading gains (losses), net $ 471 $ (4,987) The SERP liabilities 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 recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	3 Months Ended
NOTES PAYABLE TO BANKS	Mar. 31, 2021
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	11. NOTES PAYABLE TO BANKS The Company has a revolving Credit Agreement with Bank of America and five other lenders which provides for a line of credit of up to $100 million, including a $35 million letter of credit subfacility, and a $35 million swingline subfacility. The 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. The Credit Agreement's maturity date is July 26, 2023. On September 25, 2020, the Company entered into Amendment No. 5 to Credit Agreement (the “Amendment”). This Amendment (1) reduced the maximum amount available for borrowing under the credit facility from $125 million to $100 million, (2) decreased the minimum tangible net worth covenant level from not less than $600 million to not less than $400 million, and (3) increased the margin spreads and commitment fees payable by RPC by 37.5 and 5 basis points, respectively, at each pricing level of the applicable rate without any changes to the leverage ratios used to calculate such spreads. The Credit Agreement includes 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) when RPC's trailing four quarter EBITDA is less than $50 million, a minimum tangible net worth of no less than $400 million. As of March 31, 2021, 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 0.20% to 0.30%, 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 $3.4 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 March 31, 2021 is classified as part of non-current other assets. As of March 31, 2021, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $18.2 million; therefore, a total of $81.8 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 March 31, (in thousands) 2021 2020 Interest incurred $ 41 $ 113 Interest paid 42 40

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The effective tax rate for the first quarter of 2021 reflects a benefit of 6.9 percent, compared to a benefit of 26.7 percent for the first quarter of the prior year. Historically, the Company has determined its quarterly income tax expense (benefit) under ASC 740, Income Taxes (“ASC 740”) by computing an estimated annual effective tax rate and applying the rate to the current period income (loss) and adjusting for discrete items including changes to prior period estimates. However, the Company recorded income taxes for the first quarter of 2021, using the discrete method, provided for under ASC 740-270-30-18, by applying the actual year-to-date effective tax rate to its current period pre-tax loss for the quarter. The Company believes at this time that the discrete method provides a more reliable estimate of its income tax benefit for the three months ended March 31, 2021 because small changes in the projected annual income resulted in significant changes to the estimated annual effective tax rate. The effective tax rate for the first quarter of 2021 reflects a net discrete provision totaling $1.2 million compared to a net discrete provision totaling $22.8 million for the first quarter of 2020. The effective rate for both the first quarter of 2021 and the first quarter of 2020 include discrete adjustments related to share based compensation of

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
FAIR VALUE DISCLOSURES	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: Fair Value Measurements at March 31, 2021 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 $ 147 $ 147 $ — $ — Investments measured at net asset value $ 29,585 Fair Value Measurements at December 31, 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 $ 132 $ 132 $ — $ — Investments measured at net asset value $ 32,039 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 or investment 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 quarter ended March 31, 2021, 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 March 31, 2021 and December 31, 2020. 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 estimated values 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 at March 31, 2021 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — Fair Value Measurements at December 31, 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: Assets held for sale $ 4,032 $ — $ 4,032 $ —

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	Mar. 31, 2021
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, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — 136 136 Reclassification adjustment, net of taxes: Amortization of net loss (1) 153 — 153 Total activity for the period 153 136 289 Balance at March 31, 2021 $ (15,028) $ (2,389) $ (17,417) (1) Reported as part of selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2019 $ (20,908) $ (2,315) $ (23,223) Change during the period: Before-tax amount — (712) (712) Reclassification adjustment, net of taxes: Amortization of net loss (1) 732 — 732 Total activity for the period 732 (712) 20 Balance at March 31, 2020 $ (20,176) $ (3,027) $ (23,203) (1) Reported as part of selling, general and administrative expenses.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
RECENT ACCOUNTING STANDARDS (Policies)	Mar. 31, 2021
RECENT ACCOUNTING STANDARDS
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: ● Accounting Standards Update (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 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 Company adopted these provisions in the first quarter of 2021 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued, and does not expect adoption to have a material impact on its consolidated financial statements.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
REVENUES (Tables)	Mar. 31, 2021
REVENUES
Schedule of disaggregation of revenues	Three months ended March 31, (in thousands) 2021 2020 Oilfield services transferred at a point in time $ — $ — Oilfield services transferred over time 182,610 243,777 Total revenues $ 182,610 $ 243,777
Schedule of contract assets included in accounts receivable	March 31, December 31, (in thousands) 2021 2020 Unbilled trade receivables $ 50,370 $ 29,754

IMPAIRMENT AND OTHER CHARGES (T

IMPAIRMENT AND OTHER CHARGES (Tables)	3 Months Ended
IMPAIRMENT AND OTHER CHARGES (Tables)	Mar. 31, 2021
IMPAIRMENT AND OTHER CHARGES
Schedule of impairment and other charges	Three months ended March 31, March 31, (in thousands) 2021 2020 Long-lived asset impairments (1) $ — $ 204,765 Severance costs — 395 Other (2) — 376 Total $ — $ 205,536 (1). (2).

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2021
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended March 31, (In thousands) 2021 2020 Net loss available for stockholders : $ (9,662) $ (160,423) Less: Adjustments for earnings attributable to participating securities — — Net loss used in calculating earnings per share $ (9,662) $ (160,423) Weighted average shares outstanding (including participating securities) 215,538 215,007 Adjustment for participating securities (2,579) (2,696) Shares used in calculating basic and diluted earnings per share 212,959 212,311

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2021
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended March 31, (in thousands) 2021 2020 Pre-tax expense $ 1,539 $ 2,097 After tax expense $ 1,154 $ 1,583
Schedule of summary of the changes in non-vested restricted shares	Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2020 2,235,179 $ 6.81 Granted 1,010,700 3.87 Vested (429,748) 15.02 Forfeited (87,250) 6.93 Non-vested shares at March 31, 2021 2,728,881 $ 7.91

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Mar. 31, 2021
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	Three months ended March 31, (in thousands) 2021 2020 Technical Services: Pressure Pumping $ 74,900 $ 96,765 Downhole Tools 56,377 85,908 Coiled Tubing 14,768 16,239 Nitrogen 11,160 9,931 Snubbing 3,832 2,304 All other 11,604 16,553 Total Technical Services $ 172,641 $ 227,700 Support Services: Rental Tools $ 6,032 $ 10,404 All other 3,937 5,673 Total Support Services $ 9,969 $ 16,077 Total Revenues $ 182,610 $ 243,777
Schedule of revenue by geographical location	Three months ended March 31, (in thousands) 2021 2020 United States revenues $ 172,929 $ 227,994 International revenues 9,681 15,783 Total revenues $ 182,610 $ 243,777
Schedule of segment reporting information by segment	Three months ended March 31, (in thousands) 2021 2020 Revenues: Technical Services $ 172,641 $ 227,700 Support Services 9,969 16,077 Total revenues $ 182,610 $ 243,777 Operating (loss) income: Technical Services $ (5,762) $ (12,207) Support Services (2,896) 1,547 Corporate Expenses (3,323) (3,330) Impairment and Other Charges (1) - (205,536) Gain on disposition of assets, net 1,460 819 Total operating loss $ (10,521) $ (218,707) Interest expense (380) (113) Interest income 18 334 Other income (expense) , net 507 (308) Loss before income taxes $ (10,376) $ (218,794) (1) Relates exclusively to Technical Services. As of and for the three months ended Technical Support March 31, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 15,728 $ 1,977 $ 68 $ 17,773 Capital expenditures 9,648 1,937 165 11,750 Identifiable assets $ 507,815 $ 70,304 $ 221,954 $ 800,073 As of and for the three months ended Technical Support March 31, 2020 Services Services Corporate Total (in thousands) Depreciation and amortization $ 36,995 $ 2,228 $ 70 $ 39,293 Capital expenditures 20,338 4,681 — 25,019 Identifiable assets $ 654,354 $ 70,022 $ 173,254 $ 897,630

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	3 Months Ended
CURRENT EXPECTED CREDIT LOSSES (Tables)	Mar. 31, 2021
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	Three months ended March 31, 2021 2020 (in thousands) Beginning balance $ 4,815 $ 5,181 Provision (benefit) for current expected credit losses 946 212 Write-offs (53) (301) Recoveries collected (net of expenses) 9 8 Ending balance $ 5,717 $ 5,100

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	3 Months Ended
EMPLOYEE BENEFIT PLAN (Tables)	Mar. 31, 2021
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost	Three months ended March 31, (in thousands) 2021 2020 Interest cost $ 247 $ 411 Expected return on plan assets (377) (395) Amortization of net losses 202 246 Net periodic benefit cost $ 72 $ 262
Schedule of trading gains (losses) related to SERP assets	Three months ended March 31, (in thousands) 2021 2020 Trading gains (losses), net $ 471 $ (4,987)

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	3 Months Ended
NOTES PAYABLE TO BANKS (Tables)	Mar. 31, 2021
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 March 31, (in thousands) 2021 2020 Interest incurred $ 41 $ 113 Interest paid 42 40

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Mar. 31, 2021
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at March 31, 2021 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 $ 147 $ 147 $ — $ — Investments measured at net asset value $ 29,585 Fair Value Measurements at December 31, 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 $ 132 $ 132 $ — $ — Investments measured at net asset value $ 32,039
Schedule of valuation of financial instruments measured at fair value on a non-recurring basis	Fair Value Measurements at March 31, 2021 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — Fair Value Measurements at December 31, 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: Assets held for sale $ 4,032 $ — $ 4,032 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	Mar. 31, 2021
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, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — 136 136 Reclassification adjustment, net of taxes: Amortization of net loss (1) 153 — 153 Total activity for the period 153 136 289 Balance at March 31, 2021 $ (15,028) $ (2,389) $ (17,417) (1) Reported as part of selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2019 $ (20,908) $ (2,315) $ (23,223) Change during the period: Before-tax amount — (712) (712) Reclassification adjustment, net of taxes: Amortization of net loss (1) 732 — 732 Total activity for the period 732 (712) 20 Balance at March 31, 2020 $ (20,176) $ (3,027) $ (23,203) (1) Reported as part of selling, general and administrative expenses.

GENERAL - (Details)

GENERAL - (Details)	3 Months Ended
GENERAL - (Details)	Mar. 31, 2021
Chairman of the Board and Director
Ownership control
Voting power (in percent)	50.00%

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	3 Months Ended
REVENUES - Payment Terms (Details)	Mar. 31, 2021
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
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of revenue:
Total revenues	$ 182,610	$ 243,777
Oilfield services transferred at a point in time
Disaggregation of revenue:
Total revenues	0	0
Oilfield services transferred over time
Disaggregation of revenue:
Total revenues	$ 182,610	$ 243,777

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 50,370	$ 29,754

IMPAIRMENT AND OTHER CHARGES (D

IMPAIRMENT AND OTHER CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
IMPAIRMENT AND OTHER CHARGES
Long-lived asset impairments (1)	$ 0	$ 204,765
Severance costs	0	395
Other	0	376
Total	$ 0	$ 205,536

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
EARNINGS PER SHARE
Net loss available for stockholders :	$ (9,662)	$ (160,423)
Less: Adjustments for earnings attributable to participating securities	0	0
Net loss used in calculating earnings per share	$ (9,662)	$ (160,423)
Weighted average shares outstanding (including participating securities)	215,538	215,007
Adjustment for participating securities	(2,579)	(2,696)
Shares used in calculating basic and diluted earnings per share	212,959	212,311

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
STOCK-BASED COMPENSATION (Details) - shares	Apr. 30, 2014	Mar. 31, 2021
STOCK-BASED COMPENSATION
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		3,089,330

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
STOCK-BASED COMPENSATION
Pre-tax expense	$ 1,539	$ 2,097
After tax expense	$ 1,154	$ 1,583

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Shares
Non-vested shares at January \| shares	2,235,179
Granted \| shares	1,010,700
Vested \| shares	(429,748)
Forfeited \| shares	(87,250)
Non-vested shares at December \| shares	2,728,881
Weighted Average Grant-Date Fair Value
Non-vested shares at January \| $ / shares	$ 6.81
Granted \| $ / shares	3.87
Vested \| $ / shares	15.02
Forfeited \| $ / shares	6.93
Non-vested shares at December \| $ / shares	$ 7.91

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation
Fair value, shares vested	$ 1,732,000	$ 2,461,000
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	(1,160,000)	$ (1,631,000)
Unrecognized compensation cost related to non-vested restricted shares	$ 43,264,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	4 years 7 months 6 days

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment information:
Total revenues	$ 182,610	$ 243,777
Technical Services
Segment information:
Total revenues	172,641	227,700
Technical Services \| Pressure Pumping
Segment information:
Total revenues	74,900	96,765
Technical Services \| Downhole Tools
Segment information:
Total revenues	56,377	85,908
Technical Services \| Coiled Tubing
Segment information:
Total revenues	14,768	16,239
Technical Services \| Nitrogen
Segment information:
Total revenues	11,160	9,931
Technical Services \| Snubbing
Segment information:
Total revenues	3,832	2,304
Technical Services \| All other
Segment information:
Total revenues	11,604	16,553
Support Services
Segment information:
Total revenues	9,969	16,077
Support Services \| Rental Tools
Segment information:
Total revenues	6,032	10,404
Support Services \| All other
Segment information:
Total revenues	$ 3,937	$ 5,673

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment information:
Total revenues	$ 182,610	$ 243,777
United States
Segment information:
Total revenues	172,929	227,994
International
Segment information:
Total revenues	$ 9,681	$ 15,783

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 182,610	$ 243,777
Operating (loss) income:
Operating loss	(10,521)	(218,707)
Capital expenditures	11,750	25,019
Depreciation and amortization	17,773	39,293
Identifiable assets	800,073	897,630
Impairment and other charges	0	205,536
Gain on disposition of assets, net	1,460	819
Interest expense	380	113
Interest income	18	334
Other (expense) income , net	507	(308)
Loss before income taxes	(10,376)	(218,794)
Technical Services
Revenues:
Revenues	172,641	227,700
Operating (loss) income:
Operating loss	(5,762)	(12,207)
Capital expenditures	9,648	20,338
Depreciation and amortization	15,728	36,995
Identifiable assets	507,815	654,354
Support Services
Revenues:
Revenues	9,969	16,077
Operating (loss) income:
Operating loss	(2,896)	1,547
Capital expenditures	1,937	4,681
Depreciation and amortization	1,977	2,228
Identifiable assets	70,304	70,022
Corporate
Operating (loss) income:
Operating loss	(3,323)	(3,330)
Capital expenditures	165
Depreciation and amortization	68	70
Identifiable assets	$ 221,954	$ 173,254

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for doubtful accounts rollforward
Beginning balance	$ 4,815	$ 5,181
Provision (benefit) for current expected credit losses	946	212
Write-offs	(53)	(301)
Recoveries collected (net of expenses)	9	8
Ending balance	$ 5,717	$ 5,100

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
INVENTORIES
Raw materials, parts and supplies of inventories	$ 80,165	$ 82,918

EMPLOYEE BENEFIT PLAN - Compone

EMPLOYEE BENEFIT PLAN - Components of net periodic benefit cost (Details) - Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 247	$ 411
Expected return on plan assets	(377)	(395)
Amortization of net losses	202	246
Net periodic benefit cost	$ 72	$ 262

EMPLOYEE BENEFIT PLAN - SERP (D

EMPLOYEE BENEFIT PLAN - SERP (Details) - USD ($)	3 Months Ended
EMPLOYEE BENEFIT PLAN - SERP (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Employer contribution	$ 0		$ 0
Settlement loss		$ (4,700,000)
Supplemental Retirement Plan ('SERP')
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	29,600,000	$ 32,000,000
Trading gains (losses), net	$ 471,000		$ (4,987,000)

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revolving credit facility
Interest incurred	$ 41	$ 113
Interest paid	$ 42	$ 40

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	Sep. 25, 2020USD ($)	Jul. 26, 2018USD ($)	Mar. 31, 2021USD ($)Lender	Sep. 24, 2020USD ($)
Revolving credit facility
Minimum net worth covenant	$ 400,000			$ 600,000
Basis points added	37.50%
Amendment
Revolving credit facility
Minimum EBITDA		$ 50,000
Maximum consolidated leverage ratio		2.50%
Minimum debt service coverage ratio		2.00%
Revolving credit facility
Revolving credit facility
Number of additional credit lenders \| Lender			5
Maximum borrowing capacity	$ 100,000		$ 100,000	$ 125,000
Origination and other costs			3,400
Unamortized origination and other costs			300
Outstanding debt			0
Available credit facility			$ 81,800
Revolving credit facility \| Minimum
Revolving credit facility
Annual fee (as a percent)			0.20%
Revolving credit facility \| Maximum
Revolving credit facility
Annual fee (as a percent)			0.30%
Revolving credit facility \| Amendment
Revolving credit facility
Reduction in commitment fees (in points)	5.00%
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			18,200
Revolving credit facility \| Letter of credit \| Amendment
Revolving credit facility
Maximum borrowing capacity		$ 400,000
Revolving credit facility \| Swingline
Revolving credit facility
Maximum borrowing capacity			$ 35,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Effective tax rate (as a percent)	6.90%	26.70%
Discrete tax benefit adjustment	$ 1.2	$ 22.8
Discrete adjustments related to share based compensation in effective tax rate	$ 1.2	$ 1.6

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	Mar. 31, 2021	Dec. 31, 2020
Assets:
Equity securities	$ 147	$ 132
Investments measured at net asset value - trading securities	29,585	32,039
Level 1
Assets:
Equity securities	$ 147	$ 132

FAIR VALUE DISCLOSURES - Fina_2

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on non-recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Assets held for sale	$ 4,032	$ 4,032
Fair value on a non-recurring basis
Assets:
Assets held for sale	4,032	4,032
Fair value on a non-recurring basis \| Level 2
Assets:
Assets held for sale	$ 4,032	$ 4,032

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI rollforward
Balance	$ (17,706)	$ (23,223)
Change during the period:
Before-tax amount	136	(712)
Reclassification adjustment, net of taxes:
Amortization of net loss	153	732
Total activity for the period	289	20
Balance	(17,417)	(23,203)
Pension Adjustment
AOCI rollforward
Balance	(15,181)	(20,908)
Reclassification adjustment, net of taxes:
Amortization of net loss	153	732
Total activity for the period	153	732
Balance	(15,028)	(20,176)
Foreign Currency Translation
AOCI rollforward
Balance	(2,525)	(2,315)
Change during the period:
Before-tax amount	136	(712)
Reclassification adjustment, net of taxes:
Total activity for the period	136	(712)
Balance	$ (2,389)	$ (3,027)