RPC (RES) 10-Q 31 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	RPC INC
Entity Central Index Key	742,278
Trading Symbol	res
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		214,826,513
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 94,175	$ 91,050
Accounts receivable, net of allowance for doubtful accounts of $5,022 in 2018 and $4,471 in 2017	376,815	377,853
Inventories	126,504	114,866
Income taxes receivable	21,258	40,243
Prepaid expenses	6,382	8,992
Other current assets	5,924	7,131
Total current assets	631,058	640,135
Property, plant and equipment, less accumulated depreciation of $1,693,141 in 2018 and $1,659,311 in 2017	523,330	443,928
Goodwill	32,150	32,150
Other assets	32,110	31,011
Total assets	1,218,648	1,147,224
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	138,971	103,462
Accrued payroll and related expenses	24,061	23,577
Accrued insurance expenses	5,592	5,299
Accrued state, local and other taxes	5,904	8,655
Income taxes payable	7,566	3,224
Other accrued expenses	1,302	1,143
Total current liabilities	183,396	145,360
Long-term accrued insurance expenses	10,816	10,376
Long-term pension liabilities	30,833	35,635
Deferred income taxes	44,715	39,437
Other long-term liabilities	3,901	4,719
Total liabilities	273,661	235,527
Common stock	21,483	21,654
Capital in excess of par value	0	0
Retained earnings	940,308	906,745
Accumulated other comprehensive loss	(16,804)	(16,702)
Total stockholders' equity	944,987	911,697
Total liabilities and stockholders' equity	$ 1,218,648	$ 1,147,224

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,022	$ 4,471
Accumulated depreciation of property, plant and equipment	$ 1,693,141	$ 1,659,311

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929
Cost of revenues (exclusive of items shown below)	312,079	254,016	607,684	470,258
Selling, general and administrative expenses	42,534	40,288	86,348	77,445
Depreciation and amortization	40,094	41,263	77,574	85,926
Gain on disposition of assets, net	(1,810)	(3,759)	(3,173)	(5,276)
Operating income	75,029	67,002	135,827	68,576
Interest expense	(113)	(114)	(218)	(217)
Interest income	458	411	860	540
Other income, net	4,104	2,010	9,499	2,222
Income before income taxes	79,478	69,309	145,968	71,121
Income tax provision	19,535	25,469	33,895	23,647
Net income	$ 59,943	$ 43,840	$ 112,073	$ 47,474
Earnings per share
Basic (in dollars per share)	$ 0.28	$ 0.20	$ 0.52	$ 0.22
Diluted (in dollars per share)	0.28	$ 0.20	0.52	$ 0.22
Dividends per share (in dollars per share)	$ 0.10		$ 0.20

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement Of Income and Comprehensive Income [Abstract]
Net income	$ 59,943	$ 43,840	$ 112,073	$ 47,474
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	156	135	328	270
Foreign currency translation	65	189	(415)	231
Unrealized loss on securities, net of taxes		(6)		(21)
Comprehensive income	$ 60,164	$ 44,158	$ 111,986	$ 47,954

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2017	$ 21,654		$ 906,745	$ (16,702)	$ 911,697
Balance (in shares) at Dec. 31, 2017	216,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 42	$ 4,544			4,586
Stock issued for stock incentive plans, net (in shares)	416
Stock purchased and retired	$ (213)	$ (4,544)	(35,339)		(40,096)
Stock purchased and retired (in shares)	(2,133)
Net income			112,073		112,073
Dividends			(43,186)		(43,186)
Pension adjustment, net of taxes				328	328
Foreign currency translation				(415)	(415)
Balance at Jun. 30, 2018	$ 21,483		940,308	(16,804)	$ 944,987
Balance (in shares) at Jun. 30, 2018	214,827
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 2)			$ 15	$ (15)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income	$ 112,073	$ 47,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	79,410	87,379
Stock-based compensation expense	4,586	6,012
Gain on disposition of assets, net	(3,173)	(5,276)
Deferred income tax provision (benefit)	5,171	(20,759)
(Increase) decrease in assets:
Accounts receivable	843	(174,220)
Income taxes receivable	18,984	48,248
Inventories	(11,880)	(4,193)
Prepaid expenses	2,607	1,309
Other current assets	990	310
Other non-current assets	(1,113)	(2,256)
Increase (decrease) in liabilities:
Accounts payable	22,892	27,760
Income taxes payable	4,342	10,277
Accrued payroll and related expenses	515	4,742
Accrued insurance expenses	293	252
Accrued state, local and other taxes	(2,751)	3,547
Other accrued expenses	160	(5,024)
Pension liabilities	(4,367)	2,479
Long-term accrued insurance expenses	440	389
Other long-term liabilities	(818)	219
Net cash provided by operating activities	229,204	28,669
INVESTING ACTIVITIES
Capital expenditures	(149,692)	(30,645)
Proceeds from sale of assets	6,895	8,407
Net cash used for investing activities	(142,797)	(22,238)
FINANCING ACTIVITIES
Payment of dividends	(43,186)
Cash paid for common stock purchased and retired	(40,096)	(12,454)
Net cash used for financing activities	(83,282)	(12,454)
Net increase (decrease) in cash and cash equivalents	3,125	(6,023)
Cash and cash equivalents at beginning of period	91,050	131,835
Cash and cash equivalents at end of period	94,175	125,812
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	133	72
Income taxes paid (refund), net	4,977	(14,119)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 19,727	$ 8,866

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2018
General [Abstract]
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, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 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, 2017. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2018
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. 2014-09, Revenue from Contracts with Customers (Topic 606). ASC 606, Revenue from Contracts with Customers ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2019: ASU No. 2016-02, Leases (Topic 842). he Company is currently evaluating the impact of this guidance on its financial statements and related disclosures, including the increase in the assets and liabilities on its balance sheet and the impact on its current lease portfolio from a lessee perspective. ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded and require expanded disclosures regarding the Company’s accounting policy decisions on such reclassification. The amendments are effective starting in the first quarter of 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2018
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 6. 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 the customer states 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 30 to 60 days after invoicing. As the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the services are provided to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to our arrangements with customers. 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 6 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) 2018 2017 2018 2017 Oilfield services transferred at a point in time $ - $ - $ - $ - Oilfield services transferred over time 467,926 398,810 904,260 696,929 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929 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: (in thousands) June 30, December 31, June 30, December 31, Unbilled trade receivables $ 113,453 $ 68,494 $ 82,466 $ 39,223 Substantially all of the unbilled trade receivables as of December 31, 2017 and December 31, 2016 were invoiced during the following quarter.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares is as follows: Three months ended Six months ended (In thousands) 2018 2017 2018 2017 Net income available for stockholders: $ 59,943 $ 43,840 $ 112,073 $ 47,474 Less: Adjustments for earnings attributable to participating securities (673 ) (592 ) (1,266 ) (652 ) Net income used in calculating earnings per share $ 59,270 $ 43,248 $ 110,807 $ 46,822 Weighted average shares outstanding (including participating securities) 215,194 217,530 215,641 217,622 Adjustment for participating securities (2,473 ) (2,936 ) (2,528 ) (2,989 ) Shares used in calculating basic and diluted earnings per share 212,721 214,594 213,113 214,633

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. 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, 2018, there were 5,358,867 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) 2018 2017 2018 2017 Pre-tax expense $ 2,031 $ 3,325 $ 4,586 $ 6,012 After tax expense $ 1,533 $ 2,112 $ 3,462 $ 3,818 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2018: Shares Weighted Average Non-vested shares at December 31, 2017 2,736,365 $ 14.50 Granted 522,800 25.13 Vested 732,213 13.02 Forfeited 107,212 16.77 Non-vested shares at June 30, 2018 2,419,740 $ 17.15 The total fair value of shares vested was approximately $16,194,000 during the six months ended June 30, 2018 and $19,271,000 during the six months ended June 30, 2017. Excess tax benefits realized from tax compensation deductions in excess of compensation expense are recorded as a discrete tax adjustment. This discrete tax adjustment was $1,620,000 for the six months ended June 30, 2018 and $2,562,000 for the six months ended June 30, 2017. As of June 30, 2018, total unrecognized compensation cost related to non-vested restricted shares was $48,332,000, which is expected to be recognized over a weighted-average period of 3.7 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2018
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	6. 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) 2018 2017 2018 2017 Technical Services: Pressure Pumping $ 269,040 $ 253,743 $ 525,195 $ 436,675 Downhole Tools 107,521 71,862 200,562 124,207 Coiled Tubing 27,404 25,956 52,600 47,335 Nitrogen 11,784 9,271 23,215 17,948 Snubbing 6,055 6,588 10,027 12,231 All other 28,048 18,042 57,316 33,264 Total Technical Services $ 449,852 $ 385,462 $ 868,915 $ 671,660 Support Services: Rental Tools $ 12,550 $ 6,459 $ 22,570 $ 11,847 All other 5,524 6,889 12,775 13,422 Total Support Services $ 18,074 $ 13,348 $ 35,345 $ 25,269 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929 The following summarizes revenues for the United States and separately for all international locations combined for the six months ended June 30, 2018. 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) 2018 2017 2018 2017 United States revenues $ 443,922 $ 387,667 $ 861,306 $ 672,101 International revenues 24,004 11,143 42,954 24,828 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929 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, 2018 and 2017 are shown in the following table: Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Revenues: Technical Services $ 449,852 $ 385,462 $ 868,915 $ 671,660 Support Services 18,074 13,348 35,345 25,269 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929 Operating income (loss): Technical Services $ 75,624 $ 70,901 $ 140,629 $ 80,106 Support Services 1,193 (3,339 ) 288 (8,560 ) Corporate (3,598 ) (4,319 ) (8,263 ) (8,246 ) Gain on disposition of assets, net 1,810 3,759 3,173 5,276 Total operating income $ 75,029 $ 67,002 $ 135,827 $ 68,576 Interest expense (113 ) (114 ) (218 ) (217 ) Interest income 458 411 860 540 Other income , net 4,104 2,010 9,499 2,222 Income before income taxes $ 79,478 $ 69,309 $ 145,968 $ 71,121 As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 70,910 $ 6,444 $ 220 $ 77,574 Capital expenditures 144,511 4,467 714 149,692 Identifiable assets $ 983,177 $ 77,372 $ 158,099 $ 1,218,648 As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 76,242 $ 9,451 $ 233 $ 85,926 Capital expenditures 25,282 5,165 198 30,645 Identifiable assets $ 857,482 $ 75,117 $ 173,286 $ 1,105,885

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2018
INVENTORIES
INVENTORIES	7. INVENTORIES Inventories of $126,504,000 at June 30, 2018 and $114,866,000 at December 31, 2017 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Jun. 30, 2018
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	8. 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 (in thousands) 2018 2017 2018 2017 Interest cost $ 458 $ 483 $ 916 $ 966 Expected return on plan assets (709 ) (589 ) (1,418 ) (1,178 ) Amortization of net losses 206 213 412 425 Net periodic benefit (credit) cost $ (45 ) $ 107 $ (90 ) $ 213 The Company made a contribution of $5,000,000 to this plan during the six months ended June 30, 2018; and no contribution was made during the six months ended June 30, 2017. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $24,705,000 as of June 30, 2018 and $23,463,000 as of December 31, 2017. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Unrealized gains, net related to the SERP assets were approximately as follows: Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Unrealized gains, net $ 871 $ 936 $ 385 $ 1,552 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, 2018
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	9. NOTES PAYABLE TO BANKS The Company has a revolving credit facility with Banc of America Securities, LLC, SunTrust Robinson Humphrey, Inc., and Regions Capital Markets as Joint Lead Arrangers and Joint Book Managers, and a syndicate of four other lenders. The facility has a term ending July 26, 2023 and 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 June 30, 2016, the Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of June 30, 2018, the Company was in compliance with this covenant. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: · 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; or · 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 upon a quarterly debt covenant calculation. In addition, the Company pays an annual fee ranging from 0.225% to 0.325%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred loan origination fees and other debt related costs associated with the revolving credit facility in the aggregate of approximately $3.0 million. These costs, net of amounts written off as a result of a reduction in the size of the revolving credit facility in 2015, are being amortized to interest expense over the remaining term of the five-year loan, and the remaining net balance of $61 thousand at June 30, 2018 is classified as part of current other assets. All letters of credit are currently issued under RPC’s $125 million credit facility. As of June 30, 2018, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $19.6 million; therefore, a total of $105.4 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, was as follows: Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Interest incurred $ 103 $ 104 $ 206 $ 207 On July 26, 2018, the Company further amended the revolving credit facility to, among other matters, replace 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. This amendment additionally (1) extends the maturity date of the revolving credit facility from January 17, 2019 to July 26, 2023, (2) eliminates any borrowing base limitations on revolving loans when RPC’s trailing four quarter EBITDA (as calculated under the credit agreement) is equal to or greater than $50 million, (3) reduces the commitment fees payable by RPC by 7.5 basis points at each pricing level and (4) reduces the letter of credit sublimit from $50 million to $35 million.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
INCOME TAXES
INCOME TAXES	10. 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, 2018, the income tax provision reflects an effective tax rate of 24.6 percent compared to 36.7 percent for the comparable period in the prior year. For the six months ended June 30, 2018, the income tax provision reflects an effective tax rate of 23.2 percent compared to 33.2 percent for the comparable period in the prior year. The 2018 effective tax rate reflects the lower corporate income tax rate from the recently enacted Tax Cuts and Jobs Act. Both periods reflect beneficial discrete adjustments of ASU 2016-09 that requires excess tax benefits and deficiencies related to stock based compensation to be recognized as a component of income tax expense rather than stockholders’ equity. As part of the implementation of the provisions of the Tax Cuts and Jobs Act, the Company recorded adjustments relating to changes in tax rates on deferred tax assets and liabilities during the fourth quarter of 2017. The Company is currently analyzing additional information related to its accounting for the income tax effects of the Tax Cuts and Jobs Act as it pertains to the deduction for executive compensation, including the impact for compensation that is paid pursuant to a binding contract that would have been deductible under the prior rules. Due to the complexity of this provision, additional time is needed to further analyze our executive compensation program, exceptions under the binding contract rule, and the impact of vesting of restricted stock grants, dividends, and bonuses. We are also conducting additional testing and review of assets that qualify for immediate expensing under the new rules that may adjust the provisional amounts that were recognized in our financial statements at December 31, 2017. The ultimate impact of the Tax Cut and Jobs Act may differ from the recorded amounts due to changes in our interpretations and assumptions, as well as additional regulatory guidance that may be issued. We expect to complete the accounting for tax reform with the completion of our 2017 Federal income tax return, expected to be complete by the third quarter of 2018.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2018
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	11. 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, 2018 and December 31, 2017: Fair Value Measurements at June 30, 2018 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 320 $ 320 $ — $ — Investments measured at net asset value $ 24,705 Fair Value Measurements at December 31, 2017 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 270 $ 270 $ — $ — Investments measured at net asset value $ 23,463 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 8, 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, 2018, 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, 2018 and December 31, 2017. 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 9. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	6 Months Ended
	Jun. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): Pension Unrealized Foreign Total Balance at December 31, 2017 $ (14,470 ) $ 15 $ (2,247 ) $ (16,702 ) Change during the period: Before-tax amount — (15 ) (415 ) (430 ) Reclassification adjustment, net of taxes: Amortization of net loss (1) 328 — — 328 Total activity for the period 328 (15 ) (415 ) (102 ) Balance at June 30, 2018 $ (14,142 ) $ — $ (2,662 ) $ (16,804 ) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (33 ) 231 198 Tax benefit — 12 — 12 Reclassification adjustment, net of taxes: Amortization of net loss (1) 270 — — 270 Total activity for the period 270 (21 ) 231 480 Balance at June 30, 2017 $ (15,233 ) $ 18 $ (2,407 ) $ (17,622 ) (1) Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On July 24, 2018, the Board of Directors declared a regular quarterly cash dividend of $0.10 per share payable September 10, 2018 to common stockholders of record at the close of business August 10, 2018.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
RECENT ACCOUNTING STANDARDS	RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASC 606, Revenue from Contracts with Customers ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2019: ASU No. 2016-02, Leases (Topic 842). he Company is currently evaluating the impact of this guidance on its financial statements and related disclosures, including the increase in the assets and liabilities on its balance sheet and the impact on its current lease portfolio from a lessee perspective. ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded and require expanded disclosures regarding the Company’s accounting policy decisions on such reclassification. The amendments are effective starting in the first quarter of 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2018
REVENUES
Schedule of disaggregation of revenues	Three months ended Six months ended June 30, June 30, (in thousands) 2018 2017 2018 2017 Oilfield services transferred at a point in time $ - $ - $ - $ - Oilfield services transferred over time 467,926 398,810 904,260 696,929 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929
Schedule of contract assets included in accounts receivable	(in thousands) June 30, December 31, June 30, December 31, Unbilled trade receivables $ 113,453 $ 68,494 $ 82,466 $ 39,223

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of reconciliation of weighted average shares outstanding	Three months ended Six months ended (In thousands) 2018 2017 2018 2017 Net income available for stockholders: $ 59,943 $ 43,840 $ 112,073 $ 47,474 Less: Adjustments for earnings attributable to participating securities (673 ) (592 ) (1,266 ) (652 ) Net income used in calculating earnings per share $ 59,270 $ 43,248 $ 110,807 $ 46,822 Weighted average shares outstanding (including participating securities) 215,194 217,530 215,641 217,622 Adjustment for participating securities (2,473 ) (2,936 ) (2,528 ) (2,989 ) Shares used in calculating basic and diluted earnings per share 212,721 214,594 213,113 214,633

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Six months ended June 30, June 30 (in thousands) 2018 2017 2018 2017 Pre-tax expense $ 2,031 $ 3,325 $ 4,586 $ 6,012 After tax expense $ 1,533 $ 2,112 $ 3,462 $ 3,818
Schedule of changes in non-vested restricted shares	Shares Weighted Average Non-vested shares at December 31, 2017 2,736,365 $ 14.50 Granted 522,800 25.13 Vested 732,213 13.02 Forfeited 107,212 16.77 Non-vested shares at June 30, 2018 2,419,740 $ 17.15

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	Three months ended Six months ended June 30, June 30, (in thousands) 2018 2017 2018 2017 Technical Services: Pressure Pumping $ 269,040 $ 253,743 $ 525,195 $ 436,675 Downhole Tools 107,521 71,862 200,562 124,207 Coiled Tubing 27,404 25,956 52,600 47,335 Nitrogen 11,784 9,271 23,215 17,948 Snubbing 6,055 6,588 10,027 12,231 All other 28,048 18,042 57,316 33,264 Total Technical Services $ 449,852 $ 385,462 $ 868,915 $ 671,660 Support Services: Rental Tools $ 12,550 $ 6,459 $ 22,570 $ 11,847 All other 5,524 6,889 12,775 13,422 Total Support Services $ 18,074 $ 13,348 $ 35,345 $ 25,269 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929
Schedule of revenues are presented based on the location of the use of the product or service	Three months ended Six months ended June 30, June 30, (in thousands) 2018 2017 2018 2017 United States revenues $ 443,922 $ 387,667 $ 861,306 $ 672,101 International revenues 24,004 11,143 42,954 24,828 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929
Schedule of segment reporting information by segment	Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Revenues: Technical Services $ 449,852 $ 385,462 $ 868,915 $ 671,660 Support Services 18,074 13,348 35,345 25,269 Total revenues $ 467,926 $ 398,810 $ 904,260 $ 696,929 Operating income (loss): Technical Services $ 75,624 $ 70,901 $ 140,629 $ 80,106 Support Services 1,193 (3,339 ) 288 (8,560 ) Corporate (3,598 ) (4,319 ) (8,263 ) (8,246 ) Gain on disposition of assets, net 1,810 3,759 3,173 5,276 Total operating income $ 75,029 $ 67,002 $ 135,827 $ 68,576 Interest expense (113 ) (114 ) (218 ) (217 ) Interest income 458 411 860 540 Other income , net 4,104 2,010 9,499 2,222 Income before income taxes $ 79,478 $ 69,309 $ 145,968 $ 71,121 As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 70,910 $ 6,444 $ 220 $ 77,574 Capital expenditures 144,511 4,467 714 149,692 Identifiable assets $ 983,177 $ 77,372 $ 158,099 $ 1,218,648 As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 76,242 $ 9,451 $ 233 $ 85,926 Capital expenditures 25,282 5,165 198 30,645 Identifiable assets $ 857,482 $ 75,117 $ 173,286 $ 1,105,885

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	6 Months Ended
	Jun. 30, 2018
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Interest cost $ 458 $ 483 $ 916 $ 966 Expected return on plan assets (709 ) (589 ) (1,418 ) (1,178 ) Amortization of net losses 206 213 412 425 Net periodic benefit (credit) cost $ (45 ) $ 107 $ (90 ) $ 213
Schedule of trading gains (losses) related to SERP assets	Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Unrealized gains, net $ 871 $ 936 $ 385 $ 1,552

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	6 Months Ended
	Jun. 30, 2018
NOTES PAYABLE TO BANKS
Schedule of interest incurred on unused portion of credit facility and amortization of loan costs	Three months ended Six months ended (in thousands) 2018 2017 2018 2017 Interest incurred $ 103 $ 104 $ 206 $ 207

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2018
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at June 30, 2018 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 320 $ 320 $ — $ — Investments measured at net asset value $ 24,705 Fair Value Measurements at December 31, 2017 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 270 $ 270 $ — $ — Investments measured at net asset value $ 23,463

ACCUMULATED OTHER COMPREHENSI29

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	6 Months Ended
	Jun. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Pension Unrealized Foreign Total Balance at December 31, 2017 $ (14,470 ) $ 15 $ (2,247 ) $ (16,702 ) Change during the period: Before-tax amount — (15 ) (415 ) (430 ) Reclassification adjustment, net of taxes: Amortization of net loss (1) 328 — — 328 Total activity for the period 328 (15 ) (415 ) (102 ) Balance at June 30, 2018 $ (14,142 ) $ — $ (2,662 ) $ (16,804 ) (1) Reported as part of selling, general and administrative expenses. Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (33 ) 231 198 Tax benefit — 12 — 12 Reclassification adjustment, net of taxes: Amortization of net loss (1) 270 — — 270 Total activity for the period 270 (21 ) 231 480 Balance at June 30, 2017 $ (15,233 ) $ 18 $ (2,407 ) $ (17,622 ) (1) Reported as part of selling, general and administrative expenses.

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Detail Textuals)	Mar. 31, 2018USD ($)
RECENT ACCOUNTING STANDARDS
Fair value of equity securities, classified as part of other income	$ 26,000

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929
Oilfield services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Oilfield services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929

REVENUES (Details 1)

REVENUES (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
REVENUES
Unbilled trade receivables	$ 113,453	$ 68,494	$ 82,466	$ 39,223

REVENUES (Detail Textuals)

REVENUES (Detail Textuals)	6 Months Ended
	Jun. 30, 2018
REVENUES
Term of specified services and collection	30 to 60 days

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income available for stockholders:	$ 59,943	$ 43,840	$ 112,073	$ 47,474
Less: Adjustments for earnings attributable to participating securities	(673)	(592)	(1,266)	(652)
Net income used in calculating earnings per share	$ 59,270	$ 43,248	$ 110,807	$ 46,822
Weighted average shares outstanding (including participating securities)	215,194	217,530	215,641	217,622
Adjustment for participating securities	(2,473)	(2,936)	(2,528)	(2,989)
Shares used in calculating basic and diluted earnings per share	212,721	214,594	213,113	214,633

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,031	$ 3,325	$ 4,586	$ 6,012
After tax expense	$ 1,533	$ 2,112	$ 3,462	$ 3,818

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares
Non-vested shares at December 31, 2017 | shares	2,736,365
Granted | shares	522,800
Vested | shares	732,213
Forfeited | shares	107,212
Non-vested shares at June 30, 2018 | shares	2,419,740
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017 | $ / shares	$ 14.50
Granted | $ / shares	25.13
Vested | $ / shares	13.02
Forfeited | $ / shares	16.77
Non-vested shares at June 30, 2018 | $ / shares	$ 17.15

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares	1 Months Ended
	Apr. 30, 2014	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	8,000,000
Term of reserved shares	10 years
Shares available for grant		5,358,867

STOCK-BASED COMPENSATION (Det38

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 16,194,000	$ 19,271,000
Tax benefits for compensation expense for restricted stock	1,620,000	$ 2,562,000
Unrecognized compensation cost related to non-vested restricted shares	$ 48,332,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 8 months 12 days

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Operating segment revenues by major service lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929
Operating Segments
Segment Reporting Information [Line Items]
Revenues	467,926	398,810	904,260	696,929
Operating Segments | Technical Services
Segment Reporting Information [Line Items]
Revenues	449,852	385,462	868,915	671,660
Operating Segments | Pressure Pumping
Segment Reporting Information [Line Items]
Revenues	269,040	253,743	525,195	436,675
Operating Segments | Downhole Tools
Segment Reporting Information [Line Items]
Revenues	107,521	71,862	200,562	124,207
Operating Segments | Coiled Tubing
Segment Reporting Information [Line Items]
Revenues	27,404	25,956	52,600	47,335
Operating Segments | Nitrogen
Segment Reporting Information [Line Items]
Revenues	11,784	9,271	23,215	17,948
Operating Segments | Snubbing
Segment Reporting Information [Line Items]
Revenues	6,055	6,588	10,027	12,231
Operating Segments | All Other Technical Services
Segment Reporting Information [Line Items]
Revenues	28,048	18,042	57,316	33,264
Operating Segments | Support Services
Segment Reporting Information [Line Items]
Revenues	18,074	13,348	35,345	25,269
Operating Segments | Rental Tools
Segment Reporting Information [Line Items]
Revenues	12,550	6,459	22,570	11,847
Operating Segments | All Other Support Services
Segment Reporting Information [Line Items]
Revenues	$ 5,524	$ 6,889	$ 12,775	$ 13,422

BUSINESS SEGMENT INFORMATION 40

BUSINESS SEGMENT INFORMATION - Summary of selected information between United States and all international locations (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929
United States Revenues
Segment Reporting Information [Line Items]
Revenues	443,922	387,667	861,306	672,101
International Revenues
Segment Reporting Information [Line Items]
Revenues	$ 24,004	$ 11,143	$ 42,954	$ 24,828

BUSINESS SEGMENT INFORMATION 41

BUSINESS SEGMENT INFORMATION - Summary of information with respect to RPC's business segments (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues:
Revenues	$ 467,926	$ 398,810	$ 904,260	$ 696,929
Operating income (loss):
Total operating income (loss)	75,029	67,002	135,827	68,576
Interest expense	(113)	(114)	(218)	(217)
Interest income	458	411	860	540
Other income, net	4,104	2,010	9,499	2,222
Income before income taxes	79,478	69,309	145,968	71,121
Depreciation and amortization	40,094	41,263	77,574	85,926
Capital expenditures			149,692	30,645
Identifiable assets	1,218,648	1,105,885	1,218,648	1,105,885	$ 1,147,224
Operating Segments
Revenues:
Revenues	467,926	398,810	904,260	696,929
Operating income (loss):
Total operating income (loss)	75,029	67,002	135,827	68,576
Operating Segments | Technical Services
Revenues:
Revenues	449,852	385,462	868,915	671,660
Operating income (loss):
Total operating income (loss)	75,624	70,901	140,629	80,106
Depreciation and amortization			70,910	76,242
Capital expenditures			144,511	25,282
Identifiable assets	983,177	857,482	983,177	857,482
Operating Segments | Support Services
Revenues:
Revenues	18,074	13,348	35,345	25,269
Operating income (loss):
Total operating income (loss)	1,193	(3,339)	288	(8,560)
Depreciation and amortization			6,444	9,451
Capital expenditures			4,467	5,165
Identifiable assets	77,372	75,117	77,372	75,117
Corporate
Operating income (loss):
Total operating income (loss)	(3,598)	(4,319)	(8,263)	(8,246)
Depreciation and amortization			220	233
Capital expenditures			714	198
Identifiable assets	158,099	173,286	158,099	173,286
Gain on disposition of assets, net
Operating income (loss):
Total operating income (loss)	$ 1,810	$ 3,759	$ 3,173	$ 5,276

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
INVENTORIES
Raw materials, parts and supplies of inventories	$ 126,504	$ 114,866

EMPLOYEE BENEFIT PLAN - Net per

EMPLOYEE BENEFIT PLAN - Net periodic benefit cost and related components (Details) - Multiple Employers Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 458	$ 483	$ 916	$ 966
Expected return on plan assets	(709)	(589)	(1,418)	(1,178)
Amortization of net losses	206	213	412	425
Net periodic benefit (credit) cost	$ (45)	$ 107	$ (90)	$ 213

EMPLOYEE BENEFIT PLAN - Unreali

EMPLOYEE BENEFIT PLAN - Unrealized gains, net related to the SERP assets (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Unrealized gains, net	$ 871	$ 936	$ 385	$ 1,552

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 5,000,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets	$ 24,705,000	$ 23,463,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred including facility fees on unused portion of revolving credit facility and amortization of loan costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revolving credit facility
Line of Credit Facility [Line Items]
Interest incurred	$ 103	$ 104	$ 206	$ 207

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Revolving credit facility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 125
Percentage of ownership	100.00%
Borrowing capacity description	Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of June 30, 2018, the Company was in compliance with this covenant.
Borrowing base of line of credit	$ 125
Minimum tangible net worth	$ 700
Description of variable rate basis of debt instrument	Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: · 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; or · 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 upon a quarterly debt covenant calculation.
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Account receivable percentage for line of credit determination	70.00%
Fees on unused portion of facility	0.225%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Account receivable percentage for line of credit determination	80.00%
Fees on unused portion of facility	0.325%
Revolving credit facility | Option 1
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Description of reference rate basis	Federal Funds Rate
Revolving credit facility | Option 1 | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving credit facility | Option 1 B
Line of Credit Facility [Line Items]
Description of reference rate basis	prime rate
Revolving credit facility | Option 1 B | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 B | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving credit facility | Option 1 C
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Description of reference rate basis	Eurodollar Rate
Revolving credit facility | Option 1 C | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 C | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Letter of credit subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 35
Swingline subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 35

NOTES PAYABLE TO BANKS (Detai48

NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings	6 Months Ended
	Jun. 30, 2018
Line of Credit Facility [Line Items]
Description of reference rate basis	London Interbank Offering Rate ("LIBOR")
Minimum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	1.125%
Maximum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	2.125%

NOTES PAYABLE TO BANKS (Detai49

NOTES PAYABLE TO BANKS (Detail Textuals 2) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Line Of Credit Facility [Line Items]
Other current assets	$ 5,924	$ 7,131
Revolving credit facility
Line Of Credit Facility [Line Items]
Loan origination fees and other debt related costs	3,000
Other current assets	61
Letter of credit facility
Line Of Credit Facility [Line Items]
Available borrowing under the facility	125,000
Letters of credit outstanding amount	19,600
Available credit facility	$ 105,400

NOTES PAYABLE TO BANKS (Detai50

NOTES PAYABLE TO BANKS (Detail Textuals 3) - Subsequent Event - Amended revolving credit facility $ in Millions	1 Months Ended
	Jul. 26, 2018USD ($)
Option 1
Line of Credit Facility [Line Items]
Borrowing capacity description	(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
Maximum consolidated leverage ratio	2.50:1.00
Minimum debt service coverage ratio	2.00:1.00
Option 2
Line of Credit Facility [Line Items]
Borrowing capacity description	(ii) otherwise, a minimum tangible net worth covenant of no less than $600 million.
Minimum tangible net worth	$ 600
Option 2A
Line of Credit Facility [Line Items]
Borrowing capacity description	This amendment additionally (1) extends the maturity date of the revolving credit facility from January 17, 2019 to July 26, 2023
Option 2B
Line of Credit Facility [Line Items]
Borrowing capacity description	(2) eliminates any borrowing base limitations on revolving loans when RPC's trailing four quarter EBITDA (as calculated under the credit agreement) is equal to or greater than $50 million
Option 2C
Line of Credit Facility [Line Items]
Borrowing capacity description	(3) reduces the commitment fees payable by RPC by 7.5 basis points at each pricing level and
Reduction in commitment fees payable	7.50%
Option 2D
Line of Credit Facility [Line Items]
Borrowing capacity description	(4) reduces the letter of credit sublimit from $50 million to $35 million.
Borrowing base of line of credit	$ 3.5

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
INCOME TAXES
Effective tax rate provision	24.60%	36.70%	23.20%	33.20%

FAIR VALUE DISCLOSURES - Valuat

FAIR VALUE DISCLOSURES - Valuation of financial instruments measured at fair value on a recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Equity securities	$ 320	$ 270
Investments measured at net asset value - trading securities	24,705	23,463
Quoted prices in active markets for identical assets (Level 1)
Assets:
Equity securities	320	270
Significant other observable inputs (Level 2)
Assets:
Equity securities	0	0
Significant unobservable inputs (Level 3)
Assets:
Equity securities	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI53

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		$ (16,702)	$ (18,102)
Change during the period:
Before-tax amount		(430)	198
Tax benefit			12
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	328	270
Total activity for the period		(102)	480
Balance		(16,804)	(17,622)
Pension Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(14,470)	(15,503)
Change during the period:
Before-tax amount		0	0
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	328	270
Total activity for the period		328	270
Balance		(14,142)	(15,233)
Unrealized Gain (Loss) On Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		15	39
Change during the period:
Before-tax amount		(15)	(33)
Tax benefit			12
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		(15)	(21)
Balance		0	18
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(2,247)	(2,638)
Change during the period:
Before-tax amount		(415)	231
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		(415)	231
Balance		$ (2,662)	$ (2,407)
[1]	Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent Event	1 Months Ended
	Jul. 24, 2018$ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Jul. 24, 2018
Cash dividend payable (in dollars per share)	$ 0.10
Dividends payable date	Sep. 10, 2018
Dividends payable, record date	Aug. 10, 2018