RPC (RES) 10-Q28 Oct 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 21, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
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
Trading Symbol	RES
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		216,631,140
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000742278
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 35,885	$ 82,433
Accounts receivable, net of allowance for credit losses of $6,555 in 2022 and $5,717 in 2021	470,000	258,635
Inventories	93,346	78,983
Income taxes receivable	45,466	58,504
Prepaid expenses	6,866	9,773
Assets held for sale	692	692
Other current assets	2,867	2,990
Total current assets	655,122	492,010
Property, plant and equipment, less accumulated depreciation of $776,163 in 2022 and $788,922 in 2021	312,596	254,408
Operating lease right-of-use assets	21,768	24,572
Finance lease right-of-use assets		20,327
Goodwill	32,150	32,150
Other assets	33,947	40,898
Total assets	1,055,583	864,365
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	146,569	74,404
Accrued payroll and related expenses	26,046	15,350
Accrued insurance expenses	4,427	10,129
Accrued state, local and other taxes	6,214	1,905
Income taxes payable	517	656
Pension liabilities	6,429
Current portion of operating lease liabilities	6,299	6,387
Current portion of finance lease liabilities		20,194
Other accrued expenses	1,743	1,824
Total current liabilities	198,244	130,849
Long-term accrued insurance expenses	8,008	11,770
Long-term pension and retirement plans liabilities	22,128	35,376
Deferred income taxes	31,223	17,749
Long-term operating lease liabilities	16,832	19,719
Other long-term liabilities	5,738	7,111
Total liabilities	282,173	222,574
Commitments and contingencies (Note 9)
STOCKHOLDERS' EQUITY
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 349,000,000 shares authorized, 216,631,140 and 215,628,716 shares issued and outstanding in 2022 and 2021, respectively	21,663	21,563
Capital in excess of par value	0	0
Retained earnings	771,779	640,936
Accumulated other comprehensive loss	(20,032)	(20,708)
Total stockholders' equity	773,410	641,791
Total liabilities and stockholders' equity	$ 1,055,583	$ 864,365

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 6,555	$ 5,717
Accumulated depreciation	$ 790,032	$ 763,304
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	349,000,000	349,000,000
Common stock, shares issued (in shares)	216,631,140	215,628,716
Common stock, shares outstanding (in shares)	216,631,140	215,628,716

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 459,601	$ 225,310	$ 1,119,732	$ 596,677
Cost of revenues	309,790	170,621	779,544	462,633
Selling, general and administrative expenses	38,243	31,446	110,362	91,444
Depreciation and amortization	20,941	18,106	60,501	53,775
Gain on disposition of assets, net	(1,543)	(2,837)	(6,295)	(7,408)
Operating income (loss)	92,170	7,974	175,620	(3,767)
Interest expense	(143)	(1,280)	(543)	(1,763)
Interest income	329	15	472	47
Other (expense) income, net	(67)	448	516	1,571
Income (loss) before income taxes	92,289	7,157	176,065	(3,912)
Income tax provision	22,949	1,891	44,707	1,210
Net income (loss)	$ 69,340	$ 5,266	$ 131,358	$ (5,122)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.32	$ 0.02	$ 0.61	$ (0.02)
Diluted (in dollars per share)	0.32	$ 0.02	0.61	$ (0.02)
Dividends paid per share (in dollars per share)	$ 0.02		$ 0.02

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 69,340	$ 5,266	$ 131,358	$ (5,122)
Other comprehensive income:
Pension adjustment and reclassification adjustment, net of taxes	195	152	585	458
Foreign currency translation	(90)	(239)	91	(34)
Comprehensive income (loss)	$ 69,445	$ 5,179	$ 132,034	$ (4,698)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2020	$ 21,495		$ 627,778	$ (17,706)	$ 631,567
Balance (in shares) at Dec. 31, 2020	214,951,000
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)	924,000
Stock purchased and retired	$ (14)	(1,446)	903		(557)
Stock purchased and retired (in shares)	(140,000)
Net income (loss)			(9,662)		(9,662)
Pension adjustment, net of taxes				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	215,735,000
Balance at Dec. 31, 2020	$ 21,495		627,778	(17,706)	631,567
Balance (in shares) at Dec. 31, 2020	214,951,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(5,122)
Foreign currency translation					(34)
Balance at Sep. 30, 2021	$ 21,564		626,501	(17,282)	630,783
Balance (in shares) at Sep. 30, 2021	215,643,000
Balance at Mar. 31, 2021	$ 21,574		619,019	(17,417)	623,176
Balance (in shares) at Mar. 31, 2021	215,735,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (1)	1,472			1,471
Stock issued for stock incentive plans, net (in shares)	(9,000)
Stock purchased and retired		(1,472)	1,463		(9)
Stock purchased and retired (in shares)	(1,000)
Net income (loss)			(726)		(726)
Pension adjustment, net of taxes				153	153
Foreign currency translation				69	69
Balance at Jun. 30, 2021	$ 21,573		619,756	(17,195)	624,134
Balance (in shares) at Jun. 30, 2021	215,725,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (9)	1,480			1,471
Stock issued for stock incentive plans, net (in shares)	(82,000)
Stock purchased and retired		(1,480)	1,479		(1)
Net income (loss)			5,266		5,266
Pension adjustment, net of taxes				152	152
Foreign currency translation				(239)	(239)
Balance at Sep. 30, 2021	$ 21,564		626,501	(17,282)	630,783
Balance (in shares) at Sep. 30, 2021	215,643,000
Balance at Dec. 31, 2021	$ 21,563		640,936	(20,708)	$ 641,791
Balance (in shares) at Dec. 31, 2021	215,629,000				215,628,716
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 104	1,393			$ 1,497
Stock issued for stock incentive plans, net (in shares)	1,037,000
Stock purchased and retired	$ (19)	(1,393)	502		(910)
Stock purchased and retired (in shares)	(190,000)
Net income (loss)			15,079		15,079
Pension adjustment, net of taxes				195	195
Foreign currency translation				116	116
Balance at Mar. 31, 2022	$ 21,648		656,517	(20,397)	657,768
Balance (in shares) at Mar. 31, 2022	216,476,000
Balance at Dec. 31, 2021	$ 21,563		640,936	(20,708)	$ 641,791
Balance (in shares) at Dec. 31, 2021	215,629,000				215,628,716
Increase (Decrease) in Stockholders' Equity
Net income (loss)					$ 131,358
Foreign currency translation					91
Balance at Sep. 30, 2022	$ 21,663		771,779	(20,032)	$ 773,410
Balance (in shares) at Sep. 30, 2022	216,631,000				216,631,140
Balance at Mar. 31, 2022	$ 21,648		656,517	(20,397)	$ 657,768
Balance (in shares) at Mar. 31, 2022	216,476,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 18	1,677			1,695
Stock issued for stock incentive plans, net (in shares)	186,000
Stock purchased and retired		(1,677)	1,677
Net income (loss)			46,939		46,939
Pension adjustment, net of taxes				195	195
Foreign currency translation				65	65
Balance at Jun. 30, 2022	$ 21,666		705,133	(20,137)	706,662
Balance (in shares) at Jun. 30, 2022	216,662,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (3)	1,575			1,572
Stock issued for stock incentive plans, net (in shares)	(31,000)
Stock purchased and retired		$ (1,575)	1,573		(2)
Net income (loss)			69,340		69,340
Pension adjustment, net of taxes				195	195
Foreign currency translation				(90)	(90)
Dividends declared			(4,267)
Balance at Sep. 30, 2022	$ 21,663		$ 771,779	$ (20,032)	$ 773,410
Balance (in shares) at Sep. 30, 2022	216,631,000				216,631,140

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 131,358	$ (5,122)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	61,352	53,754
Stock-based compensation expense	4,764	4,481
Gain on disposition of assets, net	(6,295)	(7,408)
Deferred income tax provision (benefit)	13,284	(4,385)
(Increase) decrease in assets:
Accounts receivable	(211,375)	(71,702)
Income taxes receivable	13,038	31,922
Inventories	(14,708)	3,044
Prepaid expenses	2,907	4,754
Other current assets	(83)	140
Other non-current assets	6,393	(982)
Increase (decrease) in liabilities:
Accounts payable	42,700	17,562
Income taxes payable	(139)	(426)
Accrued payroll and related expenses	10,759	(1,282)
Accrued insurance expenses	(5,702)	1,066
Accrued state, local and other taxes	4,309	1,815
Other accrued expenses	(2,804)	(2,575)
Pension and retirement plans liabilities	(6,044)	(1,526)
Long-term accrued insurance expenses	(3,762)	1,830
Other long-term liabilities	976	1,456
Net cash provided by operating activities	40,928	26,416
INVESTING ACTIVITIES
Capital expenditures	(90,227)	(44,925)
Proceeds from sale of assets	11,572	15,811
Net cash used for investing activities	(78,655)	(29,114)
FINANCING ACTIVITIES
Payment of dividends	(4,267)
Cash paid for common stock purchased and retired	(912)	(567)
Cash paid for finance lease	(3,642)	(396)
Net cash used for financing activities	(8,821)	(963)
Net decrease in cash and cash equivalents	(46,548)	(3,661)
Cash and cash equivalents at beginning of period	82,433	84,496
Cash and cash equivalents at end of period	35,885	80,835
Supplemental cash flows disclosure:
Income taxes payment (refund), net	18,615	(25,435)
Interest paid	127	124
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 13,912	$ 6,077

GENERAL

GENERAL	9 Months Ended
GENERAL	Sep. 30, 2022
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 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, 2021. A group that includes a member of the Company’s Board of Directors, Gary W. Rollins, controls in excess of fifty percent

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
RECENT ACCOUNTING STANDARDS	Sep. 30, 2022
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS Recently Adopted Accounting Standards: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU provide 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 London Interbank Offered Rate (LIBOR) or other reference rate that is expected to be discontinued due to reference rate reform. In the second quarter of 2022, the Company adopted these provisions as part of the Amendment No. 6 to its Credit Agreement (see note 11) wherein LIBOR was replaced with the Term Secured Overnight Financing Rate (SOFR). Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The amendments in this ASU address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination, by adopting guidance requiring an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer would recognize and measure the acquired contract assets and contract liabilities in the same manner that they were recognized and measured in the acquiree's financial statements before the acquisition. The Company plans to adopt these provisions prospectively to business combinations occurring after January 1, 2023 and does not expect adoption to have a material impact on its consolidated financial statements.

REVENUES

REVENUES	9 Months Ended
REVENUES	Sep. 30, 2022
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 accompanying 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 ● 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 is generally expected 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. Contract balances: Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net in the accompanying Consolidated Balance Sheets are shown below: September 30, December 31, (in thousands) 2022 2021 Unbilled trade receivables $ 140,908 $ 50,370 Substantially all of the unbilled trade receivables disclosed were or are expected to be invoiced during the following quarter.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
EARNINGS PER SHARE
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: Three months ended Nine months ended September 30 September 30 (in thousands) 2022 2021 2022 2021 Net income (loss) available for stockholders: $ 69,340 $ 5,266 $ 131,358 $ (5,122) Less: Adjustments for earnings attributable to participating securities (1,041) (65) (1,910) — Net income (loss) used in calculating earnings per share $ 68,299 $ 5,201 $ 129,448 $ (5,122) Weighted average shares outstanding (including participating securities) 216,647 215,677 216,485 215,648 Adjustment for participating securities (3,288) (2,649) (3,163) (2,665) Shares used in calculating basic and diluted earnings per share 213,359 213,028 213,322 212,983

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2022
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 September 30, 2022, there were 2,033,715 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Pre-tax expense $ 1,572 $ 1,471 $ 4,764 $ 4,481 After tax expense $ 1,145 $ 1,103 $ 3,554 $ 3,360 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2022: Weighted Average Shares Grant-Date Fair Value Non-vested shares at January 1, 2022 2,619,691 $ 7.89 Granted 1,254,276 6.72 Vested (507,918) 11.87 Forfeited (93,931) 6.31 Non-vested shares at September 30, 2022 3,272,118 $ 6.87 The total fair value of shares vested was $2.8 million during the nine months ended September 30, 2022 and $1.8 million during the nine months ended September 30, 2021. 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 income tax adjustment. This was a detrimental adjustment of $655,000 for the nine months ended September 30, 2022 and a detrimental adjustment of $1,164,000 for the nine months ended September 30, 2021.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
BUSINESS SEGMENT INFORMATION	Sep. 30, 2022
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 certain centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Technical Services: Pressure Pumping $ 257,933 $ 96,322 $ 572,472 $ 243,401 Downhole Tools 102,831 61,979 273,828 177,209 Coiled Tubing 37,407 26,733 100,572 61,900 Nitrogen 10,335 8,996 28,727 28,195 Snubbing 7,100 3,748 20,337 10,685 All other 20,169 14,064 62,291 39,212 Total Technical Services $ 435,775 $ 211,842 $ 1,058,227 $ 560,602 Support Services: Rental Tools $ 17,880 $ 8,545 $ 45,257 $ 23,126 All other 5,946 4,923 16,248 12,949 Total Support Services $ 23,826 $ 13,468 $ 61,505 $ 36,075 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677 The following summarizes revenues for the United States and separately for all international locations combined for the three and nine months ended September 30, 2022 and 2021. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 United States revenues $ 450,359 $ 217,711 $ 1,094,528 $ 572,170 International revenues 9,242 7,599 25,204 24,507 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677 The accounting policies of the reportable segments are the same as those referenced in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three and nine months ended September 30, 2022 and 2021 are shown in the following table: Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Revenues: Technical Services $ 435,775 $ 211,842 $ 1,058,227 $ 560,602 Support Services 23,826 13,468 61,505 36,075 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677 Operating income (loss): Technical Services $ 89,455 $ 8,272 $ 171,093 $ 3,938 Support Services 5,278 (55) 11,392 (5,353) Corporate expenses (4,106) (3,080) (13,160) (9,760) Gain on disposition of assets, net 1,543 2,837 6,295 7,408 Total operating income (loss) $ 92,170 $ 7,974 $ 175,620 $ (3,767) Interest expense (143) (1,280) (543) (1,763) Interest income 329 15 472 47 Other (expense) income, net (67) 448 516 1,571 Income (loss) before income taxes $ 92,289 $ 7,157 $ 176,065 $ (3,912) As of and for the nine months ended Technical Support September 30, 2022 Services Services Corporate Total (in thousands) Depreciation and amortization $ 53,002 $ 7,346 $ 153 $ 60,501 Capital expenditures 79,828 9,558 841 90,227 Identifiable assets 836,310 79,546 139,727 1,055,583 As of and for the nine months ended Technical Support September 30, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 46,341 $ 7,232 $ 202 $ 53,775 Capital expenditures 38,794 5,436 695 44,925 Identifiable assets 556,385 74,135 196,120 826,640

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	9 Months Ended
CURRENT EXPECTED CREDIT LOSSES	Sep. 30, 2022
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES	7. 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 accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. The 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: Nine months ended September 30, 2022 2021 (in thousands) Beginning balance $ 6,765 $ 4,815 Provision for current expected credit losses 1,484 3,848 Write-offs (1,708) (1,330) Recoveries collected (net of expenses) 14 9 Ending balance $ 6,555 $ 7,342

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 2022
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) components and attachments for manufactured equipment used in providing services. In the table below, spare parts and components are included as part of raw materials and supplies; tools that are assembled using components are reported as finished goods. Inventories are recorded at the lower of cost or net realizable value. Cost is determined using first-in, first-out method or the weighted average cost method. September 30, December 31, (in thousands) 2022 2021 Raw materials and supplies $ 92,028 $ 77,709 Finished goods 1,318 1,274 Ending balance $ 93,346 $ 78,983

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Sales and Use Taxes - The Company has ongoing sales and use tax audits in various jurisdictions and may be subjected to varying interpretations of statute that could result in unfavorable outcomes. In accordance with ASC 450-20, Loss Contingencies, any probable and reasonable estimate of assessment costs have been included in accrued state, local and other taxes. The Company has received a state tax notification of audit results related to sales and use tax and with its outside legal counsel has evaluated the perceived merits of this tax assessment. The Company believes the likelihood of a material loss related to this contingency is remote and cannot be reasonably estimated at this time. Therefore, no loss has been recorded and the Company currently does not believe the resolution of this claim will have a material impact on its consolidated financial position, results of operations or cash flows.

PENSION AND RETIREMENT PLANS LI

PENSION AND RETIREMENT PLANS LIABILITIES	9 Months Ended
PENSION AND RETIREMENT PLANS LIABILITIES	Sep. 30, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
PENSION AND RETIREMENT PLANS LIABILITIES	10. PENSION AND RETIREMENT PLANS LIABILITIES The following represents the net periodic benefit cost and related components of the Company’s multiple employer Retirement Income Plan, a trusteed defined benefit pension plan: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Interest cost $ 243 $ 247 $ 729 $ 741 Expected return on plan assets — (378) - (1,132) Amortization of net losses 253 202 758 606 Net periodic benefit cost $ 496 $ 71 $ 1,487 $ 215 During the fourth quarter of 2021, the Company initiated actions to terminate the defined benefit pension plan, which is expected to be completed in early 2023 and therefore the funded status of the plan is being reported as part of Pension liabilities in the accompanying Consolidated Balance Sheets. The Company currently expects to make a final cash contribution of approximately million in connection with the plan termination. As of the plan termination date, the Company will recognize a pre-tax, non-cash settlement charge representing the unamortized net loss in the plan which was approximately $22.7 million as of September 30, 2022. The final amount is subject to change based on the actual return on plan assets and the periodic actuarial updates of the net losses in the plan. For the year ending December 31, 2022, the Company is utilizing an expected return on plan assets of The Company did not make a cash contribution to this plan during the nine months ended September 30, 2022 or September 30, 2021. 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 $26.6 million as of September 30, 2022 and $31.7 million as of December 31, 2021. Trading losses related to the SERP assets totaled approximately $1.1 million during the three months ended September 30, 2022, compared to trading gains of approximately $407 thousand during the three months ended September 30, 2021. Trading losses related to the SERP assets totaled approximately $5.2 million during the nine months ended September 30, 2022, compared to trading gains of approximately $2.5 million during the nine months ended September 30, 2021. The SERP assets are reported in non-current Other assets in the accompanying Consolidated Balance Sheets and changes in the fair value of these assets are reported in the accompanying Consolidated Statements of Operations as compensation cost in Selling, general and administrative expenses. The SERP liabilities includes participant deferrals net of distributions and are stated at fair value of approximately $22.1 million as of September 30, 2022 and $29.7 million as of December 31, 2021. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Long-term pension and retirement plans liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities represented unrealized losses of approximately $1.0 million during the three months ended September 30, 2022, compared to unrealized gains of approximately $502 thousand during the three months ended September 30, 2021. Changes in the fair value of the SERP liabilities represented unrealized losses of approximately $4.9 million during the nine months ended September 30, 2022, compared to unrealized gains of approximately $2.8 million during the nine months ended September 30, 2021.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
NOTES PAYABLE TO BANKS	Sep. 30, 2022
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 four other lenders which provides for a line of credit of up to $100.0 million, including a $35.0 million letter of credit subfacility, and a $35.0 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. During the second quarter of 2022, the Company entered into Amendment No. 6 to its Credit Agreement (the “Amendment”). This Amendment (1) extends the termination date for revolving loans from July 26, 2023 to June 22, 2027, (2) replaces LIBOR with the Term SOFR as an interest rate option in connection with revolving loan borrowings and reduces the applicable rate margins by approximately 25.0 basis points at each pricing level, (3) introduces a 1.00% per annum floor for Base Rate borrowings, and (4) permits the issuance of letters of credit in currencies other than U.S. dollars. The Credit Agreement has three financial covenants when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50.0 million: (i) the consolidated leverage ratio cannot exceed 2.50:1.00 and (ii) the debt service coverage ratio must be equal to or greater than 2.00:1.00; otherwise, the minimum tangible net worth must be greater than or equal to $400.0 million. As of September 30, 2022, the Company was in compliance with all covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● Term SOFR; plus, a margin ranging from 1.25% to 2.25% , based on a quarterly consolidated leverage ratio calculation, and an additional SOFR Adjustment ranging from 10 to 30 basis points depending upon maturity length; 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,” (c) the Term SOFR plus 1.00% , or (d) 1.00% ; in each case plus a margin that ranges from 0.25% to 1.25% 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 $3.7 million. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining unamortized balance of $348 thousand at September 30, 2022 is classified as part of non-current Other assets. As of September 30, 2022, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $16.3 million; therefore, a total of $83.7 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, and interest paid on the credit facility were as follows for the periods indicated: Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Interest incurred $ 60 $ 86 $ 188 $ 192 Interest paid 4 42 127 124

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company generally 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. In certain instances the Company uses the discrete method when it believes the actual year-to-date effective rate provides a more reliable estimate of its income tax rate for the period. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended September 30, 2022, the effective rate reflects a provision of 24.9 percent compared to a provision of 26.4 percent for the comparable period in the prior year. For the nine months ended September 30, 2022, the effective rate reflects a provision of 25.4 percent compared to a provision of 30.9 percent for the comparable period in the prior year. For the quarter ended September 30, 2022 the decrease in effective tax rate is primarily related to an increase in pretax income coupled with favorable changes in permanent differences and discrete items.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
FAIR VALUE DISCLOSURES	Sep. 30, 2022
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. 2. 3. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of September 30, 2022 and December 31, 2021: Fair Value Measurements at September 30, 2022 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 $ 224 $ 224 $ — $ — Investments measured at net asset value $ 26,551 Fair Value Measurements at December 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 $ 197 $ 197 $ — $ — Investments measured at net asset value $ 31,738 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, 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 equity securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the quarter ended September 30, 2022, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at September 30, 2022 and December 31, 2021. 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, to the extent there are outstanding borrowings 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 Assets held for sale in the accompanying Consolidated Balance Sheets 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 is reflected in the table below: Fair Value Measurements at September 30, 2022 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 $ 692 $ — $ 692 $ — Fair Value Measurements at December 31, 2021 Quoted prices Significant active other Significant for observable unobservable (in thousands) Total assets inputs inputs (Level 1) (Level 2) (Level 3) Assets: Assets held for sale $ 692 $ — $ 692 $ —

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	14. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income consists of the following (in thousands): Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2021 $ (18,071) $ (2,637) $ (20,708) Change during the period: Before-tax amount — 91 91 Reclassification adjustment, net of taxes: Amortization of net loss (1) 585 — 585 Total activity for the period 585 91 676 Balance at September 30, 2022 $ (17,486) $ (2,546) $ (20,032) (1) Reported as part of Selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — (34) (34) Reclassification adjustment, net of taxes: Amortization of net loss (1) 458 — 458 Total activity for the period 458 (34) 424 Balance at September 30, 2021 $ (14,723) $ (2,559) $ (17,282) (1) Reported as part of Selling, general and administrative expenses.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Sep. 30, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. SUBSEQUENT EVENT

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
RECENT ACCOUNTING STANDARDS (Policies)	Sep. 30, 2022
RECENT ACCOUNTING STANDARDS
Recently Issued Accounting Standards Adopted and Not Yet Adopted	Recently Adopted Accounting Standards: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU provide 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 London Interbank Offered Rate (LIBOR) or other reference rate that is expected to be discontinued due to reference rate reform. In the second quarter of 2022, the Company adopted these provisions as part of the Amendment No. 6 to its Credit Agreement (see note 11) wherein LIBOR was replaced with the Term Secured Overnight Financing Rate (SOFR). Adoption of these provisions did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The amendments in this ASU address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination, by adopting guidance requiring an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer would recognize and measure the acquired contract assets and contract liabilities in the same manner that they were recognized and measured in the acquiree's financial statements before the acquisition. The Company plans to adopt these provisions prospectively to business combinations occurring after January 1, 2023 and does not expect adoption to have a material impact on its consolidated financial statements.
Revenues	RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the accompanying Consolidated Statements of Operations and therefore excluded from revenues.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
REVENUES (Tables)	Sep. 30, 2022
REVENUES.
Schedule of contract assets included in accounts receivable	September 30, December 31, (in thousands) 2022 2021 Unbilled trade receivables $ 140,908 $ 50,370

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended Nine months ended September 30 September 30 (in thousands) 2022 2021 2022 2021 Net income (loss) available for stockholders: $ 69,340 $ 5,266 $ 131,358 $ (5,122) Less: Adjustments for earnings attributable to participating securities (1,041) (65) (1,910) — Net income (loss) used in calculating earnings per share $ 68,299 $ 5,201 $ 129,448 $ (5,122) Weighted average shares outstanding (including participating securities) 216,647 215,677 216,485 215,648 Adjustment for participating securities (3,288) (2,649) (3,163) (2,665) Shares used in calculating basic and diluted earnings per share 213,359 213,028 213,322 212,983

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2022
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Pre-tax expense $ 1,572 $ 1,471 $ 4,764 $ 4,481 After tax expense $ 1,145 $ 1,103 $ 3,554 $ 3,360
Schedule of summary of the changes in non-vested restricted shares	The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2022: Weighted Average Shares Grant-Date Fair Value Non-vested shares at January 1, 2022 2,619,691 $ 7.89 Granted 1,254,276 6.72 Vested (507,918) 11.87 Forfeited (93,931) 6.31 Non-vested shares at September 30, 2022 3,272,118 $ 6.87

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Sep. 30, 2022
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Technical Services: Pressure Pumping $ 257,933 $ 96,322 $ 572,472 $ 243,401 Downhole Tools 102,831 61,979 273,828 177,209 Coiled Tubing 37,407 26,733 100,572 61,900 Nitrogen 10,335 8,996 28,727 28,195 Snubbing 7,100 3,748 20,337 10,685 All other 20,169 14,064 62,291 39,212 Total Technical Services $ 435,775 $ 211,842 $ 1,058,227 $ 560,602 Support Services: Rental Tools $ 17,880 $ 8,545 $ 45,257 $ 23,126 All other 5,946 4,923 16,248 12,949 Total Support Services $ 23,826 $ 13,468 $ 61,505 $ 36,075 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677
Schedule of revenue by geographical location	Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 United States revenues $ 450,359 $ 217,711 $ 1,094,528 $ 572,170 International revenues 9,242 7,599 25,204 24,507 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677
Schedule of segment reporting information by segment	Three months ended Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Revenues: Technical Services $ 435,775 $ 211,842 $ 1,058,227 $ 560,602 Support Services 23,826 13,468 61,505 36,075 Total revenues $ 459,601 $ 225,310 $ 1,119,732 $ 596,677 Operating income (loss): Technical Services $ 89,455 $ 8,272 $ 171,093 $ 3,938 Support Services 5,278 (55) 11,392 (5,353) Corporate expenses (4,106) (3,080) (13,160) (9,760) Gain on disposition of assets, net 1,543 2,837 6,295 7,408 Total operating income (loss) $ 92,170 $ 7,974 $ 175,620 $ (3,767) Interest expense (143) (1,280) (543) (1,763) Interest income 329 15 472 47 Other (expense) income, net (67) 448 516 1,571 Income (loss) before income taxes $ 92,289 $ 7,157 $ 176,065 $ (3,912) As of and for the nine months ended Technical Support September 30, 2022 Services Services Corporate Total (in thousands) Depreciation and amortization $ 53,002 $ 7,346 $ 153 $ 60,501 Capital expenditures 79,828 9,558 841 90,227 Identifiable assets 836,310 79,546 139,727 1,055,583 As of and for the nine months ended Technical Support September 30, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 46,341 $ 7,232 $ 202 $ 53,775 Capital expenditures 38,794 5,436 695 44,925 Identifiable assets 556,385 74,135 196,120 826,640

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	9 Months Ended
CURRENT EXPECTED CREDIT LOSSES (Tables)	Sep. 30, 2022
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	Nine months ended September 30, 2022 2021 (in thousands) Beginning balance $ 6,765 $ 4,815 Provision for current expected credit losses 1,484 3,848 Write-offs (1,708) (1,330) Recoveries collected (net of expenses) 14 9 Ending balance $ 6,555 $ 7,342

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2022
INVENTORIES
Schedule of inventory	September 30, December 31, (in thousands) 2022 2021 Raw materials and supplies $ 92,028 $ 77,709 Finished goods 1,318 1,274 Ending balance $ 93,346 $ 78,983

PENSION AND RETIREMENT PLANS _2

PENSION AND RETIREMENT PLANS LIABILITIES (Tables)	9 Months Ended
PENSION AND RETIREMENT PLANS LIABILITIES (Tables)	Sep. 30, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
Schedule of net periodic benefit cost	Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Interest cost $ 243 $ 247 $ 729 $ 741 Expected return on plan assets — (378) - (1,132) Amortization of net losses 253 202 758 606 Net periodic benefit cost $ 496 $ 71 $ 1,487 $ 215

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
NOTES PAYABLE TO BANKS (Tables)	Sep. 30, 2022
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 Nine months ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Interest incurred $ 60 $ 86 $ 188 $ 192 Interest paid 4 42 127 124

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Sep. 30, 2022
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at September 30, 2022 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 $ 224 $ 224 $ — $ — Investments measured at net asset value $ 26,551 Fair Value Measurements at December 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 $ 197 $ 197 $ — $ — Investments measured at net asset value $ 31,738
Schedule of valuation of financial instruments measured at fair value on a non-recurring basis	Fair Value Measurements at September 30, 2022 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 $ 692 $ — $ 692 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE LOSS
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, 2021 $ (18,071) $ (2,637) $ (20,708) Change during the period: Before-tax amount — 91 91 Reclassification adjustment, net of taxes: Amortization of net loss (1) 585 — 585 Total activity for the period 585 91 676 Balance at September 30, 2022 $ (17,486) $ (2,546) $ (20,032) (1) Reported as part of Selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — (34) (34) Reclassification adjustment, net of taxes: Amortization of net loss (1) 458 — 458 Total activity for the period 458 (34) 424 Balance at September 30, 2021 $ (14,723) $ (2,559) $ (17,282) (1) Reported as part of Selling, general and administrative expenses.

GENERAL - (Details)

GENERAL - (Details)	9 Months Ended
GENERAL - (Details)	Sep. 30, 2022
Chairman of the Board and Director
Ownership control
Voting power (in percent)	50%

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	9 Months Ended
REVENUES - Payment Terms (Details)	Sep. 30, 2022
Minimum
Revenue satisfaction period	30 days
Maximum
Revenue satisfaction period	60 days

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 140,908	$ 50,370

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
EARNINGS PER SHARE
Net income (loss) available for stockholders:	$ 69,340	$ 46,939	$ 15,079	$ 5,266	$ (726)	$ (9,662)	$ 131,358	$ (5,122)
Less: Adjustments for earnings attributable to participating securities	(1,041)			(65)			(1,910)	0
Net income (loss) used in calculating earnings per share	$ 68,299			$ 5,201			$ 129,448	$ (5,122)
Weighted average shares outstanding (including participating securities)	216,647			215,677			216,485	215,648
Adjustment for participating securities	(3,288)			(2,649)			(3,163)	(2,665)
Shares used in calculating basic earnings per share	213,359			213,028			213,322	212,983
Shares used in calculating diluted earnings per share	213,359			213,009			213,313	212,970

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - shares	1 Months Ended
STOCK-BASED COMPENSATION (Details) - shares	Apr. 30, 2014	Sep. 30, 2022
STOCK-BASED COMPENSATION
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		2,033,715

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
STOCK-BASED COMPENSATION
Pre-tax expense	$ 1,572	$ 1,471	$ 4,764	$ 4,481
After tax expense	$ 1,145	$ 1,103	$ 3,554	$ 3,360

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Shares	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Non-vested shares at Beginning \| shares	2,619,691
Granted \| shares	1,254,276
Vested \| shares	(507,918)
Forfeited \| shares	(93,931)
Non-vested shares at Ending \| shares	3,272,118
Weighted Average Grant-Date Fair Value
Non-vested shares at Beginning \| $ / shares	$ 7.89
Granted \| $ / shares	6.72
Vested \| $ / shares	11.87
Forfeited \| $ / shares	6.31
Non-vested shares at Ending \| $ / shares	$ 6.87

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	$ (655,000)	$ (1,164,000)
Restricted Shares
Stock-based compensation
Fair value, shares vested	$ 2,800,000	$ 1,800,000

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment information:
Total revenues	$ 459,601	$ 225,310	$ 1,119,732	$ 596,677
Technical Services
Segment information:
Total revenues	435,775	211,842	1,058,227	560,602
Technical Services \| Pressure Pumping
Segment information:
Total revenues	257,933	96,322	572,472	243,401
Technical Services \| Downhole Tools
Segment information:
Total revenues	102,831	61,979	273,828	177,209
Technical Services \| Coiled Tubing
Segment information:
Total revenues	37,407	26,733	100,572	61,900
Technical Services \| Nitrogen
Segment information:
Total revenues	10,335	8,996	28,727	28,195
Technical Services \| Snubbing
Segment information:
Total revenues	7,100	3,748	20,337	10,685
Technical Services \| All other
Segment information:
Total revenues	20,169	14,064	62,291	39,212
Support Services
Segment information:
Total revenues	23,826	13,468	61,505	36,075
Support Services \| Rental Tools
Segment information:
Total revenues	17,880	8,545	45,257	23,126
Support Services \| All other
Segment information:
Total revenues	$ 5,946	$ 4,923	$ 16,248	$ 12,949

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment information:
Total revenues	$ 459,601	$ 225,310	$ 1,119,732	$ 596,677
United States
Segment information:
Total revenues	450,359	217,711	1,094,528	572,170
International
Segment information:
Total revenues	$ 9,242	$ 7,599	$ 25,204	$ 24,507

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues:
Revenues	$ 459,601	$ 225,310	$ 1,119,732	$ 596,677
Operating income (loss):
Operating income (loss)	92,170	7,974	175,620	(3,767)
Interest expense	(143)	(1,280)	(543)	(1,763)
Interest income	329	15	472	47
Other (expense) income, net	(67)	448	516	1,571
Income (loss) before income taxes	92,289	7,157	176,065	(3,912)
Depreciation and amortization	20,941	18,106	60,501	53,775
Capital expenditures			90,227	44,925
Identifiable assets	1,055,583	826,640	1,055,583	826,640	$ 864,365
Technical Services
Revenues:
Revenues	435,775	211,842	1,058,227	560,602
Operating income (loss):
Operating income (loss)	89,455	8,272	171,093	3,938
Depreciation and amortization			53,002	46,341
Capital expenditures			79,828	38,794
Identifiable assets	836,310	556,385	836,310	556,385
Support Services
Revenues:
Revenues	23,826	13,468	61,505	36,075
Operating income (loss):
Operating income (loss)	5,278	(55)	11,392	(5,353)
Depreciation and amortization			7,346	7,232
Capital expenditures			9,558	5,436
Identifiable assets	79,546	74,135	79,546	74,135
Corporate
Operating income (loss):
Operating income (loss)	(4,106)	(3,080)	(13,160)	(9,760)
Depreciation and amortization			153	202
Capital expenditures			841	695
Identifiable assets	139,727	196,120	139,727	196,120
Gain on disposition of assets, net.
Operating income (loss):
Operating income (loss)	$ 1,543	$ 2,837	$ 6,295	$ 7,408

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Allowance for doubtful accounts rollforward
Beginning balance	$ 6,765	$ 4,815
Provision for current expected credit losses	1,484	3,848
Write-offs	(1,708)	(1,330)
Recoveries collected (net of expenses)	14	9
Ending balance	$ 6,555	$ 7,342

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
INVENTORIES
Raw materials and supplies	$ 92,028	$ 77,709
Finished goods	1,318	1,274
Ending balance	$ 93,346	$ 78,983

PENSION AND RETIREMENT PLANS _3

PENSION AND RETIREMENT PLANS LIABILITIES - Components of net periodic benefit cost (Details) - Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 243	$ 247			$ 729	$ 741
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.			Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.
Expected return on plan assets		$ (378)				$ (1,132)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.
Amortization of net losses	$ 253	$ 202			$ 758	$ 606
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.			Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.
Net periodic benefit cost	$ 496	$ 71			$ 1,487	$ 215

PENSION AND RETIREMENT PLANS _4

PENSION AND RETIREMENT PLANS LIABILITIES - SERP (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Unamortized net loss		$ 22,700			$ 22,700
Expected return on plan assets	0%
Unrealized gain/loss due to change in fair value of SERP liabilities		(195)		$ (152)	(585)	$ (458)
Minimum
Defined Benefit Plan Disclosure [Line Items]
Cash contribution			$ 8,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Cash contribution			9,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		26,600	31,700		26,600
Trading gains (losses), net		(1,100)		407	(5,200)	2,500
SERP Liabilities		22,100	$ 29,700		22,100
Unrealized gain/loss due to change in fair value of SERP liabilities		$ (1,000)		$ 502	$ (4,900)	$ 2,800

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revolving credit facility
Interest incurred	$ 60	$ 86	$ 188	$ 192
Interest paid	$ 4	$ 42	$ 127	$ 124

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands		9 Months Ended
	Jul. 26, 2018 USD ($) item	Sep. 30, 2022 USD ($) Lender	Jun. 30, 2022	Dec. 31, 2021 USD ($)
Revolving credit facility
Number of financial covenants. \| item	3
SOFR
Revolving credit facility
Margin rate			25%
SOFR \| Minimum
Revolving credit facility
Additional increase (decrease) in basis points.		10%
SOFR \| Maximum
Revolving credit facility
Additional increase (decrease) in basis points.		30%
Base Rate
Revolving credit facility
Floor interest rate			1%
Amendment
Revolving credit facility
Minimum EBITDA	$ 50,000
Maximum consolidated leverage ratio	2.50%
Minimum debt service coverage ratio	2%
Revolving credit facility
Revolving credit facility
Number of additional credit lenders \| Lender		4
Maximum borrowing capacity		$ 100,000
Origination and other costs		3,700
Unamortized origination and other costs		348
Outstanding debt		0		$ 0
Available credit facility		$ 83,700
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 \| Eurodollar Rate \| SOFR \| Minimum
Revolving credit facility
Basis points added		1.25%
Revolving credit facility \| Amendment \| Eurodollar Rate \| SOFR \| Maximum
Revolving credit facility
Basis points added		2.25%
Revolving credit facility \| Amendment \| Base Rate \| Minimum
Revolving credit facility
Basis points added		0.25%
Revolving credit facility \| Amendment \| Base Rate \| Maximum
Revolving credit facility
Basis points added		1.25%
Revolving credit facility \| Amendment \| Base Rate \| Federal Funds Rate
Revolving credit facility
Basis points added		0.50%
Revolving credit facility \| Amendment \| Base Rate \| SOFR
Revolving credit facility
Basis points added		1%
Revolving credit facility \| Letter of credit
Revolving credit facility
Maximum borrowing capacity		$ 35,000
Outstanding debt		16,300
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)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Effective tax rate (as a percent)	24.90%	26.40%	25.40%	30.90%

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	Sep. 30, 2022	Dec. 31, 2021
Assets:
Equity securities	$ 224	$ 197
Debt Securities, Trading, and Equity Securities, FV-NI	26,551	31,738
Level 1
Assets:
Equity securities	$ 224	$ 197

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding amount	$ 0	$ 0

FAIR VALUE DISCLOSURES - Fina_2

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on non-recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Assets held for sale	$ 692	$ 692
Fair value on a non-recurring basis
Assets:
Assets held for sale	692	692
Fair value on a non-recurring basis \| Level 2
Assets:
Assets held for sale	$ 692	$ 692

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
AOCI rollforward
Balance	$ (20,708)	$ (17,706)
Change during the period:
Before-tax amount	91	(34)
Reclassification adjustment, net of taxes:
Amortization of net loss	585	458
Total activity for the period	676	424
Balance	(20,032)	(17,282)
Pension Adjustment
AOCI rollforward
Balance	(18,071)	(15,181)
Reclassification adjustment, net of taxes:
Amortization of net loss	585	458
Total activity for the period	585	458
Balance	(17,486)	(14,723)
Foreign Currency Translation
AOCI rollforward
Balance	(2,637)	(2,525)
Change during the period:
Before-tax amount	91	(34)
Reclassification adjustment, net of taxes:
Total activity for the period	91	(34)
Balance	$ (2,546)	$ (2,559)

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Oct. 25, 2022 $ / shares
Subsequent Event [Line Items]
Dividends payable, date to be payable	Dec. 09, 2022
Dividend payable, date declared	Nov. 10, 2022
Subsequent Event
Subsequent Event [Line Items]
Cash dividend payable (in dollars per share)	$ 0.02