RPC (RES) 10-K 28 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 NE, 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, $0.10 PAR VALUE
Trading Symbol	RES
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 216,408,974
Entity Common Stock, Shares Outstanding		215,445,398
Auditor Name	GRANT THORNTON LLP
Auditor Location	Atlanta, Georgia
Auditor Firm ID	248
Entity Central Index Key	0000742278
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 223,310	$ 126,424
Accounts receivable, net of allowance for credit losses of $7,109 in 2023 and $7,078 in 2022	324,915	416,568
Inventories	110,904	97,107
Income taxes receivable	52,269	42,403
Prepaid expenses	12,907	17,753
Other current assets	2,768	3,086
Total current assets	727,073	703,341
Property, plant and equipment, less accumulated depreciation of $810,933 in 2023 and $775,334 in 2022	435,139	333,093
Operating lease right-of-use assets	24,537	28,864
Finance lease right-of-use assets	1,036
Goodwill	50,824	32,150
Other intangibles, net	12,825	1,084
Other assets	35,411	30,481
Total assets	1,286,845	1,129,013
LIABILITIES
Accounts payable	85,036	115,213
Accrued payroll and related expenses	30,956	33,161
Accrued insurance expenses	5,340	3,232
Accrued state, local and other taxes	4,461	4,296
Income taxes payable	275	499
Unearned revenue	15,743
Pension liabilities		9,610
Current portion of operating lease liabilities	7,367	10,728
Current portion of finance lease liabilities and finance obligations	375
Accrued expenses and other liabilities	2,304	1,864
Total current liabilities	151,857	178,603
Long-term accrued insurance expenses	10,202	7,149
Long-term retirement plan liabilities	23,724	23,106
Deferred income taxes	51,290	37,473
Long-term operating lease liabilities	18,600	19,517
Long-term finance lease liabilities	819
Other long-term liabilities	7,840	5,430
Total liabilities	264,332	271,278
Commitments and contingencies (Note 16)
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, 215,026,458 and 216,609,191 shares issued and outstanding in 2023 and 2022, respectively	21,502	21,661
Capital in excess of par value	0	0
Retained earnings	1,003,380	856,013
Accumulated other comprehensive loss	(2,369)	(19,939)
Total stockholders' equity	1,022,513	857,735
Total liabilities and stockholders' equity	$ 1,286,845	$ 1,129,013

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 7,109	$ 7,078
Accumulated depreciation	$ 810,933	$ 775,334
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)	215,026,458	216,609,191
Common stock, shares outstanding (in shares)	215,026,458	216,609,191

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 1,617,474	$ 1,601,762	$ 864,929
Cost of revenues (exclusive of depreciation and amortization shown separately below)	1,089,519	1,088,115	663,262
Selling, general and administrative expenses	165,940	148,573	123,572
Pension settlement charges	18,286	2,921
Depreciation and amortization	108,123	83,017	72,686
Gain on disposition of assets, net	(9,344)	(8,804)	(10,882)
Operating income	244,950	287,940	16,291
Interest expense	(341)	(614)	(1,929)
Interest income	8,599	1,171	59
Other income, net	3,035	1,135	2,027
Income before income taxes	256,243	289,632	16,448
Income tax provision	61,130	71,269	9,231
Net income	$ 195,113	$ 218,363	$ 7,217
Earnings per share
Basic (in dollars per share)	$ 0.90	$ 1.01	$ 0.03
Diluted (in dollars per share)	0.90	1.01	$ 0.03
Dividends paid per share (in dollars per share)	$ 0.16	$ 0.04

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 195,113	$ 218,363	$ 7,217
Other comprehensive income:
Pension settlement and adjustment, net of tax	17,307	764	(2,890)
Foreign currency translation	263	5	(112)
Comprehensive income	$ 212,683	$ 219,132	$ 4,215

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 Income (Loss)	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	$ 82	$ 6,494			6,576
Stock issued for stock incentive plans, net (in shares)	819,000
Stock purchased and retired	$ (14)	(6,494)	5,941		(567)
Stock purchased and retired (in shares)	(141,000)
Net income			7,217		7,217
Pension adjustment, net of taxes				(2,890)	(2,890)
Foreign currency translation				(112)	(112)
Balance at Dec. 31, 2021	$ 21,563		640,936	(20,708)	641,791
Balance (in shares) at Dec. 31, 2021	215,629,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 114	6,261			6,375
Stock issued for stock incentive plans, net (in shares)	1,139,000
Stock purchased and retired	$ (16)	(6,261)	5,359		(918)
Stock purchased and retired (in shares)	(159,000)
Net income			218,363		218,363
Pension settlement and adjustment, net of tax				764	764
Foreign currency translation				5	5
Dividends			(8,645)		(8,645)
Balance at Dec. 31, 2022	$ 21,661		856,013	(19,939)	$ 857,735
Balance (in shares) at Dec. 31, 2022	216,609,000				216,609,191
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 114	7,767			$ 7,881
Stock issued for stock incentive plans, net (in shares)	1,143,000
Stock purchased and retired	$ (273)	$ (7,767)	(13,184)		(21,224)
Stock purchased and retired (in shares)	(2,726,000)
Net income			195,113		195,113
Pension settlement and adjustment, net of tax				17,307	17,307
Foreign currency translation				263	263
Dividends			(34,562)		(34,562)
Balance at Dec. 31, 2023	$ 21,502		$ 1,003,380	$ (2,369)	$ 1,022,513
Balance (in shares) at Dec. 31, 2023	215,026,000				215,026,458

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 195,113	$ 218,363	$ 7,217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	108,123	83,017	72,686
Stock-based compensation expense	7,881	6,375	6,576
Gain on disposition of assets, net	(9,344)	(8,804)	(10,882)
Deferred income tax provision	8,647	19,496	4,888
Pension settlement charges	18,286	2,921
Other non-cash adjustments	126	647	(180)
(Increase) decrease in assets:
Accounts receivable	104,574	(157,894)	(91,082)
Income taxes receivable	(9,866)	16,101	24,439
Inventories	(12,341)	(18,413)	3,951
Prepaid expenses	5,233	(7,980)	(650)
Other current assets	311	406	90
Other non-current assets	(1,285)	9,306	(1,170)
Increase (decrease) in liabilities:
Accounts payable	(34,519)	35,759	32,900
Income taxes payable	(224)	(157)	(459)
Unearned Revenue	15,743
Accrued payroll and related expenses	(2,223)	17,864	(3,080)
Pension liabilities	(5,419)
Accrued insurance expenses	2,108	(6,897)	4,640
Accrued state, local and other taxes	165	2,391	(883)
Other accrued expenses	(5,732)	(3,703)	(4,061)
Pension and retirement plan liabilities	618	(4,589)	(1,065)
Long-term accrued insurance expenses	3,053	(4,621)	(52)
Other long-term liabilities	5,735	1,698	3,896
Net cash provided by operating activities	394,763	201,286	47,719
INVESTING ACTIVITIES
Capital expenditures	(181,005)	(139,552)	(67,645)
Proceeds from sale of assets	18,091	15,837	20,014
Purchase of business	(78,798)
Net cash used for investing activities	(241,712)	(123,715)	(47,631)
FINANCING ACTIVITIES
Payment of dividends	(34,562)	(8,645)
Cash paid for common stock purchased and retired	(21,088)	(918)	(567)
Cash paid for finance lease and finance obligations	(515)	(24,017)	(1,584)
Net cash used for financing activities	(56,165)	(33,580)	(2,151)
Net increase (decrease) in cash and cash equivalents	96,886	43,991	(2,063)
Cash and cash equivalents at beginning of period	126,424	82,433	84,496
Cash and cash equivalents at end of period	223,310	126,424	82,433
Supplemental cash flows disclosure:
Income tax payments, net	62,226	35,809	(20,903)
Interest paid	166	170	166
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 9,036	$ 9,334	$ 4,282

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
RECENT ACCOUNTING STANDARDS
Significant Accounting Policies	Note 1: Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (RPC or the Company). All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the presentation in the current year. Common Stock RPC is authorized to issue 349,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by the Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders. Preferred Stock RPC is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2023, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used in the determination of the credit loss allowance, income taxes, goodwill and other impairment assessments, accrued insurance expenses and acquisition of business. Revenues RPC recognizes revenues from contracts with its customers based on the amount of consideration it receives in exchange for the services provided. See note of the consolidated financial statements titled Revenues for additional information. Concentration of Credit Risk Substantially all of the Company’s customers are engaged in the oil and gas industry. This concentration of customers may impact overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. There were no customers in 2023 that accounted for 10% or more of revenues. RPC provided oilfield services to several hundred customers during each of the past three years. One of our customers, a private exploration and production company, accounted for approximately 11% of the Company’s revenues in 2022. There were no other customers in 2022 and no customers in 2021 exceeding 10% of revenues. In addition, there was one customer that accounted for approximately 10% of accounts receivable as of December 31, 2023. There were no other customers as of December 31, 2023, and no customers as of December 31, 2022, that accounted for 10% or more of accounts receivable. Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits. RPC maintains cash equivalents and investments in one or more large financial institutions, and RPC’s policy restricts investment in any securities rated less than investment grade by national rating services. Investments Investments classified as available-for-sale securities are stated at their fair values, with all gains and losses included in other income. The Company recorded gains on its available-for-sale securities of $18 thousand in 2023, $107 thousand in 2022, and $65 thousand in 2021. The Securities that are held in the non-qualified Supplemental Executive Retirement Plan (SERP) are classified as trading. See note titled Employee Benefit Plans for further information regarding the SERP. The change in fair value of trading securities is presented as compensation cost in selling, general and administrative expenses on the consolidated statements of operations. Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designations as of each balance sheet date. Accounts Receivable The majority of the Company’s accounts receivable is due principally from major and independent oil and natural gas exploration and production companies. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are considered past due after 60 days Credit Loss Allowance for Accounts Receivable Accounts receivable are carried at the amounts due from customers, reduced by an allowance for estimated amounts that may not be collectible in the future. The estimated credit loss allowance is based on an evaluation of industry trends, financial condition of customers, historical write-off experience, current economic conditions, and in the case of international customers, judgments about the economic and political environment of the related country and region. Accounts receivable balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. Inventories Inventories, which consist principally 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, are recorded at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (FIFO) method or the weighted average cost method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company regularly reviews inventory quantities on hand and records a write-down for excess or obsolete inventory based primarily on its estimated forecast of product demand, market conditions, production requirements and technological developments. Property, Plant and Equipment Property, plant and equipment, including software costs, are reported at cost less accumulated depreciation and amortization, which is provided on a straight-line basis over the estimated useful lives of the assets. Annual depreciation and amortization expenses are computed using the following useful lives: operating equipment, 3 to 20 years; buildings and leasehold improvements, 15 to 39 years or the life of the lease; furniture and fixtures, 5 to 7 years; software, 5 years; and vehicles, 3 to 5 years. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income from operations. Expenditures for additions, major renewals, and betterments are capitalized. Expenditures for restoring an identifiable asset to working condition or for maintaining the asset in good working order constitute repairs and maintenance and are expensed as incurred. RPC records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company periodically reviews the values assigned to long-lived assets, such as property, plant and equipment, to determine if any impairments should be recognized. There was no impairment recorded during 2023, 2022 or 2021. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The following is a summary of the changes in Goodwill by reporting unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Technical Services Support Services ​ Total Beginning balance at December 31, 2022 $ 30,992 ​ $ 1,158 $ 32,150 Business acquisition (see note titled Business Acquisition) ​ 18,674 ​ — ​ ​ 18,674 Ending balance at December 31, 2023 $ 49,666 ​ $ 1,158 ​ $ 50,824 ​ Goodwill is reviewed annually, or more frequently, if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount, for impairment. In both 2022 and 2023 , due to improved industry conditions, its reporting units’ performance and public market indications of value, the Company elected to perform a qualitative assessment of its goodwill and concluded that it is more likely than not that fair value of each of its reporting units is more than the carrying amounts, including goodwill. Based on these assessments the Company concluded that the fair value of its reporting units exceeded their carrying amounts and therefore no impairment of goodwill occurred during the years ended December 31, 2023, and 2022. Advertising Advertising expenses are charged to expense during the period in which they are incurred. Advertising expenses totaled $2.4 million in 2023, $2.0 million in 2022, and $1.1 million in 2021. Insurance Expenses RPC self-insures, up to certain policy-specified limits, certain risks related to general liability, workers’ compensation, vehicle and equipment liability, and employee health insurance plan costs. The estimated cost of claims under these self-insurance programs is estimated and accrued as the claims are incurred (although actual settlement of the claims may not be made until future periods) and may subsequently be revised based on developments relating to such claims. The portion of these estimated outstanding claims expected to be paid more than one year in the future is classified as long-term accrued insurance expenses. Income Taxes Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets when the Company determines that it is more likely than not that the asset will not be realized through future taxable income. Defined Benefit Pension Plan The Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan provided monthly benefits to its participants based on the various provisions contained therein. The Company initiated actions to terminate the Plan in 2021 and it was fully terminated in 2023. See note titled Employee Benefit Plans for details on the termination and related settlement losses. Share Repurchases The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value and retained earnings if capital in excess of par value is depleted. The Company tracks capital in excess of par value on a cumulative basis for each reporting period and discloses the excess over capital in excess of par value as part of stock purchased and retired in the consolidated statements of stockholders’ equity. 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. See note titled Employee Benefit Plans for further information on restricted stock granted to employees. ​ Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 Net income available for stockholders ​ $ 195,113 ​ $ 218,363 ​ $ 7,217 Less: Adjustments for earnings attributable to participating securities ​ ​ (3,099) ​ ​ (3,197) ​ ​ (89) Net income used in calculating earnings per share ​ $ 192,014 ​ $ 215,166 ​ $ 7,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 216,472 ​ 216,518 ​ 215,646 Adjustment for participating securities ​ (3,545) ​ (3,187) ​ (2,656) Shares used in calculating basic and diluted earnings per share ​ 212,927 ​ 213,331 ​ 212,990 ​ Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, investments, accounts payable, and debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of such instruments. The Company’s investments are classified as available-for-sale securities with the exception of investments held in the non-qualified SERP which are classified as trading securities. All of these securities are carried at fair value in the accompanying consolidated balance sheets. See note titled Fair Value Disclosures for additional information. Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payment awards, net of estimated forfeitures. Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award. See note titled Employee Benefit Plans for additional information. Leases The Company determines at contract inception if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company’s lease population consists primarily of real estate including its corporate headquarters, office space and warehouses, in addition to vehicles, storage containers and office equipment. The Company’s population of month-to-month real estate leases have been classified as short-term leases. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments relate primarily to taxes and insurance on real estate contracts and are recognized as expense when incurred. Recent Accounting Pronouncements The Financial Accounting Standards Board issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ● ACCOUNTING STANDARDS UPDATE (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 adopted these provisions in the second quarter of 2023 prospectively for future acquisitions. For the acquisition completed effective in the third quarter of 2023, the Company has recognized the contract assets and contract liabilities in the same manner as the acquiree. See note titled Business Acquisition for additional information. The adoption did not have a material impact on the Company’s consolidated financial statements . ​ Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: The amendments in this ASU require an entity to disclose the title and position of the Chief Operating Decision Maker (CODM) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. These amendments are effective for annual disclosures beginning in 2024 and interim disclosures beginning in the first quarter of 2025, with early adoption permitted. These amendments are effective retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ​ ● ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The amendments in this ASU require an entity to include consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. These amendments are effective for annual disclosures beginning in 2025, with early adoption permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements .

Business Acquisition

Business Acquisition	12 Months Ended
	Dec. 31, 2023
BUSINESS ACQUISITIONS
Business Acquisition	Note 2: Business Acquisition Effective July 1, 2023 (Effective Date), the Company completed its acquisition of all of the outstanding equity interests in Spinnaker Oilwell Services, LLC (Spinnaker), pursuant to a Merger Agreement (Merger Agreement) with Catapult Energy Services Group, LLC, as the representative of the Sellers. Spinnaker, headquartered in Oklahoma City, Oklahoma, is a leading provider of oilfield cementing services in the Permian and Mid-Continent basins. Spinnaker operates two facilities located in El Reno, Oklahoma and Hobbs, New Mexico and maintains 18 full-service cementing spreads. This acquisition significantly expanded RPC's cementing business from its presence in South Texas to basins in which it currently provides other services. Spinnaker is included in our Technical Services Segment. The purchase price was $79.3 million for 100% of Spinnaker’s equity, and consisted of approximately $76.8 million in cash, a $2.0 million pay-off of finance obligations together with an assumption of $518 thousand of finance obligations. The Merger Agreement included a post-closing adjustment window for an agreed-upon level of Spinnaker’s working capital, as well as other usual and customary items, which is reflected in the purchase price allocation below and was finalized during the fourth quarter of 2023. Acquisition-related transaction costs of $767 thousand were recorded during the year ended December 31, 2023, and included in Selling, general and administrative expenses in the Consolidated Statements of Operations. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination with the assets acquired and liabilities assumed measured at their fair values as of the acquisition date, primarily using Level 3 inputs. The acquisition consideration allocation below is the final fair value. The excess of the acquisition consideration over the estimated fair values of the acquired assets and assumed liabilities has been assigned to goodwill which is primarily attributable to expected revenue synergies. During the fourth quarter, we finalized the valuation of the acquired assets and closed the measurement period. ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value (in thousands) ​ as of July 1, 2023 Accounts receivable ​ $ 12,836 Inventories ​ ​ 1,373 Prepaid and other current assets ​ ​ 384 Accounts payable ​ ​ (4,499) Property, plant and equipment ​ ​ 37,374 Operating lease right-of-use assets ​ ​ 46 Current portion of operating lease liabilities ​ ​ (31) Long-term operating lease liabilities ​ ​ (15) Finance lease right-of-use assets ​ ​ 1,165 Current portion of finance lease liabilities ​ ​ (247) Long-term finance lease liabilities ​ ​ (944) Goodwill ​ ​ 18,674 Other intangibles ​ ​ 13,200 Total consideration ​ ​ 79,316 Less: Assumption of finance obligations ​ ​ (518) Total cash consideration ​ $ 78,798 ​ The fair value of receivables acquired approximates the gross contractual value. The contractual amount not expected to be collected is immaterial. The fair value of acquired inventory was based on the lower of cost and net realizable value, with cost determined using the weighted-average cost method. ​ Property, plant and equipment is comprised of buildings and leasehold improvements, machinery and equipment, vehicles, land, and information technology. The estimated fair value was determined using the cost and market approaches. The Company assumed the following leases and obligations as of the Effective Date - a finance lease for certain land and facilities with a remaining lease term of approximately 4.5 years; three spreads under failed sale and lease back arrangements with varying expiration dates; and an operating lease for an office space with a remaining lease term of approximately 1.5 years. There were no favorable or unfavorable market terms for the leases. Details regarding the lease costs and remaining lease obligations on the existing leases related to Spinnaker have been included in the footnote titled Leases. The obligations related to failed sale and leaseback arrangements are being reported as part of current portion of finance lease liabilities and finance obligations. Acquired intangible assets include customer relationships, trade names and trademarks. Intangible assets were valued using the multi-period excess earnings and relief-from-royalty methods, both forms of the income approach which considers a forecast of future cash flows generated from the use of each asset. The following table shows the fair values assigned to identifiable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average (in thousands) ​ Fair Value Amortization Period (Years) ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 ​ 10 Trade Names and Trademarks ​ ​ 3,200 ​ 10 Total Amortizable Intangible Assets ​ $ 13,200 ​ ​ ​ Revenues and net income of Spinnaker included in the Company's Consolidated Statement of Operations from the acquisition date are as follows: ​ ​ ​ ​ ​ (in thousands) ​ Six months ended December 31, 2023 Revenues ​ $ 44,830 Net income ​ ​ 4,727 ​ Spinnaker’s duration of contracts is typically a day or less and their contract assets and liabilities are measured similar to RPC’s other businesses. ​ The supplemental pro forma financial information has been prepared using the acquisition method of accounting and is based on the historical financial information of Spinnaker and RPC. This proforma financial information does not necessarily represent what the combined company’s revenues or results of operations would have been had the acquisition been completed on January 1, 2022, nor do they intend to be a projection of future operating results of the combined company. It also does not reflect any operating efficiencies or potential cost savings that might be achieved from synergies of combining Spinnaker and RPC. The following table provides unaudited supplemental pro forma financial information as if the acquisition had occurred on January 1, 2022. ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 1,669,231 $ 1,689,559 Net income ​ ​ 204,222 ​ 234,284 ​

Revenues

Revenues	12 Months Ended
	Dec. 31, 2023
REVENUES
Revenues	Note 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 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 titled Business Segment and Entity wide Disclosures. RPC contracts with its customers to provide the following services by reportable segment: Technical Services ● Includes pressure pumping, downhole tools services, coiled tubing, cementing, 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, management and storage; well control training; and consulting. Our contracts with customers are generally short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. Payment terms RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection generally occurs between 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 titled Business Segment and Entity Wide Disclosures 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ ​ 1,617,474 ​ 1,601,762 ​ 864,929 Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (in thousands) 2023 2022 Unbilled trade receivables ​ $ 59,831 ​ $ 103,498 ​ Substantially all of the unbilled trade receivables as of December 31, 2023, and December 31, 2022, were invoiced during the following quarter. Unearned revenue Contract liabilities represent the payments received in advance of satisfying the Company’s performance obligation and are recognized over time as the service is performed. For the year ended December 31, 2023, such amounts were $15.7 million and are recorded as Unearned revenue on the Consolidated Balance Sheets. There was

Depreciation and Amortization

Depreciation and Amortization	12 Months Ended
	Dec. 31, 2023
DEPRECIATION AND AMORTIZATION
Depreciation and Amortization	Note 4: Depreciation and Amortization Depreciation and amortization disclosed in the Consolidated Statements of Operations related to the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 ​ ​ 2022 ​ ​ 2021 Cost of revenues ​ ​ $ 97,685 ​ $ 74,294 ​ $ 63,068 Selling, general and administrative expenses ​ ​ ​ 10,438 ​ ​ 8,723 ​ ​ 9,618 Total ​ ​ $ 108,123 ​ $ 83,017 ​ $ 72,686 ​

Accounts Receivable

Accounts Receivable	12 Months Ended
	Dec. 31, 2023
Accounts Receivable.
Accounts Receivable	Note 5: Accounts Receivable Accounts receivable, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Trade receivables: ​ ​ Billed ​ $ 271,515 ​ $ 315,332 Unbilled ​ 59,831 ​ 103,498 Other receivables ​ 678 ​ 4,816 Total ​ 332,024 ​ 423,646 Less: allowance for credit losses ​ (7,109) ​ (7,078) Accounts receivable, net ​ $ 324,915 ​ $ 416,568 ​ Trade receivables relate to revenues generated from equipment and services, for which credit is extended based on our evaluation of the customer’s credit worthiness. Unbilled receivables represent revenues earned but not billed to the customer until future dates, usually within one month. Other receivables consists primarily of net amounts receivable from an agent that operates internationally, as well as amounts due from the favorable resolution of state tax audits and rebates due from suppliers.

Current Expected Credit Losses

Current Expected Credit Losses	12 Months Ended
	Dec. 31, 2023
CURRENT EXPECTED CREDIT LOSSES
Current Expected Credit Losses	Note 6: 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: ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Beginning balance ​ $ 7,078 ​ $ 6,765 Provision for current expected credit losses ​ 2,656 ​ 2,029 Write-offs ​ (2,737) ​ (1,752) Recoveries collected (net of expenses) ​ ​ 112 ​ ​ 36 Ending balance ​ $ 7,109 ​ $ 7,078 ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Inventories	Note 7: 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 either the first-in, first-out, or the weighted average cost method. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Raw materials and supplies ​ $ 109,872 ​ $ 95,384 Finished goods ​ 1,032 ​ 1,723 Total inventory ​ $ 110,904 ​ $ 97,107 ​

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment
Property, Plant and Equipment	Note 8: Property, Plant and Equipment Property, plant and equipment are presented at cost net of accumulated depreciation and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Land ​ $ 18,165 ​ $ 17,287 Buildings and leasehold improvements ​ 129,513 ​ 120,506 Operating equipment ​ 784,826 ​ 683,027 Computer software ​ 19,535 ​ 22,194 Furniture and fixtures ​ 5,298 ​ 5,480 Vehicles ​ 288,735 ​ 259,933 Gross property, plant and equipment ​ 1,246,072 ​ 1,108,427 Less: accumulated depreciation ​ (810,933) ​ (775,334) Net property, plant and equipment ​ $ 435,139 ​ $ 333,093 ​ Depreciation expense was $108.1 million in 2023, $83.0 million in 2022, and $72.7 million in 2021. The Company had accounts payable for purchases of property and equipment of $9.0 million as of December 31, 2023, and $9.3 million as of December 31, 2022. The Company transferred inventory to property, plant and equipment totaling $10.9 million in 2023 and $9.9 million in 2022.

Other Intangibles, net

Other Intangibles, net	12 Months Ended
	Dec. 31, 2023
OTHER INTANGIBLES, NET
Other Intangibles, net	Note 9: Other Intangibles, net Intangible assets are amortized over their legal or estimated useful life. The following table provides a summary of the gross carrying value and accumulated amortization by each major intangible class: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ 2022 (in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross ​ ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 10,000 ​ $ (500) ​ $ — ​ $ — Trade names and trademarks ​ ​ 3,519 ​ ​ (479) ​ ​ 319 ​ ​ (294) Software licenses ​ ​ 2,202 ​ ​ (1,917) ​ ​ 2,202 ​ ​ (1,143) Patents and technology ​ ​ 300 ​ ​ (300) ​ ​ 300 ​ ​ (300) ​ ​ $ 16,021 ​ $ (3,196) ​ $ 2,821 ​ $ (1,737) ​ During 2023, the Company acquired intangible assets; see note titled Business Acquisition for additional details related to the intangible assets acquired. Amortization expense for each of the periods presented was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2023 ​ ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finite-lived intangible assets ​ $ 1,459 ​ $ 796 ​ $ 27 ​ Estimated future amortization expense based on balances as of December 31, 2023, is as follows: $1.7 million for 2024 2024 2028

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	Note 10: Income Taxes The following table lists the components of the provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ Current provision (benefit): ​ ​ ​ ​ ​ ​ Federal ​ $ 45,146 ​ $ 47,744 ​ $ 4,946 State ​ 6,502 ​ 3,164 ​ (1,387) Foreign ​ 835 ​ 865 ​ 784 Deferred provision: ​ ​ ​ ​ ​ ​ Federal ​ 7,116 ​ 14,026 ​ 2,287 State ​ 1,531 ​ 5,470 ​ 2,601 Total income tax provision ​ $ 61,130 ​ $ 71,269 ​ $ 9,231 ​ ​ Reconciliation between the federal statutory rate and RPC’s effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2023 2022 2021 Federal statutory rate ​ 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit ​ 2.1 ​ 1.9 ​ 2.9 Foreign taxes, net of federal benefit ​ 0.3 ​ 0.3 ​ 5.1 ​ Tax credits (0.3) (0.1) (3.5) ​ Change in contingencies ​ 0.1 ​ — ​ 8.6 ​ Non-deductible expenses 0.8 0.7 (2.8) ​ Adjustments related to CARES Act — — 3.2 ​ Change in estimated deferred rate — 0.4 10.2 ​ Adjustments related to vesting of restricted stock (0.1) 0.2 7.1 ​ Other — 0.2 4.3 ​ Effective tax rate 23.9 % 24.6 % 56.1 % ​ Significant components of the Company’s deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Deferred tax assets: ​ ​ Self-insurance ​ $ 4,303 ​ $ 3,051 Long-term retirement plan ​ 5,101 ​ 5,237 State net operating loss carryforwards ​ 1,520 ​ 1,960 Allowance for credit losses ​ 1,634 ​ 1,757 Stock-based compensation ​ 1,414 ​ 2,531 Inventory reserve ​ ​ 3,330 ​ ​ 3,290 Lease liability ​ ​ 5,777 ​ ​ 6,701 Capitalized research and development ​ ​ 3,066 ​ ​ 1,041 Valuation allowance ​ ​ (1,591) ​ ​ (990) All others, net ​ 3,126 ​ 2,386 Gross deferred tax assets ​ 27,680 ​ 26,964 Deferred tax liabilities: ​ ​ ​ ​ Depreciation ​ (66,784) ​ (51,494) Right of use asset ​ ​ (5,461) ​ ​ (6,397) Goodwill amortization ​ (6,725) ​ (6,546) Gross deferred tax liabilities ​ (78,970) ​ (64,437) Net deferred tax liabilities ​ $ (51,290) ​ $ (37,473) ​ The Company's current intention is to permanently reinvest funds held in our foreign subsidiaries outside of the U.S., with the possible exception of repatriation of funds that have been previously subject to U.S. federal and state taxation or when it would be tax effective through the utilization of foreign tax credits or would otherwise create no additional U.S. tax cost. Total net income tax payments (refunds) were $62.2 million in 2023, $35.8 million in 2022, and $(20.9) million in 2021. As of December 31, 2023, the Company has net operating loss carryforwards recorded related to state income taxes of $31.0 million (gross) that will expire between 2024 and 2042. The Company’s policy is to record interest and penalties related to income tax matters as income tax expense. Accrued interest and penalties were immaterial as of December 31, 2023, and 2022. During 2023, the Company recognized an increase in its liability for unrecognized tax benefits related primarily to current year positions and disclosed as part of other long-term liabilities on the consolidated balance sheet. This liability, if released, would affect our effective rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 Balance at January 1 ​ $ 1,917 ​ $ 1,737 Additions (reductions) based on tax positions related to the current year ​ 337 ​ 197 Additions (reductions) for tax positions of prior years ​ (86) ​ (17) Balance at December 31 ​ $ 2,168 ​ $ 1,917 ​ It is reasonably possible that the amount of the unrecognized benefits with respect to the Company’s unrecognized tax positions will increase or decrease in the next 12 months. These changes may be the result of, among other things, expiration of the statute of limitation, or conclusions of examinations or reviews. However, quantification of an estimated range cannot be made at this time. The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases, the uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. In general, the Company’s 2020 through 2022 tax years remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	Note 11: Long-Term Debt 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 million, including a $35 million letter of credit sub-facility, and a $35 million swingline sub-facility. 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% owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. Certain of the Company’s minor subsidiaries are not guarantors. The Credit Agreement’s maturity date is June 22, 2027. The Company executed 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 Secured Overnight Financing Rate (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. Under the Credit Agreement, when RPC’s trailing four quarter adjusted EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 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 million. As of both December 31, 2023, and December 31, 2022, the Company was in compliance with these covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● 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,” and (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. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance of approximately $330 thousand as of December 31, 2023, is classified in non-current other assets. The remaining net balance of these costs was $257 thousand as of December 31, 2022. As of December 31, 2023, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $16.6 million; therefore, a total of $83.4 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan cost, and interest paid on the credit facility were as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ Interest incurred $ 242 ​ $ 246 ​ $ 257 Interest paid ​ $ 166 ​ $ 170 ​ $ 166 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	Note 12: Accumulated Other Comprehensive Loss Accumulated other comprehensive loss 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 2022: ​ ​ ​ ​ ​ ​ Before-tax amount ​ ​ (2,934) ​ 5 ​ (2,929) Tax benefit ​ 671 ​ — ​ 671 Pension settlement loss, net of taxes ​ ​ 2,249 ​ ​ — ​ ​ 2,249 Reclassification adjustment, net of taxes: ​ ​ ​ Amortization of net loss (1) ​ 778 ​ — ​ 778 Total activity in 2022 ​ 764 ​ 5 ​ 769 Balance at December 31, 2022 ​ ​ (17,307) ​ ​ (2,632) ​ ​ (19,939) Change during 2023: ​ ​ ​ Before-tax amount ​ ​ 3,964 ​ 263 ​ 4,227 Tax benefit ​ (911) ​ — ​ (911) Pension settlement loss, net of taxes ​ ​ 14,080 ​ ​ — ​ ​ 14,080 Reclassification adjustment, net of taxes: ​ ​ ​ ​ Amortization of net loss (1) ​ 174 ​ — ​ 174 Total activity in 2023 ​ 17,307 ​ 263 ​ 17,570 Balance at December 31, 2023 ​ $ — ​ $ (2,369) ​ $ (2,369) ​ (1) Reported as selling, general and administrative expenses.

Cash Paid for Common Stock Purc

Cash Paid for Common Stock Purchased and Retired	12 Months Ended
	Dec. 31, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Cash Paid for Common Stock Purchased and Retired	Note 13: Cash Paid for Common Stock Purchased and Retired The Company has a stock buyback program to repurchase up to 49,578,125 shares in the open market, including an additional 8,000,000 shares authorized for repurchase by the Board of Directors in the second quarter of 2023. As of December 31, 2023, 13,779,128 shares remained available to be repurchased. The program does not have a preset expiration date. Repurchases of shares of the Company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the Company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the Company's shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. Shares purchased for withholding taxes represent taxes due upon vesting of time-lapse restricted shares granted to employees. Total share repurchases for 2023 and 2022 year to date are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 256,623 $ 9.24 $ 2,369,988 ​ ​ 158,649 $ 5.78 $ 917,645 Open market purchases ​ ​ 2,469,056 ​ 7.58 ​ 18,717,662 ​ ​ — ​ — ​ — Total ​ ​ 2,725,679 $ 7.74 $ 21,087,650 ​ ​ 158,649 $ 5.78 $ 917,645 ​

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2023
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	Note 14: 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 on the balance sheet as of December 31, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2023 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 ​ $ 4 ​ $ 4 ​ $ — ​ $ — Investments measured at net asset value ​ $ 26,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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 ​ $ 305 ​ $ 305 ​ $ — ​ $ — Investments measured at net asset value ​ $ 24,175 ​ ​ ​ ​ The Company determines the fair value of marketable securities classified as available-for-sale 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 classified as trading are comprised of the SERP assets, as described in the note titled Employee Benefit Plans, and 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. The expected holding period for these assets measured at net asset value is unknown. 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 year ended December 31, 2023, 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 December 31, 2023 or 2022. Borrowings, if any, under our revolving credit facility bear variable interest rates as described in the note titled Long Term Debt and are classified as a level 2, based on quotes from the lender. 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 or not it will elect this option for financial instruments it may acquire in the future.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Commitments and Contingencies	Note 15: Commitments and Contingencies Income Taxes - Sales and Use Taxes - Loss Contingencies 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. Litigation -

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	Note 16: Employee Benefit Plans Defined Benefit Pension Plan The Company initiated actions to terminate the Plan in 2021 and it was fully terminated in 2023. As part of termination, the Company settled its participant liabilities in one of the following ways – (i) through a lump-sum settlement at the election of the participants; or (ii) transfer to a commercial annuity provider or a government agency. The Company funded this transfer through the liquidation of investments in the Plan assets and an additional cash contribution of million. The Company recognized a pre-tax, non-cash settlement charge of The following table sets forth the funded status of the Plan and the amounts recognized in RPC’s consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Accumulated benefit obligation at end of year ​ $ — ​ $ 29,651 ​ ​ ​ ​ ​ ​ ​ Change in projected benefit obligation: ​ ​ Benefit obligation at beginning of year ​ $ 29,651 ​ $ 41,038 Service cost ​ — ​ — Interest cost ​ 22 ​ 972 Actuarial (gain) loss ​ (3,715) ​ (5,258) Benefits paid ​ (836) ​ (3,248) Settlement ​ ​ (25,122) ​ ​ (3,853) Projected benefit obligation at end of year ​ $ — ​ $ 29,651 Change in Plan assets: ​ ​ ​ ​ Fair value of Plan assets at beginning of year ​ $ 20,041 ​ $ 35,339 Actual return on Plan assets ​ 249 ​ (8,197) Employer contribution ​ 5,454 ​ — Benefits paid ​ (836) ​ (3,248) Transfer of assets ​ ​ 524 ​ ​ — Refund related to Plan trust dissolution ​ ​ (310) ​ ​ — Settlement ​ ​ (25,122) ​ ​ (3,853) Fair value of Plan assets at end of year ​ $ — ​ $ 20,041 Funded status at end of year ​ $ — ​ $ (9,610) ​ The Company used a December 31 measurement date for this qualified Plan. As of December 31, 2022, the underfunded status of the Plan was disclosed in the current liabilities section on the Consolidated Balance Sheets. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Amounts (pre-tax) recognized in accumulated other comprehensive income (loss) consist of: ​ ​ Net loss ​ $ — ​ $ 22,476 Prior service cost (credit) ​ — ​ — Net transition obligation (asset) ​ — ​ — ​ ​ $ — ​ $ 22,476 ​ The components of net periodic cost of the Retirement Income Plan are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ $ 22 $ 972 $ 988 Expected return on Plan assets ​ ​ — ​ — ​ (1,509) Amortization of net losses ​ ​ 226 ​ 1,010 ​ 808 Settlement loss ​ ​ 18,286 ​ ​ 2,921 ​ ​ — Net periodic benefit cost ​ $ 18,534 ​ $ 4,903 ​ $ 287 ​ ​ The pre-tax amounts recognized in accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) gain ​ $ (3,964) ​ $ 2,939 ​ $ 4,169 Amortization of net loss ​ ​ (226) ​ ​ (1,010) ​ ​ (808) Settlement loss ​ ​ (18,286) ​ ​ (2,921) ​ ​ — Amount recognized in accumulated other comprehensive (loss) income ​ $ (22,476) ​ $ (992) ​ $ 3,361 ​ The weighted average assumptions as of December 31 used to determine the projected benefit obligation and net benefit cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 Projected Benefit Obligation ​ ​ ​ Discount rate ​ (1) ​ (1) ​ (1) ​ Rate of compensation increase N/A N/A N/A ​ Net Benefit Cost: ​ Discount rate N/A ​ 4.86 % 2.50 % Expected return on Plan assets N/A ​ 0.0 % 4.00 % Rate of compensation increase N/A N/A N/A ​ ​ (1) As of December 31, 2023, there was no liability in the plan and therefore, a discount rate does not apply. Projected benefit obligation as of December 31, 2022, and 2021 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement. ​ There were no assets in the Plan as of December 31, 2023. The Plan’s weighted average asset allocation as of December 31, 2022, by asset category was as follows: ​ ​ ​ ​ ​ ​ Percentage of Plan Assets December 31, ​ 2022 Asset Category ​ Cash and cash equivalents 3.7 % Fixed income securities 96.3 % Total 100.0 % ​ The following tables present our Plan assets using the fair value hierarchy as of December 31, 2022. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See note titled Fair Value Disclosures for a brief description of the three levels under the fair value hierarchy. Fair Value Hierarchy as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 740 ​ $ 740 ​ $ — Fixed Income Securities ​ (2) ​ ​ 19,301 ​ ​ — ​ ​ 19,301 Total Assets in the Fair Value Hierarchy ​ ​ ​ $ 20,041 ​ $ 740 ​ $ 19,301 Investments measured at Net Asset Value ​ ​ — ​ ​ Investments at Fair Value ​ ​ ​ $ 20,041 ​ ​ ​ (1) Cash and cash equivalents, which are used to pay benefits and Plan administrative expenses, are held in money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Subsequent to December 31, 2022 these securities were liquidated to fund the annuity purchases. ​ Supplemental Executive Retirement Plan (SERP) The Company permits selected highly compensated employees to defer a portion of their compensation to the SERP. The liabilities related to these deferrals are recognized as Long-term retirement plan liabilities in the Consolidated Balance Sheets. The SERP assets are invested primarily in company-owned life insurance (COLI) policies as a funding source to satisfy the obligations of the SERP. The assets are subject to claims by creditors, and the Company can designate them for another purpose at any time. Investments in COLI policies consisted of variable life insurance policies totaling $49.3 million as of December 31, 2023, and $45.4 million as of December 31, 2022. In the COLI policies, the Company is able to allocate the investment of the assets across a set of choices provided by the insurance underwriters, including fixed income securities and equity funds. The COLI policies are recorded at their net cash surrender values, which approximates fair value, as provided by the issuing insurance company, whose Standard & Poor’s credit rating was A+. The Company classifies the SERP assets as trading securities as described in note 1. The fair value of these assets totaled $26.8 million as of December 31, 2023, and $24.2 million as of December 31, 2022. The SERP assets are reported in other assets on the balance sheet. The changes in the fair value of these assets, and normal insurance expenses are recorded in the consolidated statement of operations as compensation cost within selling, general and administrative expenses. Trading gains (losses) related to the SERP assets totaled $2.6 million in 2023, $(4.4 million) in 2022, and $2.6 million in 2021. The SERP liability includes participant deferrals net of distributions and is recorded on the balance sheet 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. Trading gains (losses) related to the SERP liability totaled $2.8 million in 2023, $(4.1 million) in 2022, and $3.1 million in 2021. 401(k) Plan RPC sponsors a defined contribution 401(k) Plan that is available to substantially all full-time employees with more than three months of service. This Plan allows employees to make tax-deferred contributions from one to 25 percent of their annual compensation, not exceeding the permissible contribution imposed by the Internal Revenue Code. Effective January 1, 2019, the Company began making 100 percent matching contributions for each dollar $(1.00) of a participant’s contribution to the 401(k) Plan for the first three percent of his or her annual compensation and fifty cents $(0.50) for each dollar $(1.00) of a participant’s contribution to the 401(k) Plan for the next three Stock Incentive Plans The Company has issued stock options and restricted stock to employees under stock incentive plans that were approved by stockholders. 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 allows for a wide variety of stock-based awards such as stock options and restricted stock. In recent years, we have awarded time-based restricted stock in lieu of granting stock options. We have not issued any stock options since 2003 and have no immediate plans to issue additional stock options. As of December 31, 2023, 911,997 shares were available for grant under the 2014 plan. As of December 31, 2022, 2,046,199 shares were available for grant. The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards is based on their fair value at the grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Pre-tax stock-based employee compensation expense included as part of selling, general and administrative expense was $7.9 million in 2023 $(6.1 million after tax), $6.4 million in 2022 $(4.9 million after tax) and $6.6 million in 2021 $(5.1 million after tax). Restricted Stock The Company has granted certain employees and directors time lapse restricted stock which vests after a stipulated number of years from the grant date in the case of employees and vests immediately for non-employee directors, depending on the terms of the issue. The time-lapse restricted shares granted to employees in 2024 will vest ratably over a period of three years; the shares granted to employees in 2023 vest ratably over a period of four years; the shares granted to employees in 2022 vest ratably over a period of five years. Prior to 2022, the time-lapse restricted shares vested one -fifth per year beginning on the second anniversary of the grant date. Grantees receive dividends declared and retain voting rights for the granted shares. The agreement under which the restricted stock is issued provides that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have lapsed. Upon termination of employment from RPC, with the exception of death (fully vests) or disability (partially vests based on pre-approved formula), shares with restrictions are forfeited in accordance with the plan. ​ The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2023 ​ 3,248,728 ​ $ 6.87 Granted 1,235,728 ​ 9.50 Vested (859,485) ​ 8.63 Forfeited (92,786) ​ 7.74 Non-vested shares at December 31, 2023 3,532,185 ​ $ 7.35 ​ The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 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 (510,084) ​ 11.86 Forfeited (115,155) ​ 6.29 Non-vested shares at December 31, 2022 3,248,728 ​ $ 6.87 ​ The fair value of restricted share awards is based on the market price of the Company’s stock on the date of the grant and is amortized to compensation expense, net of estimated forfeitures, on a straight-line basis over the requisite service period. The weighted average grant date fair value per share of these restricted stock awards was $9.50 for 2023, $6.72 for 2022 and $3.87 for 2021. The total fair value of shares vested was $7.8 million during 2023, $2.9 million during 2022 and $1.8 million during 2021. The consolidated statements of cash flows reflect discrete income tax adjustments that resulted in $222,000 of beneficial impact in 2023 and $640,000 of detrimental impact in 2022 realized from tax compensation deductions and classified within operating activities as part of net income. Other Information As of December 31, 2023, total unrecognized compensation cost related to non-vested restricted shares was $13.8 million which is expected to be recognized over a weighted-average period of 2.8 years.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions
Related Party Transactions	Note 17: Related Party Transactions Marine Products Corporation In conjunction with RPC’s spin-off of its powerboat manufacturing business, RPC and Marine Products Corporation (Marine Products) entered into various agreements that define the companies’ relationship. Per the terms of their Transition Support Services agreement, which may be terminated by either party, RPC provides certain administrative services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products. Charges from the Company (or from corporations that are subsidiaries of the Company) for such services were Other The Company periodically purchases, in the ordinary course of business, products or services from suppliers that are owned by officers or significant stockholders of or affiliated with certain directors of RPC. The total amounts paid to these affiliated parties were $1.8 million in 2023, $1.8 million in 2022 and $1.3 million in 2021. All of the related party transactions have been approved by the Nominating and Corporate Governance Committee. RPC received certain administrative services from Rollins, Inc. (a company that has a significant shareholder group that includes Gary W. Rollins, Pamela R. Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company). That significant shareholder group had a controlling interest in Rollins, Inc. prior to June 2023. The service agreements between Rollins, Inc. and the Company provided for the provision of services on a cost reimbursement basis; the agreement was terminated in November 2023. The services covered by these agreements included administration services for certain employee benefit programs and other administrative services. Charges to the Company (or to corporations which are subsidiaries of the Company) for such services and rent totaled $3 thousand in 2023, $71 thousand in 2022 and $108 thousand in 2021. A group that includes Gary W. Rollins, Pamela R. Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, and certain companies under their control, controls in excess of 50% of the Company’s voting power. RPC and Marine Products own 50% each

Business Segment and Entity Wid

Business Segment and Entity Wide Disclosures	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGMENT INFORMATION
Business Segment and Entity Wide Disclosures	Note 18: Business Segment and Entity Wide Disclosures 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 equipment offered off the well site and are 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, cementing, 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 ​ 2022 ​ 2021 Technical Services: ​ ​ ​ ​ ​ ​ Pressure Pumping ​ $ 771,542 ​ $ 846,939 ​ $ 369,028 Downhole Tools ​ ​ 397,341 ​ 374,081 ​ 247,019 Coiled Tubing ​ ​ 152,484 ​ 140,889 ​ 88,946 Cementing ​ ​ 64,481 ​ ​ 21,178 ​ ​ 10,111 Nitrogen ​ ​ 47,306 ​ 39,596 ​ 38,773 Snubbing ​ ​ 26,345 ​ 28,028 ​ 15,408 All other ​ ​ 56,638 ​ 65,652 ​ 45,761 Total Technical Services ​ $ 1,516,137 ​ $ 1,516,363 ​ $ 815,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ Rental Tools ​ $ 73,301 ​ $ 62,780 ​ $ 32,167 All other ​ 28,036 ​ 22,619 ​ 17,716 Total Support Services ​ $ 101,337 ​ $ 85,399 ​ $ 49,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929 ​ The accounting policies of the reportable segments are the same as those described in the note titled Significant Accounting Policies. 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 concerning RPC’s reportable segments for the years ended December 31, 2023, 2022 and 2021 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on Pension ​ ​ ​ Technical ​ Support ​ ​ ​ disposition of ​ Settlement ​ ​ (in thousands) Services Services Corporate assets, net charges Total 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,516,137 ​ $ 101,337 ​ $ — ​ $ — ​ $ — ​ $ 1,617,474 Operating income (loss) ​ ​ 245,904 ​ ​ 26,461 ​ ​ (18,473) ​ ​ 9,344 ​ ​ (18,286) ​ ​ 244,950 Capital expenditures ​ ​ 160,799 ​ ​ 15,634 ​ ​ 4,572 ​ ​ — ​ ​ — ​ ​ 181,005 Depreciation and amortization ​ 97,773 ​ ​ 10,293 ​ ​ 57 ​ — ​ — ​ ​ 108,123 Identifiable assets ​ 867,550 ​ ​ 81,754 ​ ​ 337,541 ​ — ​ — ​ ​ 1,286,845 2022 ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,516,363 ​ $ 85,399 ​ $ — ​ $ — ​ $ — ​ $ 1,601,762 Operating income (loss) ​ 281,622 ​ ​ 18,095 ​ ​ (17,660) ​ ​ 8,804 ​ ​ (2,921) ​ ​ 287,940 Capital expenditures ​ 126,327 ​ ​ 12,320 ​ ​ 905 ​ ​ — ​ ​ — ​ ​ 139,552 Depreciation and amortization ​ 73,016 ​ ​ 9,840 ​ ​ 161 ​ — ​ — ​ 83,017 Identifiable assets ​ 823,434 ​ ​ 80,104 ​ ​ 225,475 ​ — ​ — ​ 1,129,013 2021 ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 815,046 ​ $ 49,883 ​ $ — ​ $ — ​ $ — ​ $ 864,929 Operating income (loss) ​ 24,434 ​ ​ (5,725) ​ ​ (13,300) ​ ​ 10,882 ​ ​ — ​ ​ 16,291 Capital expenditures ​ 59,316 ​ ​ 7,012 ​ ​ 1,317 ​ ​ — ​ ​ — ​ ​ 67,645 Depreciation and amortization ​ 62,667 ​ 9,752 ​ 267 ​ — ​ — ​ 72,686 Identifiable assets ​ 580,406 ​ 69,345 ​ 214,614 ​ — ​ — ​ 864,365 ​ The following summarizes revenues for the United States and separately for all international locations combined for the years ended December 31, 2023, 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% of RPC’s consolidated assets, and therefore are not presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 United States revenues ​ $ 1,588,774 ​ $ 1,569,160 ​ $ 833,686 International revenues ​ ​ 28,700 ​ 32,602 ​ 31,243 Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases.
Leases	Note 19: Leases During the year ended December 31, 2023, the Company assumed certain leases as part of its acquisition of Spinnaker. The disclosures below include the information related to the leases after the acquisition. See note tilted Business Acquisition for further information related to those leases. Lease Position: The table below represents the assets and liabilities related to operating leases recorded on the balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ ​ ​ Assets: ​ Operating lease right-of-use assets ​ $ 24,537 ​ $ 28,864 Finance lease right-of-use assets ​ ​ 1,036 ​ ​ — Total lease assets ​ $ 25,573 ​ $ 28,864 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Current portion of operating leases ​ $ 7,367 ​ $ 10,728 Current portion of finance lease liabilities and finance obligations ​ ​ 375 ​ ​ — Long-term finance lease liabilities ​ ​ 819 ​ ​ — Long-term operating lease liabilities ​ ​ 18,600 ​ ​ 19,517 Total lease liabilities ​ $ 27,161 ​ $ 19,517 ​ Lease costs: The components of finance lease are included in depreciation and amortization and interest expense; operating lease expense are included in costs of goods sold, and selling, general and administrative expenses in the consolidated statements of operations as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets ​ $ 129 ​ $ 3,390 ​ $ 1,452 Interest on lease liabilities ​ ​ 13 ​ ​ 283 ​ ​ 116 Total finance lease cost ​ $ 142 ​ $ 3,673 ​ $ 1,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest on finance obligation ​ $ 35 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 15,096 ​ $ 9,615 ​ $ 7,580 Short-term lease cost ​ ​ 1,862 ​ 9,192 ​ 3,626 Variable lease cost ​ ​ 774 ​ 647 ​ 772 Sublease income ​ ​ (1,400) ​ (1,021) ​ (831) Total operating lease cost ​ $ 16,332 ​ $ 18,433 ​ $ 11,147 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ $ 16,509 ​ $ 22,106 ​ $ 12,715 ​ Other Information: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 ​ 2022 ​ Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) ​ $ 12,475 ​ $ 8,742 ​ Cash paid for amounts included in the measurement of lease liabilities – finance lease and finance obligations (in thousands) ​ $ 515 ​ $ — ​ ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ $ 8,151 ​ $ 12,882 ​ Weighted average remaining lease term – finance lease (years) ​ ​ 4.00 ​ ​ — ​ Weighted average remaining lease term – operating leases (years) ​ ​ 5.06 ​ ​ 5.14 ​ Weighted average remaining term – finance obligations (months) ​ ​ 8.00 ​ ​ — ​ Weighted average discount rate – finance lease ​ ​ 2.3 % ​ — % Weighted average discount rate – operating leases ​ ​ 4.42 % ​ 3.93 % Weighted average discount rate – finance obligations ​ ​ 8.40 % ​ — % ​ Lease Commitments: Maturity of lease liabilities and finance obligations: ​ ​ ​ ​ ​ ​ As of December 31, 2023 (in thousands) ​ ​ ​ ​ 2024 $ 9,197 2025 ​ 5,856 2026 ​ 4,957 2027 ​ 3,863 2028 ​ 2,291 Thereafter ​ 4,487 Total lease payments ​ 30,651 Less: Amounts representing interest ​ (3,490) Present value of lease liabilities ​ $ 27,161 ​ ​

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2023
Subsequent Event
Subsequent Event	Note 20. Subsequent Event On January 23, 2024, the Board of Directors declared a . ​

SCHEDULE II -VALUATION AND QUAL

SCHEDULE II -VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, 2023, 2022 and 2021 ​ ​ Balance at ​ Charged to ​ ​ ​ Balance ​ ​ Beginning ​ Costs and ​ Net (Deductions) ​ at End of (in thousands) ​ of Period ​ Expenses ​ Recoveries ​ Period Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 7,078 ​ $ 2,656 ​ $ (2,625) (1) $ 7,109 Deferred tax asset valuation allowance ​ $ 990 ​ $ 601 ​ $ — (2) $ 1,591 Reserve for obsolete or slow-moving inventory ​ $ 15,374 ​ $ 3,063 ​ $ (2,512) (3) $ 15,925 Year ended December 31, 2022 ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 6,765 ​ $ 2,029 ​ $ (1,716) (1) $ 7,078 Deferred tax asset valuation allowance ​ $ 865 ​ $ — ​ $ 125 (2) $ 990 Reserve for obsolete or slow-moving inventory ​ $ 13,236 ​ $ 4,080 ​ $ (1,942) (3) $ 15,374 Year ended December 31, 2021 ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 4,815 ​ $ 4,019 ​ $ (2,069) (1) $ 6,765 Deferred tax asset valuation allowance ​ $ 490 ​ $ — ​ $ 375 (2) $ 865 Reserve for obsolete or slow-moving inventory ​ $ 13,829 ​ $ 5,016 ​ $ (5,609) (3) $ 13,236 ​ (1) Net (deductions) recoveries in the credit loss allowance principally reflect the write-off of previously reserved accounts net of recoveries. (2) The valuation allowance for deferred tax assets is increased or decreased each year to reflect the state and foreign net operating losses and capital losses that management believes will not be utilized before they expire. (3) Net (deductions) recoveries in the reserve for obsolete or slow-moving inventory principally reflect the write-off and/ or disposal of previously reserved inventory .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
RECENT ACCOUNTING STANDARDS
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (RPC or the Company). All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the presentation in the current year.
Common Stock	Common Stock RPC is authorized to issue 349,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by the Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders.
Preferred Stock	Preferred Stock RPC is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2023, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are used in the determination of the credit loss allowance, income taxes, goodwill and other impairment assessments, accrued insurance expenses and acquisition of business.
Revenues	Revenues RPC recognizes revenues from contracts with its customers based on the amount of consideration it receives in exchange for the services provided. See note of the consolidated financial statements titled Revenues for additional information.
Concentration of Credit Risk	Concentration of Credit Risk Substantially all of the Company’s customers are engaged in the oil and gas industry. This concentration of customers may impact overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. There were no customers in 2023 that accounted for 10% or more of revenues. RPC provided oilfield services to several hundred customers during each of the past three years. One of our customers, a private exploration and production company, accounted for approximately 11% of the Company’s revenues in 2022. There were no other customers in 2022 and no customers in 2021 exceeding 10% of revenues. In addition, there was one customer that accounted for approximately 10% of accounts receivable as of December 31, 2023. There were no other customers as of December 31, 2023, and no customers as of December 31, 2022, that accounted for 10% or more of accounts receivable.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits. RPC maintains cash equivalents and investments in one or more large financial institutions, and RPC’s policy restricts investment in any securities rated less than investment grade by national rating services.
Investments	Investments Investments classified as available-for-sale securities are stated at their fair values, with all gains and losses included in other income. The Company recorded gains on its available-for-sale securities of $18 thousand in 2023, $107 thousand in 2022, and $65 thousand in 2021. The Securities that are held in the non-qualified Supplemental Executive Retirement Plan (SERP) are classified as trading. See note titled Employee Benefit Plans for further information regarding the SERP. The change in fair value of trading securities is presented as compensation cost in selling, general and administrative expenses on the consolidated statements of operations. Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designations as of each balance sheet date.
Accounts Receivable	Accounts Receivable The majority of the Company’s accounts receivable is due principally from major and independent oil and natural gas exploration and production companies. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are considered past due after 60 days
Credit Loss Allowance for Accounts Receivable	Credit Loss Allowance for Accounts Receivable Accounts receivable are carried at the amounts due from customers, reduced by an allowance for estimated amounts that may not be collectible in the future. The estimated credit loss allowance is based on an evaluation of industry trends, financial condition of customers, historical write-off experience, current economic conditions, and in the case of international customers, judgments about the economic and political environment of the related country and region. Accounts receivable balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected.
Inventories	Inventories Inventories, which consist principally 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, are recorded at the lower of cost or net realizable value. Cost is determined using the first-in, first-out (FIFO) method or the weighted average cost method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company regularly reviews inventory quantities on hand and records a write-down for excess or obsolete inventory based primarily on its estimated forecast of product demand, market conditions, production requirements and technological developments.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, including software costs, are reported at cost less accumulated depreciation and amortization, which is provided on a straight-line basis over the estimated useful lives of the assets. Annual depreciation and amortization expenses are computed using the following useful lives: operating equipment, 3 to 20 years; buildings and leasehold improvements, 15 to 39 years or the life of the lease; furniture and fixtures, 5 to 7 years; software, 5 years; and vehicles, 3 to 5 years. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income from operations. Expenditures for additions, major renewals, and betterments are capitalized. Expenditures for restoring an identifiable asset to working condition or for maintaining the asset in good working order constitute repairs and maintenance and are expensed as incurred. RPC records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company periodically reviews the values assigned to long-lived assets, such as property, plant and equipment, to determine if any impairments should be recognized. There was no impairment recorded during 2023, 2022 or 2021.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The following is a summary of the changes in Goodwill by reporting unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Technical Services Support Services ​ Total Beginning balance at December 31, 2022 $ 30,992 ​ $ 1,158 $ 32,150 Business acquisition (see note titled Business Acquisition) ​ 18,674 ​ — ​ ​ 18,674 Ending balance at December 31, 2023 $ 49,666 ​ $ 1,158 ​ $ 50,824 ​ Goodwill is reviewed annually, or more frequently, if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount, for impairment. In both 2022 and 2023 , due to improved industry conditions, its reporting units’ performance and public market indications of value, the Company elected to perform a qualitative assessment of its goodwill and concluded that it is more likely than not that fair value of each of its reporting units is more than the carrying amounts, including goodwill. Based on these assessments the Company concluded that the fair value of its reporting units exceeded their carrying amounts and therefore no impairment of goodwill occurred during the years ended December 31, 2023, and 2022.
Advertising	Advertising Advertising expenses are charged to expense during the period in which they are incurred. Advertising expenses totaled $2.4 million in 2023, $2.0 million in 2022, and $1.1 million in 2021.
Insurance Expenses	Insurance Expenses RPC self-insures, up to certain policy-specified limits, certain risks related to general liability, workers’ compensation, vehicle and equipment liability, and employee health insurance plan costs. The estimated cost of claims under these self-insurance programs is estimated and accrued as the claims are incurred (although actual settlement of the claims may not be made until future periods) and may subsequently be revised based on developments relating to such claims. The portion of these estimated outstanding claims expected to be paid more than one year in the future is classified as long-term accrued insurance expenses.
Income Taxes	Income Taxes Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets when the Company determines that it is more likely than not that the asset will not be realized through future taxable income.
Defined Benefit Pension Plan	Defined Benefit Pension Plan The Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan provided monthly benefits to its participants based on the various provisions contained therein. The Company initiated actions to terminate the Plan in 2021 and it was fully terminated in 2023. See note titled Employee Benefit Plans for details on the termination and related settlement losses.
Share Repurchases	Share Repurchases The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value and retained earnings if capital in excess of par value is depleted. The Company tracks capital in excess of par value on a cumulative basis for each reporting period and discloses the excess over capital in excess of par value as part of stock purchased and retired in the consolidated statements of stockholders’ equity.
Earnings per Share	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. See note titled Employee Benefit Plans for further information on restricted stock granted to employees. ​ Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 Net income available for stockholders ​ $ 195,113 ​ $ 218,363 ​ $ 7,217 Less: Adjustments for earnings attributable to participating securities ​ ​ (3,099) ​ ​ (3,197) ​ ​ (89) Net income used in calculating earnings per share ​ $ 192,014 ​ $ 215,166 ​ $ 7,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 216,472 ​ 216,518 ​ 215,646 Adjustment for participating securities ​ (3,545) ​ (3,187) ​ (2,656) Shares used in calculating basic and diluted earnings per share ​ 212,927 ​ 213,331 ​ 212,990
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, investments, accounts payable, and debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of such instruments. The Company’s investments are classified as available-for-sale securities with the exception of investments held in the non-qualified SERP which are classified as trading securities. All of these securities are carried at fair value in the accompanying consolidated balance sheets. See note titled Fair Value Disclosures for additional information.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payment awards, net of estimated forfeitures. Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award. See note titled Employee Benefit Plans for additional information.
Leases	Leases The Company determines at contract inception if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company’s lease population consists primarily of real estate including its corporate headquarters, office space and warehouses, in addition to vehicles, storage containers and office equipment. The Company’s population of month-to-month real estate leases have been classified as short-term leases. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments relate primarily to taxes and insurance on real estate contracts and are recognized as expense when incurred.
Recently Adopted Accounting Standards	Recent Accounting Pronouncements The Financial Accounting Standards Board issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ● ACCOUNTING STANDARDS UPDATE (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 adopted these provisions in the second quarter of 2023 prospectively for future acquisitions. For the acquisition completed effective in the third quarter of 2023, the Company has recognized the contract assets and contract liabilities in the same manner as the acquiree. See note titled Business Acquisition for additional information. The adoption did not have a material impact on the Company’s consolidated financial statements . ​ Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: The amendments in this ASU require an entity to disclose the title and position of the Chief Operating Decision Maker (CODM) and the significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss. These amendments are effective for annual disclosures beginning in 2024 and interim disclosures beginning in the first quarter of 2025, with early adoption permitted. These amendments are effective retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ​ ● ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: The amendments in this ASU require an entity to include consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. These amendments are effective for annual disclosures beginning in 2025, with early adoption permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements .

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
RECENT ACCOUNTING STANDARDS
Schedule of carrying amount of goodwill by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Technical Services Support Services ​ Total Beginning balance at December 31, 2022 $ 30,992 ​ $ 1,158 $ 32,150 Business acquisition (see note titled Business Acquisition) ​ 18,674 ​ — ​ ​ 18,674 Ending balance at December 31, 2023 $ 49,666 ​ $ 1,158 ​ $ 50,824
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 Net income available for stockholders ​ $ 195,113 ​ $ 218,363 ​ $ 7,217 Less: Adjustments for earnings attributable to participating securities ​ ​ (3,099) ​ ​ (3,197) ​ ​ (89) Net income used in calculating earnings per share ​ $ 192,014 ​ $ 215,166 ​ $ 7,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 216,472 ​ 216,518 ​ 215,646 Adjustment for participating securities ​ (3,545) ​ (3,187) ​ (2,656) Shares used in calculating basic and diluted earnings per share ​ 212,927 ​ 213,331 ​ 212,990

Business Acquisition (Tables)

Business Acquisition (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS ACQUISITIONS
Schedule of assets acquired and liabilities assumed measured at their fair values as of the acquisition date	​ ​ ​ ​ ​ ​ ​ Fair Value (in thousands) ​ as of July 1, 2023 Accounts receivable ​ $ 12,836 Inventories ​ ​ 1,373 Prepaid and other current assets ​ ​ 384 Accounts payable ​ ​ (4,499) Property, plant and equipment ​ ​ 37,374 Operating lease right-of-use assets ​ ​ 46 Current portion of operating lease liabilities ​ ​ (31) Long-term operating lease liabilities ​ ​ (15) Finance lease right-of-use assets ​ ​ 1,165 Current portion of finance lease liabilities ​ ​ (247) Long-term finance lease liabilities ​ ​ (944) Goodwill ​ ​ 18,674 Other intangibles ​ ​ 13,200 Total consideration ​ ​ 79,316 Less: Assumption of finance obligations ​ ​ (518) Total cash consideration ​ $ 78,798
Schedule of preliminary fair values assigned to identifiable intangible asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average (in thousands) ​ Fair Value Amortization Period (Years) ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 ​ 10 Trade Names and Trademarks ​ ​ 3,200 ​ 10 Total Amortizable Intangible Assets ​ $ 13,200 ​ ​
Schedule of pro forma financial information	​ ​ ​ ​ ​ (in thousands) ​ Six months ended December 31, 2023 Revenues ​ $ 44,830 Net income ​ ​ 4,727 ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 1,669,231 $ 1,689,559 Net income ​ ​ 204,222 ​ 234,284 ​

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ ​ 1,617,474 ​ 1,601,762 ​ 864,929 Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (in thousands) 2023 2022 Unbilled trade receivables ​ $ 59,831 ​ $ 103,498

Depreciation and Amortization (

Depreciation and Amortization (Tables)	12 Months Ended
	Dec. 31, 2023
DEPRECIATION AND AMORTIZATION
Schedule of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 ​ ​ 2022 ​ ​ 2021 Cost of revenues ​ ​ $ 97,685 ​ $ 74,294 ​ $ 63,068 Selling, general and administrative expenses ​ ​ ​ 10,438 ​ ​ 8,723 ​ ​ 9,618 Total ​ ​ $ 108,123 ​ $ 83,017 ​ $ 72,686 ​

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
Accounts Receivable.
Schedule of components of accounts receivables	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Trade receivables: ​ ​ Billed ​ $ 271,515 ​ $ 315,332 Unbilled ​ 59,831 ​ 103,498 Other receivables ​ 678 ​ 4,816 Total ​ 332,024 ​ 423,646 Less: allowance for credit losses ​ (7,109) ​ (7,078) Accounts receivable, net ​ $ 324,915 ​ $ 416,568

Current Expected Credit Losses

Current Expected Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2023
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	​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Beginning balance ​ $ 7,078 ​ $ 6,765 Provision for current expected credit losses ​ 2,656 ​ 2,029 Write-offs ​ (2,737) ​ (1,752) Recoveries collected (net of expenses) ​ ​ 112 ​ ​ 36 Ending balance ​ $ 7,109 ​ $ 7,078 ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Raw materials and supplies ​ $ 109,872 ​ $ 95,384 Finished goods ​ 1,032 ​ 1,723 Total inventory ​ $ 110,904 ​ $ 97,107 ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Land ​ $ 18,165 ​ $ 17,287 Buildings and leasehold improvements ​ 129,513 ​ 120,506 Operating equipment ​ 784,826 ​ 683,027 Computer software ​ 19,535 ​ 22,194 Furniture and fixtures ​ 5,298 ​ 5,480 Vehicles ​ 288,735 ​ 259,933 Gross property, plant and equipment ​ 1,246,072 ​ 1,108,427 Less: accumulated depreciation ​ (810,933) ​ (775,334) Net property, plant and equipment ​ $ 435,139 ​ $ 333,093

Other Intangibles, net (Tables)

Other Intangibles, net (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER INTANGIBLES, NET
Summary of gross carrying value and accumulated amortization by each major intangible class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ 2022 (in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross ​ ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 10,000 ​ $ (500) ​ $ — ​ $ — Trade names and trademarks ​ ​ 3,519 ​ ​ (479) ​ ​ 319 ​ ​ (294) Software licenses ​ ​ 2,202 ​ ​ (1,917) ​ ​ 2,202 ​ ​ (1,143) Patents and technology ​ ​ 300 ​ ​ (300) ​ ​ 300 ​ ​ (300) ​ ​ $ 16,021 ​ $ (3,196) ​ $ 2,821 ​ $ (1,737)
Summary of amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2023 ​ ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of finite-lived intangible assets ​ $ 1,459 ​ $ 796 ​ $ 27

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of components of provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ Current provision (benefit): ​ ​ ​ ​ ​ ​ Federal ​ $ 45,146 ​ $ 47,744 ​ $ 4,946 State ​ 6,502 ​ 3,164 ​ (1,387) Foreign ​ 835 ​ 865 ​ 784 Deferred provision: ​ ​ ​ ​ ​ ​ Federal ​ 7,116 ​ 14,026 ​ 2,287 State ​ 1,531 ​ 5,470 ​ 2,601 Total income tax provision ​ $ 61,130 ​ $ 71,269 ​ $ 9,231
Schedule of reconciliation between the federal statutory rate and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2023 2022 2021 Federal statutory rate ​ 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit ​ 2.1 ​ 1.9 ​ 2.9 Foreign taxes, net of federal benefit ​ 0.3 ​ 0.3 ​ 5.1 ​ Tax credits (0.3) (0.1) (3.5) ​ Change in contingencies ​ 0.1 ​ — ​ 8.6 ​ Non-deductible expenses 0.8 0.7 (2.8) ​ Adjustments related to CARES Act — — 3.2 ​ Change in estimated deferred rate — 0.4 10.2 ​ Adjustments related to vesting of restricted stock (0.1) 0.2 7.1 ​ Other — 0.2 4.3 ​ Effective tax rate 23.9 % 24.6 % 56.1 %
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Deferred tax assets: ​ ​ Self-insurance ​ $ 4,303 ​ $ 3,051 Long-term retirement plan ​ 5,101 ​ 5,237 State net operating loss carryforwards ​ 1,520 ​ 1,960 Allowance for credit losses ​ 1,634 ​ 1,757 Stock-based compensation ​ 1,414 ​ 2,531 Inventory reserve ​ ​ 3,330 ​ ​ 3,290 Lease liability ​ ​ 5,777 ​ ​ 6,701 Capitalized research and development ​ ​ 3,066 ​ ​ 1,041 Valuation allowance ​ ​ (1,591) ​ ​ (990) All others, net ​ 3,126 ​ 2,386 Gross deferred tax assets ​ 27,680 ​ 26,964 Deferred tax liabilities: ​ ​ ​ ​ Depreciation ​ (66,784) ​ (51,494) Right of use asset ​ ​ (5,461) ​ ​ (6,397) Goodwill amortization ​ (6,725) ​ (6,546) Gross deferred tax liabilities ​ (78,970) ​ (64,437) Net deferred tax liabilities ​ $ (51,290) ​ $ (37,473)
Schedule of reconciliation of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 Balance at January 1 ​ $ 1,917 ​ $ 1,737 Additions (reductions) based on tax positions related to the current year ​ 337 ​ 197 Additions (reductions) for tax positions of prior years ​ (86) ​ (17) Balance at December 31 ​ $ 2,168 ​ $ 1,917

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ Interest incurred $ 242 ​ $ 246 ​ $ 257 Interest paid ​ $ 166 ​ $ 170 ​ $ 166 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2021 ​ $ (18,071) ​ $ (2,637) ​ $ (20,708) Change during 2022: ​ ​ ​ ​ ​ ​ Before-tax amount ​ ​ (2,934) ​ 5 ​ (2,929) Tax benefit ​ 671 ​ — ​ 671 Pension settlement loss, net of taxes ​ ​ 2,249 ​ ​ — ​ ​ 2,249 Reclassification adjustment, net of taxes: ​ ​ ​ Amortization of net loss (1) ​ 778 ​ — ​ 778 Total activity in 2022 ​ 764 ​ 5 ​ 769 Balance at December 31, 2022 ​ ​ (17,307) ​ ​ (2,632) ​ ​ (19,939) Change during 2023: ​ ​ ​ Before-tax amount ​ ​ 3,964 ​ 263 ​ 4,227 Tax benefit ​ (911) ​ — ​ (911) Pension settlement loss, net of taxes ​ ​ 14,080 ​ ​ — ​ ​ 14,080 Reclassification adjustment, net of taxes: ​ ​ ​ ​ Amortization of net loss (1) ​ 174 ​ — ​ 174 Total activity in 2023 ​ 17,307 ​ 263 ​ 17,570 Balance at December 31, 2023 ​ $ — ​ $ (2,369) ​ $ (2,369) ​ (1) Reported as selling, general and administrative expenses.

Cash Paid for Common Stock Pu_2

Cash Paid for Common Stock Purchased and Retired (Tables)	12 Months Ended
	Dec. 31, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Schedule of total share repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 256,623 $ 9.24 $ 2,369,988 ​ ​ 158,649 $ 5.78 $ 917,645 Open market purchases ​ ​ 2,469,056 ​ 7.58 ​ 18,717,662 ​ ​ — ​ — ​ — Total ​ ​ 2,725,679 $ 7.74 $ 21,087,650 ​ ​ 158,649 $ 5.78 $ 917,645 ​

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2023 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 ​ $ 4 ​ $ 4 ​ $ — ​ $ — Investments measured at net asset value ​ $ 26,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 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 ​ $ 305 ​ $ 305 ​ $ — ​ $ — Investments measured at net asset value ​ $ 24,175 ​ ​ ​

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Schedule of funded status of retirement income plan	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Accumulated benefit obligation at end of year ​ $ — ​ $ 29,651 ​ ​ ​ ​ ​ ​ ​ Change in projected benefit obligation: ​ ​ Benefit obligation at beginning of year ​ $ 29,651 ​ $ 41,038 Service cost ​ — ​ — Interest cost ​ 22 ​ 972 Actuarial (gain) loss ​ (3,715) ​ (5,258) Benefits paid ​ (836) ​ (3,248) Settlement ​ ​ (25,122) ​ ​ (3,853) Projected benefit obligation at end of year ​ $ — ​ $ 29,651 Change in Plan assets: ​ ​ ​ ​ Fair value of Plan assets at beginning of year ​ $ 20,041 ​ $ 35,339 Actual return on Plan assets ​ 249 ​ (8,197) Employer contribution ​ 5,454 ​ — Benefits paid ​ (836) ​ (3,248) Transfer of assets ​ ​ 524 ​ ​ — Refund related to Plan trust dissolution ​ ​ (310) ​ ​ — Settlement ​ ​ (25,122) ​ ​ (3,853) Fair value of Plan assets at end of year ​ $ — ​ $ 20,041 Funded status at end of year ​ $ — ​ $ (9,610)
Schedule of amounts recognized in the current liabilities section on the balance sheets	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ Amounts (pre-tax) recognized in accumulated other comprehensive income (loss) consist of: ​ ​ Net loss ​ $ — ​ $ 22,476 Prior service cost (credit) ​ — ​ — Net transition obligation (asset) ​ — ​ — ​ ​ $ — ​ $ 22,476
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost ​ $ 22 $ 972 $ 988 Expected return on Plan assets ​ ​ — ​ — ​ (1,509) Amortization of net losses ​ ​ 226 ​ 1,010 ​ 808 Settlement loss ​ ​ 18,286 ​ ​ 2,921 ​ ​ — Net periodic benefit cost ​ $ 18,534 ​ $ 4,903 ​ $ 287
Schedule of amounts recognized in other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) gain ​ $ (3,964) ​ $ 2,939 ​ $ 4,169 Amortization of net loss ​ ​ (226) ​ ​ (1,010) ​ ​ (808) Settlement loss ​ ​ (18,286) ​ ​ (2,921) ​ ​ — Amount recognized in accumulated other comprehensive (loss) income ​ $ (22,476) ​ $ (992) ​ $ 3,361
Schedule of weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 Projected Benefit Obligation ​ ​ ​ Discount rate ​ (1) ​ (1) ​ (1) ​ Rate of compensation increase N/A N/A N/A ​ Net Benefit Cost: ​ Discount rate N/A ​ 4.86 % 2.50 % Expected return on Plan assets N/A ​ 0.0 % 4.00 % Rate of compensation increase N/A N/A N/A ​ ​ (1) As of December 31, 2023, there was no liability in the plan and therefore, a discount rate does not apply. Projected benefit obligation as of December 31, 2022, and 2021 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.
Schedule of weighted average asset allocation of plan assets	​ ​ ​ ​ ​ ​ Percentage of Plan Assets December 31, ​ 2022 Asset Category ​ Cash and cash equivalents 3.7 % Fixed income securities 96.3 % Total 100.0 %
Schedule of Fair Value Hierarchy	Fair Value Hierarchy as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 740 ​ $ 740 ​ $ — Fixed Income Securities ​ (2) ​ ​ 19,301 ​ ​ — ​ ​ 19,301 Total Assets in the Fair Value Hierarchy ​ ​ ​ $ 20,041 ​ $ 740 ​ $ 19,301 Investments measured at Net Asset Value ​ ​ — ​ ​ Investments at Fair Value ​ ​ ​ $ 20,041 ​ ​ ​ (1) Cash and cash equivalents, which are used to pay benefits and Plan administrative expenses, are held in money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Subsequent to December 31, 2022 these securities were liquidated to fund the annuity purchases.
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 year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2023 ​ 3,248,728 ​ $ 6.87 Granted 1,235,728 ​ 9.50 Vested (859,485) ​ 8.63 Forfeited (92,786) ​ 7.74 Non-vested shares at December 31, 2023 3,532,185 ​ $ 7.35 ​ The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 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 (510,084) ​ 11.86 Forfeited (115,155) ​ 6.29 Non-vested shares at December 31, 2022 3,248,728 ​ $ 6.87

Business Segment and Entity W_2

Business Segment and Entity Wide Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 ​ 2022 ​ 2021 Technical Services: ​ ​ ​ ​ ​ ​ Pressure Pumping ​ $ 771,542 ​ $ 846,939 ​ $ 369,028 Downhole Tools ​ ​ 397,341 ​ 374,081 ​ 247,019 Coiled Tubing ​ ​ 152,484 ​ 140,889 ​ 88,946 Cementing ​ ​ 64,481 ​ ​ 21,178 ​ ​ 10,111 Nitrogen ​ ​ 47,306 ​ 39,596 ​ 38,773 Snubbing ​ ​ 26,345 ​ 28,028 ​ 15,408 All other ​ ​ 56,638 ​ 65,652 ​ 45,761 Total Technical Services ​ $ 1,516,137 ​ $ 1,516,363 ​ $ 815,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ Rental Tools ​ $ 73,301 ​ $ 62,780 ​ $ 32,167 All other ​ 28,036 ​ 22,619 ​ 17,716 Total Support Services ​ $ 101,337 ​ $ 85,399 ​ $ 49,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on Pension ​ ​ ​ Technical ​ Support ​ ​ ​ disposition of ​ Settlement ​ ​ (in thousands) Services Services Corporate assets, net charges Total 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,516,137 ​ $ 101,337 ​ $ — ​ $ — ​ $ — ​ $ 1,617,474 Operating income (loss) ​ ​ 245,904 ​ ​ 26,461 ​ ​ (18,473) ​ ​ 9,344 ​ ​ (18,286) ​ ​ 244,950 Capital expenditures ​ ​ 160,799 ​ ​ 15,634 ​ ​ 4,572 ​ ​ — ​ ​ — ​ ​ 181,005 Depreciation and amortization ​ 97,773 ​ ​ 10,293 ​ ​ 57 ​ — ​ — ​ ​ 108,123 Identifiable assets ​ 867,550 ​ ​ 81,754 ​ ​ 337,541 ​ — ​ — ​ ​ 1,286,845 2022 ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,516,363 ​ $ 85,399 ​ $ — ​ $ — ​ $ — ​ $ 1,601,762 Operating income (loss) ​ 281,622 ​ ​ 18,095 ​ ​ (17,660) ​ ​ 8,804 ​ ​ (2,921) ​ ​ 287,940 Capital expenditures ​ 126,327 ​ ​ 12,320 ​ ​ 905 ​ ​ — ​ ​ — ​ ​ 139,552 Depreciation and amortization ​ 73,016 ​ ​ 9,840 ​ ​ 161 ​ — ​ — ​ 83,017 Identifiable assets ​ 823,434 ​ ​ 80,104 ​ ​ 225,475 ​ — ​ — ​ 1,129,013 2021 ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 815,046 ​ $ 49,883 ​ $ — ​ $ — ​ $ — ​ $ 864,929 Operating income (loss) ​ 24,434 ​ ​ (5,725) ​ ​ (13,300) ​ ​ 10,882 ​ ​ — ​ ​ 16,291 Capital expenditures ​ 59,316 ​ ​ 7,012 ​ ​ 1,317 ​ ​ — ​ ​ — ​ ​ 67,645 Depreciation and amortization ​ 62,667 ​ 9,752 ​ 267 ​ — ​ — ​ 72,686 Identifiable assets ​ 580,406 ​ 69,345 ​ 214,614 ​ — ​ — ​ 864,365 ​
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ 2023 2022 2021 United States revenues ​ $ 1,588,774 ​ $ 1,569,160 ​ $ 833,686 International revenues ​ ​ 28,700 ​ 32,602 ​ 31,243 Total revenues ​ $ 1,617,474 ​ $ 1,601,762 ​ $ 864,929 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases.
Schedule of assets and liabilities related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 (in thousands) ​ ​ ​ ​ ​ ​ Assets: ​ Operating lease right-of-use assets ​ $ 24,537 ​ $ 28,864 Finance lease right-of-use assets ​ ​ 1,036 ​ ​ — Total lease assets ​ $ 25,573 ​ $ 28,864 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Current portion of operating leases ​ $ 7,367 ​ $ 10,728 Current portion of finance lease liabilities and finance obligations ​ ​ 375 ​ ​ — Long-term finance lease liabilities ​ ​ 819 ​ ​ — Long-term operating lease liabilities ​ ​ 18,600 ​ ​ 19,517 Total lease liabilities ​ $ 27,161 ​ $ 19,517
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets ​ $ 129 ​ $ 3,390 ​ $ 1,452 Interest on lease liabilities ​ ​ 13 ​ ​ 283 ​ ​ 116 Total finance lease cost ​ $ 142 ​ $ 3,673 ​ $ 1,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest on finance obligation ​ $ 35 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 15,096 ​ $ 9,615 ​ $ 7,580 Short-term lease cost ​ ​ 1,862 ​ 9,192 ​ 3,626 Variable lease cost ​ ​ 774 ​ 647 ​ 772 Sublease income ​ ​ (1,400) ​ (1,021) ​ (831) Total operating lease cost ​ $ 16,332 ​ $ 18,433 ​ $ 11,147 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ $ 16,509 ​ $ 22,106 ​ $ 12,715
Schedule of other information of leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ 2022 ​ 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets ​ $ 129 ​ $ 3,390 ​ $ 1,452 Interest on lease liabilities ​ ​ 13 ​ ​ 283 ​ ​ 116 Total finance lease cost ​ $ 142 ​ $ 3,673 ​ $ 1,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest on finance obligation ​ $ 35 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 15,096 ​ $ 9,615 ​ $ 7,580 Short-term lease cost ​ ​ 1,862 ​ 9,192 ​ 3,626 Variable lease cost ​ ​ 774 ​ 647 ​ 772 Sublease income ​ ​ (1,400) ​ (1,021) ​ (831) Total operating lease cost ​ $ 16,332 ​ $ 18,433 ​ $ 11,147 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ $ 16,509 ​ $ 22,106 ​ $ 12,715 ​ Other Information: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 ​ 2022 ​ Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) ​ $ 12,475 ​ $ 8,742 ​ Cash paid for amounts included in the measurement of lease liabilities – finance lease and finance obligations (in thousands) ​ $ 515 ​ $ — ​ ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ $ 8,151 ​ $ 12,882 ​ Weighted average remaining lease term – finance lease (years) ​ ​ 4.00 ​ ​ — ​ Weighted average remaining lease term – operating leases (years) ​ ​ 5.06 ​ ​ 5.14 ​ Weighted average remaining term – finance obligations (months) ​ ​ 8.00 ​ ​ — ​ Weighted average discount rate – finance lease ​ ​ 2.3 % ​ — % Weighted average discount rate – operating leases ​ ​ 4.42 % ​ 3.93 % Weighted average discount rate – finance obligations ​ ​ 8.40 % ​ — %
Schedule of maturity of lease liabilities and finance obligations	​ ​ ​ ​ ​ ​ As of December 31, 2023 (in thousands) ​ ​ ​ ​ 2024 $ 9,197 2025 ​ 5,856 2026 ​ 4,957 2027 ​ 3,863 2028 ​ 2,291 Thereafter ​ 4,487 Total lease payments ​ 30,651 Less: Amounts representing interest ​ (3,490) Present value of lease liabilities ​ $ 27,161 ​ ​

Significant Accounting Polici_4

Significant Accounting Policies - Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RECENT ACCOUNTING STANDARDS
Common stock, shares authorized (in shares)	349,000,000	349,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Votes per share owned	one

Significant Accounting Polici_5

Significant Accounting Policies - Preferred Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
RECENT ACCOUNTING STANDARDS
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares issued (in shares)	0	0

Significant Accounting Polici_6

Significant Accounting Policies - Dividends (Details) - Subsequent Event.	Jan. 23, 2024 $ / shares
Dividends
Dividends payable, date to be payable	Mar. 11, 2024
Cash dividend payable (in dollars per share)	$ 0.04
Dividend payable, date declared	Feb. 09, 2024

Significant Accounting Polici_7

Significant Accounting Policies - Concentration of Credit Risk (Details) - customer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major Customer | Customer concentration risk | Revenues
Concentration of Credit Risk
Customers (in customers)		1
Concentration risk (in percent)		11%
Major Customer | Customer concentration risk | Accounts receivable
Concentration of Credit Risk
Customers (in customers)	1
Concentration risk (in percent)	10%
Customer | Revenues
Concentration of Credit Risk
Customers (in customers)			0
Customer | Customer concentration risk | Revenues
Concentration of Credit Risk
Customers (in customers)	0	0
Concentration risk (in percent)	10%		10%
Customer | Customer concentration risk | Accounts receivable
Concentration of Credit Risk
Customers (in customers)	0	0
Concentration risk (in percent)		10%

Significant Accounting Polici_8

Significant Accounting Policies - Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RECENT ACCOUNTING STANDARDS
Gain on available for sale security	$ 18	$ 107	$ 65

Significant Accounting Polici_9

Significant Accounting Policies - Accounts Receivable (Details)	Dec. 31, 2023
RECENT ACCOUNTING STANDARDS
Number of days threshold	60 days

Significant Accounting Polic_10

Significant Accounting Policies - Property, Plant and Equipment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Property, Plant and Equipment
Long lived asset impairments	$ 0
Operating equipment | Minimum
Property, Plant and Equipment
Useful lives (in years)	3 years
Operating equipment | Maximum
Property, Plant and Equipment
Useful lives (in years)	20 years
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment
Useful lives (in years)	15 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment
Useful lives (in years)	39 years
Furniture and fixtures | Minimum
Property, Plant and Equipment
Useful lives (in years)	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment
Useful lives (in years)	7 years
Computer software
Property, Plant and Equipment
Useful lives (in years)	5 years
Vehicles | Minimum
Property, Plant and Equipment
Useful lives (in years)	3 years
Vehicles | Maximum
Property, Plant and Equipment
Useful lives (in years)	5 years

Significant Accounting Polic_11

Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2023
Segment information:
Goodwill	$ 50,824	$ 32,150
Goodwill impairment	0	0
Spinnaker
Segment information:
Goodwill	18,674		$ 18,674
Technical Services
Segment information:
Goodwill	49,666	30,992
Technical Services | Spinnaker
Segment information:
Goodwill	18,674
Support Services
Segment information:
Goodwill	$ 1,158	$ 1,158

Significant Accounting Polic_12

Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RECENT ACCOUNTING STANDARDS
Advertising expense	$ 2.4	$ 2	$ 1.1

Significant Accounting Polic_13

Significant Accounting Policies - Earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RECENT ACCOUNTING STANDARDS
Net income available for stockholders	$ 195,113	$ 218,363	$ 7,217
Less: Adjustments for losses attributable to participating securities	(3,099)	(3,197)	(89)
Net income used in calculating earnings per share	$ 192,014	$ 215,166	$ 7,128
Weighted average shares outstanding (including participating securities)	216,472	216,518	215,646
Adjustment for participating securities	(3,545)	(3,187)	(2,656)
Shares used in calculating basic earnings per share	212,927	213,331	212,990

Business Acquisition - Narrativ

Business Acquisition - Narrative (Details) - Spinnaker $ in Thousands	Jul. 01, 2023 USD ($) item facility	Dec. 31, 2023 USD ($)
BUSINESS ACQUISITIONS
Number of facilities located | facility	2
Number of full service cementing spreads | item	18
Purchase price	$ 79,316
Percent of equity acquired	100%
Cash	$ 76,800
Payoff	2,000
Assumption of finance obligations	$ 518
Acquisition-related transaction costs		$ 767

Business Acquisition - Estimate

Business Acquisition - Estimated fair values of the acquired assets and assumed liabilities (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
BUSINESS ACQUISITIONS
Goodwill		$ 50,824	$ 32,150
Total cash consideration		78,798
Spinnaker
BUSINESS ACQUISITIONS
Accounts receivable	$ 12,836
Inventories	1,373
Prepaid and other current assets	384
Accounts payable	(4,499)
Property, plant and equipment	37,374
Operating lease right-of-use assets	46
Current portion of operating lease liabilities	(31)
Long-term operating lease liabilities	(15)
Finance lease right-of-use assets	1,165
Current portion of finance lease liabilities	(247)
Long-term finance lease liabilities	(944)
Goodwill	18,674	$ 18,674
Other intangibles	13,200
Total consideration	79,316
Less: Assumption of finance obligations	(518)
Total cash consideration	$ 78,798

Business Acquisition - Leases (

Business Acquisition - Leases (Details) - Spinnaker	Jul. 01, 2023
BUSINESS ACQUISITIONS
Remaining term of finance lease	4 years 6 months
Remaining term of operating lease	1 year 6 months

Business Acquisition - Fair val

Business Acquisition - Fair values assigned to identifiable intangible assets (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Fair values assigned to identifiable intangible assets
Fair Value	$ 13,200
Customer relationships
Fair values assigned to identifiable intangible assets
Fair Value	$ 10,000
Weighted-Average Amortization Period (Years)	10 years
Trade Names and Trademarks
Fair values assigned to identifiable intangible assets
Fair Value	$ 3,200
Weighted-Average Amortization Period (Years)	10 years

Business Acquisition - Revenues

Business Acquisition - Revenues and Net income from the acquisition date (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($)
BUSINESS ACQUISITIONS
Revenues	$ 44,830
Net income	$ 4,727

Business Acquisition - Unaudite

Business Acquisition - Unaudited supplemental pro forma financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
BUSINESS ACQUISITIONS
Revenues	$ 1,669,231	$ 1,689,559
Net income	$ 204,222	$ 234,284

Revenues - Payment Terms (Detai

Revenues - Payment Terms (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
REVENUES
Revenue satisfaction period	30 days
Maximum
REVENUES
Revenue satisfaction period	60 days

Revenues - Disaggregation of re

Revenues - Disaggregation of revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue:
Total revenues	$ 1,617,474	$ 1,601,762	$ 864,929
Oilfield services transferred at a point in time
Disaggregation of revenue:
Total revenues	0	0	0
Oilfield services transferred over time
Disaggregation of revenue:
Total revenues	$ 1,617,474	$ 1,601,762	$ 864,929

Revenues - Contract balances (D

Revenues - Contract balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue:
Unearned Revenue	$ 15,743
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	59,831	$ 103,498
Unearned Revenue	$ 15,700	$ 0

Depreciation and Amortization_2

Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total	$ 108,123	$ 83,017	$ 72,686
Cost of revenues
Total	97,685	74,294	63,068
Selling, general and administrative expenses
Total	$ 10,438	$ 8,723	$ 9,618

Accounts Receivable - Accounts

Accounts Receivable - Accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable.
Billed	$ 271,515	$ 315,332
Unbilled	59,831	103,498
Other receivables	678	4,816
Total	332,024	423,646
Less: allowance for credit losses	(7,109)	(7,078)
Accounts receivable, net	$ 324,915	$ 416,568

Current Expected Credit Losse_2

Current Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts rollforward
Beginning balance	$ 7,078	$ 6,765
Provision for current expected credit losses	2,656	2,029
Write-offs	(2,737)	(1,752)
Recoveries collected (net of expenses)	112	36
Ending balance	$ 7,109	$ 7,078

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and supplies	$ 109,872	$ 95,384
Finished goods	1,032	1,723
Total inventory	$ 110,904	$ 97,107

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Gross property, plant and equipment	$ 1,246,072	$ 1,108,427
Less: accumulated depreciation	(810,933)	(775,334)
Net property, plant and equipment	435,139	333,093
Land
Property, Plant and Equipment
Gross property, plant and equipment	18,165	17,287
Buildings and leasehold improvements
Property, Plant and Equipment
Gross property, plant and equipment	129,513	120,506
Operating equipment
Property, Plant and Equipment
Gross property, plant and equipment	784,826	683,027
Computer software
Property, Plant and Equipment
Gross property, plant and equipment	19,535	22,194
Furniture and fixtures
Property, Plant and Equipment
Gross property, plant and equipment	5,298	5,480
Vehicles
Property, Plant and Equipment
Gross property, plant and equipment	$ 288,735	$ 259,933

Property, Plant and Equipment -

Property, Plant and Equipment - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Depreciation	$ 108,100	$ 83,000	$ 72,700
Accounts payable	85,036	115,213
Inventory to property, plant and equipment transfer amount	10,900	9,900
Property and Equipment
Property, Plant and Equipment
Accounts payable	$ 9,000	$ 9,300

Other Intangibles, net (Details

Other Intangibles, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER INTANGIBLES, NET
Gross Carrying Amount	$ 16,021	$ 2,821
Accumulated Amortization	(3,196)	(1,737)
Customer relationships
OTHER INTANGIBLES, NET
Gross Carrying Amount	10,000
Accumulated Amortization	(500)
Trade Names and Trademarks
OTHER INTANGIBLES, NET
Gross Carrying Amount	3,519	319
Accumulated Amortization	(479)	(294)
Software licenses
OTHER INTANGIBLES, NET
Gross Carrying Amount	2,202	2,202
Accumulated Amortization	(1,917)	(1,143)
Patents and technology
OTHER INTANGIBLES, NET
Gross Carrying Amount	300	300
Accumulated Amortization	$ (300)	$ (300)

Other Intangibles, net - Amorti

Other Intangibles, net - Amortization expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER INTANGIBLES, NET
Amortization of finite-lived intangible assets	$ 1,459	$ 796	$ 27

Other Intangibles, net - Estima

Other Intangibles, net - Estimated amortization expenses (Details) $ in Millions	Dec. 31, 2023 USD ($)
Estimated amortization expenses
2024	$ 1.7
2025	1.3
2026	1.3
2027	1.3
2028	$ 1.3

Income Taxes - Summary of compo

Income Taxes - Summary of components of provision (benefit) for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision (benefit):
Federal	$ 45,146	$ 47,744	$ 4,946
State	6,502	3,164	(1,387)
Foreign	835	865	784
Deferred provision:
Federal	7,116	14,026	2,287
State	1,531	5,470	2,601
Total income tax provision	$ 61,130	$ 71,269	$ 9,231

Income Taxes - Summary of recon

Income Taxes - Summary of reconciliation between federal statutory rate and effective tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Federal statutory rate	21%	21%	21%
State income taxes, net of federal benefit	2.10%	1.90%	2.90%
Foreign taxes, net of federal benefit	0.30%	0.30%	5.10%
Tax credits	(0.30%)	(0.10%)	(3.50%)
Change in contingencies	0.10%		8.60%
Non-deductible expenses	0.80%	0.70%	(2.80%)
Adjustments related to CARES Act			3.20%
Change in estimated deferred rate		0.40%	10.20%
Adjustments related to vesting of restricted stock	(0.10%)	0.20%	7.10%
Other		0.20%	4.30%
Effective tax rate	23.90%	24.60%	56.10%

Income Taxes - Summary of signi

Income Taxes - Summary of significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Self-insurance	$ 4,303	$ 3,051
Long-term retirement plan	5,101	5,237
State net operating loss carryforwards	1,520	1,960
Allowance for credit losses	1,634	1,757
Stock-based compensation	1,414	2,531
Inventory reserve	3,330	3,290
Lease liability	5,777	6,701
Capitalized Research and Development	3,066	1,041
Valuation allowance	(1,591)	(990)
All others, net	3,126	2,386
Gross deferred tax assets	27,680	26,964
Deferred tax liabilities:
Depreciation	(66,784)	(51,494)
Right of use asset	(5,461)	(6,397)
Goodwill amortization	(6,725)	(6,546)
Gross deferred tax liabilities	(78,970)	(64,437)
Net deferred tax liabilities	$ (51,290)	$ (37,473)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax carry forwards
Income tax payments (refunds)	$ 62,226	$ 35,809	$ (20,903)
State and Local Jurisdiction
Income tax carry forwards
Net operating loss carryforwards	$ 31,000

Income Taxes - Unrecognized (De

Income Taxes - Unrecognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits
Balance at January 1	$ 1,917	$ 1,737
Additions (reductions) based on tax positions related to the current year	337	197
Additions (reductions) for tax positions of prior years	(86)	(17)
Balance at December 31	$ 2,168	$ 1,917

Long-Term Debt - Credit Facilit

Long-Term Debt - Credit Facility (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Lender	Dec. 31, 2022 USD ($)
Revolving credit facility
Number of additional credit lenders | Lender	4
SOFR | Minimum
Revolving credit facility
Additional increase (decrease) in basis points	0.10%
SOFR | Maximum
Revolving credit facility
Additional increase (decrease) in basis points	0.30%
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
Maximum borrowing capacity	$ 100,000
Unamortized origination and other costs	330	$ 257
Outstanding debt	0	$ 0
Available credit facility	$ 83,400
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 | Base Rate | Federal Funds Rate
Revolving credit facility
Basis points added	0.50%
Revolving credit facility | Amendment | SOFR
Revolving credit facility
Margin rate	0.25%
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
Revolving credit facility
Floor interest rate	1%
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 | SOFR
Revolving credit facility
Basis points added	1%
Revolving credit facility | Amendment | Base Rate | SOFR | Maximum
Revolving credit facility
Basis points added	1%
Revolving credit facility | Letter of credit
Revolving credit facility
Maximum borrowing capacity	$ 35,000
Outstanding debt	16,600
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

Long-Term Debt - Interest incur

Long-Term Debt - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revolving credit facility
Interest incurred	$ 242	$ 246	$ 257
Interest paid	$ 166	$ 170	$ 166

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI rollforward
Balance	$ (19,939)	$ (20,708)
Change during the period:
Before-tax amount	4,227	(2,929)
Tax benefit	(911)	671
Pension settlement loss, net of taxes	14,080	2,249
Reclassification adjustment, net of taxes:
Amortization of net loss	174	778
Total activity for the period	17,570	769
Balance	(2,369)	(19,939)
Pension Adjustment
AOCI rollforward
Balance	(17,307)	(18,071)
Change during the period:
Before-tax amount	3,964	(2,934)
Tax benefit	(911)	671
Pension settlement loss, net of taxes	14,080	2,249
Reclassification adjustment, net of taxes:
Amortization of net loss	174	778
Total activity for the period	17,307	764
Balance		(17,307)
Foreign Currency Translation
AOCI rollforward
Balance	(2,632)	(2,637)
Change during the period:
Before-tax amount	263	5
Reclassification adjustment, net of taxes:
Total activity for the period	263	5
Balance	$ (2,369)	$ (2,632)

Cash Paid for Common Stock Pu_3

Cash Paid for Common Stock Purchased and Retired (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	2,725,679	158,649
Avg. price	$ 7.74	$ 5.78
Total cost	$ 21,087,650	$ 917,645
Stock buyback program
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program	49,578,125
Remaining stock repurchase program	13,779,128
Stock buyback program | Board of Directors
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program			8,000,000
Shares purchased for withholding taxes
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	256,623	158,649
Avg. price	$ 9.24	$ 5.78
Total cost	$ 2,369,988	$ 917,645
Open market purchases
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	2,469,056
Avg. price	$ 7.58
Total cost	$ 18,717,662

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	Dec. 31, 2023	Dec. 31, 2022
Assets:
Equity securities	$ 4	$ 305
Investments measured at net asset value	26,772	24,175
Level 1
Assets:
Equity securities	4	305
Level 2
Assets:
Equity securities	0	0
Level 3
Assets:
Equity securities	$ 0	$ 0

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding amount	$ 0	$ 0

Employee Benefit Plans - Funded

Employee Benefit Plans - Funded status of Retirement Income Plan and amounts recognized in consolidated balance sheets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 5,400,000
Settlement loss	(18,286,000)	$ (2,921,000)
Accumulated benefit obligation at end of year		29,651,000
Change in projected benefit obligation:
Projected benefit obligation at end of year	0
Change in Plan assets:
Employer contribution	5,400,000
Fair value of Plan assets at end of year	0
Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	5,454,000
Settlement loss	(18,286,000)	(2,921,000)
Change in projected benefit obligation:
Benefit obligation at beginning of year	29,651,000	41,038,000
Service cost	0	0
Interest cost	22,000	972,000	$ 988,000
Actuarial (gain) loss	(3,715,000)	(5,258,000)
Benefits paid	(836,000)	(3,248,000)
Transfer of assets	524,000
Refund related to Plan trust dissolution	(310,000)
Settlement	(25,122,000)	(3,853,000)
Projected benefit obligation at end of year		29,651,000	41,038,000
Change in Plan assets:
Fair value of Plan assets at beginning of year	20,041,000	35,339,000
Actual return on Plan assets	249,000	(8,197,000)
Employer contribution	5,454,000
Benefits paid	(836,000)	(3,248,000)
Settlement	(25,122,000)	(3,853,000)
Fair value of Plan assets at end of year		20,041,000	$ 35,339,000
Funded status at end of year		(9,610,000)
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:
Net loss	0	22,476,000
Prior service cost (credit)	0	0
Net transition obligation (asset)	0	0
Before-tax amount	$ 0	$ 22,476,000

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PENSION AND RETIREMENT PLANS LIABILITIES
Settlement loss	$ 18,286	$ 2,921
Retirement Income Plan
PENSION AND RETIREMENT PLANS LIABILITIES
Interest cost	22	972	$ 988
Expected return on Plan assets			(1,509)
Amortization of net losses	226	1,010	808
Settlement loss	18,286	2,921
Net periodic benefit cost	18,534	4,903	287
Decreases (increases) in amount recognized in AOCI	$ (22,476)	$ (992)	$ 3,361

Employee Benefit Plans - Pre-ta

Employee Benefit Plans - Pre-tax amounts recognized in comprehensive loss (Details) - Retirement Income Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Net loss (gain)	$ (3,964)	$ 2,939	$ 4,169
Amortization of net loss	(226)	(1,010)	(808)
Settlement Loss	(18,286)	(2,921)
Amount recognized in accumulated other comprehensive (loss) income	$ 22,476	$ 992	$ (3,361)

Employee Benefit Plans - Weight

Employee Benefit Plans - Weighted average assumptions used to determine projected benefit obligation and net benefit cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Net Benefit Cost:
Defined Benefit Plan			$ 0
Fair value of plan assets			$ 0
Retirement Income Plan
Projected Benefit Obligation:
Rate of compensation increase	0%	0%
Net Benefit Cost:
Discount rate	4.86%	2.50%
Expected return on plan assets	0%	4%
Rate of compensation increase	0%	0%
Defined Benefit Plan	$ 29,651,000	$ 41,038,000
Fair value of plan assets	$ 20,041,000	$ 35,339,000

Employee Benefit Plans - Plan w

Employee Benefit Plans - Plan weighted average asset allocation by asset category along with target allocation for 2022 (Details)	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	3.70%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	96.30%

Employee Benefit Plans - Plan a

Employee Benefit Plans - Plan assets using fair value hierarchy (Details) - Retirement Income Plan $ in Thousands	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Investments measured at Net Asset Value	$ 0
Investments at Fair Value	20,041
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	740
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	19,301
Investment
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	20,041
Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	740
Level 1 | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	0
Level 1 | Investment
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	740
Level 2 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	0
Level 2 | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	19,301
Level 2 | Investment
Defined Benefit Plan Disclosure [Line Items]
Total Assets in the Fair Value Hierarchy	$ 19,301

Employee Benefit Plans - SERP (

Employee Benefit Plans - SERP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PENSION AND RETIREMENT PLANS LIABILITIES
Fair value of plan assets	$ 0
Non-qualified Supplemental Retirement Plan ("SERP")
PENSION AND RETIREMENT PLANS LIABILITIES
Variable life insurance policies investment amount	49,300,000	$ 45,400,000
Fair value of plan assets	26,800,000	24,200,000
Trading gains (losses), net	2,600,000	(4,400,000)	$ 2,600,000
Trading gains (losses), net	$ 2,800,000	(4,100,000)	3,100,000
Retirement Income Plan
PENSION AND RETIREMENT PLANS LIABILITIES
Fair value of plan assets		$ 20,041,000	$ 35,339,000

Employee Benefit Plans - 401(k)

Employee Benefit Plans - 401(k) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Minimum percentage of annual contribution per employee	1%
Maximum percentage of annual contribution per employee	25%
Percentage of employer matching contributions for first 3% of annual compensations	100%
Percentage of employer matching contribution for next 3% of annual compensation	50%
Annual compensation	$ 1
Threshold limit percentage of employee compensation	3%
Minimum number of service years for employees to be fully vested	2 years
Employer contribution	$ 11,300,000	$ 9,800,000	$ 6,900,000

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Incentive Plans (Details) - Stock Incentive Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock incentive plans
Common stock reserved for future issuance	8,000,000
Period of stock options and restricted stock issued	10 years
Number of shares available for grant	911,997	2,046,199
Pre-tax stock-based employee compensation expense	$ 7.9	$ 6.4	$ 6.6
After tax stock-based employee compensation expense	$ 6.1	$ 4.9	$ 5.1

Employee Benefit Plans - Stoc_2

Employee Benefit Plans - Stock Options, Restricted Stock and Other Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock incentive plans
Tax adjustment	$ (222,000)	$ 640,000
Restricted Shares
Stock incentive plans
Weighted average grant date fair value (in dollars per share)	$ 9.50	$ 6.72	$ 3.87
Total fair value of shares vested	$ 7,800,000	$ 2,900,000	$ 1,800,000
Unrecognized compensation cost related to non-vested restricted shares	$ 13,800,000
Period for recognition of compensation cost related to non-vested restricted shares	2 years 9 months 18 days
Time Lapse Restricted Shares 2024
Stock incentive plans
Vesting period	3 years
Time Lapse Restricted Shares 2023
Stock incentive plans
Vesting period	4 years
Time Lapse Restricted Shares 2022
Stock incentive plans
Vesting period	5 years
Time Lapse Restricted Shares Prior to 2022
Stock incentive plans
Stock based compensation award, vesting percentage	20%

Employee Benefit Plans - Change

Employee Benefit Plans - Changes in non-vested restricted shares (Details) - Restricted Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Non-vested shares at Beginning	3,248,728	2,619,691
Granted	1,235,728	1,254,276
Vested	(859,485)	(510,084)
Forfeited	(92,786)	(115,155)
Non-vested shares at Ending	3,532,185	3,248,728	2,619,691
Weighted Average Grant-Date Fair Value
Non-vested shares at Beginning	$ 6.87	$ 7.89
Granted	9.50	6.72	$ 3.87
Vested	8.63	11.86
Forfeited	7.74	6.29
Non-vested shares at Ending	$ 7.35	$ 6.87	$ 7.89

Related Party Transactions - Ma

Related Party Transactions - Marine (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions:
Payment of amounts owed	$ (5,419)
Marine Products | Transition Support Services agreement
Related party transactions:
Related party charges	1,000	$ 922	$ 867
Receivables due	120	$ 26
Amount owed for using assets in the Plan to settle participant liabilities	524
Payment of amounts owed	$ 482

Related Party Transactions - Ot

Related Party Transactions - Other (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related party transactions:
Rent and allocable fixed cost for corporate aircraft		$ 1,800,000	$ 1,600,000
Rollins, Inc.
Related party transactions:
Related party purchases		$ 3,000	71,000	$ 108,000
Chief Executive Officer | Corporate Aircraft
Related party transactions:
Ownership percentage		50%
255 RC, LLC
Related party transactions:
Rent and allocable fixed cost for corporate aircraft		$ 200,000	200,000	200,000
Undistributed earnings		639,000
255 RC, LLC | Corporate Aircraft
Related party transactions:
Ownership percentage	50%
Marine Products | Corporate Aircraft
Related party transactions:
Ownership percentage	50%
255 RC, LLC and Marine Products
Related party transactions:
Investment in joint venture	$ 2,554,000
Lease agreement term (in years)	5 years
Other
Related party transactions:
Related party purchases		$ 1,800,000	$ 1,800,000	$ 1,300,000

Business Segment and Entity W_3

Business Segment and Entity Wide Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information:
Total revenues	$ 1,617,474	$ 1,601,762	$ 864,929
Operating Segments
Segment information:
Total revenues	1,617,474	1,601,762	864,929
Technical Services
Segment information:
Total revenues	1,516,137	1,516,363	815,046
Technical Services | Pressure Pumping
Segment information:
Total revenues	771,542	846,939	369,028
Technical Services | Downhole Tools
Segment information:
Total revenues	397,341	374,081	247,019
Technical Services | Coiled Tubing
Segment information:
Total revenues	152,484	140,889	88,946
Technical Services | Cementing
Segment information:
Total revenues	64,481	21,178	10,111
Technical Services | Nitrogen
Segment information:
Total revenues	47,306	39,596	38,773
Technical Services | Snubbing
Segment information:
Total revenues	26,345	28,028	15,408
Technical Services | All other
Segment information:
Total revenues	56,638	65,652	45,761
Technical Services | Operating Segments
Segment information:
Total revenues	1,516,137	1,516,363	815,046
Support Services
Segment information:
Total revenues	101,337	85,399	49,883
Support Services | Rental Tools
Segment information:
Total revenues	73,301	62,780	32,167
Support Services | All other
Segment information:
Total revenues	28,036	22,619	17,716
Support Services | Operating Segments
Segment information:
Total revenues	$ 101,337	$ 85,399	$ 49,883

Business Segment and Entity W_4

Business Segment and Entity Wide Disclosures - Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues	$ 1,617,474	$ 1,601,762	$ 864,929
Operating income:
Operating income (loss)	244,950	287,940	16,291
Capital expenditures	181,005	139,552	67,645
Depreciation and amortization	108,123	83,017	72,686
Identifiable assets	1,286,845	1,129,013	864,365
Pension Settlement, Impairment and other charges
Operating income:
Operating income (loss)	(18,286)	(2,921)
Technical Services
Revenues:
Revenues	1,516,137	1,516,363	815,046
Support Services
Revenues:
Revenues	101,337	85,399	49,883
Corporate
Operating income:
Operating income (loss)	(18,473)	(17,660)	(13,300)
Capital expenditures	4,572	905	1,317
Depreciation and amortization	57	161	267
Identifiable assets	337,541	225,475	214,614
Segment reconciling item
Operating income:
Operating income (loss)	9,344	8,804	10,882
Operating Segments
Revenues:
Revenues	1,617,474	1,601,762	864,929
Operating Segments | Technical Services
Revenues:
Revenues	1,516,137	1,516,363	815,046
Operating income:
Operating income (loss)	245,904	281,622	24,434
Capital expenditures	160,799	126,327	59,316
Depreciation and amortization	97,773	73,016	62,667
Identifiable assets	867,550	823,434	580,406
Operating Segments | Support Services
Revenues:
Revenues	101,337	85,399	49,883
Operating income:
Operating income (loss)	26,461	18,095	(5,725)
Capital expenditures	15,634	12,320	7,012
Depreciation and amortization	10,293	9,840	9,752
Identifiable assets	$ 81,754	$ 80,104	$ 69,345

Business Segment and Entity W_5

Business Segment and Entity Wide Disclosures - Geographic (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment information:
Total revenues	$ 1,617,474	$ 1,601,762	$ 864,929
Operating Segments
Segment information:
Total revenues	1,617,474	1,601,762	864,929
United States
Segment information:
Total revenues	1,588,774	1,569,160	833,686
International
Segment information:
Total revenues	$ 28,700	$ 32,602	$ 31,243

Leases - Assets and liabilities

Leases - Assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 24,537	$ 28,864
Finance lease right-of-use assets	1,036
Total lease assets	25,573	28,864
Liabilities
Current portion of operating leases	7,367	10,728
Current portion of finance lease liabilities and finance obligations	375
Long-term finance lease liabilities	819
Long-term operating lease liabilities	18,600	19,517
Total lease liabilities	$ 27,161	$ 19,517

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost
Amortization of leased assets	$ 129	$ 3,390	$ 1,452
Interest on lease liabilities	13	283	116
Total finance lease cost	142	3,673	1,568
Interest on finance obligation	35
Operating lease cost	15,096	9,615	7,580
Short-term lease cost	1,862	9,192	3,626
Variable lease cost	774	647	772
Sublease income	(1,400)	(1,021)	(831)
Total operating lease cost	16,332	18,433	11,147
Total lease cost	$ 16,509	$ 22,106	$ 12,715

Leases - Other information (Det

Leases - Other information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases.
Cash paid for amounts included in the measurement of lease liabilities - operating leases (in thousands)	$ 12,475	$ 8,742
Cash paid for amounts included in the measurement of lease liabilities - finance lease and finance obligations (in thousands)	515
ROU assets obtained in exchange for operating lease liabilities (in thousands)	$ 8,151	$ 12,882
Weighted average remaining lease term - finance lease (years)	4 years	0 months
Weighted average remaining lease term - operating leases (years)	5 years 21 days	5 years 1 month 20 days
Weighted average remaining term - finance obligations (months)	8 months
Weighted average discount rate - finance lease	2.30%
Weighted average discount rate - operating leases	4.42%	3.93%
Weighted average discount rate - finance obligations	8.40%

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - ASU No. 2018-02, Leases (Topic 842) $ in Thousands	Dec. 31, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity
2024	$ 9,197
2025	5,856
2026	4,957
2027	3,863
2028	2,291
Thereafter	4,487
Total lease payments	30,651
Less: Amounts representing interest	(3,490)
Total operating lease liabilities	$ 27,161

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event	Jan. 23, 2024 $ / shares
SUBSEQUENT EVENTS
Cash dividend payable (in dollars per share)	$ 0.04
Dividends payable, date to be payable	Mar. 11, 2024
Dividend payable, date declared	Feb. 09, 2024

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit loss allowance for accounts receivable
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	$ 7,078	$ 6,765	$ 4,815
Charged to Costs and Expenses	2,656	2,029	4,019
Net (Deductions) Recoveries	(2,625)	(1,716)	(2,069)
Balance at End of Period	7,109	7,078	6,765
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	990	865	490
Charged to Costs and Expenses	601
Net (Deductions) Recoveries		125	375
Balance at End of Period	1,591	990	865
Reserve for obsolete or slow moving inventory
Movement in Valuation Allowances and Reserves
Balance at Beginning of Period	15,374	13,236	13,829
Charged to Costs and Expenses	3,063	4,080	5,016
Net (Deductions) Recoveries	(2,512)	(1,942)	(5,609)
Balance at End of Period	$ 15,925	$ 15,374	$ 13,236

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 195,113	$ 218,363	$ 7,217

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false