ATLANTA, Oct. 25, 2017 /PRNewswire/ -- RPC, Inc.
(NYSE: RES) announced today that its Board of Directors declared a
regular quarterly cash dividend of $0.07 per share. Additionally, the Board
declared a special year-end dividend of $0.07 per share. Both dividends are payable
December 11, 2017 to common
stockholders of record at the close of business on November 10, 2017.
"The decision of our Board of Directors to reinstate a regular
quarterly dividend and declare a second consecutive special
year-end dividend represents a tangible way to reward our
shareholders for their long-term interest in our company," stated
Richard A. Hubbell, RPC's President
and Chief Executive Officer. "Our balance sheet will remain strong
following the payment of this dividend, and we note that we will
continue to be conservatively capitalized following the payment of
these dividends. Given our view of the current operating
environment and prospects for the U.S. domestic oilfield, we
believe that we will continue to be capable of supporting our
operations and pursue strategic opportunities to enhance our
shareholder value."
RPC provides a broad range of specialized oilfield services and
equipment primarily to independent and major oilfield companies
engaged in the exploration, production and development of oil and
gas properties throughout the United
States, including the Gulf of
Mexico, mid-continent, southwest, Appalachian and Rocky
Mountain regions, and in selected international markets.
RPC's investor website can be found on the Internet at
www.rpc.net.
Certain statements and information included in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
all statements that look forward in time or express management's
beliefs, expectations or hopes. In particular, such statements
include, without limitation, our belief that the current operating
environment and prospects will allow us to continue to be capable
of supporting our operations and pursue strategic opportunities to
enhance our shareholder value. These statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of RPC to be
materially different from any future results, performance or
achievements expressed or implied in such forward-looking
statements. Such risks include changes in general global
business and economic conditions, including volatility of oil and
natural gas prices; credit risks associated with collections of our
accounts receivable from customers experiencing challenging
business conditions; drilling activity and rig count; risks of
reduced availability or increased costs of both labor and raw
materials used in providing our services; the impact on our
operations if we are unable to comply with the regulatory and
environmental laws; turmoil in the financial markets and the
potential difficulty to fund our capital needs; the potentially
high cost of capital required to fund our capital needs; the impact
of the level of unconventional exploration and production
activities may cease or change in nature so as to reduce demand for
our services; the actions of the OPEC cartel; the ultimate impact
of current and potential political unrest and armed conflict in the
oil production regions of the world, which could impact drilling
activity; adverse weather conditions in oil and gas producing
regions, including the Gulf of
Mexico; competition in the oil and gas industry; an
inability to implement price increases; risks of international
operations; and our reliance upon large customers.
Additional discussion of factors that could cause the actual
results to differ materially from management's projections,
forecasts, estimates and expectations is contained in RPC's Form
10-K filed with the Securities and Exchange Commission for the year
ended December 31, 2016.
For information about RPC, Inc. or this press release, please
contact:
Ben M. Palmer
Chief Financial Officer
(404) 321-2140
irdept@rpc.net
Jim Landers
Vice President, Corporate Finance
(404) 321-2162
jlanders@rpc.net
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SOURCE RPC, Inc.