RPC Has Very Poor First Quarter as Pressure Pumping Market Gets Worse
RPC had a terrible first quarter, with revenue decreasing 11% sequentially and adjusted operating margin falling to negative 2% from 5% previously, the worst result since the fourth quarter of 2016. The bulk of the top-line decrease was accounted for by a 19% drop in pressure pumping revenue. Non-pressure pumping revenue was down just about 3%, in line with U.S. shale activity levels. RPC doesn't report bottom-line results by business line, but assuredly, most of the drop in operating income was...RPC is a holding company for several oilfield services companies. The company provides oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the U.S., including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets. The services provided are: Technical Services, which include pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline services, and fishing; and Support Services, which include rental tools, oilfield pipe inspection services, well control school and energy personnel international.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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