RPC (RES) 2026年第三季度业绩电话会：利润率扩张与7450万美元减值lg...

核心要点

• RPC Inc.（纽约证券交易所代码：RES）公布2026年第三季度营收为4.68亿美元，尽管完井作业相对低迷，但仍环比增长1%。
• 调整后EBITDA从第二季度的6600万美元增至7150万美元，调整后EBITDA利润率扩大100个基点至15.3%。
• 调整后稀释每股收益为0.10美元。调整项目合计为每股0.30美元，主要反映了与Pintail Wireline相关的7450万美元非现金减值以及与收购相关的雇佣成本。
• 连续油管营收环比增长20%，带压作业增长12%，包含酸化的压力泵送增长3%。电缆作业营收下降8%。
• 经营活动现金流为4100万美元。在扣除4000万美元资本支出后，自由现金流为100万美元，部分原因是营运资金增加了2500万美元。
• 管理层预计正常的年末季节性因素将影响第四季度的作业活动，但对2027年保持乐观，同时强调在重新激活额外的压力泵送产能之前，需要更高的定价和明确的客户承诺。

关键财务数据

预计该项减值将使未来的每季度折旧与摊销减少约300万美元。RPC维持其每股0.04美元的定期季度股息，今年迄今的股息支付总额为2700万美元。

业务与运营表现

压力泵送是RPC最大的业务线，占第三季度营收的30.8%；其次是井下工具，占24.6%；电缆作业占17.5%；连续油管占10.4%；固井占5.7%；租赁工具占3.8%。这些业务合计贡献了总营收的93%。

受有利的工作和设备组合支撑，所有区域的连续油管业务营收环比增长20%，管理层表示这种组合可能难以持续复制。RPC交付了第三台2 7/8英寸卷筒挂车，作为对现有机组的升级，并有另外两台机组符合类似升级条件。

带压作业营收增长12%。第二季度投入使用的软管/大通径带压作业机组完成了首个完整季度的作业。其溶洞储气/储油库检测工作具有多年的可见度，但预计在第二和第三季度最为活跃。

井下工具营收下降2%，主要归因于在经历数个强劲季度后打捞作业有所减少。核心产品以及落基山脉、东北部、东南部和海外区域继续保持增长。MetalMax金属对金属动力端的应用有所扩大，一些早期采用该技术的区域在超过一半的作业中使用了该产品。RPC还报告了在巴肯和蒙特尼地层的井下工具深度新纪录。

电缆作业营收下降8%。Pintail的EBITDA利润率维持在5%左右的低中位数区间，持续的价格疲软和成本上升降低了管理层对该业务的长期盈利预期，从而导致了7450万美元的减值。

包含酸化的压力泵送营收增长3%，主要由于价格略有上升，但部分被泵送时长减少所抵消。客户拖延和第三方物流问题导致了非生产时间。管理层表示，燃气设备的使用率依然处于高位，但在重新激活闲置产能之前，回报率必须得到改善。

管理层业绩指引

RPC预计2026年的资本支出为1.55亿至1.75亿美元。原定于2026年交付的部分设备已推迟至2027年。在假设没有进一步延迟的情况下，管理层目前预计2027年的资本支出将与2026年持平。

管理层预计正常的年末季节性因素将在第四季度影响多条业务线，不过目前的客户排期表明，假期放缓程度可能不会像近年来那么严重。客户排期仍存在变动空间。

对于2027年，管理层将其前景描述为“总体积极”，并表示勘探与生产（E&P）运营商似乎受到大宗商品价格的鼓舞。然而，公司并未看到全面加速的迹象，也未提供具体的营收或盈利指引。

风险与关注领域

• 电缆作业业务持续的价格疲软和成本压力降低了Pintail预期的长期盈利贡献。
• 劳动力供应趋紧并正在影响成本，不过管理层表示，这一挑战并未比以往劳动力紧张时期显著恶化。
• 通货膨胀、需求担忧以及地缘政治发展继续为勘探与生产（E&P）作业带来不确定性。
• 正常的假期季节性因素可能会减少第四季度的作业活动，而客户排期仍有可能发生变化。
• 部分业务线需要价格进一步改善，以证明再投资设备的合理性。
• 自由现金流受到战略性库存采购、紧缺零部件以及客户收款和供应商付款时点的限制。

分析师问答亮点

在被问及2027年的早期迹象时，管理层表示态度乐观，但也承认仍存在不确定性。第四季度较温和的放缓可能会使作业活动在2027年初更快地重新启动。

针对来自数据中心建设及其他行业的人才竞争，管理层确认劳动力供应有所收紧且成本升高，但将其归因于行业周期性挑战，而非异常严重的业务中断。

关于闲置的压力泵送设备，管理层表示可能存在对额外产能的需求，但价格需要大幅上涨。RPC在重新激活另一个作业班组之前，还需要客户的明确承诺，目前并未采取激进举措将设备重新投入使用。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, and thank you for joining us for RPC Inc.'s Third Quarter 2026 Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmidt, Chief Financial Officer. [Operator Instructions]

I would like to advise everyone that this conference call is being recorded.

I will now turn the call over to Mr. Schmidt.

Michael Schmit

Thank you, and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today, along with our 10-K and other public filings that outline those risks, all of which can be found on RPC's website at www.rpc.net.

In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

I'll now turn the call over to our President and CEO, Ben Palmer.

Ben Palmer

Thanks, Mike, and thank you for joining our call this morning. Today, we will talk about our third quarter results and provide you with a few operational highlights. While completion activity levels remained relatively subdued this quarter, RPC overall generated sequential revenue growth and particularly strong margin expansion driven by solid operational execution, strong cost leverage in several product lines, technology adoption and contributions from targeted investments.

Within Technical Services, Cudd Pressure Control's largest service line, Coiled Tubing, was up 20% sequentially. Coiled tubing revenue increased across all districts. Results during the quarter benefited from exceptionally strong job and equipment mix, which will be challenging to consistently replicate. We have taken delivery of the third 2 7/8-inch reel trailer. Recall, this is an upgrade to an existing unit and not an incremental unit.

We now have 2 additional units that are capable of a 2 7/8-inch reel-replacement upgrade. These large-diameter units continue to generate attractive utilization and support our strategy of investing in areas where we see strong full-cycle returns.

Cudd Pressure Control snubbing revenues were up 12% sequentially. The big bore snubbing unit, which went into service during the second quarter, saw its first full quarter of work during the third quarter. The unit is designed for cavern storage inspections, which is regulatory driven. This work has multiyear visibility, but likely has the strongest seasonality in the second and third quarter of each year.

Also within Technical Services, Thru Tubing Solutions downhole tools revenues decreased 2% sequentially, primarily on lower fishing activity after several strong quarters. We continue to experience growth in our core product offerings, resulting in growth in our Rocky Mountain, Northeast, Southeast and foreign districts. Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies in our patent portfolio.

Our R&D team has developed a variety of enhanced tools and products that further our market leadership. Thru Tubing Solutions has introduced new sizes of MetalMax, its metal-on-metal power section, increasing availability and adoption across districts. Some of our early adopter districts have MetalMax utilized on more than half of their jobs.

MetalMax's performance and design characteristics are enabling entry into new markets and applications. The product reduces the number of trips an operator has to make out of hole, reducing nonproductive time and is capable of running in harsher conditions than traditional power sections. Our Thru Tubing Solutions team is pushing the limits with operators. During the quarter, our downhole tools set new depth records in the Bakken and Montney formations.

These results further validate the performance advantages of our technology portfolio and support continued market share gains. Overall, our downhole tools business is benefiting from more complex and longer laterals that are well suited for our technology solutions.

Turning to Wireline, revenues declined 8% sequentially. Pintail's EBITDA margins have consistently been in the mid-single-digit range for the last few quarters. While Pintail has maintained its leading Permian market position, persistent pricing weakness combined with increased cost pressures have reduced our initial long-term earnings expectations for this business.

Therefore, during the quarter, we recorded noncash impairment charges of $74.5 million related to Pintail Wireline. Cudd Energy Services' Pressure Pumping revenues, including acid, increased 3% sequentially. Pressure Pumping revenues benefited from slightly improved pricing but was offset by slightly lower pump hours. Pump hours were modestly impacted by non-Cudd nonproductive time, including customer delays, mostly related to third-party logistics issues.

Job mix was relatively consistent with the prior quarter. Both revenue and cost per pump hour increased marginally on a sequential basis. Our gas-burning Pressure Pumping equipment is well utilized with white space created by external factors. Industry spare capacity appears meaningfully lower than it was several quarters ago. We expect to maintain our current working fleets, and we'll wait for returns to further improve before reactivating equipment.

We have seen growing customer interest in our enhanced production techniques on existing wells. We were able to generate these revenues with non-gas-burning equipment and smaller crews. While customer schedules currently indicate holiday impacts may be somewhat less severe than the last several years, we still expect normal year-end seasonality to affect activity levels across many of our service lines and for customer schedules to remain fluid up until the holidays.

Macro volatility has persisted with inflation pressures occurring in multiple areas. E&P operators as a whole appear to be cautiously optimistic regarding commodity prices, although concerns around demand, inflation and geopolitical developments continue to create uncertainty. Overall, the oilfield service market is more constructive, but certain service lines need additional pricing improvements to justify reinvestment. We will continue prioritizing returns and focus on controlling factors we can influence.

With that, Mike will now discuss the quarter's financial results.

Michael Schmit

Thanks, Ben. Our third quarter financial results with sequential comparisons to the second quarter of 2026 are as follows: Revenues increased 1% to $468 million. Breaking down our operating segments, Technical Services, which represented 95% of our total third quarter revenues, were up 1%. Support Services, which represented 5% of revenues, were up 3%.

The following is a breakdown of our third quarter revenues for our largest service lines. Pressure Pumping, 30.8%; Downhole Tools, 24.6%; Wireline, 17.5%; Coiled Tubing, 10.4%; Cementing, 5.7%; Rental Tools, 3.8%. Together, these service lines accounted for 93% of our total revenues. Cost of revenues, excluding depreciation and amortization, was $350 million compared to $346 million in the previous quarter.

SG&A expenses were $51 million, largely unchanged from the $52 million in the prior quarter. Depreciation and amortization was $43 million, similar to the previous quarter. The impairment reduces future depreciation and amortization by approximately $3 million per quarter. The effective tax benefit rate was 19.2% during the quarter. Adjusted diluted EPS was $0.10 in the third quarter.

Adjustments totaled $0.30 per share and related to the impairment charges and acquisition-related employment costs. Adjusted EBITDA was $71.5 million, up from $66 million in the prior quarter. Adjusted EBITDA margin increased 100 basis points sequentially to 15.3%.

Several of our service lines experienced particularly strong activity during the quarter, and we expect normal seasonal patterns to potentially impact results as we move into the fourth quarter. Net cash provided by operating activities during the quarter was $41 million, and after CapEx of $40 million, free cash flow was $1 million. Free cash flow was impacted by working capital increasing $25 million during the quarter, primarily driven by strategic inventory purchases, including key components in short supply, as well as the timing of customer collections and vendor payments.

At quarter end, we had approximately $177 million in cash, a $30 million note payable and no borrowings on our $100 million revolving credit facility. Our regular cash dividend remains unchanged at $0.04 per share. Dividend payments totaled $27 million year-to-date. We expect 2026 capital expenditures in the range of $155 million to $175 million.

Certain equipment deliveries previously anticipated for 2026 are now expected in 2027, although additional timing changes remain possible. Assuming additional slippage does not occur, we currently expect 2027 CapEx to be similar to 2026. As always, we will evaluate CapEx based on returns and adjust spending based on our opportunities.

I'll now turn it back over to Ben for some closing remarks.

Ben Palmer

Thanks, Mike. While we remain cautious regarding the pace of broader industry improvement and the impact of normal year-end seasonality, we believe RPC is well positioned with a diverse portfolio of businesses, differentiated technologies, a strong balance sheet and the financial flexibility to pursue attractive opportunities while continuing to generate cash and deliver strong full-cycle returns.

I want to thank all of our employees who put in tremendous work to provide high levels of service and value to our customers. Thank you for joining us this morning.

And at this time, we're happy to address any questions.

Operator

[Operator Instructions] Your first question comes from the line of Don Crist with Johnson Rice.

分析师问答

Donald Crist

I wanted to ask about early '27 indications. We're hearing that some of the larger companies are looking to add more services as they, kind of, go into '27. I know most of your services outside of Pressure Pumping are in that realm. Just any, kind of, indication as to what '27 looks like just on an early look today?

Ben Palmer

Don, I appreciate you being on. Early '27, I would say that we are optimistic. As we indicated, we think the E&Ps, both the large and the small, are encouraged by commodity prices. And so we're feeling pretty good about next year. I would say net positive. Obviously, there's always uncertainty. We're not seeing full steam ahead, but clearly, we're set up and positioned and expect things.

Hopefully, the fourth quarter slowdown is going to be a little bit more muted than it has been in some of the past few years. And hopefully, we'll get off to a good start early next year. Oftentimes, when it slows down a lot in the fourth quarter, it takes a while to get cranked back up.

So maybe that slowdown will be a little more muted, and we can get the year started off pretty strongly and capture some of that enthusiasm that we think is out there that you're referring to.

Donald Crist

I appreciate that color. And you touched on this in the press release, but I wanted to ask about labor. We're hearing some pretty strong reports that data center construction and other industries are pulling away from the oilfield. And just wanted to know if you're experiencing any of that and seeing any inflation on the labor side as data centers ramp up.

Michael Schmit

Don, this is Mike. Yes, I think labor is tightening up a little bit and a lot of reasons for that. And we have -- it does impact cost and availabilities, which -- so I think some of the things you're hearing is probably consistent with some of the things we're seeing, too.

Ben Palmer

And I would say, Don, this is Ben, that that we always, over the years, have had competition for labor. So I wouldn't suggest or would say that this particular instance, it's not particularly more difficult than it has been in other past difficult times. So it's just something we deal with.

It's something we actually always have to deal with time to time. It just -- there's different reasons why there's -- labor can be difficult to attain and retain, but we are rocking along okay, but that is something that we do hear anecdotes about.

Donald Crist

Okay. And just the last one for me. You have some spare equipment sitting on the sidelines and some cash to refurbish it if you need to. Any thoughts as to reactivating another crew as we move into '27? Is the demand there?

Ben Palmer

If our additional capacity were ready to go tomorrow, there's a likelihood we could find a place for it to work, but we need pricing to move up quite a bit. We need to have a compelling reason. We would need to have some sort of firm commitment from a customer to be able to move in that direction.

So we're going to keep our additional capacity on the sideline at this point in time. We're doing some -- a little bit of prep behind the scenes over time, but we're not moving aggressively forward to try to reactivate more equipment at this time.

Operator

We have reached the end of the Q&A session. I will now turn the call back to Mr. Ben Palmer for closing remarks.

Ben Palmer

Well, appreciate you listening in this morning, and we're looking forward to a good 2027, and we appreciate you and hope you have a good rest of the day.

Operator

This concludes today's call. A reminder that the conference call will be replayed on www.rpc.net within 2 hours following the completion of the call. Thank you for attending. You may now disconnect.

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