RPC Inc. (NYSE:RES) Q4 2022 Earnings Conference Call January 25, 2023 9:00 AM ET

Company Participants

Ben Palmer - President, Chief Executive Officer

Mike Schmit - Chief Financial Officer

Jim Landers - Vice President, Corporate Services

Conference Call Participants

Stephen Gengaro - Stifel

Don Crist - Johnson Rice

John Daniel - Daniel Energy Partners

Derek Podhaizer - Barclays

Operator

Good morning and thank you for joining us for RPC Inc.’s fourth quarter and year-end 2022 financial earnings conference call. Today’s call will be hosted by Ben Palmer, President and CEO, and Mike Schmit, Chief Financial Officer. Also hosting is Jim Landers, Vice President of Corporate Services.

At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions.

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

Jim will get us started by reading the forward-looking disclaimer.

Jim Landers

Thank you and good morning. Before we begin our call today, I want to remind you that in order to talk about our company, we’re going to mention a few things that are not historical facts. 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. I’d like to refer you to our press release issued today along with our 2021 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 EBITDA, which is a non-GAAP measure of operating performance. RPC uses EBITDA as a measure of operating performance because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. We’re also required to use EBITDA to report compliance with financial covenants under our revolving credit facility. Our press release today and our website provide a reconciliation of EBITDA to net income, which is the nearest GAAP financial measure. Please review that disclosure if you’re interested in seeing how it’s calculated.

If you have not received a press release for any reason, please visit our website at rpc.net for a copy.

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

Ben Palmer

Thanks Jim, and thank you for joining our call this morning. 2022 was an exceptional year, and we finished the year with very strong results in the fourth quarter.