RPC, Inc. (NYSE:RES) Q2 2022 Earnings Conference Call July 27, 2022 9:00 AM ET
Company Participants
James Landers - VP, Corporate Finance
Ben Palmer - CEO, President & Director
Michael Schmit - CFO & Corporate Secretary
Conference Call Participants
Stephen Gengaro - Stifel, Nicolaus & Company
John Daniel - Daniel Energy Partners
Donald Crist - Johnson Rice & Company
Joel Etzler - Coeli Energy
Operator
Good morning, and thank you for joining us for RPC, Inc.'s Second Quarter 2020 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. [Operator Instructions].
I would like to advise everyone that this conference call is being recorded. Jim will get us started by reading the forward-looking disclaimer.
James Landers
Thank you, and good morning, everyone. 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 are 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've not received our press release for any reason and would like one, please visit our website again at rpc.net for a copy.
I will now turn the call over to our new President and CEO, Ben Palmer.
Ben Palmer
Jim, thanks. Thank you all for joining our call this morning. As Jim mentioned, I'm pleased to take on the new role as President and CEO of RPC. During the second quarter, Rick Hubbell was named Executive Chairman of the Board of Directors and will remain active with the company. We also welcome Mike Schmit , our new CFO, to the corporate management team. Together, we will work with our outstanding operational teams and continue the tradition of managing RPC in a conservative, strategic shareholder-friendly manner. I would also like to take a moment to thank all of our employees for their dedication and hard work, providing safe, high-quality services to our customers.