ATLANTA, April 26,
2023 /PRNewswire/ -- RPC, Inc. (NYSE: RES) announced
today that on April 25, 2023 its
Board of Directors declared a $0.04
per share regular quarterly cash dividend payable June 9, 2023 to common stockholders of record at
the close of business on May 10,
2023.
Additionally, the Board of Directors approved an increase of 8.0
million shares to the number of shares authorized for repurchase
under the company's stock buyback program for a total remaining
available for repurchase of 15,115,820 shares. This
authorization is part of a broader capital allocation framework to
deliver value to shareholders by returning excess cash to
shareholders through share repurchases and dividends. The company's
stock buyback program does not have a predetermined expiration
date. Repurchases of shares of the company's common stock may
be made from time to time in the open market, by block purchases,
in privately negotiated transactions or in such other manner as
determined by the company. The timing of the repurchases and the
actual amount repurchased will depend on a variety of factors,
including the market price of the company's shares, general market
and economic conditions, and other factors. The stock repurchase
program does not obligate the company to acquire any particular
amount of common stock, and it may be suspended or discontinued at
any time. The company does not expect to incur debt to fund the
share repurchase program.
Forward-Looking Statement Disclaimer
Certain statements made in this press release that are not
historical facts are "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. The words "may," "will,"
"expect," "believe," "anticipate," "project," "estimate," and
similar expressions generally identify forward-looking statements.
Such statements are based on certain assumptions and analyses made
by our management in light of its experience and its perception of
historical trends, current conditions, expected future developments
and other factors it believes to be appropriate. We caution you
that such statements are only predictions and not guarantees of
future performance and that actual results, developments and
business decisions may differ from those envisioned by the
forward-looking statements. Examples of forward-looking
statements in this press release include statements relating to the
expected size of our stock repurchase program, and the potential
timing and financing thereof . These forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those contained in any
forward-looking statement, such as delays or failures associated
with the implementation of the stock repurchase program, possible
market disruptions, and competing uses for our capital. In
addition, the performance of our business may impact our repurchase
decisions, and our business is subject to a number of risks,
including the combined impact of OPEC disputes and the COVID-19
pandemic on our operating results, possible declines in the price
of oil and natural gas, which tend to result in a decrease in
drilling activity and therefore a decline in the 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 producing regions of the world, which could impact drilling
activity, adverse weather conditions in oil or gas producing
regions, including the Gulf of
Mexico, competition in the oil and gas industry, the
company's ability to implement price increases, the potential
impact of possible future regulations on hydraulic fracturing on
our business, risks of international operations, and reliance on
large customers. Additional discussion of factors that could cause
actual results to differ from management's projections, forecasts,
estimates and expectations is contained in our Annual Report on
Form 10-K for the fiscal year ended December
31, 2022. See "Risk Factors" contained in Item 1A. for a
discussion of factors that may cause actual results to differ from
our projections.
About RPC
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
RPC.net.
For information about RPC, Inc. or this press release, please
contact:
Michael L. Schmit
Chief Financial Officer
(404) 321-2140
irdept@rpc.net
Jim Landers
Vice President Corporate Services
(404) 321-2162
jlanders@rpc.net
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SOURCE RPC, Inc.