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RPC Braces for 2016 as Rig Activity Declines in 4Q15
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RPC, Inc. announced its unaudited results for the fourth quarter ended December 31, 2015.
Richard A. Hubbell, RPC's President and Chief Executive Officer, said: "Our revenues and profitability continued to decline during the fourth quarter, driven by declines in activity levels and an operating environment characterized by continued pricing pressure. Oilfield customers continued to strive for lower completion costs in an environment of declining commodity prices. The persistent overcapacity of completion equipment and crews, along with the desperate financial condition of many of our peers, forced market pricing to decline.
"Industry indicators continued to decline during the quarter. The average U.S. domestic rig count during the fourth quarter was 753, a decrease of 60.7 percent…
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