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RPC/Cudd Energy Services Reducing Fleets, Cutting Staff; Revenue Down 33% YOY
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RPC, Inc. reported its Q3 2019 results. Here are the highlights.
They say a picture is worth a thousand words. Most times, well service providers expecially those in the frac business would have you focus on measuring their performance against rig count. That would be a mistake. The best metric is well completion count. See the chart below.
Reducing Fleets, Cutting JobsRPC's pressure pumping arm, Cudd Energy Services, has started to close up several pressure pumping facilities as E&Ps continue to cut completion plans.
Richard A. Hubbell, RPC's President and Chief Executive Officer, said: "During the third quarter we began closing several pressure pumping-related facilities, retiring older pressure pumping equipment, and reducing the number of staffed fleets and operational and…
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