ATLANTA, Oct. 26, 2016 /PRNewswire/ -- RPC, Inc. (NYSE:
RES) announced today that its Board of Directors voted to pay a
year-end cash dividend of $0.05 per
share. The dividend will be payable December 9, 2016 to common stockholders of record
at the close of business on November
10, 2016. Richard A.
Hubbell, RPC's President and Chief Executive Officer,
stated, "The resumption of our cash dividend continues a 20-year
history of dividends at RPC, and is a testament to the Company's
financial strength and our belief that the U.S. domestic oilfield
has stabilized following a severe downturn."
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 at www.rpc.net.
A statement and information included in this press release
constitutes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including all
statements that look forward in time or express management's
beliefs, expectations or hopes. In particular, this statement
includes, without limitation, RPC's belief that the U.S. domestic
oilfield has stabilized following a severe downturn. This
statement involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of RPC to be materially different from any future
results, performance or achievements expressed or implied in such
forward-looking statements. Such risks include changes in general
global business and economic conditions; credit risks associated
with collections of our accounts receivable from customers
experiencing challenging business conditions; drilling activity and
rig count; risks of reduced availability or increased costs of both
labor and raw materials used in providing our services; the impact
on our operations if we are unable to comply with regulatory and
environmental laws; turmoil in the financial markets and the
potential difficulty to fund our capital needs; the potentially
high cost of capital required to fund our capital needs; the impact
of the level of unconventional exploration and production
activities may cease or change in nature so as to reduce 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; an
inability to implement price increases; risks of international
operations; and our reliance upon large customers. Additional
discussion of factors that could cause the actual results to differ
materially from management's projections, forecasts, estimates and
expectations is contained in RPC's Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 2015.
For information about
RPC, Inc. or this event, please contact:
|
Ben
Palmer
|
Jim
Landers
|
Chief Financial
Officer
|
Vice President,
Corporate Finance
|
(404)
321-2140
|
(404)
321-2162
|
irdept@rpc.net
|
jlanders@rpc.net
|
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SOURCE RPC, Inc.