RPC Inc (NYSE: RES) reported Q4 EPS of $0.06, $0.04 worse than the analyst estimate of $0.10. Revenue for the quarter came in at $376.8 million versus the consensus estimate of $388.87 million.

"The average U.S. domestic rig count during the fourth quarter of 2018 was 1,073, a 16.5 percent increase compared to the same period in 2017, and a 2.1 percent increase compared to the third quarter of 2018," stated Richard A. Hubbell, RPC's President and Chief Executive Officer. "The average price of natural gas during the fourth quarter was $3.78 per Mcf, a 30.3 percent increase compared to the prior year, and a 29.0 percent increase compared to the third quarter of 2018. The average price of oil during the fourth quarter was $59.36 per barrel, a 7.2 percent increase compared to the prior year, but a 14.9 percent decrease compared to the third quarter of 2018.

"Our activity declined compared with the prior quarter due to seasonal weakness, as many customers severely curtailed operations in December. This was most pronounced in our pressure pumping service line. Weather also slightly impacted our activity levels in several markets. As we begin the first quarter of 2019, the significant and unexpected decline in oil prices during the fourth quarter of 2018 is impacting our customers' drilling and completion plans. During January, several customers notified us that they are re-evaluating their 2019 budgets and current operations until they have a clearer view of the near-term direction in oil prices. Our customers\' uncertainty and current activity levels cause us to be cautious regarding our 2019 outlook.

"During 2018, we continued our commitment to RPC's shareholders by repurchasing 2.1 million shares, including approximately 229,000 shares in the fourth quarter. RPC also paid its highest annual per-share dividend since 2012. Including these uses of cash, as well as $242.6 million of capital expenditures during 2018, we finished the year with no outstanding debt and $116.3 million in cash, an increase of $25.2 million compared with the end of 2017," concluded Hubbell.

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