RPC Inc (NYSE: RES) reported Q1 EPS of $0.00, $0.03 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $334.7 million versus the consensus estimate of $349.75 million.

"The average U.S. domestic rig count during the first quarter of 2019 was 1,043, an 8.0 percent increase compared to the same period in 2018, but a 2.8 percent decrease compared to the fourth quarter of 2018," stated Richard A. Hubbell, RPC\'s President and Chief Executive Officer. "The average price of natural gas during the first quarter was $2.92 per Mcf, a 7.6 percent decrease compared to the same period in 2018, and a 22.8 percent decrease compared to the fourth quarter of 2018. The average price of oil during the first quarter was $54.58 per barrel, a 13.3 percent decrease compared to the same period in 2018, but an 8.1 percent increase compared to the fourth quarter of 2018.

"Our activity levels declined compared with the prior quarter because of seasonal weakness and inconsistent customer activity levels. We believe the pressure pumping market continues to be oversupplied because of increasing efficiency achieved by completion services providers. Activity levels in our service lines, other than pressure pumping, were in line with sequential changes in the rig count and completion activities in the U.S. domestic oilfield. Moderately higher oil prices and the resolution of Permian Basin takeaway capacity concerns should provide positive catalysts for near-term market opportunities. With continued focus on increasing our operating efficiencies and providing quality services, we can improve the value we provide to our customers.

"We are continuing with RPC's strategy to enhance our pressure pumping, coiled tubing and snubbing capabilities. In support of these plans, RPC invested $62.3 million in capital expenditures during the first quarter of 2019. In addition, we repurchased 55,942 shares of our common stock on the open market, and ended the first quarter with $113.0 million in cash. As always, we remain dedicated to maintaining financial strength in an uncertain and volatile industry and continuing to focus on shareholder returns," concluded Hubbell.

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