Pintail Acquisition Boosts Revenue
The Pintail acquisition contributed approximately $99 million in the second quarter, representing 23% of total revenues, and played a significant role in the 26% increase in overall revenues.
Growth in Non-Pressure Pumping Service Lines
Non-pressure pumping service lines represented 74% of total revenues with downhole tools up 6% sequentially, coiled tubing up 12%, and rental tools increasing 17% versus the prior quarter.
Strong Cash Position
RPC ended the quarter with $162 million in cash, no outstanding debt on the $100 million revolving credit facility, and expects continued strong free cash flow in the second half of the year.
Adjusted EBITDA Improvement
Adjusted EBITDA reached $65.6 million, up from $48.9 million in the prior quarter, with a margin increase of 90 basis points to 15.6%.