RPC INC — Call Transcript 2026

Good morning, and thank you for joining us for the RPC, Inc. first quarter 2026 earnings conference call. Today's call will be hosted by Ben M. Palmer, President and CEO, and Michael L. Schmit, Chief Financial Officer. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference is being recorded. I will now turn the call over to Mr. Schmit. Thank you, and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today, along with our 10-K and other public filings that outline those risks, all of which that can be found on RPC's website at www.rpc.net. In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. I'll now turn the call over to our President and CEO, Ben M. Palmer. Thank you, Michael, thank you for joining our call this morning. Today, we'll talk about our first quarter results and provide you with a few operational highlights. First quarter results reflect a sequential revenue increase across the majority of our service lines, despite the winter storms early in the quarter. Demand strengthened as the quarter progressed. Within Technical Services, Thru Tubing Solutions downhole tools revenues increased 11% sequentially. We saw broad-based strength with most geographic regions growing double digits. Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies. We have introduced a number of new products in recent years that have helped expand our market leadership position. Thru Tubing Solutions continues the rollout of its new metal-on-metal power section, MetalMax. Adoption is accelerating with growth across both geographic markets and motor size offerings as inventory availability expands. MetalMax's performance and design characteristics are enabling entry into new markets and applications previously served by traditional power section components. Over the past six months, MetalMax has strategically displaced conventional power sections, but still only represents 15% of our power section utilization. We continue to see meaningful opportunities for further displacement as customers increasingly recognize the product's performance and value. Thru Tubing Solutions UnPlug technology, which replaces traditional bridge plugs, is picking up momentum with several operators opting to utilize the technology as their primary stage isolation method. We're also seeing success with our new surface vibratory technology, particularly in longer laterals. Overall, our downhole tools business is benefiting from longer laterals and the need for technologies to deal with the related completion challenges. Also within Technical Services, Cudd Pressure Control's revenues were down 7% sequentially, led by weakness in the Rockies region and tough comparables in well control as the fourth quarter had multiple large well control events. This was partially offset by nitrogen, which was up 13%, and snubbing, which was up 8% as equipment was well-utilized during the quarter. Cudd Pressure Control's snubbing business is expected to receive and begin testing the big bore snubbing unit later this month. This unit was specifically designed for cavern gas storage work and was built to support a long-term customer with its storage well maintenance schedule. This work is regulatory driven and is part of our effort to continue diversifying into other markets. Coil tubing, our largest service line within Cudd Pressure Control, was down 7% sequentially. Coil tubing faced tough comparables in the Rockies and Northeast regions. Our new two and 7/8 unit continued to be well-utilized, and we are upgrading an existing unit to handle the larger two and 7/8 inch tubing. Pintail Completions, the largest wireline provider in the Permian Basin, generated revenues that were relatively flat sequentially. Given our leading market position, we expect Pintail's business to trend closely with large Permian operator activity. Cudd Energy Services pressure pumping business saw a 20% sequential revenue increase due to job mix, primarily from operators to whom we provided materials and supplies along with fuel during the quarter. We have no plans to reactivate fleets at current pricing levels, but we are cautiously optimistic based on higher oil prices and less calendar whitespace. However, natural gas takeaway capacity, particularly in New Mexico, could limit improvement in customer activity. Overall, we see recent geopolitical developments as incrementally positive as pricing pressures appear to be subsiding and current activity is being supported by higher commodity prices. However, we believe operators are cautious and concerned about the duration of higher crude prices and the perception of capital budget increases in the equity market. As such, we have only seen modest responses by customers since the Middle East events began. Our focus remains on full cycle returns, but our balance sheet affords us the optionality of leaning into certain markets where we see additional upside. We will continue to evaluate these opportunities with our focus being on cash flow generation and maximizing value over the long term. Now with that, Michael will now discuss the quarter's financial results. Thanks, Ben. Our first quarter financial results with sequential comparisons to the fourth quarter of 2025 are as follows. Revenues increased 7% to $455 million compared to Q4 2025. Breaking down our operating segments, Technical Services, which represented 95% of our first quarter revenues, was up 7%. Support Services, which represented 5% of revenues, was flat. The following is a breakdown of our first quarter revenues for our largest service lines. Pressure pumping was 31%. downhole tools was 23.3%. Wireline, 22.7%. Coiled tubing, 8.5%. Cementing, 5.8%. Rental tools, 3%. Together, these service lines accounted for 94% of our total revenues. Cost of revenues, excluding depreciation and amortization, was $356 million, compared to $330 million in the previous quarter. This increase was primarily related to job mix as we provided higher levels of materials and supplies and fuel for customers during the quarter. In addition, the prior period also reflected the impact of transitioning of wireline cables accounting to expensing. SG&A expenses are $48 million, up slightly from the prior quarter. As a percent of revenues, SG&A decreased 60 basis points to 10.6%, primarily due to only a modest increase in SG&A with the increase in revenues. Depreciation and amortization was $43 million, up from $39 million in the prior quarter. Fourth quarter D&A reflected a $3 million reduction related to the change in wireline cable accounting. The effective tax rate was unusually high during the quarter due to the disproportionate impact of permanent non-deductible items, mainly acquisition-related employment costs on a relatively low pre-tax income. Adjusted diluted EPS was $0.03 in the first quarter. Adjustments totaled $0.03 per share and related to acquisition-related employment costs. Adjusted EBITDA was $53.5 million, down from $55.1 million. Adjusted EBITDA margin decreased 110 basis points sequentially to 11.8%. The decrease was due to several factors, including higher materials and supplies, higher fuel costs, and lower other income. Operating cash flow year to date was $31 million and CapEx of $32 million. Free cash flow was negative $1 million. Operating cash flow was negatively impacted by increased revenues that resulted in higher working capital. Specifically, higher accounts receivable being a meaningful use of cash, along with unearned revenue that we benefited from in the fourth quarter, partially offset by higher accounts payable. At quarter end, we had approximately $201 million in cash, a $50 million seller finance note payable and no borrowings on our $100 million revolving credit facility. Our regular cash dividend remains unchanged at $0.04 per share. Dividend payments totaled $8.9 million. We expect 2026 CapEx in the range of $160 million-$180 million. We raised the low end of the range versus the prior quarter due to opportunistic asset purchases that we were able to deploy. Recall our 2026 range includes approximately $15 million delayed from late 2025. We will adjust our spend based on project returns and opportunity. I'll now turn it back over to Ben for some closing remarks. Thank you, Michael. We are cautiously optimistic about the rest of the year as commodity prices are more supportive of activity than they were entering 2026. Much will depend on operators' ability to hedge at higher prices, the duration of higher commodity prices, and service companies' discipline in a more supportive market. I wanna thank all of our employees who have put in tremendous work to provide high levels of service and value to our customers. Thank you for joining us this morning, and at this time, we're happy to address any questions. To ask a question, simply press star one on your telephone keypad. Again, that is star one to ask a question. We'll pause for just a moment to compile the Q&A roster. Our first question comes from the line of Don Crist with Johnson Rice. Please go ahead. Morning, guys. Thanks for letting me in. Morning, Don. Hopefully you all are doing well. Morning, Don. Yes, thanks. Obviously things are moving pretty quick with the conflict overseas and oil pricing where it is today. Just your thoughts around the spot market here and pricing in the spot market. You know, Compared to your competitors, you have more spot work market exposure, generally speaking. Just curious as to what you're seeing and hearing from your customers out there. Okay. Thanks for the question, Don. We kind of as part of what we, you know, tried to relay in our comments there is certainly this environment with the prices is supportive. I'll say that we have seen some firming up. We have seen instances of some firming. I wouldn't say it is not broad-based yet at this point. I would say it's incrementally positive, but like I said, it's not really broad-based yet at this point. Hey, Don, just to sorry to interrupt. Just to point out, too, you know, you're referring to Pressure Pumping and, you know, that's really only 31% of our overall revenue. Well. Just bringing that up. I was gonna say, is that across all kind of product lines, right? I would assume that Thru Tubing and coil, which is the fastest kind of return dollars from a operator's perspective, would see some firming as well. Some, but, you know, they have a lot of larger customers. really, I mean, the spot is not as big a part of their business as it is for pumping. Okay. Obviously you stacked a few fleets over the, over the past couple quarters, and I don't know what state those fleets are in, but I would assume they, that they could be brought back fairly quickly if that call arises. Just any thoughts around, you know, the yards to bring back equipment or upgrade equipment here, and the potential cost to bring back a fleet? I would assume that it's, you know, $3 million just for fluid and stuff like that, but any thoughts around the reactivation cost for a fleet? There hadn't been a lot of discussion about that because like I said, there really hadn't been broad-based, you know, opportunities to really look at that seriously. At current pricing levels, no, we would not reactivate a fleet. There are some discussions going on that could result in us perhaps looking at that, but we would need some, you know, visibility into obviously the pricing and the duration of the work and the volume of the work that was gonna occur. In terms of time, you know, the fleets that you've referred to that we have stacked, those are no longer staffed, so it, you know, it would take some time and some planning to be able to restaff those. You're right, the pumps that we were to reactivate, they would be not necessarily all of them would need to have fluid ends replaced, so the cost really depends. Historically, you're right. If you needed to replace a full fleet worth of fluid ends, that's probably a reasonable estimate. I think it's still, at this moment, it's still a little bit early. It's a good question, reasonable question, but it's a little bit early. We're really not talking about leaning into reactivating fleets. I think the first thing we would try to do is take advantage of higher prices in, with the fleets that we already have deployed. Don, just point out, those fleets are both, you know, are Tier 2 diesel fleets, which aren't, you know, as customers are more focused on obviously dual fuel and lower cost. Diesel's pretty expensive right now. That's the other factor there. I appreciate the color. If I could sneak in one more. On the labor side, are you able to get people today if you tried? Do you think that would be more difficult given the, you know, the current environment and people leaving to go to Amazon or other places? Well, you know, we haven't been hiring a tremendous amount, and not trying to increase the staffing, so we don't know for sure. You know, that could present a challenge, yes. Okay. Which hopefully would play into the ability to, you know, firm up pricing as well, right? Right. Exactly. I'll turn it back. Thanks. Thank you, Don Crist. Once again, to ask a question, simply press star one on your telephone keypad. Our next question comes from the line of John Daniel with Daniel Energy Partners. Please go ahead. Hey, guys. Thanks for including me. Good morning, John. Good morning, John. Michael, When you listen to a lot of the E&P calls and read their press releases, it's essentially, you know, flattish with a couple of one-offs I think Don alluded to in terms of incremental rigs. Yet you listen to the land drillers, they're all kind of calling for higher activity in Q2 and with prospects for more work going out in the back half. I'm just curious, what do you think the disconnect is? For some of your product lines that might be tied more to the drilling side, are they seeing a similar rise of, you know, activity as maybe what the land drillers have professed? Just any color on there. Yes. I mean, I think that there's hope that obviously as drilling improves, then that will improve some of our business, as you alluded to, and the pricing still hasn't caught up. I mean, there is. There has been upward momentum, but, you know, I think the disconnect is we haven't, and I think other of U.S. companies haven't really seen the increase in pricing yet. Right Push us to start moving. We still have kind of supply demand. Until it actually starts and we start, you know, getting a fair price making it worthwhile, you'll probably see more activity. I think it's just hopefully we read your note this week. Hopefully that's accurate and we see 50 new rigs come on that'll help drive price and activity, so. Yeah. You know, John, our rental tools business is a relatively small percentage of our total revenue, and it's a nice business. It has good margins. You know, a lot high fixed costs, therefore, you know, increased revenue can really drop to the bottom line. It had been a little bit, had a little bit of a challenge in the last couple of quarters. They're seeing some improvement. I don't know that because it's small and, you know, they have particular regions where they're particularly active. They're seeing a little bit of improvement. Right Wouldn't say that we're seeing anything that's broad based yet. Fair enough. Yeah, I hope the forecast is right. I hate looking too stupid. We hope it is too. Yeah. The next question I've got is just, and I don't know if this might be too granular and you might not even have the data in front of you, but I'm curious, as your guys, the businesses talk about quoting activity, if you had to hazard a guess, the inquiries that are coming in, what proportion of them would you characterize as being from the public operators versus private? Again, you might not have that handy, but if you do, it'd be interesting to hear. The inquiries and questions coming in? Yeah. Yeah just people reaching out asking about availability, equipment, et cetera. Yeah. No, it probably more the privates. Okay. I would say. All right. Thanks for including me, guys. Sure. Thank you, John. Once again, to ask a question, simply press star one. With no further questions in queue, I will now hand the call back over to Mr. Ben M. Palmer for closing remarks. All right. Well, thank you for joining this morning. We appreciate it. Appreciate your interest and, hope you have a great rest of the day. Take care. Okay. Once again, I would like to remind everyone that the replay on today's call will be available at www.rpc.net within two hours following today's completion of the call. This does conclude today's conference call. You may now disconnect.

Speaker 5: Good morning, and thank you for joining us for the RPC, Inc. first quarter 2026 earnings conference call. Today's call will be hosted by Ben M. Palmer, President and CEO, and Michael L. Schmit, Chief Financial Officer. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference is being recorded. I will now turn the call over to Mr. Schmit. Good morning, and thank you for joining us for the RPC, Inc. first quarter 2026 earnings conference call. good morning and thank you for joining us for the rpc inc first quarter 2026 earnings conference call Today's call will be hosted by Ben M. today's call will be hosted by ben m Palmer, President and CEO, and Michael L. palmer president and ceo and michael l Schmit, Chief Financial Officer. schmit chief financial officer At this time, all participants are in listen-only mode. at this time all participants are in listen-only mode Following the presentation, we will conduct a question-and-answer session. following the presentation we will conduct a question-and-answer session Instructions will be provided at that time for you to queue up for questions. instructions will be provided at that time for you to queue up for questions I would like to advise everyone that this conference is being recorded. i would like to advise everyone that this conference is being recorded I will now turn the call over to Mr. Schmit. i will now turn the call over to mr schmit

Speaker 4: Thank you, and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today, along with our 10-K and other public filings that outline those risks, all of which that can be found on RPC's website at www.rpc.net. In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. I'll now turn the call over to our President and CEO, Ben M. Palmer. Thank you, and good morning. thank you and good morning Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. before we begin i want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks Please refer to our press release issued today, along with our 10-K and other public filings that outline those risks, all of which that can be found on RPC's website at www.rpc.net. please refer to our press release issued today along with our 10-k and other public filings that outline those risks all of which that can be found on rpc's website at www.rpc.net In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. in today's earnings release and conference call we'll be referring to several non-gaap measures of operating performance and liquidity We believe these non-GAAP measures allow us to compare performance consistently over various periods. we believe these non-gaap measures allow us to compare performance consistently over various periods Our press release and our website contain reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. our press release and our website contain reconciliations of these non-gaap measures to the most directly comparable gaap measures I'll now turn the call over to our President and CEO, Ben M. i'll now turn the call over to our president and ceo ben m Palmer. palmer

Speaker 1: Thank you, Michael, thank you for joining our call this morning. Today, we'll talk about our first quarter results and provide you with a few operational highlights. First quarter results reflect a sequential revenue increase across the majority of our service lines, despite the winter storms early in the quarter. Demand strengthened as the quarter progressed. Within Technical Services, Thru Tubing Solutions downhole tools revenues increased 11% sequentially. We saw broad-based strength with most geographic regions growing double digits. Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies. We have introduced a number of new products in recent years that have helped expand our market leadership position. Thru Tubing Solutions continues the rollout of its new metal-on-metal power section, MetalMax. Thank you, Michael, thank you for joining our call this morning. thank you michael thank you for joining our call this morning Today, we'll talk about our first quarter results and provide you with a few operational highlights. today we'll talk about our first quarter results and provide you with a few operational highlights First quarter results reflect a sequential revenue increase across the majority of our service lines, despite the winter storms early in the quarter. first quarter results reflect a sequential revenue increase across the majority of our service lines despite the winter storms early in the quarter Demand strengthened as the quarter progressed. demand strengthened as the quarter progressed Within Technical Services, Thru Tubing Solutions downhole tools revenues increased 11% sequentially. within technical services thru tubing solutions downhole tools revenues increased 11% sequentially We saw broad-based strength with most geographic regions growing double digits. we saw broad-based strength with most geographic regions growing double digits Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies. thru tubing solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies We have introduced a number of new products in recent years that have helped expand our market leadership position. we have introduced a number of new products in recent years that have helped expand our market leadership position Thru Tubing Solutions continues the rollout of its new metal-on-metal power section, MetalMax. thru tubing solutions continues the rollout of its new metal-on-metal power section metalmax Adoption is accelerating with growth across both geographic markets and motor size offerings as inventory availability expands. MetalMax's performance and design characteristics are enabling entry into new markets and applications previously served by traditional power section components. Over the past six months, MetalMax has strategically displaced conventional power sections, but still only represents 15% of our power section utilization. We continue to see meaningful opportunities for further displacement as customers increasingly recognize the product's performance and value. Thru Tubing Solutions UnPlug technology, which replaces traditional bridge plugs, is picking up momentum with several operators opting to utilize the technology as their primary stage isolation method. We're also seeing success with our new surface vibratory technology, particularly in longer laterals. Overall, our downhole tools business is benefiting from longer laterals and the need for technologies to deal with the related completion challenges. Adoption is accelerating with growth across both geographic markets and motor size offerings as inventory availability expands. adoption is accelerating with growth across both geographic markets and motor size offerings as inventory availability expands MetalMax's performance and design characteristics are enabling entry into new markets and applications previously served by traditional power section components. metalmax's performance and design characteristics are enabling entry into new markets and applications previously served by traditional power section components Over the past six months, MetalMax has strategically displaced conventional power sections, but still only represents 15% of our power section utilization. over the past six months metalmax has strategically displaced conventional power sections but still only represents 15% of our power section utilization We continue to see meaningful opportunities for further displacement as customers increasingly recognize the product's performance and value. we continue to see meaningful opportunities for further displacement as customers increasingly recognize the product's performance and value Thru Tubing Solutions UnPlug technology, which replaces traditional bridge plugs, is picking up momentum with several operators opting to utilize the technology as their primary stage isolation method. thru tubing solutions unplug technology which replaces traditional bridge plugs is picking up momentum with several operators opting to utilize the technology as their primary stage isolation method We're also seeing success with our new surface vibratory technology, particularly in longer laterals. we're also seeing success with our new surface vibratory technology particularly in longer laterals Overall, our downhole tools business is benefiting from longer laterals and the need for technologies to deal with the related completion challenges. overall our downhole tools business is benefiting from longer laterals and the need for technologies to deal with the related completion challenges Also within Technical Services, Cudd Pressure Control's revenues were down 7% sequentially, led by weakness in the Rockies region and tough comparables in well control as the fourth quarter had multiple large well control events. This was partially offset by nitrogen, which was up 13%, and snubbing, which was up 8% as equipment was well-utilized during the quarter. Cudd Pressure Control's snubbing business is expected to receive and begin testing the big bore snubbing unit later this month. This unit was specifically designed for cavern gas storage work and was built to support a long-term customer with its storage well maintenance schedule. This work is regulatory driven and is part of our effort to continue diversifying into other markets. Coil tubing, our largest service line within Cudd Pressure Control, was down 7% sequentially. Coil tubing faced tough comparables in the Rockies and Northeast regions. Also within Technical Services, Cudd Pressure Control's revenues were down 7% sequentially, led by weakness in the Rockies region and tough comparables in well control as the fourth quarter had multiple large well control events. also within technical services cudd pressure control's revenues were down 7% sequentially led by weakness in the rockies region and tough comparables in well control as the fourth quarter had multiple large well control events This was partially offset by nitrogen, which was up 13%, and snubbing, which was up 8% as equipment was well-utilized during the quarter. this was partially offset by nitrogen which was up 13% and snubbing which was up 8% as equipment was well-utilized during the quarter Cudd Pressure Control's snubbing business is expected to receive and begin testing the big bore snubbing unit later this month. cudd pressure control's snubbing business is expected to receive and begin testing the big bore snubbing unit later this month This unit was specifically designed for cavern gas storage work and was built to support a long-term customer with its storage well maintenance schedule. this unit was specifically designed for cavern gas storage work and was built to support a long-term customer with its storage well maintenance schedule This work is regulatory driven and is part of our effort to continue diversifying into other markets. this work is regulatory driven and is part of our effort to continue diversifying into other markets Coil tubing, our largest service line within Cudd Pressure Control, was down 7% sequentially. coil tubing our largest service line within cudd pressure control was down 7% sequentially Coil tubing faced tough comparables in the Rockies and Northeast regions. coil tubing faced tough comparables in the rockies and northeast regions Our new two and 7/8 unit continued to be well-utilized, and we are upgrading an existing unit to handle the larger two and 7/8 inch tubing. Pintail Completions, the largest wireline provider in the Permian Basin, generated revenues that were relatively flat sequentially. Given our leading market position, we expect Pintail's business to trend closely with large Permian operator activity. Cudd Energy Services pressure pumping business saw a 20% sequential revenue increase due to job mix, primarily from operators to whom we provided materials and supplies along with fuel during the quarter. We have no plans to reactivate fleets at current pricing levels, but we are cautiously optimistic based on higher oil prices and less calendar whitespace. However, natural gas takeaway capacity, particularly in New Mexico, could limit improvement in customer activity. Our new two and 7/8 unit continued to be well-utilized, and we are upgrading an existing unit to handle the larger two and 7/8 inch tubing. our new two and 7/8 unit continued to be well-utilized and we are upgrading an existing unit to handle the larger two and 7/8 inch tubing Pintail Completions, the largest wireline provider in the Permian Basin, generated revenues that were relatively flat sequentially. pintail completions the largest wireline provider in the permian basin generated revenues that were relatively flat sequentially Given our leading market position, we expect Pintail's business to trend closely with large Permian operator activity. given our leading market position we expect pintail's business to trend closely with large permian operator activity Cudd Energy Services pressure pumping business saw a 20% sequential revenue increase due to job mix, primarily from operators to whom we provided materials and supplies along with fuel during the quarter. cudd energy services pressure pumping business saw a 20% sequential revenue increase due to job mix primarily from operators to whom we provided materials and supplies along with fuel during the quarter We have no plans to reactivate fleets at current pricing levels, but we are cautiously optimistic based on higher oil prices and less calendar whitespace. we have no plans to reactivate fleets at current pricing levels but we are cautiously optimistic based on higher oil prices and less calendar whitespace However, natural gas takeaway capacity, particularly in New Mexico, could limit improvement in customer activity. however natural gas takeaway capacity particularly in new mexico could limit improvement in customer activity Overall, we see recent geopolitical developments as incrementally positive as pricing pressures appear to be subsiding and current activity is being supported by higher commodity prices. However, we believe operators are cautious and concerned about the duration of higher crude prices and the perception of capital budget increases in the equity market. As such, we have only seen modest responses by customers since the Middle East events began. Our focus remains on full cycle returns, but our balance sheet affords us the optionality of leaning into certain markets where we see additional upside. We will continue to evaluate these opportunities with our focus being on cash flow generation and maximizing value over the long term. Now with that, Michael will now discuss the quarter's financial results. Overall, we see recent geopolitical developments as incrementally positive as pricing pressures appear to be subsiding and current activity is being supported by higher commodity prices. overall we see recent geopolitical developments as incrementally positive as pricing pressures appear to be subsiding and current activity is being supported by higher commodity prices However, we believe operators are cautious and concerned about the duration of higher crude prices and the perception of capital budget increases in the equity market. As such, we have only seen modest responses by customers since the Middle East events began. however we believe operators are cautious and concerned about the duration of higher crude prices and the perception of capital budget increases in the equity market. as such we have only seen modest responses by customers since the middle east events began Our focus remains on full cycle returns, but our balance sheet affords us the optionality of leaning into certain markets where we see additional upside. our focus remains on full cycle returns but our balance sheet affords us the optionality of leaning into certain markets where we see additional upside We will continue to evaluate these opportunities with our focus being on cash flow generation and maximizing value over the long term. we will continue to evaluate these opportunities with our focus being on cash flow generation and maximizing value over the long term Now with that, Michael will now discuss the quarter's financial results. now with that michael will now discuss the quarter's financial results

Speaker 4: Thanks, Ben. Our first quarter financial results with sequential comparisons to the fourth quarter of 2025 are as follows. Revenues increased 7% to $455 million compared to Q4 2025. Breaking down our operating segments, Technical Services, which represented 95% of our first quarter revenues, was up 7%. Support Services, which represented 5% of revenues, was flat. The following is a breakdown of our first quarter revenues for our largest service lines. Pressure pumping was 31%. downhole tools was 23.3%. Wireline, 22.7%. Coiled tubing, 8.5%. Cementing, 5.8%. Rental tools, 3%. Together, these service lines accounted for 94% of our total revenues. Cost of revenues, excluding depreciation and amortization, was $356 million, compared to $330 million in the previous quarter. Thanks, Ben. thanks ben Our first quarter financial results with sequential comparisons to the fourth quarter of 2025 are as follows. our first quarter financial results with sequential comparisons to the fourth quarter of 2025 are as follows Revenues increased 7% to $455 million compared to Q4 2025. revenues increased 7% to $455 million compared to q4 2025 Breaking down our operating segments, Technical Services, which represented 95% of our first quarter revenues, was up 7%. breaking down our operating segments technical services which represented 95% of our first quarter revenues was up 7% Support Services, which represented 5% of revenues, was flat. support services which represented 5% of revenues was flat The following is a breakdown of our first quarter revenues for our largest service lines. the following is a breakdown of our first quarter revenues for our largest service lines Pressure pumping was 31%. downhole tools was 23.3%. pressure pumping was 31% downhole tools was 23.3% Wireline, 22.7%. wireline 22.7% Coiled tubing, 8.5%. coiled tubing 8.5% Cementing, 5.8%. cementing 5.8% Rental tools, 3%. rental tools 3% Together, these service lines accounted for 94% of our total revenues. together these service lines accounted for 94% of our total revenues Cost of revenues, excluding depreciation and amortization, was $356 million, compared to $330 million in the previous quarter. cost of revenues excluding depreciation and amortization was $356 million compared to $330 million in the previous quarter This increase was primarily related to job mix as we provided higher levels of materials and supplies and fuel for customers during the quarter. In addition, the prior period also reflected the impact of transitioning of wireline cables accounting to expensing. SG&A expenses are $48 million, up slightly from the prior quarter. As a percent of revenues, SG&A decreased 60 basis points to 10.6%, primarily due to only a modest increase in SG&A with the increase in revenues. Depreciation and amortization was $43 million, up from $39 million in the prior quarter. Fourth quarter D&A reflected a $3 million reduction related to the change in wireline cable accounting. The effective tax rate was unusually high during the quarter due to the disproportionate impact of permanent non-deductible items, mainly acquisition-related employment costs on a relatively low pre-tax income. This increase was primarily related to job mix as we provided higher levels of materials and supplies and fuel for customers during the quarter. this increase was primarily related to job mix as we provided higher levels of materials and supplies and fuel for customers during the quarter In addition, the prior period also reflected the impact of transitioning of wireline cables accounting to expensing. in addition the prior period also reflected the impact of transitioning of wireline cables accounting to expensing SG&A expenses are $48 million, up slightly from the prior quarter. sg&a expenses are $48 million up slightly from the prior quarter As a percent of revenues, SG&A decreased 60 basis points to 10.6%, primarily due to only a modest increase in SG&A with the increase in revenues. as a percent of revenues sg&a decreased 60 basis points to 10.6% primarily due to only a modest increase in sg&a with the increase in revenues Depreciation and amortization was $43 million, up from $39 million in the prior quarter. depreciation and amortization was $43 million up from $39 million in the prior quarter Fourth quarter D&A reflected a $3 million reduction related to the change in wireline cable accounting. fourth quarter d&a reflected a $3 million reduction related to the change in wireline cable accounting The effective tax rate was unusually high during the quarter due to the disproportionate impact of permanent non-deductible items, mainly acquisition-related employment costs on a relatively low pre-tax income. the effective tax rate was unusually high during the quarter due to the disproportionate impact of permanent non-deductible items mainly acquisition-related employment costs on a relatively low pre-tax income Adjusted diluted EPS was $0.03 in the first quarter. Adjustments totaled $0.03 per share and related to acquisition-related employment costs. Adjusted EBITDA was $53.5 million, down from $55.1 million. Adjusted EBITDA margin decreased 110 basis points sequentially to 11.8%. The decrease was due to several factors, including higher materials and supplies, higher fuel costs, and lower other income. Operating cash flow year to date was $31 million and CapEx of $32 million. Free cash flow was negative $1 million. Operating cash flow was negatively impacted by increased revenues that resulted in higher working capital. Specifically, higher accounts receivable being a meaningful use of cash, along with unearned revenue that we benefited from in the fourth quarter, partially offset by higher accounts payable. Adjusted diluted EPS was $0.03 in the first quarter. adjusted diluted eps was $0.03 in the first quarter Adjustments totaled $0.03 per share and related to acquisition-related employment costs. adjustments totaled $0.03 per share and related to acquisition-related employment costs Adjusted EBITDA was $53.5 million, down from $55.1 million. adjusted ebitda was $53.5 million down from $55.1 million Adjusted EBITDA margin decreased 110 basis points sequentially to 11.8%. adjusted ebitda margin decreased 110 basis points sequentially to 11.8% The decrease was due to several factors, including higher materials and supplies, higher fuel costs, and lower other income. the decrease was due to several factors including higher materials and supplies higher fuel costs and lower other income Operating cash flow year to date was $31 million and CapEx of $32 million. operating cash flow year to date was $31 million and capex of $32 million Free cash flow was negative $1 million. free cash flow was negative $1 million Operating cash flow was negatively impacted by increased revenues that resulted in higher working capital. operating cash flow was negatively impacted by increased revenues that resulted in higher working capital Specifically, higher accounts receivable being a meaningful use of cash, along with unearned revenue that we benefited from in the fourth quarter, partially offset by higher accounts payable. specifically higher accounts receivable being a meaningful use of cash along with unearned revenue that we benefited from in the fourth quarter partially offset by higher accounts payable At quarter end, we had approximately $201 million in cash, a $50 million seller finance note payable and no borrowings on our $100 million revolving credit facility. Our regular cash dividend remains unchanged at $0.04 per share. Dividend payments totaled $8.9 million. We expect 2026 CapEx in the range of $160 million-$180 million. We raised the low end of the range versus the prior quarter due to opportunistic asset purchases that we were able to deploy. Recall our 2026 range includes approximately $15 million delayed from late 2025. We will adjust our spend based on project returns and opportunity. I'll now turn it back over to Ben for some closing remarks. At quarter end, we had approximately $201 million in cash, a $50 million seller finance note payable and no borrowings on our $100 million revolving credit facility. at quarter end we had approximately $201 million in cash a $50 million seller finance note payable and no borrowings on our $100 million revolving credit facility Our regular cash dividend remains unchanged at $0.04 per share. our regular cash dividend remains unchanged at $0.04 per share Dividend payments totaled $8.9 million. dividend payments totaled $8.9 million We expect 2026 CapEx in the range of $160 million-$180 million. we expect 2026 capex in the range of $160 million-$180 million We raised the low end of the range versus the prior quarter due to opportunistic asset purchases that we were able to deploy. we raised the low end of the range versus the prior quarter due to opportunistic asset purchases that we were able to deploy Recall our 2026 range includes approximately $15 million delayed from late 2025. recall our 2026 range includes approximately $15 million delayed from late 2025 We will adjust our spend based on project returns and opportunity. we will adjust our spend based on project returns and opportunity I'll now turn it back over to Ben for some closing remarks. i'll now turn it back over to ben for some closing remarks

Speaker 1: Thank you, Michael. We are cautiously optimistic about the rest of the year as commodity prices are more supportive of activity than they were entering 2026. Much will depend on operators' ability to hedge at higher prices, the duration of higher commodity prices, and service companies' discipline in a more supportive market. I wanna thank all of our employees who have put in tremendous work to provide high levels of service and value to our customers. Thank you for joining us this morning, and at this time, we're happy to address any questions. Thank you, Michael. thank you michael We are cautiously optimistic about the rest of the year as commodity prices are more supportive of activity than they were entering 2026. we are cautiously optimistic about the rest of the year as commodity prices are more supportive of activity than they were entering 2026 Much will depend on operators' ability to hedge at higher prices, the duration of higher commodity prices, and service companies' discipline in a more supportive market. much will depend on operators' ability to hedge at higher prices the duration of higher commodity prices and service companies' discipline in a more supportive market I wanna thank all of our employees who have put in tremendous work to provide high levels of service and value to our customers. i wanna thank all of our employees who have put in tremendous work to provide high levels of service and value to our customers Thank you for joining us this morning, and at this time, we're happy to address any questions. thank you for joining us this morning and at this time we're happy to address any questions

Speaker 5: To ask a question, simply press star one on your telephone keypad. Again, that is star one to ask a question. We'll pause for just a moment to compile the Q&A roster. Our first question comes from the line of Don Crist with Johnson Rice. Please go ahead. To ask a question, simply press star one on your telephone keypad. to ask a question simply press star one on your telephone keypad Again, that is star one to ask a question. again that is star one to ask a question We'll pause for just a moment to compile the Q&A roster. we'll pause for just a moment to compile the q&a roster Our first question comes from the line of Don Crist with Johnson Rice. our first question comes from the line of don crist with johnson rice Please go ahead. please go ahead

Speaker 2: Morning, guys. Thanks for letting me in. Morning, guys. morning guys Thanks for letting me in. thanks for letting me in

Speaker 1: Morning, Don. Morning, Don. morning don

Speaker 2: Hopefully you all are doing well. Hopefully you all are doing well. hopefully you all are doing well

Speaker 1: Morning, Don. Yes, thanks. Morning, Don. morning don Yes, thanks. yes thanks

Speaker 2: Obviously things are moving pretty quick with the conflict overseas and oil pricing where it is today. Just your thoughts around the spot market here and pricing in the spot market. You know, Compared to your competitors, you have more spot work market exposure, generally speaking. Just curious as to what you're seeing and hearing from your customers out there. Obviously things are moving pretty quick with the conflict overseas and oil pricing where it is today. obviously things are moving pretty quick with the conflict overseas and oil pricing where it is today Just your thoughts around the spot market here and pricing in the spot market. just your thoughts around the spot market here and pricing in the spot market You know, Compared to your competitors, you have more spot work market exposure, generally speaking. you know compared to your competitors you have more spot work market exposure generally speaking Just curious as to what you're seeing and hearing from your customers out there. just curious as to what you're seeing and hearing from your customers out there

Speaker 1: Okay. Thanks for the question, Don. We kind of as part of what we, you know, tried to relay in our comments there is certainly this environment with the prices is supportive. I'll say that we have seen some firming up. We have seen instances of some firming. I wouldn't say it is not broad-based yet at this point. I would say it's incrementally positive, but like I said, it's not really broad-based yet at this point. Okay. okay Thanks for the question, Don. thanks for the question don We kind of as part of what we, you know, tried to relay in our comments there is certainly this environment with the prices is supportive. we kind of as part of what we you know tried to relay in our comments there is certainly this environment with the prices is supportive I'll say that we have seen some firming up. i'll say that we have seen some firming up We have seen instances of some firming. we have seen instances of some firming I wouldn't say it is not broad-based yet at this point. i wouldn't say it is not broad-based yet at this point I would say it's incrementally positive, but like I said, it's not really broad-based yet at this point. i would say it's incrementally positive but like i said it's not really broad-based yet at this point

Speaker 4: Hey, Don, just to sorry to interrupt. Just to point out, too, you know, you're referring to Pressure Pumping and, you know, that's really only 31% of our overall revenue. Hey, Don, just to sorry to interrupt. hey don just to sorry to interrupt Just to point out, too, you know, you're referring to Pressure Pumping and, you know, that's really only 31% of our overall revenue. just to point out too you know you're referring to pressure pumping and you know that's really only 31% of our overall revenue

Speaker 2: Well. Well. well

Speaker 4: Just bringing that up. Just bringing that up. just bringing that up

Speaker 2: I was gonna say, is that across all kind of product lines, right? I would assume that Thru Tubing and coil, which is the fastest kind of return dollars from a operator's perspective, would see some firming as well. I was gonna say, is that across all kind of product lines, right? i was gonna say is that across all kind of product lines right I would assume that Thru Tubing and coil, which is the fastest kind of return dollars from a operator's perspective, would see some firming as well. i would assume that thru tubing and coil which is the fastest kind of return dollars from a operator's perspective would see some firming as well

Speaker 4: Some, but, you know, they have a lot of larger customers. really, I mean, the spot is not as big a part of their business as it is for pumping. Some, but, you know, they have a lot of larger customers. really, I mean, the spot is not as big a part of their business as it is for pumping. some but you know they have a lot of larger customers really i mean the spot is not as big a part of their business as it is for pumping

Speaker 2: Okay. Obviously you stacked a few fleets over the, over the past couple quarters, and I don't know what state those fleets are in, but I would assume they, that they could be brought back fairly quickly if that call arises. Just any thoughts around, you know, the yards to bring back equipment or upgrade equipment here, and the potential cost to bring back a fleet? I would assume that it's, you know, $3 million just for fluid and stuff like that, but any thoughts around the reactivation cost for a fleet? Okay. okay Obviously you stacked a few fleets over the, over the past couple quarters, and I don't know what state those fleets are in, but I would assume they, that they could be brought back fairly quickly if that call arises. obviously you stacked a few fleets over the over the past couple quarters and i don't know what state those fleets are in but i would assume they that they could be brought back fairly quickly if that call arises Just any thoughts around, you know, the yards to bring back equipment or upgrade equipment here, and the potential cost to bring back a fleet? just any thoughts around you know the yards to bring back equipment or upgrade equipment here and the potential cost to bring back a fleet I would assume that it's, you know, $3 million just for fluid and stuff like that, but any thoughts around the reactivation cost for a fleet? i would assume that it's you know $3 million just for fluid and stuff like that but any thoughts around the reactivation cost for a fleet

Speaker 1: There hadn't been a lot of discussion about that because like I said, there really hadn't been broad-based, you know, opportunities to really look at that seriously. At current pricing levels, no, we would not reactivate a fleet. There are some discussions going on that could result in us perhaps looking at that, but we would need some, you know, visibility into obviously the pricing and the duration of the work and the volume of the work that was gonna occur. In terms of time, you know, the fleets that you've referred to that we have stacked, those are no longer staffed, so it, you know, it would take some time and some planning to be able to restaff those. There hadn't been a lot of discussion about that because like I said, there really hadn't been broad-based, you know, opportunities to really look at that seriously. there hadn't been a lot of discussion about that because like i said there really hadn't been broad-based you know opportunities to really look at that seriously At current pricing levels, no, we would not reactivate a fleet. at current pricing levels no we would not reactivate a fleet There are some discussions going on that could result in us perhaps looking at that, but we would need some, you know, visibility into obviously the pricing and the duration of the work and the volume of the work that was gonna occur. there are some discussions going on that could result in us perhaps looking at that but we would need some you know visibility into obviously the pricing and the duration of the work and the volume of the work that was gonna occur In terms of time, you know, the fleets that you've referred to that we have stacked, those are no longer staffed, so it, you know, it would take some time and some planning to be able to restaff those. in terms of time you know the fleets that you've referred to that we have stacked those are no longer staffed so it you know it would take some time and some planning to be able to restaff those You're right, the pumps that we were to reactivate, they would be not necessarily all of them would need to have fluid ends replaced, so the cost really depends. Historically, you're right. If you needed to replace a full fleet worth of fluid ends, that's probably a reasonable estimate. I think it's still, at this moment, it's still a little bit early. It's a good question, reasonable question, but it's a little bit early. We're really not talking about leaning into reactivating fleets. I think the first thing we would try to do is take advantage of higher prices in, with the fleets that we already have deployed. You're right, the pumps that we were to reactivate, they would be not necessarily all of them would need to have fluid ends replaced, so the cost really depends. you're right the pumps that we were to reactivate they would be not necessarily all of them would need to have fluid ends replaced so the cost really depends Historically, you're right. historically you're right If you needed to replace a full fleet worth of fluid ends, that's probably a reasonable estimate. if you needed to replace a full fleet worth of fluid ends that's probably a reasonable estimate I think it's still, at this moment, it's still a little bit early. i think it's still at this moment it's still a little bit early It's a good question, reasonable question, but it's a little bit early. it's a good question reasonable question but it's a little bit early We're really not talking about leaning into reactivating fleets. we're really not talking about leaning into reactivating fleets I think the first thing we would try to do is take advantage of higher prices in, with the fleets that we already have deployed. i think the first thing we would try to do is take advantage of higher prices in with the fleets that we already have deployed

Speaker 4: Don, just point out, those fleets are both, you know, are Tier 2 diesel fleets, which aren't, you know, as customers are more focused on obviously dual fuel and lower cost. Diesel's pretty expensive right now. That's the other factor there. Don, just point out, those fleets are both, you know, are Tier 2 diesel fleets, which aren't, you know, as customers are more focused on obviously dual fuel and lower cost. don just point out those fleets are both you know are tier 2 diesel fleets which aren't you know as customers are more focused on obviously dual fuel and lower cost Diesel's pretty expensive right now. diesel's pretty expensive right now That's the other factor there. that's the other factor there

Speaker 2: I appreciate the color. If I could sneak in one more. On the labor side, are you able to get people today if you tried? Do you think that would be more difficult given the, you know, the current environment and people leaving to go to Amazon or other places? I appreciate the color. i appreciate the color If I could sneak in one more. if i could sneak in one more On the labor side, are you able to get people today if you tried? on the labor side are you able to get people today if you tried Do you think that would be more difficult given the, you know, the current environment and people leaving to go to Amazon or other places? do you think that would be more difficult given the you know the current environment and people leaving to go to amazon or other places

Speaker 1: Well, you know, we haven't been hiring a tremendous amount, and not trying to increase the staffing, so we don't know for sure. You know, that could present a challenge, yes. Well, you know, we haven't been hiring a tremendous amount, and not trying to increase the staffing, so we don't know for sure. well you know we haven't been hiring a tremendous amount and not trying to increase the staffing so we don't know for sure You know, that could present a challenge, yes. you know that could present a challenge yes

Speaker 2: Okay. Okay. okay

Speaker 1: Which hopefully would play into the ability to, you know, firm up pricing as well, right? Which hopefully would play into the ability to, you know, firm up pricing as well, right? which hopefully would play into the ability to you know firm up pricing as well right

Speaker 2: Right. Exactly. I'll turn it back. Thanks. Right. right Exactly. exactly I'll turn it back. i'll turn it back Thanks. thanks

Speaker 1: Thank you, Don Crist. Thank you, Don Crist. thank you don crist

Speaker 5: Once again, to ask a question, simply press star one on your telephone keypad. Our next question comes from the line of John Daniel with Daniel Energy Partners. Please go ahead. Once again, to ask a question, simply press star one on your telephone keypad. once again to ask a question simply press star one on your telephone keypad Our next question comes from the line of John Daniel with Daniel Energy Partners. our next question comes from the line of john daniel with daniel energy partners Please go ahead. please go ahead

Speaker 3: Hey, guys. Thanks for including me. Hey, guys. hey guys Thanks for including me. thanks for including me

Speaker 1: Good morning, John. Good morning, John. good morning john

Speaker 4: Good morning, John. Good morning, John. good morning john

Speaker 3: Michael, When you listen to a lot of the E&P calls and read their press releases, it's essentially, you know, flattish with a couple of one-offs I think Don alluded to in terms of incremental rigs. Yet you listen to the land drillers, they're all kind of calling for higher activity in Q2 and with prospects for more work going out in the back half. I'm just curious, what do you think the disconnect is? For some of your product lines that might be tied more to the drilling side, are they seeing a similar rise of, you know, activity as maybe what the land drillers have professed? Just any color on there. Michael, When you listen to a lot of the E&P calls and read their press releases, it's essentially, you know, flattish with a couple of one-offs I think Don alluded to in terms of incremental rigs. michael when you listen to a lot of the e&p calls and read their press releases it's essentially you know flattish with a couple of one-offs i think don alluded to in terms of incremental rigs Yet you listen to the land drillers, they're all kind of calling for higher activity in Q2 and with prospects for more work going out in the back half. yet you listen to the land drillers they're all kind of calling for higher activity in q2 and with prospects for more work going out in the back half I'm just curious, what do you think the disconnect is? i'm just curious what do you think the disconnect is For some of your product lines that might be tied more to the drilling side, are they seeing a similar rise of, you know, activity as maybe what the land drillers have professed? for some of your product lines that might be tied more to the drilling side are they seeing a similar rise of you know activity as maybe what the land drillers have professed Just any color on there. just any color on there

Speaker 1: Yes. Yes. yes

Speaker 4: I mean, I think that there's hope that obviously as drilling improves, then that will improve some of our business, as you alluded to, and the pricing still hasn't caught up. I mean, there is. I mean, I think that there's hope that obviously as drilling improves, then that will improve some of our business, as you alluded to, and the pricing still hasn't caught up. i mean i think that there's hope that obviously as drilling improves then that will improve some of our business as you alluded to and the pricing still hasn't caught up I mean, there is. i mean there is There has been upward momentum, but, you know, I think the disconnect is we haven't, and I think other of U.S. companies haven't really seen the increase in pricing yet. There has been upward momentum, but, you know, I think the disconnect is we haven't, and I think other of U.S. companies haven't really seen the increase in pricing yet. there has been upward momentum but you know i think the disconnect is we haven't and i think other of u.s companies haven't really seen the increase in pricing yet

Speaker 3: Right Right right

Speaker 4: Push us to start moving. We still have kind of supply demand. Until it actually starts and we start, you know, getting a fair price making it worthwhile, you'll probably see more activity. I think it's just hopefully we read your note this week. Hopefully that's accurate and we see 50 new rigs come on that'll help drive price and activity, so. Push us to start moving. push us to start moving We still have kind of supply demand. we still have kind of supply demand Until it actually starts and we start, you know, getting a fair price making it worthwhile, you'll probably see more activity. until it actually starts and we start you know getting a fair price making it worthwhile you'll probably see more activity I think it's just hopefully we read your note this week. i think it's just hopefully we read your note this week Hopefully that's accurate and we see 50 new rigs come on that'll help drive price and activity, so. hopefully that's accurate and we see 50 new rigs come on that'll help drive price and activity so

Speaker 1: Yeah. You know, John, our rental tools business is a relatively small percentage of our total revenue, and it's a nice business. It has good margins. You know, a lot high fixed costs, therefore, you know, increased revenue can really drop to the bottom line. It had been a little bit, had a little bit of a challenge in the last couple of quarters. They're seeing some improvement. I don't know that because it's small and, you know, they have particular regions where they're particularly active. They're seeing a little bit of improvement. Yeah. yeah You know, John, our rental tools business is a relatively small percentage of our total revenue, and it's a nice business. you know john our rental tools business is a relatively small percentage of our total revenue and it's a nice business It has good margins. it has good margins You know, a lot high fixed costs, therefore, you know, increased revenue can really drop to the bottom line. you know a lot high fixed costs therefore you know increased revenue can really drop to the bottom line It had been a little bit, had a little bit of a challenge in the last couple of quarters. it had been a little bit had a little bit of a challenge in the last couple of quarters They're seeing some improvement. they're seeing some improvement I don't know that because it's small and, you know, they have particular regions where they're particularly active. i don't know that because it's small and you know they have particular regions where they're particularly active They're seeing a little bit of improvement. they're seeing a little bit of improvement

Speaker 3: Right Right right

Speaker 1: Wouldn't say that we're seeing anything that's broad based yet. Wouldn't say that we're seeing anything that's broad based yet. wouldn't say that we're seeing anything that's broad based yet

Speaker 3: Fair enough. Yeah, I hope the forecast is right. I hate looking too stupid. Fair enough. fair enough Yeah, I hope the forecast is right. yeah i hope the forecast is right I hate looking too stupid. i hate looking too stupid

Speaker 4: We hope it is too. We hope it is too. we hope it is too

Speaker 3: Yeah. The next question I've got is just, and I don't know if this might be too granular and you might not even have the data in front of you, but I'm curious, as your guys, the businesses talk about quoting activity, if you had to hazard a guess, the inquiries that are coming in, what proportion of them would you characterize as being from the public operators versus private? Again, you might not have that handy, but if you do, it'd be interesting to hear. Yeah. yeah The next question I've got is just, and I don't know if this might be too granular and you might not even have the data in front of you, but I'm curious, as your guys, the businesses talk about quoting activity, if you had to hazard a guess, the inquiries that are coming in, what proportion of them would you characterize as being from the public operators versus private? the next question i've got is just and i don't know if this might be too granular and you might not even have the data in front of you but i'm curious as your guys the businesses talk about quoting activity if you had to hazard a guess the inquiries that are coming in what proportion of them would you characterize as being from the public operators versus private Again, you might not have that handy, but if you do, it'd be interesting to hear. again you might not have that handy but if you do it'd be interesting to hear

Speaker 1: The inquiries and questions coming in? The inquiries and questions coming in? the inquiries and questions coming in

Speaker 3: Yeah. Yeah. yeah

Speaker 1: Yeah Yeah yeah

Speaker 3: just people reaching out asking about availability, equipment, et cetera. just people reaching out asking about availability, equipment, et cetera. just people reaching out asking about availability equipment et cetera

Speaker 1: Yeah. No, it probably more the privates. Yeah. yeah No, it probably more the privates. no it probably more the privates

Speaker 3: Okay. Okay. okay

Speaker 1: I would say. I would say. i would say

Speaker 3: All right. Thanks for including me, guys. All right. all right Thanks for including me, guys. thanks for including me guys

Speaker 1: Sure. Thank you, John. Sure. sure Thank you, John. thank you john

Speaker 5: Once again, to ask a question, simply press star one. With no further questions in queue, I will now hand the call back over to Mr. Ben M. Palmer for closing remarks. Once again, to ask a question, simply press star one. once again to ask a question simply press star one With no further questions in queue, I will now hand the call back over to Mr. Ben M. with no further questions in queue i will now hand the call back over to mr ben m Palmer for closing remarks. palmer for closing remarks

Speaker 1: All right. Well, thank you for joining this morning. We appreciate it. Appreciate your interest and, hope you have a great rest of the day. Take care. All right. all right Well, thank you for joining this morning. well thank you for joining this morning We appreciate it. we appreciate it Appreciate your interest and, hope you have a great rest of the day. appreciate your interest and hope you have a great rest of the day Take care. take care

Speaker 5: Okay. Once again, I would like to remind everyone that the replay on today's call will be available at www.rpc.net within two hours following today's completion of the call. This does conclude today's conference call. You may now disconnect. Okay. okay Once again, I would like to remind everyone that the replay on today's call will be available at www.rpc.net within two hours following today's completion of the call. once again i would like to remind everyone that the replay on today's call will be available at www.rpc.net within two hours following today's completion of the call This does conclude today's conference call. this does conclude today's conference call You may now disconnect. you may now disconnect