RPC (RES) 2026年第3四半期決算説明会：マージン拡大と7,450万ドルの減損損失

主要な要点

• RPC Inc.（NYSE: RES）が発表した2026年第3四半期の売上高は4億6,800万ドルとなり、完工アクティビティが比較的低調であったにもかかわらず、前四半期比で1%増加しました。
• 調整後EBITDAは第2四半期の6,600万ドルから7,150万ドルに増加し、調整後EBITDAマージンは100ベースポイント拡大して15.3%となりました。
• 調整後希薄化後EPSは0.10ドルでした。調整額は1株あたり計0.30ドルで、主にPintail Wirelineに関連する7,450万ドルの非現金減損損失および買収に関連する雇用費用を反映しています。
• コイルドチュービングの売上高は前四半期比で20%増加し、スナビングは12%増加、酸処理を含むプレッシャーパンピングは3%増加しました。一方、ワイヤーラインの売上高は8%減少しました。
• 営業キャッシュフローは4,100万ドルでした。4,000万ドルの設備投資を実施した後のフリーキャッシュフローは100万ドルとなり、これには運転資金の2,500万ドルの増加が一部影響しました。
• 経営陣は第4四半期のアクティビティに例年通りの年末の季節要因が影響すると予想しているものの、2027年に対しては楽観的です。ただし、追加のプレッシャーパンピング能力を再稼働させる前に、価格設定の引き上げと明確な顧客のコミットメントが必要であることを強調しています。

主要財務データ

この減損により、今後の減価償却費および償却費が四半期あたり約300万ドル減少すると見込まれています。RPCは定例の四半期配当を1株あたり0.04ドルで維持しており、年初来の配当支払総額は2,700万ドルに達しました。

事業および営業業績

プレッシャーパンピングは第3四半期の売上高の30.8%を占め、RPC最大のサービスラインとなりました。次いでダウンホールツールが24.6%、ワイヤーラインが17.5%、コイルドチュービングが10.4%、セメンティングが5.7%、レンタルツールが3.8%となりました。これらを合わせると全売上高の93%を創出しています。

コイルドチュービングの売上高は、全地区で好調な作業・機材ミックスに支えられ、前四半期比で20%増加しました。ただし、経営陣はこの好条件を継続的に再現するのは困難かもしれないと述べています。RPCは既存ユニットのアップグレードとして3台目となる2 7/8インチのリールトレーラーの納入を受け、さらに2台のユニットが同様のアップグレード対象となっています。

スナビングの売上高は12%増加しました。第2四半期に稼働開始したビッグボアスナビングユニットは、稼働後初の丸1四半期の業務を完了しました。同ユニットの洞窟地下貯蔵検査業務は複数年にわたる見通しが立っていますが、特に第2および第3四半期に最も活発になると予想されています。

ダウンホールツールの売上高は、好調な四半期が数期続いた後、主にフィッシングアクティビティの低下により2%減少しました。主要製品ならびにロッキー山脈、北東部、南東部、および海外地区では成長が続きました。MetalMax（メタル・オン・メタル）パワーセクションの導入が拡大し、早期導入地区の一部では作業の半数以上で使用されています。また、RPCはバッケン層およびモントニー層におけるダウンホールツールの新深度記録も報告しました。

ワイヤーラインの売上高は8%減少しました。PintailのEBITDAマージンは1桁台半ばにとどまり、継続的な価格低迷とコスト増加により、同事業に対する経営陣の長期的な収益予想が引き下げられ、7,450万ドルの減損損失計上に至りました。

酸処理を含むプレッシャーパンピングの売上高は、価格のわずかな改善がポンピング時間の若干の減少によって一部相殺されたものの、3%増加しました。顧客のスケジュール遅延やサードパーティの物流上の問題が非生産的な時間の要因となりました。経営陣は、ガス焚き機材の稼働率は引き続き高いものの、休止中の能力を再稼働させるにはリターンが改善される必要があると述べています。

経営陣の見通し

RPCは2026年の設備投資額を1億5,500万ドルから1億7,500万ドルと予想しています。以前2026年に予定されていた一部の機材納入が2027年にずれ込みました。これ以上の遅延がないと仮定した場合、経営陣は現在、2027年の設備投資額が2026年と同水準になると見込んでいます。

経営陣は第4四半期に例年通りの年末の季節要因が複数のサービスラインに影響を与えると予想していますが、現在の顧客スケジュールによれば、休日による減速は近年ほど深刻にはならない可能性が示唆されています。顧客のスケジュールは依然として流動的です。

2027年について、経営陣は見通しを「全体としてプラス」と表現し、E&P会社は商品価格に対して前向きな姿勢を見せていると述べました。しかし、本格的な加速は見られておらず、具体的な売上高や利益のガイダンスは示しませんでした。

リスクと注視すべき分野

• ワイヤーラインにおける継続的な価格低迷とコスト圧力が、Pintailの長期的な予想収益貢献度を低下させています。
• 労働力の確保が逼迫しコストに影響を与えていますが、経営陣はこの課題について、過去の厳しい労働市場環境と比較して大幅に悪化しているわけではないと述べています。
• インフレ、需要への懸念、および地政学的動向が、引き続きE&Pアクティビティに対する不透明感を生み出しています。
• 例年通りの休日の季節要因により第4四半期のアクティビティが低下する可能性があり、顧客のスケジュールも変更される可能性があります。
• 一部のサービスラインでは、機材への再投資を正当化するため、さらなる価格設定の改善が必要です。
• 戦略的な在庫調達、希少部品の調達、ならびに顧客からの回収とベンダーへの支払いのタイミングにより、フリーキャッシュフローが制約を受けました。

アナリストQ&Aの要点

2027年の初期の見通しについて問われた経営陣は、楽観的であるとしながらも不透明感が持続していることを認めました。第4四半期の減速が緩やかであれば、2027年初頭のアクティビティ再開がより迅速に行われる可能性があります。

データセンター建設やその他の業界との労働力獲得競争について、経営陣は労働力の逼迫とコスト増加を認めたものの、異例に深刻な混乱というよりは、業界で繰り返し発生する課題として位置付けました。

休止中のプレッシャーパンピング機材に関して、経営陣は追加能力に対する需要が存在する可能性はあるものの、価格が大幅に上昇する必要があると述べました。また、RPCは別のクルーを再稼働させる前に明確な顧客のコミットメントが必要であり、現在機材の復帰に向けて積極的に動いているわけではありません。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, and thank you for joining us for RPC Inc.'s Third Quarter 2026 Earnings Conference Call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmidt, Chief Financial Officer. [Operator Instructions]

I would like to advise everyone that this conference call is being recorded.

I will now turn the call over to Mr. Schmidt.

Michael 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 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 Palmer.

Ben Palmer

Thanks, Mike, and thank you for joining our call this morning. Today, we will talk about our third quarter results and provide you with a few operational highlights. While completion activity levels remained relatively subdued this quarter, RPC overall generated sequential revenue growth and particularly strong margin expansion driven by solid operational execution, strong cost leverage in several product lines, technology adoption and contributions from targeted investments.

Within Technical Services, Cudd Pressure Control's largest service line, Coiled Tubing, was up 20% sequentially. Coiled tubing revenue increased across all districts. Results during the quarter benefited from exceptionally strong job and equipment mix, which will be challenging to consistently replicate. We have taken delivery of the third 2 7/8-inch reel trailer. Recall, this is an upgrade to an existing unit and not an incremental unit.

We now have 2 additional units that are capable of a 2 7/8-inch reel-replacement upgrade. These large-diameter units continue to generate attractive utilization and support our strategy of investing in areas where we see strong full-cycle returns.

Cudd Pressure Control snubbing revenues were up 12% sequentially. The big bore snubbing unit, which went into service during the second quarter, saw its first full quarter of work during the third quarter. The unit is designed for cavern storage inspections, which is regulatory driven. This work has multiyear visibility, but likely has the strongest seasonality in the second and third quarter of each year.

Also within Technical Services, Thru Tubing Solutions downhole tools revenues decreased 2% sequentially, primarily on lower fishing activity after several strong quarters. We continue to experience growth in our core product offerings, resulting in growth in our Rocky Mountain, Northeast, Southeast and foreign districts. Thru Tubing Solutions is a market leader in downhole completion tools with a portfolio of products supported by proprietary technologies in our patent portfolio.

Our R&D team has developed a variety of enhanced tools and products that further our market leadership. Thru Tubing Solutions has introduced new sizes of MetalMax, its metal-on-metal power section, increasing availability and adoption across districts. Some of our early adopter districts have MetalMax utilized on more than half of their jobs.

MetalMax's performance and design characteristics are enabling entry into new markets and applications. The product reduces the number of trips an operator has to make out of hole, reducing nonproductive time and is capable of running in harsher conditions than traditional power sections. Our Thru Tubing Solutions team is pushing the limits with operators. During the quarter, our downhole tools set new depth records in the Bakken and Montney formations.

These results further validate the performance advantages of our technology portfolio and support continued market share gains. Overall, our downhole tools business is benefiting from more complex and longer laterals that are well suited for our technology solutions.

Turning to Wireline, revenues declined 8% sequentially. Pintail's EBITDA margins have consistently been in the mid-single-digit range for the last few quarters. While Pintail has maintained its leading Permian market position, persistent pricing weakness combined with increased cost pressures have reduced our initial long-term earnings expectations for this business.

Therefore, during the quarter, we recorded noncash impairment charges of $74.5 million related to Pintail Wireline. Cudd Energy Services' Pressure Pumping revenues, including acid, increased 3% sequentially. Pressure Pumping revenues benefited from slightly improved pricing but was offset by slightly lower pump hours. Pump hours were modestly impacted by non-Cudd nonproductive time, including customer delays, mostly related to third-party logistics issues.

Job mix was relatively consistent with the prior quarter. Both revenue and cost per pump hour increased marginally on a sequential basis. Our gas-burning Pressure Pumping equipment is well utilized with white space created by external factors. Industry spare capacity appears meaningfully lower than it was several quarters ago. We expect to maintain our current working fleets, and we'll wait for returns to further improve before reactivating equipment.

We have seen growing customer interest in our enhanced production techniques on existing wells. We were able to generate these revenues with non-gas-burning equipment and smaller crews. While customer schedules currently indicate holiday impacts may be somewhat less severe than the last several years, we still expect normal year-end seasonality to affect activity levels across many of our service lines and for customer schedules to remain fluid up until the holidays.

Macro volatility has persisted with inflation pressures occurring in multiple areas. E&P operators as a whole appear to be cautiously optimistic regarding commodity prices, although concerns around demand, inflation and geopolitical developments continue to create uncertainty. Overall, the oilfield service market is more constructive, but certain service lines need additional pricing improvements to justify reinvestment. We will continue prioritizing returns and focus on controlling factors we can influence.

With that, Mike will now discuss the quarter's financial results.

Michael Schmit

Thanks, Ben. Our third quarter financial results with sequential comparisons to the second quarter of 2026 are as follows: Revenues increased 1% to $468 million. Breaking down our operating segments, Technical Services, which represented 95% of our total third quarter revenues, were up 1%. Support Services, which represented 5% of revenues, were up 3%.

The following is a breakdown of our third quarter revenues for our largest service lines. Pressure Pumping, 30.8%; Downhole Tools, 24.6%; Wireline, 17.5%; Coiled Tubing, 10.4%; Cementing, 5.7%; Rental Tools, 3.8%. Together, these service lines accounted for 93% of our total revenues. Cost of revenues, excluding depreciation and amortization, was $350 million compared to $346 million in the previous quarter.

SG&A expenses were $51 million, largely unchanged from the $52 million in the prior quarter. Depreciation and amortization was $43 million, similar to the previous quarter. The impairment reduces future depreciation and amortization by approximately $3 million per quarter. The effective tax benefit rate was 19.2% during the quarter. Adjusted diluted EPS was $0.10 in the third quarter.

Adjustments totaled $0.30 per share and related to the impairment charges and acquisition-related employment costs. Adjusted EBITDA was $71.5 million, up from $66 million in the prior quarter. Adjusted EBITDA margin increased 100 basis points sequentially to 15.3%.

Several of our service lines experienced particularly strong activity during the quarter, and we expect normal seasonal patterns to potentially impact results as we move into the fourth quarter. Net cash provided by operating activities during the quarter was $41 million, and after CapEx of $40 million, free cash flow was $1 million. Free cash flow was impacted by working capital increasing $25 million during the quarter, primarily driven by strategic inventory purchases, including key components in short supply, as well as the timing of customer collections and vendor payments.

At quarter end, we had approximately $177 million in cash, a $30 million 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 $27 million year-to-date. We expect 2026 capital expenditures in the range of $155 million to $175 million.

Certain equipment deliveries previously anticipated for 2026 are now expected in 2027, although additional timing changes remain possible. Assuming additional slippage does not occur, we currently expect 2027 CapEx to be similar to 2026. As always, we will evaluate CapEx based on returns and adjust spending based on our opportunities.

I'll now turn it back over to Ben for some closing remarks.

Ben Palmer

Thanks, Mike. While we remain cautious regarding the pace of broader industry improvement and the impact of normal year-end seasonality, we believe RPC is well positioned with a diverse portfolio of businesses, differentiated technologies, a strong balance sheet and the financial flexibility to pursue attractive opportunities while continuing to generate cash and deliver strong full-cycle returns.

I want to thank all of our employees who 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.

Operator

[Operator Instructions] Your first question comes from the line of Don Crist with Johnson Rice.

質疑応答

Donald Crist

I wanted to ask about early '27 indications. We're hearing that some of the larger companies are looking to add more services as they, kind of, go into '27. I know most of your services outside of Pressure Pumping are in that realm. Just any, kind of, indication as to what '27 looks like just on an early look today?

Ben Palmer

Don, I appreciate you being on. Early '27, I would say that we are optimistic. As we indicated, we think the E&Ps, both the large and the small, are encouraged by commodity prices. And so we're feeling pretty good about next year. I would say net positive. Obviously, there's always uncertainty. We're not seeing full steam ahead, but clearly, we're set up and positioned and expect things.

Hopefully, the fourth quarter slowdown is going to be a little bit more muted than it has been in some of the past few years. And hopefully, we'll get off to a good start early next year. Oftentimes, when it slows down a lot in the fourth quarter, it takes a while to get cranked back up.

So maybe that slowdown will be a little more muted, and we can get the year started off pretty strongly and capture some of that enthusiasm that we think is out there that you're referring to.

Donald Crist

I appreciate that color. And you touched on this in the press release, but I wanted to ask about labor. We're hearing some pretty strong reports that data center construction and other industries are pulling away from the oilfield. And just wanted to know if you're experiencing any of that and seeing any inflation on the labor side as data centers ramp up.

Michael Schmit

Don, this is Mike. Yes, I think labor is tightening up a little bit and a lot of reasons for that. And we have -- it does impact cost and availabilities, which -- so I think some of the things you're hearing is probably consistent with some of the things we're seeing, too.

Ben Palmer

And I would say, Don, this is Ben, that that we always, over the years, have had competition for labor. So I wouldn't suggest or would say that this particular instance, it's not particularly more difficult than it has been in other past difficult times. So it's just something we deal with.

It's something we actually always have to deal with time to time. It just -- there's different reasons why there's -- labor can be difficult to attain and retain, but we are rocking along okay, but that is something that we do hear anecdotes about.

Donald Crist

Okay. And just the last one for me. You have some spare equipment sitting on the sidelines and some cash to refurbish it if you need to. Any thoughts as to reactivating another crew as we move into '27? Is the demand there?

Ben Palmer

If our additional capacity were ready to go tomorrow, there's a likelihood we could find a place for it to work, but we need pricing to move up quite a bit. We need to have a compelling reason. We would need to have some sort of firm commitment from a customer to be able to move in that direction.

So we're going to keep our additional capacity on the sideline at this point in time. We're doing some -- a little bit of prep behind the scenes over time, but we're not moving aggressively forward to try to reactivate more equipment at this time.

Operator

We have reached the end of the Q&A session. I will now turn the call back to Mr. Ben Palmer for closing remarks.

Ben Palmer

Well, appreciate you listening in this morning, and we're looking forward to a good 2027, and we appreciate you and hope you have a good rest of the day.

Operator

This concludes today's call. A reminder that the conference call will be replayed on www.rpc.net within 2 hours following the completion of the call. Thank you for attending. You may now disconnect.