RPC : Investor Presentation

Cautionary Statement Relating to Forward-

Looking Statements and Non-GAAP Measures

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations or hopes. In particular, such statements include, without limitation: our expectation to place a new Tier 4 DGB pressure pumping fleet in service by the end of the second quarter of 2024; our capability to navigate an uncertain environment; our financial ability to support investments in the business and return capital to shareholders; and, our intention to assess acquisition opportunities to bolster selected service lines, increase our scale, and enhance our growth outlook. Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the U.S. economy, both of which can impact capital spending by our customers and demand for our services; business interruptions due to adverse weather conditions; changes in the competitive environment of our industry; and our ability to identify and complete acquisitions. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates, and expectations are contained in RPC's Form 10-K for the year ended December 31, 2023.

RPC, Inc. has used the non-GAAP financial measures of adjusted operating income, adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, and free cash flow in this presentation. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare our operating performance consistently over various time periods net of unusual or non-recurring charges, and in the case of adjusted EBITDA, without regard to changes in our capital structure.

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Set forth in the appendices of this presentation are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on RPC, Inc.'s investor website, which can be found on the Internet at www.rpc.net

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Corporate Overview

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Fourth Quarter 2023 Financial Summary

Fourth Quarter 2023 Highlights

• Revenues increased 19% sequentially to $394.5 million
• Net income was $40.3 million, up 120% sequentially, and diluted earnings per share (EPS) was $0.19; net income margin increased 470 basis points sequentially to 10.2%
• Adjusted EBITDA was $79.5 million, up 53% sequentially; Adjusted EBITDA margin increased 440 basis points sequentially to 20.1%
• The strong sequential improvement in revenues and profitability resulted from significantly higher pressure pumping fleet utilization compared to the third quarter of 2023

Full Year 2023 Highlights

• Revenues increased 1% year-over-year to $1.6 billion
• Net income was $195.1 million and diluted EPS was $0.90; net income margin was 12.1%
• Adjusted EBITDA was $374.4 million, with Adjusted EBITDA margin of 23.1%
• Net cash flow from operating activities was $394.8 million and free cash flow was $213.8 million
• The Company remained debt-free, paid $34.6 million in dividends and repurchased $21.1 million of common stock in 2023 (including $8.6 million of buyback program repurchases during 4Q:23)
• The Company acquired the Spinnaker cementing business effective July 1, expanding RPC's existing cementing operations and customer relationships

Management Commentary

"We closed out 2023 with a strong sequential improvement in fourth quarter financial results," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "As anticipated, the fourth quarter began with a solid increase in pressure pumping activity. However, as oil prices fell toward the end of the year, customer demand followed suit and we experienced a more significant holiday season slowdown than originally expected.

Looking forward, we have a new Tier 4 dual-fuel fleet on order and anticipate placing it in service by the end of the second quarter of 2024, replacing a Tier 2 diesel fleet as we upgrade our asset base without adding to pressure pumping industry capacity.

"We have over $220 million in cash on the balance sheet, are highly liquid, debt-free, and capable of navigating an uncertain environment. This solid financial position also supports targeted organic investments, as well as continued capital returns to our shareholders through both dividends and opportunistic share buybacks. With the Spinnaker integration essentially complete, we are actively assessing additional acquisition opportunities to bolster selected service lines, increase our scale, and enhance our growth outlook," concluded Palmer.

A Focus on Long-Term Financial Returns

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Rewarding Our Shareholders

• Dividends - RPC has issued $356 million in cash dividends during the past 10 years.
• Share Repurchases - RPC has repurchased $157 million in common stock over the past 10 years.

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Dividend History

• 20+ year track record for dividends (suspended during COVID-19 downturn).
• RPC's dividend history sets it apart from most oilfield services peers.

ANNUAL PER SHARE DIVIDENDS

$0.60

$0.50

$0.40

$0.30

$0.20

$0.10

$0.00

2001 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012 2013 2014 2015 2017 2018 2019 2020 2021 2022 * 2023

* Dividend was reinstated Q3 2022

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Approach to Managing the Oilfield Cyclicality

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Current Focus

U.S. Oil and Gas Industry and Investor's Current Focus

• In recent years, E&P's (which have been consolidating) and oilfield service companies have become more focused on generating free cash flow and executing their capital allocation strategies, including returning excess cash to shareholders.
• Investors expecting lower volatility, disciplined capital management, and increased emphasis on energy security.

RPC's Current Strategic Focus

• Focus on pressure pumping fleet roadmap summarizing our plans for upgrading our equipment
• Strategic acquisitions and capital investments
• Digital transformation projects to achieve cost savings and operating equipment performance improvements
• • Administrative process improvements
  • Improved job-specific profitability insight and analytics
  • Customer relationships strengthened by data sharing showcasing the quality of our operational execution and predictive equipment maintenance to save costs and improve efficiencies
• Working capital management

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