Delaware
|
58-1550825
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification Number)
|
Part
I. Financial Information
|
Page
No.
|
|
Item
1.
|
Financial
Statements (Unaudited)
|
|
Consolidated
Balance Sheets – As
of June 30, 2008 and December 31, 2007
|
3
|
|
Consolidated
Statements of Operations – For
the three and six months ended June 30, 2008 and 2007
|
4
|
|
Consolidated
Statement of Stockholders’ Equity – For
the six months ended June 30, 2008
|
5
|
|
Consolidated
Statements of Cash Flows – For
the six months ended June 30, 2008 and 2007
|
6
|
|
Notes
to Consolidated Financial Statements
|
7 –
17
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
18
– 28
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
29
|
Item
4.
|
Controls
and Procedures
|
29
|
Part
II. Other Information
|
||
Item
1.
|
Legal
Proceedings
|
30
|
Item
1A.
|
Risk
Factors
|
30
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
30
|
Item
3.
|
Defaults
upon Senior Securities
|
31
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
31
|
Item
5.
|
Other
Information
|
31
|
Item
6.
|
Exhibits
|
32
|
Signatures
|
33
|
RPC,
INC. AND SUBSIDIARIES
|
||||||||
PART
I. FINANCIAL INFORMATION
|
||||||||
ITEM
1. FINANCIAL STATEMENTS
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
AS
OF JUNE 30, 2008 AND DECEMBER 31, 2007
|
||||||||
(In
thousands)
|
||||||||
(Unaudited)
|
||||||||
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
ASSETS
|
(Note
1)
|
|||||||
Cash
and cash equivalents
|
$ | 9,028 | $ | 6,338 | ||||
Accounts
receivable, net
|
193,334 | 176,154 | ||||||
Inventories
|
35,707 | 29,602 | ||||||
Deferred
income taxes
|
4,601 | 3,974 | ||||||
Income
taxes receivable
|
248 | 12,296 | ||||||
Prepaid
expenses and other current assets
|
5,273 | 6,696 | ||||||
Total
current assets
|
248,191 | 235,060 | ||||||
Property,
plant and equipment, net
|
471,168 | 433,126 | ||||||
Goodwill
|
24,093 | 24,093 | ||||||
Other
assets
|
9,702 | 8,736 | ||||||
Total
assets
|
$ | 753,154 | $ | 701,015 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Accounts
payable
|
$ | 63,385 | $ | 61,371 | ||||
Accrued
payroll and related expenses
|
16,154 | 17,972 | ||||||
Accrued
insurance expenses
|
5,161 | 4,753 | ||||||
Accrued
state, local and other taxes
|
3,014 | 1,719 | ||||||
Income
taxes payable
|
3,000 | 4,340 | ||||||
Other
accrued expenses
|
468 | 567 | ||||||
Total
current liabilities
|
91,182 | 90,722 | ||||||
Accrued
insurance expenses
|
8,696 | 8,166 | ||||||
Notes
payable to banks
|
182,550 | 156,400 | ||||||
Long-term
pension liabilities
|
5,326 | 4,527 | ||||||
Other
long-term liabilities
|
2,030 | 2,692 | ||||||
Deferred
income taxes
|
31,029 | 29,236 | ||||||
Total
liabilities
|
320,813 | 291,743 | ||||||
Common
stock
|
9,859 | 9,804 | ||||||
Capital
in excess of par value
|
13,612 | 16,728 | ||||||
Retained
earnings
|
410,854 | 385,281 | ||||||
Accumulated
other comprehensive loss
|
(1,984 | ) | (2,541 | ) | ||||
Total
stockholders' equity
|
432,341 | 409,272 | ||||||
Total
liabilities and stockholders' equity
|
$ | 753,154 | $ | 701,015 | ||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
RPC,
INC. AND SUBSIDIARIES
|
|||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007
|
|||||||||||||
(In
thousands except per share data)
|
|||||||||||||
(Unaudited)
|
Three
months ended June 30,
|
Six
months ended June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues
|
$ | 214,689 | $ | 171,031 | $ | 411,916 | $ | 342,076 | ||||||||
Cost
of services rendered and goods sold
|
120,175 | 88,191 | 237,845 | 175,712 | ||||||||||||
Selling,
general and administrative expenses
|
29,010 | 27,077 | 57,327 | 52,902 | ||||||||||||
Depreciation
and amortization
|
29,177 | 18,695 | 56,503 | 33,958 | ||||||||||||
Gain
on disposition of assets, net
|
(1,473 | ) | (1,637 | ) | (3,000 | ) | (3,186 | ) | ||||||||
Operating
profit
|
37,800 | 38,705 | 63,241 | 82,690 | ||||||||||||
Interest
expense
|
(1,250 | ) | (368 | ) | (2,721 | ) | (1,122 | ) | ||||||||
Interest
income
|
24 | 14 | 46 | 32 | ||||||||||||
Other
income, net
|
105 | 527 | 98 | 1,424 | ||||||||||||
Income
before income taxes
|
36,679 | 38,878 | 60,664 | 83,024 | ||||||||||||
Income
tax provision
|
14,221 | 15,063 | 23,449 | 31,164 | ||||||||||||
Net
income
|
$ | 22,458 | $ | 23,815 | $ | 37,215 | $ | 51,860 | ||||||||
Earnings
per share
|
||||||||||||||||
Basic
|
$ | 0.23 | $ | 0.25 | $ | 0.39 | $ | 0.54 | ||||||||
Diluted
|
$ | 0.23 | $ | 0.24 | $ | 0.38 | $ | 0.53 | ||||||||
Dividends
per share
|
$ | 0.06 | $ | 0.05 | $ | 0.12 | $ | 0.10 | ||||||||
Average
shares outstanding
|
||||||||||||||||
Basic
|
96,778 | 96,350 | 96,603 | 96,037 | ||||||||||||
Diluted
|
98,120 | 98,448 | 98,124 | 98,391 | ||||||||||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
CONSOLIDATED STATEMENT
OF STOCKHOLDERS' EQUITY
|
FOR
THE SIX MONTHS ENDED JUNE 30, 2008
|
(In
thousands)
|
(Unaudited)
|
Accumulated
|
||||||||||||||||||||||||||||
Capital
in
|
Other
|
|||||||||||||||||||||||||||
Comprehensive
|
Common
Stock
|
Excess
of
|
Retained
|
Comprehensive
|
||||||||||||||||||||||||
Income
(Loss)
|
Shares
|
Amount
|
Par
Value
|
Earnings
|
Loss
|
Total
|
||||||||||||||||||||||
Balance,
December 31, 2007
|
98,040 | $ | 9,804 | $ | 16,728 | $ | 385,281 | $ | (2,541 | ) | $ | 409,272 | ||||||||||||||||
Stock
issued for stock incentive plans,
net
|
1,248 | 125 | 1,776 | — | — | 1,901 | ||||||||||||||||||||||
Stock
purchased and retired
|
(694 | ) | (69 | ) | (7,468 | ) | — | — | (7,537 | ) | ||||||||||||||||||
Net
income
|
$ | 37,215 | — | — | — | 37,215 | — | 37,215 | ||||||||||||||||||||
Pension
adjustment, net of
taxes
|
44 | — | — | — | — | 44 | 44 | |||||||||||||||||||||
Foreign
currency translation,
|
||||||||||||||||||||||||||||
of
taxes
|
54 | — | — | — | — | 54 | 54 | |||||||||||||||||||||
Unrealized
gain on securities, of
taxes
|
459 | — | — | — | — | 459 | 459 | |||||||||||||||||||||
Comprehensive
income
|
$ | 37,772 | ||||||||||||||||||||||||||
Dividends
declared
|
— | — | — | (11,642 | ) | — | (11,642 | ) | ||||||||||||||||||||
Stock-based
compensation
|
— | — | 1,809 | — | — | 1,809 | ||||||||||||||||||||||
Excess
tax benefits for share-
|
||||||||||||||||||||||||||||
based
payments
|
— | — | 767 | — | — | 767 | ||||||||||||||||||||||
Balance,
June 30, 2008
|
98,594 | $ | 9,859 | $ | 13,612 | $ | 410,854 | $ | (1,984 | ) | $ | 432,341 | ||||||||||||||||
The
accompanying note is an integral part of this consolidated financial
statement.
|
RPC,
INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
FOR
THE SIX MONTHS ENDED JUNE 30, 2008 and 2007
|
||||||||
(In
thousands)
|
||||||||
(Unaudited)
|
Six
months ended June 30,
|
||||||||
2008
|
2007
|
|||||||
OPERATING
ACTIVITIES
|
||||||||
Net
income
|
$ | 37,215 | $ | 51,860 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation,
amortization and other non-cash charges
|
56,515 | 33,969 | ||||||
Stock-based
compensation expense
|
1,809 | 1,572 | ||||||
Gain
on disposition of assets, net
|
(3,000 | ) | (3,186 | ) | ||||
Deferred
income tax provision (benefit)
|
793 | (516 | ) | |||||
Excess
tax benefits for share-based payments
|
(767 | ) | (1,121 | ) | ||||
Changes
in current assets and liabilities:
|
||||||||
Accounts
receivable
|
(17,221 | ) | (16,535 | ) | ||||
Income
taxes receivable
|
12,815 | (7,009 | ) | |||||
Inventories
|
(6,131 | ) | (3,793 | ) | ||||
Prepaid
expenses and other current assets
|
2,100 | 2,065 | ||||||
Accounts
payable
|
6,702 | (2,399 | ) | |||||
Income
taxes payable
|
(1,340 | ) | 2,043 | |||||
Accrued
payroll and related expenses
|
(1,818 | ) | (142 | ) | ||||
Accrued
insurance expenses
|
408 | 638 | ||||||
Accrued
state, local and other taxes
|
1,295 | 1,211 | ||||||
Other
accrued expenses
|
(81 | ) | 155 | |||||
Changes
in working capital
|
(3,271 | ) | (23,766 | ) | ||||
Changes
in other assets and liabilities:
|
||||||||
Accrued
pension
|
799 | (3,680 | ) | |||||
Accrued
insurance expenses
|
530 | 353 | ||||||
Other
non-current assets
|
(798 | ) | (691 | ) | ||||
Other
non-current liabilities
|
(662 | ) | (2,411 | ) | ||||
Net
cash provided by operating activities
|
89,163 | 52,383 | ||||||
INVESTING
ACTIVITIES
|
||||||||
Capital
expenditures
|
(101,263 | ) | (134,047 | ) | ||||
Proceeds
from sale of assets
|
5,035 | 3,962 | ||||||
Net
cash used for investing activities
|
(96,228 | ) | (130,085 | ) | ||||
FINANCING
ACTIVITIES
|
||||||||
Payment
of dividends
|
(11,642 | ) | (9,745 | ) | ||||
Borrowings
from notes payable to banks
|
186,950 | 291,750 | ||||||
Repayments
of notes payable to banks
|
(160,800 | ) | (202,200 | ) | ||||
Debt
issue costs for notes payable to banks
|
(94 | ) | - | |||||
Excess
tax benefits for share-based payments
|
767 | 1,121 | ||||||
Cash
paid for common stock purchased and retired
|
(5,671 | ) | (1,730 | ) | ||||
Proceeds
received upon exercise of stock options
|
245 | 500 | ||||||
Net
cash provided by financing activities
|
9,755 | 79,696 | ||||||
Net
increase in cash and cash equivalents
|
2,690 | 1,994 | ||||||
Cash
and cash equivalents at beginning of period
|
6,338 | 2,729 | ||||||
Cash
and cash equivalents at end of period
|
$ | 9,028 | $ | 4,723 | ||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
|
1.
|
GENERAL
|
|
2.
|
REVENUE
|
|
3.
|
EARNINGS
PER SHARE
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
(In
thousands except per share data )
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
income available for stockholders (numerator for basic and
diluted earnings per share):
|
$ | 22,458 | $ | 23,815 | $ | 37,215 | $ | 51,860 | ||||||||
Shares (denominator):
|
||||||||||||||||
Weighted
average shares outstanding (denominator for basic earnings per
share)
|
96,778 | 96,350 | 96,603 | 96,037 | ||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Employee
stock options and restricted stock
|
1,342 | 2,098 | 1,521 | 2,354 | ||||||||||||
Adjusted weighted average shares (denominator for diluted earnings
per share)
|
98,120 | 98,448 | 98,124 | 98,391 | ||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.23 | $ | 0.25 | $ | 0.39 | $ | 0.54 | ||||||||
Diluted
|
$ | 0.23 | $ | 0.24 | $ | 0.38 | $ | 0.53 |
|
4.
|
RECENT
ACCOUNTING PRONOUNCEMENTS
|
|
5.
|
COMPREHENSIVE
INCOME
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
(In
thousands)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
income as reported
|
$ | 22,458 | $ | 23,815 | $ | 37,215 | $ | 51,860 | ||||||||
Change
in unrealized gain on securities,
net
of taxes
|
440 | 172 | 459 | 388 | ||||||||||||
Pension
adjustment, net of taxes
|
44 | - | 44 | - | ||||||||||||
Change
in foreign currency translation,
net of taxes
|
10 | 21 | 54 | 28 | ||||||||||||
Comprehensive
income
|
$ | 22,952 | $ | 24,008 | $ | 37,772 | $ | 52,276 |
|
6.
|
STOCK-BASED
COMPENSATION
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
June
30,
|
June
30,
|
|||||||||||||||
(in
thousands)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Pre-tax
expense
|
$ | 920 | $ | 837 | $ | 1,809 | $ | 1,572 | ||||||||
After
tax expense
|
584 | 566 | 1,160 | 1,071 |
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding
at January 1, 2008
|
1,878,252 | $ | 3.11 |
3.32
years
|
||||||||||||
Granted
|
- | - | N/A | |||||||||||||
Exercised
|
(692,035 | ) | 3.05 | N/A | ||||||||||||
Forfeited
|
(8,776 | ) | 3.88 | N/A | ||||||||||||
Expired
|
- | - | N/A | |||||||||||||
Outstanding
and exercisable at June 30, 2008
|
1,177,441 | $ | 3.13 |
3.54
years
|
$
|
16,096,000 |
Shares
|
Weighted
Average
Grant-Date
Fair
Value
|
|||||||
Non-vested
shares at January 1, 2008
|
1,570,232 | $ | 11.01 | |||||
Granted
|
608,500 | 9.81 | ||||||
Vested
|
(345,756 | ) | 8.86 | |||||
Forfeited
|
(53,016 | ) | 11.17 | |||||
Non-vested
shares at June 30, 2008
|
1,779,960 | $ | 11.35 |
Three
months ended June 30,
|
Six
months ended June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Technical
Services
|
$ | 185,284 | $ | 140,199 | $ | 354,515 | $ | 282,505 | ||||||||
Support
Services
|
29,405 | 30,832 | 57,401 | 59,571 | ||||||||||||
Total
revenues
|
$ | 214,689 | $ | 171,031 | $ | 411,916 | $ | 342,076 | ||||||||
Operating
profit (loss):
|
||||||||||||||||
Technical
Services
|
$ | 31,958 | $ | 31,426 | $ | 52,644 | $ | 66,713 | ||||||||
Support
Services
|
6,764 | 8,496 | 12,622 | 18,037 | ||||||||||||
Corporate
|
(2,395 | ) | (2,854 | ) | (5,025 | ) | (5,246 | ) | ||||||||
Gain
on disposition of assets, net
|
1,473 | 1,637 | 3,000 | 3,186 | ||||||||||||
Total
operating profit
|
$ | 37,800 | $ | 38,705 | $ | 63,241 | $ | 82,690 | ||||||||
Interest
expense
|
(1,250 | ) | (368 | ) | (2,721 | ) | (1,122 | ) | ||||||||
Interest
income
|
24 | 14 | 46 | 32 | ||||||||||||
Other
income, net
|
105 | 527 | 98 | 1,424 | ||||||||||||
Income
before income taxes
|
$ | 36,679 | $ | 38,878 | $ | 60,664 | $ | 83,024 |
Six
months ended June 30, 2008
|
Technical
Services
|
Support
Services
|
Corporate
|
Total
|
||||||||||||
(in
thousands)
|
||||||||||||||||
Identifiable
assets at June 30, 2008
|
$ | 535,159 | $ | 178,633 | $ | 39,362 | $ | 753,154 | ||||||||
Capital
expenditures
|
77,670 | 23,291 | 302 | 101,263 | ||||||||||||
Depreciation
and amortization
|
44,444 | 11,612 | 447 | 56,503 |
|
8. INVENTORIES
|
|
9. EMPLOYEE
BENEFIT PLAN
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
(in
thousands)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Service
cost
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Interest
cost
|
461 | 449 | 921 | 879 | ||||||||||||
Expected
return on plan assets
|
(636 | ) | (652 | ) | (1,272 | ) | (1,160 | ) | ||||||||
Amortization
of net losses
|
71 | 236 | 142 | 430 | ||||||||||||
Net
periodic benefit credit
|
$ | (104 | ) | $ | 33 | $ | (209 | ) | $ | 149 |
|
1.
|
Level
1 – Quoted market prices in active markets for identical assets or
liabilities.
|
|
2.
|
Level
2 – Inputs other than level 1 that are either directly or indirectly
observable.
|
|
3.
|
Level
3 – Unobservable inputs developed using the Company’s estimates and
assumptions, which reflect those that market participants would
use.
|
|
Securities:
|
Fair
value Measurements at June 30, 2008 with:
|
||||||||||||
(in
thousands)
|
Quoted
prices in active markets for identical assets
|
Significant
other observable inputs
|
Significant
unobservable inputs
|
|||||||||
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||
Assets:
|
||||||||||||
Trading
securities
|
$ | 4,871 | $ | - | $ | - | ||||||
Available
for sale securities
|
2,155 | - | - | |||||||||
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Consolidated
revenues [in thousands]
|
$ | 214,689 | $ | 171,031 | $ | 411,916 | $ | 342,076 | ||||||||
Revenues
by business segment [in thousands]:
|
||||||||||||||||
Technical
|
$ | 185,284 | $ | 140,199 | $ | 354,515 | $ | 282,505 | ||||||||
Support
|
29,405 | 30,832 | 57,401 | 59,571 | ||||||||||||
Consolidated
operating profit [in thousands]
|
$ | 37,800 | $ | 38,705 | $ | 63,241 | $ | 82,690 | ||||||||
Operating
profit (loss) by business segment [in thousands]:
|
||||||||||||||||
Technical
|
$ | 31,958 | $ | 31,426 | $ | 52,644 | $ | 66,713 | ||||||||
Support
|
6,764 | 8,496 | 12,622 | 18,037 | ||||||||||||
Corporate
|
$ | (2,395 | ) | $ | (2,854 | ) | $ | (5,025 | ) | $ | (5,246 | ) | ||||
Gain
on disposition of assets, net
|
$ | 1,473 | $ | 1,637 | $ | 3,000 | $ | 3,186 | ||||||||
Percentage
cost of services rendered & goods sold to
revenues
|
56.0 | % | 51.6 | % | 57.7 | % | 51.4 | % | ||||||||
Percentage
selling, general & administrative expenses to revenues
|
13.5 | % | 15.8 | % | 13.9 | % | 15.5 | % | ||||||||
Percentage
depreciation and amortization expense to revenues
|
13.6 | % | 10.9 | % | 13.7 | % | 9.9 | % | ||||||||
Average
U.S. domestic rig count
|
1,864 | 1,757 | 1,817 | 1,746 | ||||||||||||
Average
natural gas price (per thousand cubic feet (mcf))
|
$ | 11.33 | $ | 7.44 | $ | 9.98 | $ | 7.31 | ||||||||
Average
oil price (per barrel)
|
$ | 125.24 | $ | 65.33 | $ | 111.64 | $ | 61.96 | ||||||||
|
Six
months ended June 30,
|
|||||||
(In
thousands)
|
2008
|
2007
|
||||||
Net
cash provided by operating activities
|
$ | 89,163 | $ | 52,383 | ||||
Net
cash used for investing activities
|
(96,228 | ) | (130,085 | ) | ||||
Net
cash provided by financing activities
|
9,755 | 79,696 |
Total
Number of
|
Maximum
Number (or
|
|||||||||||||||
Shares
(or Units)
|
Approximate
Dollar Value) of
|
|||||||||||||||
Total
Number of
|
Purchased
as Part of
|
Shares
(or Units) that May Yet
|
||||||||||||||
Shares
(or Units)
|
Average
Price Paid
|
Publicly
Announced
|
Be
Purchased Under the Plans
|
|||||||||||||
Period
|
Purchased
|
Per
Share (or Unit)
|
Plans
or Programs
|
or
Programs (2)
|
||||||||||||
Month
#1
|
||||||||||||||||
April
1, 2008 to April 30, 2008
|
45,117 | (1) | $ | 14.38 | - | 3,731,365 | ||||||||||
Month
#2
|
||||||||||||||||
May
1, 2008 to May 31, 2008
|
1,972 | (1) | $ | 14.43 | - | 3,731,365 | ||||||||||
Month
#3
|
||||||||||||||||
June
1, 2008 to June 30, 2008
|
922 | (1) | $ | 15.42 | - | 3,731,365 | ||||||||||
Totals
|
48,011 | $ | 14.40 | - | 3,731,365 |
(1)
|
Consists
of shares repurchased by the Company in connection with option exercises
and taxes related to vesting of restricted shares.
|
(2)
|
The
Company’s Board of Directors announced a stock buyback program in March
1998 authorizing the repurchase of 11,812,500
shares in the open market. Currently the program does not have a
predetermined expiration date.
|
Proposal
|
For
|
Withheld
|
Re-election
of R. Randall Rollins
|
91,500,058
|
2,991,183
|
Re-election
of Henry B. Tippie
|
94,123,910
|
367,331
|
Re-election
of James B. Williams
|
94,136,764
|
354,477
|
Exhibit
Number
|
Description
|
|
3.1(a)
|
Restated
certificate of incorporation of RPC, Inc. (incorporated herein by
reference to Exhibit 3.1 to the Annual Report on Form 10-K for the fiscal
year ended December 31, 1999).
|
|
3.1(b)
|
Certificate
of amendment of the certificate of incorporation of RPC, Inc.
(incorporated by reference to Exhibit 3.1(b) to Registrant’s Quarterly
Report on Form 10-Q filed on May 8, 2006).
|
|
3.2
|
Amended
and Restated Bylaws of RPC, Inc. (incorporated herein by reference to
Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on
October 25, 2007).
|
|
4
|
Form
of Stock Certificate (incorporated herein by reference to Exhibit 4 to the
Registrant’s Annual Report on Form 10-K for the fiscal year ended December
31, 1998).
|
|
10.1
|
Commitment
Increase Amendment to Revolving Credit Agreement dated as of June 9, 2008,
by and among the Company, the several banks and other financial
institutions from time to time party thereto and SunTrust Bank, in its
capacity as Administrative Agent (incorporated herein by reference to
Exhibit 99.1 to the Company’s Current Report on Form 8-K dated June 9,
2008).
|
|
31.1
|
Section
302 certification for Chief Executive Officer.
|
|
31.2
|
Section
302 certification for Chief Financial Officer.
|
|
32.1
|
Section
906 certifications for Chief Executive Officer and Chief Financial
Officer.
|
|
RPC,
INC.
|
/s/ Richard A. Hubbell | ||
Date: August
4, 2008
|
Richard
A. Hubbell
|
|
President
and Chief Executive Officer
|
||
(Principal
Executive Officer)
|
/s/ Ben M. Palmer | ||
Date: August
4, 2008
|
Ben
M. Palmer
|
|
Vice
President and Chief Financial Officer
|
||
(Principal
Financial and Accounting Officer)
|