What RPC, Inc. told the SEC could break it.

RPC's results depend on its E&P customers' capital spending, which is driven by oil and natural-gas prices and activity levels (U.S. well completions ~11,809 in 2025, down ~1%; average rig count fell to 562 from 600); oil is a volatile world commodity affected by Middle East conflict and OPEC (which controls ~40% of global production), so price declines curtail customer spending and RPC's demand.

“Fluctuations in the prices of commodities, particularly the price of oil, and activity levels as measured by well completions, significantly impact RPC's financial results.”

RPC has meaningful customer concentration — one customer, a private E&P company, accounted for ~15% of revenue in 2025 (13% in 2024), primarily in its Technical Services segment — and substantially all of its customers operate in the energy industry, so reduced spending by that large customer or an industry-wide downturn would hit revenue and credit-loss exposure. (Customer not named, so recorded as concentration risk rather than a named edge.)

“One of our customers, a private E&P company, accounted for approximately 15% of the Company's revenues in 2025 and 13% of the Company's revenues in 2024.”

RPC's revenue is overwhelmingly U.S.-domestic — U.S. revenues were $1.59 billion of $1.63 billion total in 2025, with international revenue only $32.3 million (~2%) and international assets under 10% — concentrating its fortunes in U.S. domestic drilling/completion activity (including the Permian Basin via its 2025 Pintail wireline acquisition); a U.S. shale slowdown would broadly depress demand.

“United States revenues ​ $ 1,594,244 ​ $ 1,375,398 ​ $ 1,588,774 International revenues ​ ​ 32,322 ​ 39,601 ​ 28,700”

RPC's pressure-pumping and fracturing services face federal and state regulation — including EPA hydraulic-fracturing scrutiny and EPA Tier 4 engine-emissions rules driving fleet upgrades to dual-fuel/natural-gas equipment — that could raise operating costs, cause delays, or reduce demand; it also flags uncertainty from tariffs on imported equipment materials (though it does not currently expect materially higher equipment costs).

“and state regulations relating to pressure pumping services could increase our operating costs, cause operational delays, and could reduce or eliminate the demand for our pressure pumping services.”