RES · CIK 0000742278
What RPC, Inc. told the SEC could break it.
As an oilfield-services provider, RPC's fortunes ride on its E&P customers' drilling and completion spending, which is set by volatile oil and gas prices and U.S. activity levels — well completions ran about 11,809 in 2025 (down ~1%) and the average rig count fell to 562 from 600. That demand is concentrated several ways: substantially all customers are in the energy industry, one private E&P company alone was roughly 15% of 2025 revenue, and the business is overwhelmingly U.S.-domestic (about $1.59 billion of $1.63 billion total revenue), so a U.S. shale slowdown would broadly depress it. Layered on top is regulatory cost — EPA hydraulic-fracturing scrutiny and Tier 4 emissions rules pushing fleet upgrades, plus tariff uncertainty on imported equipment materials.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- revenue driven by oil/natural gas prices and U.S. well-completion/rig-count activity; OPEC controls ~40% of global oil productionmedium
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.”
Customer concentration
- one private E&P customer = ~15% of revenue in 2025 (13% in 2024); substantially all customers in the energy industrymedium
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.”
SEC filing →As of 2026
Geographic concentration
- revenue overwhelmingly U.S.-domestic oilfield (98%+); activity concentrated in U.S. basins (Permian via Pintail)medium
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”
Regulatory & policy
- EPA hydraulic-fracturing/pressure-pumping and Tier 4 emissions regulation; tariffs on equipment materialsmedium
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.”
SEC filing →As of 2026
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