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RPC Inc (NYSE:RES)
Q2 2019 Earnings Call
Jul 24, 2019, 9:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning and thank you for joining us for the RPC Inc's Second Quarter 2019 Financial Earnings Conference Call. Today's call will be hosted by Rich Hubbell, President and CEO and Ben Palmer, Chief Financial Officer. Also, present is Jim Landers, Vice President of Corporate Finance. [Operator Instructions]

Jim will get us started by reading the forward-looking disclaimer.

Jim Landers -- Vice President of Corporate Finance

Thank you, Lisa. And good morning. Before we begin our call today, I want to remind you that in order to talk about our company, we're going to mention a few things that are not historical facts. Some of the statements that we made on this call could be forward-looking in nature and reflect a number of known and unknown risks. I'd like to refer you to our press release issued today, along with our 2018 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 EBITDA, which is a non-GAAP measure of operating performance. RPC uses EBITDA as a measure of operating performance, because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. We're also required to use EBITDA to report compliance with financial covenants under our revolving credit facility.

Our press release issued today and our website contain reconciliations of this non-GAAP financial measure to net income, which is the nearest GAAP financial measure. Please review that disclosure, if you're interested in seeing how it's calculated. If you've not seen our press release and would like to see one now, please visit our web site at www.rpc.net.

I will now turn the call over to our President and CEO, Rick Hubbell.

Richard A. Hubbell -- Chief Executive Officer & President

Jim, thank you. This morning, we issued our earnings press release for RPS's second quarter of 2019. RPC's revenues improved compared with the first quarter because of increased customer activity, which benefited most of our service lines. However, our results continue to be impacted by intense competition and customer uncertainty regarding their near-term plans.

As we begin the third quarter, there are indications that drilling and completion activities may decline during the second half of 2019. As a result, we continue to evaluate industry, prospects and adjust our operations accordingly.

Our CFO, Ben Palmer will review our financial results in more detail, after which, I will have a few closing comments.

Ben M. Palmer -- Chief Financial Officer

Thank you, Rick. Second quarter revenues decreased to $358.5 million, compared to $467.9 million in the prior year. Revenues decreased compared to the prior year, primarily due to lower pricing, lower activity levels, and an unfavorable materials mix within RPC's pressure pumping service line.

Operating profit for the second quarter of 2019 was $8.4 million, compared to $75 million in the second quarter of the prior year.

EBITDA for the second quarter was $51.2 million, compared to $119.2 million for the same period last year. For the second quarter of 2019, RPC reported $0.03 diluted earnings per share, compared to $0.28 diluted earnings per share in the prior year.

Cost of revenues during the second quarter of 2019 was $265.1 million, or 73.9% of revenues, compared to $312.1 million, or 66.7% of revenues during the second quarter of 2018. Cost of revenues decreased due to lower materials and supplies expense, including a change in materials mix, as well as lower fuel costs consistent with lower activity levels within RPC's pressure pumping service line. Cost of revenues as a percentage of revenues increased due to lower revenues, increasingly competitive pricing for our services, and labor cost inefficiencies.

Selling, general and administrative expenses increased slightly to $43.3 million in the second quarter of this year, compared with $42.5 million in the second quarter of the prior year. Depreciation and amortization expense was $42.9 million in the second quarter of 2019, an increase of 7% compared with $40.1 million in the prior year.

Technical Services segment revenues for the quarter decreased 24.9% compared to the same quarter in prior year. Operating profit in the second quarter of 2018 was $75.6 million compared to $6.9 million in the current quarter. These decreases were due to lower pricing and lower activity within our pressure pumping service line. Our Support Services segment revenues for the quarter increased to $20.5 million from $18.1 million in the second quarter of 2018, due to higher activity levels across all service lines within this segment.

On a sequential basis, RPC's second quarter revenues increased 7.1% again to $358.5 million from $334.7 million in the first quarter. This is due to higher activity levels. Cost of revenues during the second quarter of 2019 increased by $12.7 million or 5%, primarily due to increases in material -- I'm sorry, maintenance and repair expenses consistent with higher activity levels. As a percentage of revenues, cost of revenues decreased 1.5 percentage points from 75.4% in the first quarter to 73.9% in the current quarter, due to lower materials and supplies expense, primarily lower proppant costs.

Selling, general and administrative expenses decreased slightly to $43.3 million during the second quarter of this year, compared to $45.4 million in the prior quarter. RPC generated an operating profit of $8.4 million during the second quarter of 2019, compared to $2.2 million operating loss in the prior quarter. RPC's EBIDTA increased from $40.8 million in the prior quarter to $51.2 million in the current quarter. Our Technical Services Segment revenues increased by $23.9 million, or 7.6% to $238 million in the second quarter.

RPC's Technical Services Segment operating profit was $6.9 million compared to a $4.5 million operating loss in the prior quarter. Support Services segment revenues in the second quarter were $20.5 million, essentially unchanged from the prior quarter. Operating profit was $4 millions in the current quarter, compared to $3.1 million operating profit in the prior quarter.

RPC's pressure pumping fleet remains at approximately 1.5 million hydraulic horsepower. During the second quarter 16 of our pressure pumping fleets manned and generating revenue. As previously announced, two pressure pumping fleets are on schedule to be delivered and placed in service by the end of the third quarter. However, we do not expect the number of manned and revenue generating pressure pumping fleets to increase.

Second quarter 2019 capital expenditures were $70 million and we currently estimate full-year capital expenditures to be approximately $260 million or $130 million in the second half of the year. Our updated 2019 capital expenditures is lower than the estimate we share three months ago because we canceled two [Indecipherable] additions, as well as delayed several proposed operational location improvements. At the end of the second quarter, our cash balance was $47.6 million and we had no outstanding debt.

And with that, I'll now turn it back over to Rick for some closing remarks.

Richard A. Hubbell -- Chief Executive Officer & President

Ben, thank you. Yesterday our Board of Directors suspended our quarterly cash dividend. RPC is competing in a very challenging operating environment. We remain focused on delivering quality services to our customers and maintaining a conservative balance sheet. In light of the dynamic industry trends, we continue to evaluate our capital investments and position our company to generate adequate returns over the long term.

Thank you for joining us this morning on the conference call. And at this time, we'll open up the lines for your questions.

Questions and Answers:

Operator

Thank you. [Operator Instructions] We'll take our first question from Brad Handler with Jefferies.

Brad Handler -- Jefferies -- Analyst

Thanks. Good morning, guys.

Richard A. Hubbell -- Chief Executive Officer & President

Good morning.

Ben M. Palmer -- Chief Financial Officer

Hi, Brad.

Brad Handler -- Jefferies -- Analyst

Hi. I guess just to help us all think. Maybe my first question was the routine one. But Jim, could you share the percentage of revenues coming by product line in the way that you do?

Jim Landers -- Vice President of Corporate Finance

Yes, Brad. Absolutely. So what I'm about to give you is percentages of second quarter consolidated RPC revenues for our largest service lines. So for the second quarter ended June 30th, pressure pumping was 47.4% of revenue. ThruTubing Solutions was 31.5% of revenue. Coiled tubing was 5.9% of revenue. Rental tools, which is in our Support Services segment was 3.9% of consolidated revenues. Nitrogen was 3.4% of revenues.

Brad Handler -- Jefferies -- Analyst

Great. Thank you very much. [Indecipherable] sort of think through that a little bit. I guess, first, maybe, I'll start with just some second quarter or maybe a little bit more color from you guys. Should we think that your experience in the second quarter reflects, when you talk about customer uncertainty, how much of it reflects customer budget management as well? Was that a different way of saying the same thing, or are we dealing with a different dynamic when you talk about customer uncertainty?

Benjamin M. Palmer -- Chief Executive Officer

Brad, this is Jim. Just anecdotally, we know of customers or we know of job delays and various things like that. We do believe that customers are managing their budgets more closely. I wouldn't say on a month-to-month basis because the projects just don't work that way. But certainly as we approach mid-year, there may have been some people in light of commodity price or oil prices that were in the low 50s rather than the low 60s, who were slowing down a bit to manage their budgets. So we do think that played maybe some role in activity, not being more robust.

Brad Handler -- Jefferies -- Analyst

Okay. [Indecipherable] That's OK. That's fine. But if the predominant role was just a hesitancy. What visibility are your customers giving you about the second half? And you, obviously, were talking about risk of declines. I suppose you're getting pretty clear signals from some of them that they intend to -- if they had a program in place, they intend to now slow walk that or they intend to hold off until a more robust commodity environment? Again, little bit of color around what your customer are telling you would be helpful.

Ben M. Palmer -- Chief Financial Officer

Brad, this is Ben. Appropriate question. I think some of it is are customers, again, are uncertain. I think they are being cautious. They don't necessarily -- they're interested in us and our competitors. Quoting jobs and they're evaluating what the cost of completing wells are and trying to make decisions about whether they're moving forward or not. So, we don't really get typically a whole lot of guidance from them in terms of specifically what they're doing with their budget.

So I think our comments are more-broader. And reading the tea leaves and reading the press about what companies are trying to do [Indecipherable] free cash flow and they're not in a rush to try to spend their budgets and they're just being cautious and slower to make decisions. And just those types of responses by them are just creating, in our minds, uncertainty about the level of activity that we can expect. And so, we are remaining cautious. Therefore, we will remain cautious.

Brad Handler -- Jefferies -- Analyst

Right. All right. Well, let me turn it back. I'm sure there are many others with questions [Indecipherable] queue. So, thanks.

Ben M. Palmer -- Chief Financial Officer

Okay, Brad. Thanks.

Operator

We'll take our next question from Praveen Nara with Raymond James.

Praveen Nara -- Raymond James. -- Analyst

Good morning, guys.

Richard A. Hubbell -- Chief Executive Officer & President

Hi, Praveen.

Praveen Nara -- Raymond James. -- Analyst

Hi. I guess as we think about the second half and seeing customers slow down. Can you talk about your willingness to stack equipment? Or how you guys think about adjusting the stack crude count as we go through the quarter? Is it as activity falls we will stack equipment? Or is there some interest in holding onto additional equipment for potential recovery in 2020?

Jim Landers -- Vice President of Corporate Finance

Praveen, this is Jim. I think we've signaled that we are looking at cost reductions and rightsizing the business to do what we need to do if that's appropriate. Right now what we're doing with pressure pumping specifically is, really evaluating the equipment and fleet configuration. That is probably a more overriding concern than thinking about stacking additional fleets at this point, which I guess is another way of saying we aren't sure at this point, but we are really assessing the condition of our equipment and figuring out the right place and the right configuration for the new equipment that we have coming in during third quarter. So that's probably more our focus right now than any anything we could tell you about additional fleet stacking.

Praveen Nara -- Raymond James. -- Analyst

Okay. That's helpful. And I guess, maybe -- Sorry.

Ben M. Palmer -- Chief Financial Officer

I'm sorry. Yeah. Praveen, this is Ben. Let me just add a little bit. Obviously, we're pleased that we had improved results from the first quarter and the second quarter. So that signals some progress on our part. But as Jim indicated, we're sitting back assessing, again, the environment -- the competitive environment and customers and what they are signaling or seen to be signaling and what everybody is saying. So, as Jim indicated, we're looking at our equipment fleets, again, what is it that we want to have available to us? What makes sense to have available in terms of banned fleet? And in my remarks, I indicated that despite the fact that we do have some newer highly capable equipment coming in that we don't expect at this point in time, given our assessment of the next two or more or at least next couple of quarters, that we're not necessarily going to be staffing up additional crews, just because we have that new equipment. We think in the current environment we're going to be as we always believe, we try to be prudent and we are making some assessments about the number of fleets that should be manned in the current environment.

Again, we're in the business, we're going to continue to compete in the business and there is just a lot of dynamics going on in our industry right now. And so, we're undertaking a process to try to decide where we should be positioned for at least the next couple of quarters and we are, I'd say, going through that process now.

Praveen Nara -- Raymond James. -- Analyst

Right. That's very helpful. So, I mean, I know it's early to think about 2020 and this is something you're likely going through the process of. But as you think about that in the context of capital spending, obviously, you guys have demonstrated a lot of flexibility in the prior years of being able to flex that capital spending budget. But how do we think of it in the context of upgrading the equipment like you're doing this year? And into what capital spending could be next year? And then also how do electric fleets play to that decision making process?

Ben M. Palmer -- Chief Financial Officer

This is, Ben. So, yes, relative to 2020 we've talked before about this, if we believe the -- longer term as the industry allows us, that we will plan to continuously, not necessarily yearly, but we will continuously evaluate and look to upgrade the fleet. At this point in time, given in part that we've got these two new fleets coming on board in 2020, the chances are unless things improve, we won't be adding any capacity in pressure pumping in 2020. If conditions improve and we see that we have opportunities, we'll have the flexibility to add capacity. But at this point, we don't expect to add any. As it relates to electric fleets, it's something that we are -- as many people are, we're studying it, we're talking to vendors, we're talking to customers, everybody wants to learn about it, try to understand what the opportunities are, but also what the uncertainties are and what the complexities are. From our perspective, there's still a lot of unknowns about it in uncertainties. And so, it's not something we're planning to rush into, but we're open to opportunities if they present themselves. Working with customers or otherwise, but it is unlikely that we will go out on a spec basis -- highly unlikely that we will go out on a spec basis and have an electric fleet without some very real and specific financial incentives and guarantees and so forth.

And I don't see that forthcoming, but it's something that we're -- again, open to talking to customers about and vendors and we want to learn about it. We think it clearly has seems to have some attractive aspects to it. But it's something that I'm not -- it's not clear to me whether anybody has been able to figure out what the right configuration is, both from a design perspective and from an operational perspective. And then how that translates into relationships with customers and pricing and pricing differentials between conventional equipment and the new technology. So there's just still a lot of decisions to be made there. I think a lot of research to be conducted and we don't expect to be on the leading edge of that.

Praveen Nara -- Raymond James. -- Analyst

All right. That's very helpful color. Thank you very much.

Ben M. Palmer -- Chief Financial Officer

Thanks, Praveen.

Operator

Our next question comes from Chase Mulvehill with Bank of America, Merrill Lynch.

Chase Mulvehill -- Bank of America Merrill Lynch -- Analyst

Hey. Good morning, fellas. I guess, I kind of come back to the -- I guess come back to the 3Q outlook here. You know, it sounds like you don't have a ton of visibility. But maybe could you talk about, I guess, how many manned fleets do you have today? I mean, it sounds like you're going through the process of trying to understand in the back half how many you're going to have. But can that start there and then maybe if you drop some fleets, is it fair to assume that revenue would be down in 3Q and then maybe, what about profitability? Could you drop some less profitable fleets and get profitability up if revenue was down?

Jim Landers -- Vice President of Corporate Finance

Chase, this is Jim. 16 fleets manned and operating right now. We cannot -- I cannot tell you how many fleets we will have manned and operating on September 30th. If we do idle any more fleets, there will be fleets that are -- that are inefficient due to labor cost inefficiencies and there is certainly a scenario where a low utilized fleet today which is idled would actually improve the bottom line, although revenue would decline. But those are the kind of metrics we're looking at and solving for right now. We do see indications of weakness in third quarter, but we just cannot tell you how many fleets we think will have active on September 30th.

Ben M. Palmer -- Chief Financial Officer

Chase, this has Ben. I think that's part of the business judgment to be made is what -- we think there is potentially the opportunity to adjust the number of fleets and maybe have revenue increase. Right? I mean, there's a lot of dynamics, we're working hard to -- as we've talked about before, trying to get more of the right customer relationships. There certainly is the potential to have improvements in revenue and decline in cost. So we're trying to find, as Jim said, solve for or try to assess or try to make a judgment about what the appropriate number. When I say appropriate number, the number that we feel we should move into the latter half with.

So that's a little more color on that. Let me say, in terms of the E-frac, I said earlier that, we don't expect to be on the leading edge. We expect to be out there trying to understand what the potential benefits and operational opportunities and challenges are, we're going to be on the leading edge of that, but I don't expect we're going to be on the leading edge of spending new capital on electric fleets.

Chase Mulvehill -- Bank of America Merrill Lynch -- Analyst

Yes. I think that's the right decision too. There's a lot of unknowns out there right now to deploy that capital and not really have some certainty about where things are going to go across the industry. It makes a lot of sense. So I guess a quick follow-up. When I think about 2Q margins, revenue came in stronger, you had 16 fleets rather than kind of 17 fleets that you had maybe anticipated. So it feels like utilization across the fleet was better than at least what we felt, but margins came in softer. So maybe kind of help frame that -- the margin in 2Q? Kind of what happened there? I mean, was it more pricing? Was there a fleet or two that really struggled from an operational standpoint? Kind of just help us understand the margin profile in 2Q.

Jim Landers -- Vice President of Corporate Finance

Chase, it's Jim. Just a couple of things to put out. Pricing in pressure pumping was relatively stable. It might have declined a little bit, but pricing was stable in second quarter. Utilization was -- we certainly would have liked it to have been better, but utilization did improve. The materials mix impacted us a bit, more of our customers brought their own sand. And we continue to be pumping some invasive sand. And that is because proppant is our largest cost, it's also our largest revenue line item. And to the extent that there is a markup, that would have impacted margins a bit, not knowing exactly what your model had in it. But that is a possibility as well.

Chase Mulvehill -- Bank of America Merrill Lynch -- Analyst

Ok. I'll squeeze one more real quick one, it should be pretty quick. So dividend -- a couple of questions on the dividend. You know, you're kind of maybe down to your minimum cash levels. So how do you think about the dividend and the potential of kind of having to pay that with that?

Ben M. Palmer -- Chief Financial Officer

We have suspended the dividend for the time being. We have done that historically back in '15 and '16. So that is suspended at this point. So it's a quarter-to-quarter decision and that's where we are.

Chase Mulvehill -- Bank of America Merrill Lynch -- Analyst

All right. I missed that. I apologize. Okay. All right. Thank you. [Indecipherable]

Ben M. Palmer -- Chief Financial Officer

Yeah. Thank you, Chase.

Operator

We'll take our next question from Tommy Moll with Stephens Inc.

Tommy Moll -- Stephens Inc. -- Analyst

Good morning, and thanks for taking my questions.

Ben M. Palmer -- Chief Financial Officer

Sure, Tommy.

Tommy Moll -- Stephens Inc. -- Analyst

It's certainly understandable, given the limited visibility. If you don't want to throw out a bogey for 3Q. But I just want to ask anyway, are you willing to say on revenue and/or even flat up or down sequentially for 3Q? Best guess.

Richard A. Hubbell -- Chief Executive Officer & President

We we don't provide guidance and we're not. So we won't here either.

Tommy Moll -- Stephens Inc. -- Analyst

Okay. In terms of capital allocation. If the macro remains challenged through the second half of the year, you've suspended the dividend, reduced the capex budget. As we go forward would you continue to solve for avoiding, needing to tap the revolver as we get into third and fourth quarter, potentially with additional capex reductions or potentially operational adjustments to your operational strategy. How many fleet you're running, etc? Or were there be some willingness on a short term basis anyway to tap the revolver?

Ben M. Palmer -- Chief Financial Officer

Tapping revolver is not absolutely taboo, but it certainly is a good metric for us, a good target for us to shoot for. Our intention is not to have to use the revolver. We're trying to make the right judgments and business decisions. And that's, again, as I said, that's not the primary driver, but it's a good indicator of where we are and how we're doing.

So it's our intention to try to manage to that and not having to use it. But, I guess, that's the primary point. It's not taboo, it's there for a reason and we'll use it if we need it. And -- but we clearly don't want to manage the business to say, it really doesn't matter whether we've used it and whether the debt is growing. It's clearly something we want to -- we want to maintain the level of conservatism that we've had over many years. And so, we hope to avoid having to use it.

Tommy Moll -- Stephens Inc. -- Analyst

Okay. Thank you. That's all for me.

Operator

We'll take our next question from Marc Bianchi with Cowen.

Marc Bianchi -- Cowen -- Analyst

Thank you. I guess, just wanted to start with the commentary you had about the second half here. And it sounds like from the way you phrased it, that you're anticipating some decline, but maybe you haven't seen it yet thus far in the quarter. Is that a fair characterization of what you guys see?

Jim Landers -- RPC, Inc -- Financial Analyst

Marc, this is Jim. It's really hard to call this one week-by-week. We're three weeks into July and we haven't closed the books for July yet. I know that goes without saying. We just know from our operational reviews that customers have talked about slowing down in the second half of the year. They talked about budgets. Continuing frac fleet efficiency does not help the situation. And so, that is our view of the world right now that, the second half of the year will slow down for us. We just don't -- we don't have a whole lot of better information than that right now.

Ben M. Palmer -- Chief Financial Officer

I think, one thing that I will just spend -- will comment on that. I guess our assumption is -- in terms of our planning is that, the fourth quarter again will be weaker than we would like it to be, just because that's the way it is. That's what's happened in the last two years. So we have that as our backdrop for what should we be doing now, given that there is expectation that the fourth quarter will be less activity than we might experience in the first, second and third quarters. So that is part of our planning assumption at this point.

Marc Bianchi -- Cowen -- Analyst

Right. Right. Okay. And these two fleets that are coming in here toward the end of the third quarter, all else the same. They're -- sounds like they're going to be replacing two of the 16 fleets that you have right now. Presumably these are fleets that customers are really looking forward to working with. Would you anticipate that those have a positive impact to your overall EBITDA once those come in? All else the same.

Ben M. Palmer -- Chief Financial Officer

Yes, Marc. Absolutely. Other things equal, demand would be higher, the footprint of this new equipment is smaller. It requires fewer people, it's more efficient for maintenance downtime or maintenance expense and associated downtime would be lower. So, yes, all else equal. That would be an offset to any potential revenue declines that come from customer activity slowdown.

Marc Bianchi -- Cowen -- Analyst

Got it. And then just one more on the capital allocation for 2020. I know, Ben, you mentioned that you wouldn't be adding any pressure pumping capacity in 2020, assuming things still look kind of depressed. But my understanding was that, these these two fleets that you're adding here that we are just talking about are more replacement than new capacity. I just want to make sure we've got our vocabulary kind of on the same page. When you say no new capacity, does that mean that, for example, these two fleets that we're talking about, you wouldn't be adding another two like that in 2020?

Benjamin M. Palmer -- Chief Executive Officer

Yes, at this point in time, we would not be adding any new equip.

Marc Bianchi -- Cowen -- Analyst

Okay. So, then it's fair to think about the second half run rate and capex being kind of what 2020 could look like as a starting point?

Ben M. Palmer -- Chief Financial Officer

No, no. Second half of '19 reflects the arrival of the equipment that we're just speaking to. So full-year, $260 million is what we're looking at for 2019, but that includes, again, some coiled tubing. That includes several -- some growth capex. And at this point, we're not -- we're anticipating very little growth capex for 2020. And growth -- or replacement, we're expecting very little. Other than -- we're not expecting to spend capex on anything other than maintenance capex for next year. So we're not expecting to order new equipment -- new equipment to add to fleets.

Marc Bianchi -- Cowen -- Analyst

Right. So if I've got kind of -- I'm looking at by numbers right here. I mean, is it fair to think that, that maintenance number is below $150 million?

Ben M. Palmer -- Chief Financial Officer

That's a reasonable assumption?

Marc Bianchi -- Cowen -- Analyst

Okay. Great. Thanks very much. I'll turn it back.

Ben M. Palmer -- Chief Financial Officer

Absolutely. Thank you.

Jim Landers -- Vice President of Corporate Finance

Thanks, Marc.

Operator

Our next question comes from Vebs Vaishnov with Howard Weil.

Vebs Vaishnov -- Howard Weil -- Analyst

Hey, good morning, guys.

Richard A. Hubbell -- Chief Executive Officer & President

Hey, Vebs.

Vebs Vaishnov -- Howard Weil -- Analyst

I guess just if we can talk about how other non pressure pumping business progressing, particularly the ThruTubing business? That would be helpful.

Jim Landers -- Vice President of Corporate Finance

Vebs, this is Jim. Happy to you. It was a decent quarter I think for most of our other businesses. ThruTubing continues to benefit from some of its new products and some of its innovative technologies. It's sequentially revenue was flattish, but it's -- it continues to be a good performer for us. Coiled tubing, we're upgrading the fleet. So we need to work on that a little bit. But it did improve sequentially. Our snuffing [Phonetic] service line, improved, rental tools was flat. I mean, all this is kind of transparent to you at this point.

So the other businesses are kind of performing well, actually, better than the rig count, but kind of along with completion activity and everything else. So it's relatively flat environment sequentially. And, of course, pressure pumping revenues did improve by that, we're talking about the dynamics relating to that.

Vebs Vaishnov -- Howard Weil -- Analyst

So as you guys think about drilling and completions activity declining in second half. Is that fair way of thinking for the rest of the non-pressure pumping business as well?

Jim Landers -- Vice President of Corporate Finance

Probably those that are exposed to completion and then drilling too. So, yes.

Vebs Vaishnov -- Howard Weil -- Analyst

Okay.

Jim Landers -- Vice President of Corporate Finance

Others, I mean, some of the businesses have improvements for various other reasons. So it's kind of hard to tell. We think the real exposure to a decline in completion activities will be pressure pumping.

Vebs Vaishnov -- Howard Weil -- Analyst

Okay. And I understand we don't have any real visibility into third quarter or fourth quarter. But just if I think about what would your early thoughts on 2020 US activity would be. Would you give a guess?

Jim Landers -- Vice President of Corporate Finance

Tell us the price of oil and we'll tell you what activity it looks like. I'm sorry. We don't mean to be flipping about it. It will be just ingenious to tell you that we know what 2020 looks like and we're not sure what third quarter of 2019 looks like.

Ben M. Palmer -- Chief Financial Officer

Well, and again, from a planning assumption standpoint we are not planning on and our assumption is not that activity levels next year will be picking up to any significant degree. So we're not counting on it, but we don't have any better information than anybody else does with respect to what Jim said, the commodity prices and customer budgets and all those things. So we're not planning on it and we're not going to be positioning the company for growth next year. We're going to be deciding what's the appropriate position for the company, given the current environment, but prepare make adjustments, hopefully upward adjustments to capture upward benefits and activity levels when that does occur.

Vebs Vaishnov -- Howard Weil -- Analyst

Completely fair given just no visibility. I guess where I was going with that is, let's say, if we think US activity in second half is flattish from here on and maybe 2020 is flattish, just like what steps are needed to be taken to improve profitability either in by fleet bases in pressure pumping or what are the other things that you would need to think about in terms of the total corporate structure?

Ben M. Palmer -- Chief Financial Officer

Well, the dynamics, the same things we've been trying to work on is yet the right mix of customers. The customers that have the higher and more consistent revenue. That's what we're still striving for. If we're able to -- and then the question becomes, what's the appropriate level of staffing to execute with those customers? So that's still the metric -- the approach that we're trying to take and we're hopeful we've made some progress and we hope to make additional progress in that regard. And we'll take those successes and that change in our profile. We'll take that into account when making decisions about what the right operational platform that we need to be able to provide quality services to those particular customers.

So that's what we'll react to. And that is our -- opportunity at this point is to increase the number of customers to give us that more consistent work that can generate more predictable results and better cash flows and returns and so forth over time. So we're going to remain disciplined with our capex and we will remain disciplined with our return criteria as it relates to any new investments and how we try to, again, manage the business and staff the business and that sort of thing.

Vebs Vaishnov -- Howard Weil -- Analyst

That's helpful. And thank you for taking my questions.

Ben M. Palmer -- Chief Financial Officer

Absolutely.

Jim Landers -- Vice President of Corporate Finance

Thank you, Vebs.

Operator

Our next question come from Waqar Syed with AltaCorp Capital.

Waqar Syed -- AltaCorp Capital -- Analyst

Thanks for taking my question. You have assets in multiple bases in the US. Is this weakness that you are mentioning about second half, is it in all basins or is it more heavily weighted toward the Haynesville and MidCon where you have some decent exposure versus the Permian and DJ and the Bakken?

Jim Landers -- Vice President of Corporate Finance

Waqar, this is Jim. Welcome back.

Waqar Syed -- AltaCorp Capital -- Analyst

Thank you very much.

Jim Landers -- Vice President of Corporate Finance

We are seeing some weakness probably in the MidCon. You mentioned the DJ. We actually don't have extensive operations there. The Permian is probably a bit stronger relatively than some of the other basins. And that may be about the best that we can [Indecipherable] seen some weakness in the Bakken also in certain areas.

Waqar Syed -- AltaCorp Capital -- Analyst

How about the Haynesville? Do you have some, I believe, exposure there as well?

Jim Landers -- Vice President of Corporate Finance

We do, we do. And that -- the Haynesville itself is not that strong because of the the completion requirements and the current price of natural gas. We do some other work there in the Cotton Valley, which is fine, I guess, probably weaker -- again, weaker than the Permian.

Waqar Syed -- AltaCorp Capital -- Analyst

Okay. Fair enough. Now, I also saw a days receivables went up. Could you comment on what's going on there with you customers? And secondly, what was the working capital outflow in the quarter and how do you expect that to change in the coming quarters?

Jim Landers -- Vice President of Corporate Finance

Waqar, could you repeat the first part of that question? I'll ask for seconds?

Ben M. Palmer -- Chief Financial Officer

Something went up.

Jim Landers -- Vice President of Corporate Finance

Yeah. Something went up. We're not...

Waqar Syed -- AltaCorp Capital -- Analyst

Yeah. Days receivables. The payments slow down from your customers?

Ben M. Palmer -- Chief Financial Officer

Maybe slightly, there are no particular concerns there at this point in time. I mean, I think it's normal. You know, ebbs and flows, we're comfortable with the quality of our credits. And you asked about going forward, obviously, it will depend upon activity levels. We're not expecting terms to continue to extend or are there to be any significant changes in the dynamics of our working capital. It will respond to what business activity levels are for the most part.

Waqar Syed -- AltaCorp Capital -- Analyst

And what was working capital change in the second quarter? Cash inflows, outflows?

Jim Landers -- Vice President of Corporate Finance

We haven't published our Q yet.

Ben M. Palmer -- Chief Financial Officer

Calculate it based on the balance sheet.

Waqar Syed -- AltaCorp Capital -- Analyst

Okay.

Jim Landers -- Vice President of Corporate Finance

I'm looking at it.

Waqar Syed -- AltaCorp Capital -- Analyst

That's OK. I just want to see what the impact was on the cash flow table from working capital changes.

Ben M. Palmer -- Chief Financial Officer

Again, a lot of people find that before. I'd rather not provide a number on the call [Indecipherable].

Waqar Syed -- AltaCorp Capital -- Analyst

That's fine. And then just final question, in terms of service intensity. Are you seeing that now flattening out? Are you seeing still pick up? And in terms of your zipper fracs, what percentage of your fleet was running as zipper fracs?

Jim Landers -- RPC, Inc -- Financial Analyst

Waqar, it's Jim again. Our zipper frac in 24 hour percentages stay fairly consistent over the recent quarters, about -- between 60% and 65 % of our work in the second quarter was zipper frac versus traditional. Service intensity seems to be leveling out at this point. There's not a discernible real change one way or the other regarding -- if we're talking about sand, profit per stage or that sort of thing, it seems -- it's leveling out at this point.

Waqar Syed -- AltaCorp Capital -- Analyst

Okay. And then maybe with just one last question. So as you add these two fleets they will have a fourth quarter impact. Is that correct? Not in third quarter?

Jim Landers -- RPC, Inc -- Financial Analyst

Yes. Minimal impact on third quarter, it'll be more fourth quarter, which again, we're expecting it to be a difficult environment. So uncertain about what the contribution we see. But we do think all things equal. We expect that we'll be working some in the fourth quarter and position very well hopefully when activity picks up a bit in early 2020 compared to the fourth quarter.

Waqar Syed -- AltaCorp Capital -- Analyst

Sounds good. Thank you very much. I appreciate the answers.

Jim Landers -- RPC, Inc -- Financial Analyst

Thanks, Waqar.

Operator

Our next question comes from George O'Leary from Tudor Pickering Holt & Company.

George O'Leary -- Tudor Pickering Holt & Company. -- Analyst

Good morning, guys.

Ben M. Palmer -- Chief Financial Officer

Hey, George.

George O'Leary -- Tudor Pickering Holt & Company. -- Analyst

So just trying to think about the the cadence of activity in the second quarter. Given you guys haven't closed the book on July. But just to think about how maybe July might have started off. Could you maybe describe the -- just the utilization, the stages, the hours pumped. However, you guys think about it days worked on April versus June for your fleets. Any color there or even just directionally how activity trended throughout the quarter would be would be helpful? Again, just to frame the thought process for how third quarter might start out.

Jim Landers -- Vice President of Corporate Finance

George, we get into trouble every time we talk about granular detail. [1:00:52] actually there was a pun intended. So we are not going to talk about weeks or that sort of thing. During the quarter, we can say that the end of the quarter was a bit stronger than the beginning. But let's not go down a rabbit hole about how much stronger or percentages or things like that. We published our second quarter financial results. We just [1:01:15] to stand as they are. Sorry.

George O'Leary -- Tudor Pickering Holt & Company. -- Analyst

That's OK. And then from third quarter perspective, just with the two fleet deliveries, could you frame just the cadence of the capex spend in the back half? Is Q3 going to be the heaviest quarter from a capex perspective?

Ben M. Palmer -- Chief Financial Officer

Slightly heavier.

George O'Leary -- Tudor Pickering Holt & Company. -- Analyst

All right, guys. [Indecipherable] answer. So I'll turn it back over.

Jim Landers -- Vice President of Corporate Finance

All right, George. Thank you.

Operator

Our next question comes from Chris Foy with Wells Fargo.

Chris Foy -- Wells Fargo -- Analyst

Good morning, guys.

Ben M. Palmer -- Chief Financial Officer

Hi, Chris.

Chris Foy -- Wells Fargo -- Analyst

Set of question actually about the coil business. I think you mentioned that it was actually tracking pretty well, but the capex cut is coming primarily from canceling two coil quarter orders. Has there been any deterioration in pricing there? Or is this mostly just capex discipline driven?

Ben M. Palmer -- Chief Financial Officer

I think more the latter. We're pleased with the progress so far with the new units that we bought in, they are getting into the fleet and up to speed and establishing good customer relationships. So we feel that can be a nice contributed going forward if the environment allows it. Pricing certainly is very competitive. It remains competitive in all segments of our industry, of course. But I wouldn't say that there's been near term discernible changes in pricing. Some of that is new technology that we brought on board. It's very similar but different than what we had in the past. So we're still sort of in a discovery mode as well. So we can't really compare last year to this year. But we think there are some reasonable opportunities for us, and I'm happy that we have them in our fleet now.

Chris Foy -- Wells Fargo -- Analyst

Okay. And then my follow-up -- just a follow-up on Waqar's question. Basin scale is an important issue for profitability and frac, at least in our view. As you focus on cost and efficiency, are you making any tough decisions or evaluating where you might need to exit any of these basins going forward?

Ben M. Palmer -- Chief Financial Officer

Sure. I think we're always looking at what our operational platform looks like. The question about operational efficiencies with scale. We're seeing with the mix of our business with materials, the more customers provide materials that scale from a logistics standpoint becomes all things equal or less important. It really gets down to having quality equipment and delivery a quality service. Scale can have some benefits, but I think we evaluate our -- we evaluate our reserve service line -- that service line location by location, so we'll continue to monitor that performance and make what we believe are appropriate adjustments. So we're willing to do that. Are looking very hard and looking at the dynamics and the changes in the industry and how our customers are changing and so forth. And so, as we opened up our comments, we're taking a hard look at the businesses. Given the current environment and the fact we're just during that time of the year, right? We're starting up our planning process, so it's a good time to go through that.

Chris Foy -- Wells Fargo -- Analyst

Okay. Thanks. I'll turn back.

Operator

We'll take our next question from Connor Lynagh with Morgan Stanley.

Connor Lynagh -- Morgan Stanley -- Analyst

Yeah. Thanks. Good morning

Ben M. Palmer -- Chief Financial Officer

Good morning, Connor.

Connor Lynagh -- Morgan Stanley -- Analyst

I think we've covered a fair bit here, so I'll just ask a brief one here. The choppiness that you're seeing in the customer base that's driving the expectations of the downturn activity. Is there any clear trend between privates, smaller company, larger companies? Is there anything you'd points you on that front that's driving the outlook there?

Jim Landers -- Vice President of Corporate Finance

Connor, this is Jim. Not really you could argue it probably over a couple of different ways. Public companies maybe under more scrutiny on their budgets. Private companies may or may not have great financing. We certainly understand the question. We understand that it's an important one, but there's nothing discernible for us that's really clear enough to talk about.

Connor Lynagh -- Morgan Stanley -- Analyst

Okay. Fair enough. Actually one more. The margin, certainly, it sounds like you've got a fair bit of inefficiency right now. If we think about what things could look like next year if activity is flattish to this year. How large of an impact with decreasing some of the underperforming fleet, staffing or some like that? How big of a lever is addressing the labor efficiency?

Jim Landers -- Vice President of Corporate Finance

Connor, that is the biggest lever we can pull at this point. And we just haven't done the work to come up with it. I mean, we -- it would certainly improve our Technical Services margins by a number of basis points, even the revenue would be lower. Just trying to get a number and share with you right now. It's a valid question though.

Connor Lynagh -- Morgan Stanley -- Analyst

Okay. All right. Thanks a lot. I'll turn it back.

Jim Landers -- Vice President of Corporate Finance

Thanks.

Operator

We'll take our next question from Brad Handler with Jefferies.

Brad Handler -- Jefferies -- Analyst

Thanks for letting me back in.

Ben M. Palmer -- Chief Financial Officer

Hi, Brad.

Brad Handler -- Jefferies -- Analyst

I was thinking about the -- some others have [Indecipherable] on this thing, but if we're -- just looking at the third quarter again. In coil, you're still getting two new units -- the contribution from two new units as well as, I think, four upgraded units in the third quarter. So the reasonable chance of demand is there that revenues are up nicely in coil, perhaps revenues could still go up in ThruTubing? It seems to have it done dynamic sometime. I know it's obviously affected by the macro. But I guess what I'm getting at is, I'm wondering if there's a chance that pumping is down, but others offset it. And so revenues are more flat on that. In that case, may this -- it's a question ultimately on margin mix, but good margins. If revenues are flat, could the margins follow up? Because today it naturally rise and then naturally fall because of that mix?

Jim Landers -- Vice President of Corporate Finance

Brad, the mix shift that you're outlining for third quarter would probably have -- would probably give an upward bias to margins. Other things equal. That's our caveat. The ideas that you're bringing up are valid. You're talking about more coil tubing unit coming, you're talking about ThruTubing solutions doing well. So we could very easily see a muted sequential decline in revenues. But we're not saying that third quarter is necessarily doom and gloom. But I just have to come back to the lack of visibility that we have right now.

Brad Handler -- Jefferies -- Analyst

Sure. That's fair. Okay. But I appreciate you just sort of validating my thinking a little bit. And then I guess just one more from me. And it's probably -- it's probably, again, just sort of understanding the mindset. So if we think about your choice, your consideration in terms of investing in new fracking equipment. A lot of it is independent of the market because it's all the efficiencies that you describe in answer to an earlier question, but I suppose the problem the problem is the top line still, if you just can't get comfortable with the utilization being adequate to realize those savings than the spreadsheet, if you will, then the return fall apart. Is that kind of where you are sitting right now with the choice to continue to refresh you fleet?

Jim Landers -- Vice President of Corporate Finance

There might be two parts to this, Brad. One is just the natural refreshing of our pressure pumping fleet. The work continues to be very hard on the equipment. It doesn't care how much money it earns for you. The work is still hard on it, and we are dedicated to be in the pressure pumping business. We also have the capital strength to replace equipment when that comes up. So we certainly want to be mindful of capital allocation in our own balance sheet and various other things. But in general, if the market is decent, we will certainly replace our pressure pumping equipment. There's another comment too, which relates to electric frac fleets. We've been looking at them for a long time and talking to customers about it, but they cost a lot more. And in the current environment, if we can't keep the economics that we bring by investing 40% more in the frac fleet and can't have some reasonable assurance of that, then we're going to let somebody else make that investment and figure out how that works. So I hope I'm responding to your question by thinking about those two ways.

Ben M. Palmer -- Chief Financial Officer

I think -- and again, this is Ben. I think you're right. New equipment was higher capability and so forth. It's a net positive, but the decisions are driven to expectations of several -- a few years of performance in terms of payback. So until there is a little more clarity about the competitive environment and the market and our competitors. We know many of our competitors are really, really struggling and what's going to happen to them? How many are going to have to -- how many more are going to do lot of business or restructure and how? Are they going to come back into market? Just like our customers are being much more focused on free cash flow. We always have been. We generated -- we've always been focused on returns to shareholders and buybacks and dividends and trying to be prudent with our capital investments and managing our balance sheet, minimizing our debt and all those sorts of things.

So we're not -- we are focused on those things. We are not focused on trying to grow the fleet. We -- much of our fleet is capable of doing the type of work that we're looking to perform. Some of it is less than ideal, so we're looking at, again, assessing that fleet and perhaps making some adjustments to it. Whatever adjustments we do at this point won't affect what our capacity or activity levels have been in recent quarters. Right? Because we had equipment that's essentially been stacked, not manned, not working. So that's going to be some natural rethink about what the fleet needs to look like. And then we can move forward from there, right? Make decisions about what we think the current environment -- what the environment is today, what environment is going to be and assess our investments in light of whatever the ligher stacks are. And right now, the facts are that -- to us is that, there's not an opportunity in the near term. It's too uncertain to be putting out additional capital for expansion of our fleet. That's our assessment at this point in time and what we would expect for 2020, but we'll see as the coming quarters unfold.

Brad Handler -- Jefferies -- Analyst

I got it. That makes sense. And thank you for expanding on it. Okay. That's it from me. Thank you again.

Jim Landers -- Vice President of Corporate Finance

Brad. Thanks.

Operator

Our next question comes from Dylan Glosser with Simmons Energy.

Dylan Glosser -- Simmons Energy -- Analyst

Hey, good morning, gentlemen. Thank you for squeezing me in. I'll try to be quick. On the last call you guys mentioned potential levers that you could pull to augment free cash flow generation. Can you speak to those and if those levers still remain an option?

Ben M. Palmer -- Chief Financial Officer

I think the levers that we referred to last quarter probably were personnel. We had improved performance from first quarter and second quarter and all things being equal, we were pleased with that. Those are still and we talked about those earlier. Those are the primary levers, it's going to be on the number of manned feelts and our costs in general. So those are the levers, that would be our costs and primarily our labor costs.

Dylan Glosser -- Simmons Energy -- Analyst

Okay, thank you. And last one from me. If you guys increased your stock repurchases this past quarter. Can you speak to your strategy with that moving forward? And are you guys likely to increase your share buybacks before reinstating the dividend?

Ben M. Palmer -- Chief Financial Officer

I think that's a decision that the Board makes based on recommendations in the current environment, given that we've suspended our dividend and that sort of thing. There's a lot of dynamics that go into that. Reasonable question, but, obviously, in the buybacks, there is more flexibility in terms of the timing with which you can make those decisions as opposed to a dividend. Obviously, it gets approved at the board meeting and that has a specific time frame on it. So, that's just to say that maybe it's more likely that we would do some share repurchases before the dividend was put back into place with that may just be the timing of our visibility and decisions relative to when the Board meetings occur and those decisions can be made.

Dylan Glosser -- Simmons Energy -- Analyst

That awesome. Thank you guys for answering my questions. I'll turn it back.

Ben M. Palmer -- Chief Financial Officer

Thanks.

Operator

[Operator Instructions] We'll take our next question from Chuck Minervino with Susquehanna.

Chuck Minervino -- Susquehanna -- Analyst

Hi. Good morning, guys.

Ben M. Palmer -- Chief Financial Officer

Hi, Chuck.

Chuck Minervino -- Susquehanna -- Analyst

I know lots been covered. I just want to get a little bit more color on what you're thinking on pricing in pressure pumping for the remainder of the year. Just kind to thinking about the second half of last year when activity started to kind of rollover, the pricing impact that happened. And I guess this year, you're looking for some weaker activity as well, but obviously coming off of a different pricing point than you would have been last year, but also offsetting that you have a bunch of equipment in the industry stack. So just kind of trying to get your mindset around what you guys are thinking as far as -- do you think pricing will take a leg down with that activity slowdown? Or do you think it's more of a -- there's not much left to give?

Jim Landers -- Vice President of Corporate Finance

Chuck, this is Jim. More of the latter. We certainly can see a activity decline in the second half of the year, but I don't think we're going to give up [Indecipherable] give up any more pricing. As you kind of pointed out, and I think we certainly all know, we and our peers have been stacking fleets this year rather than working at suboptimal pricing which wears out the equipment, etc. So I think there will always be the marginal competitor who's willing to price 10% or 20% lower than everyone else. But that group is probably getting smaller. And the fleets that have been sidelined at this point certainly speak to a little more discipline than we've seen in past.

Ben M. Palmer -- Chief Financial Officer

And I'll add. This is Ben. I'll add that -- the pricing dynamic that goes into that is, what is the activity that you're going to be able to get and sustain. So pricing in and of itself is a piece of it. And it's good to talk about it in that single dimension. But it's really -- it's really has several dimensions. And so when you price the work, it's not always clear, exactly how much volume you're going to get. So it's hard to compare one pricing sometimes to another. But -- so we are still striving to try to improve our utilization. We're not striving at this point to get more business by lowering pricing. We're trying to be successful at winning work at appropriate levels of pricing and get the volumes so it can improve our results. And hopefully, as Jim alluded to, hopefully the industry is getting just like everybody, just like our customers are becoming more disciplined and we need to all reach that point with supply and demand and so forth, that we all can get back to a period of reasonable returns.

Chuck Minervino -- Susquehanna -- Analyst

Okay, thank you. And just one other question separately. We have seen a transaction in the space in frac and pressure pumping. I just wanted to get your thoughts on -- it sounds like there's some companies out there that are looking to exit their pressure pumping businesses. Maybe there's other companies that are looking to expand and add -- and find the scale benefits. Just wanted to know your thoughts on kind of how the industry is going to kind of progress over the next six months. Do you anticipate seeing more transactions and a consolidation of the industry? Or do you think it's going to be hard for companies that want someone to write them a check to get paid for some of those assets?

Ben M. Palmer -- Chief Financial Officer

This is Ben. I feel that in the current environment it would be difficult to value many of the companies or the companies that maybe would want to exit. Like you said, want to have a check written and that sort of thing. We've always view that the scale can be, we alluded to this, talking about this earlier scale can be beneficial. But we have a pretty diverse geographic -- dispersed geographic exposure to the market. So we have a pretty good figure for that, we don't need -- we would -- we ourselves would not need to acquire somebody to get exposure to another basin. So that wouldn't benefit us and the whole thing with equipment configuration and age and capability and all that, those situations are quite complex and normally somebody who's, again, wanting to exit the business, having your equipment properly maintained is a challenge.

So there's a lot of discussion about combinations taking place and it could be beneficial and if it is beneficial, I would love for it to continue, it's not something that we're going to be -- it's unlikely that we would actively pursue and try to bid up to add additional pressure pumping capacity or resources to our company.

Chuck Minervino -- Susquehanna -- Analyst

Got it. Thank you very much.

Operator

We'll take a follow-up question from Marc Bianchi with Cowen. Please go ahead.

Marc Bianchi -- Cowen -- Analyst

Thank you. I guess I just want to speak through something somewhat philosophically around your business and kind of the outlook over the next number of quarters. If we think the third quarter activity declines, your revenue declines along with that and maybe the second half of this year is perhaps a bottom in US activity. It sounds like whatever the margin leverage is on that, if we put 40% decrementals or something on the top line decline of maybe mid-single digits, we can get you to mid-40s EBITDA per quarter. It sounds like maybe there's more crosscutting opportunity that could occur, maybe pricing for competition or competitive pricing as waning as you mentioned earlier. Could we perhaps see your EBITDA bottoming in that $45 million to $55 million range in the back half of this year? And that's kind of where things settle out assuming the market doesn't change a whole lot? Or are there other puts and takes that you think you would add to that?

Jim Landers -- Vice President of Corporate Finance

Mark, that's a reasonable view, but we are definitely not trying to give guidance on what third quarter is going to be like. And if you look at our fourth quarter and our peers' fourth quarter over the past couple of years, there we're pronounced slowdowns. So I would not venture any sort of guess as to what fourth quarter EBITDA might look like under really any kind of scenario.

Marc Bianchi -- Cowen -- Analyst

Yeah. I guess, what I was trying to grow and that is, if we think something in that range in the 40s is a -- perhaps a low on a run rate basis as go into 2020. Ben mentioned earlier kind of $150 million or less of capex. Yeah. You don't have any interest expense. Your taxes would be minimal. So it seems like you could be perhaps cash generative in that scenario on a sustainable basis. Do you think that's the right way to think about it? Or am I missing anything?

Jim Landers -- Vice President of Corporate Finance

No, that's a fair view and something we would really want to manage to cash flow neutral.

Marc Bianchi -- Cowen -- Analyst

Okay. Great. Thanks very much. I'll turn back.

Operator

And that concludes the question-and-answer session. I would like to turn the call back over to Jim Landers for any additional or closing remarks.

Jim Landers -- RPC, Inc -- Financial Analyst

Okay. Lisa, thank you. And thanks to everybody for spending last hour and 10 minutes with us. We'll be seeing lot of you soon. And we hope everyone has a good day. Thanks.

Operator

[Operator Closing Remarks]

Duration: 69 minutes

Call participants:

Jim Landers -- Vice President of Corporate Finance

Richard A. Hubbell -- Chief Executive Officer & President

Ben M. Palmer -- Chief Financial Officer

Benjamin M. Palmer -- Chief Executive Officer

Brad Handler -- Jefferies -- Analyst

Praveen Nara -- Raymond James. -- Analyst

Chase Mulvehill -- Bank of America Merrill Lynch -- Analyst

Tommy Moll -- Stephens Inc. -- Analyst

Marc Bianchi -- Cowen -- Analyst

Jim Landers -- RPC, Inc -- Financial Analyst

Vebs Vaishnov -- Howard Weil -- Analyst

Waqar Syed -- AltaCorp Capital -- Analyst

George O'Leary -- Tudor Pickering Holt & Company. -- Analyst

Chris Foy -- Wells Fargo -- Analyst

Connor Lynagh -- Morgan Stanley -- Analyst

Dylan Glosser -- Simmons Energy -- Analyst

Chuck Minervino -- Susquehanna -- Analyst

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