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BUSINESS SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2013
BUSINESS SEGMENT INFORMATION |
BUSINESS SEGMENT INFORMATION |
6. | BUSINESS SEGMENT INFORMATION
RPC’s service lines have been aggregated into two reportable oil and gas services segments, Technical Services and Support Services, because of the similarities between the financial performance and approach to managing the service lines within each of the segments, as well as the economic and business conditions impacting their business activity levels. Corporate includes selected administrative costs incurred by the Company that are not allocated to business units. Gains or losses on disposition of assets are reviewed by the Company’s chief decision maker on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Technical Services include RPC’s oil and gas service lines that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer’s well. These services include pressure pumping services, snubbing, coiled tubing, nitrogen pumping, well control consulting and firefighting, downhole tools, wireline, and fluid pumping services. These Technical Services are primarily used in the completion, production and maintenance of oil and gas wells. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent, southwest, Rocky Mountain and Appalachian regions, and international locations including primarily Africa, Australia, Canada, China and Mexico. Customers include major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. Support Services include RPC’s oil and gas service lines that primarily provide equipment for customer use or services to assist customer operations. The equipment and services include drill pipe and related tools, pipe handling, inspection and storage services and oilfield training services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The principal markets for this segment include the United States, including the Gulf of Mexico and the mid-continent regions, and selected international locations. Customers include domestic operations of major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Certain information with respect to RPC’s business segments is set forth in the following tables:
|  | Three months ended June 30 |  |  | Six months ended June 30 |
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Technical Services |  | $ | 424,030 |  |  | $ | 461,643 |  |  | $ | 818,041 |  |  | $ | 923,164 |
Support Services |  |  | 33,536 |  |  |  | 38,463 |  |  |  | 65,346 |  |  |  | 79,499 |
Total revenues |  | $ | 457,566 |  |  | $ | 500,106 |  |  | $ | 883,387 |  |  | $ | 1,002,663 |
Operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Services |  | $ | 66,123 |  |  | $ | 112,371 |  |  | $ | 124,624 |  |  | $ | 235,902 |
Support Services |  |  | 7,081 |  |  |  | 12,543 |  |  |  | 13,339 |  |  |  | 26,528 |
Corporate |  |  | (3,594 | ) |  |  | (3,152 | ) |  |  | (8,494 | ) |  |  | (8,407 | )
Loss on disposition of assets, net |  |  | (1,757 | ) |  |  | (1,904 | ) |  |  | (4,397 | ) |  |  | (3,308 | )
Total operating profit |  | $ | 67,853 |  |  | $ | 119,858 |  |  | $ | 125,072 |  |  | $ | 250,715 |
Interest expense |  |  | (942 | ) |  |  | (650 | ) |  |  | (1,282 | ) |  |  | (1,246 | )
Interest income |  |  | 60 |  |  |  | 4 |  |  |  | 65 |  |  |  | 9 |
Other (expense) income, net |  |  | (191 | ) |  |  | (880 | ) |  |  | 364 |  |  |  | 40 |
Income before income taxes |  | $ | 66,780 |  |  | $ | 118,332 |  |  | $ | 124,219 |  |  | $ | 249,518 |
Six months ended June 30, 2013 |  | Technical Services |  |  | Support Services |  |  | Corporate |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Identifiable assets at June 30, 2013 |  | $ | 1,079,607 |  |  | $ | 195,406 |  |  | $ | 53,969 |  |  | $ | 1,328,982 |
Capital expenditures |  |  | 86,217 |  |  |  | 21,626 |  |  |  | 647 |  |  |  | 108,490 |
Depreciation and amortization |  | $ | 89,442 |  |  | $ | 15,803 |  |  | $ | 343 |  |  | $ | 105,588 |
Six months ended June 30, 2012 |  | Technical Services |  |  | Support Services |  |  | Corporate |  |  | Total |
(in thousands) |  |  |  |  |  |  |  |  |  |
Identifiable assets at June 30, 2012 |  | $ | 1,138,612 |  |  | $ | 194,979 |  |  | $ | 50,050 |  |  | $ | 1,383,641 |
Capital expenditures |  |  | 168,976 |  |  |  | 32,620 |  |  |  | 2,606 |  |  |  | 204,202 |
Depreciation and amortization |  | $ | 90,154 |  |  | $ | 15,189 |  |  | $ | 177 |  |  | $ | 105,520 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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