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BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2023
BUSINESS SEGMENT INFORMATION |
BUSINESS SEGMENT INFORMATION | 6. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business under Technical Services and Support Services. Technical Services is comprised of service lines that generate revenue based on equipment, personnel or materials at the well site and are closely aligned with completion and production activities of the customers. Support Services is comprised of service lines which generate revenue from services and tools offered off the well site and are more closely aligned with the customers’ drilling activities. Selected overhead including certain centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | March 31, | ​
(in thousands) |  | 2023 |  | 2022 | ​
Technical Services: | ​ | ​ |  | ​ | ​ |  | ​
Pressure Pumping | ​ | $ | 264,801 | ​ | $ | 119,898 | ​
Downhole Tools | ​ | ​ | 107,404 |  | ​ | 81,070 | ​
Coiled Tubing | ​ | ​ | 40,066 |  | ​ | 26,850 | ​
Nitrogen | ​ | ​ | 12,097 |  | ​ | 7,603 | ​
Snubbing | ​ | ​ | 7,091 |  | ​ | 6,212 | ​
All other | ​ | ​ | 20,532 |  | ​ | 24,716 | ​
Total Technical Services | ​ | $ | 451,991 | ​ | $ | 266,349 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Support Services: | ​ |  |  | ​ |  |  | ​
Rental Tools | ​ | $ | 17,676 | ​ | $ | 13,063 | ​
All other | ​ |  | 7,001 | ​ |  | 5,212 | ​
Total Support Services | ​ | $ | 24,677 | ​ | $ | 18,275 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | $ | 476,668 | ​ | $ | 284,624 | ​
​ The following summarizes revenues for the United States and separately for all international locations combined for the three months ended March 31, 2023 and 2022. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended | ​
​ | ​ | March 31, | ​
(in thousands) |  | 2023 |  | 2022 | ​
United States revenues | ​ | $ | 469,387 | ​ | $ | 275,345 | ​
International revenues | ​ | ​ | 7,281 |  | ​ | 9,279 | ​
Total revenues | ​ | $ | 476,668 | ​ | $ | 284,624 | ​
​ The accounting policies of the reportable segments are the same as those referenced in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. 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. Summarized financial information with respect RPC’s reportable segments for the three months ended March 31, 2023 and 2022 are shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31,
(in thousands) |  | 2023 |  | 2022
Revenues: |  | ​ |  |  | ​ |
Technical Services | ​ | $ | 451,991 | ​ | $ | 266,349
Support Services | ​ |  | 24,677 | ​ |  | 18,275
Total revenues | ​ | $ | 476,668 | ​ | $ | 284,624
Operating income: | ​ |  | ​ | ​ |  | ​
Technical Services | ​ | $ | 103,533 | ​ | $ | 21,811
Support Services | ​ |  | 6,644 | ​ |  | 2,780
Corporate expenses | ​ |  | (5,081) | ​ |  | (4,510)
Pension settlement charge | ​ | ​ | (17,375) | ​ | ​ | —
Gain on disposition of assets, net | ​ |  | 2,936 | ​ |  | 2,954
Total operating income | ​ | $ | 90,657 | ​ | $ | 23,035
Interest expense | ​ |  | (72) | ​ |  | (178)
Interest income | ​ |  | 1,855 | ​ |  | 15
Other income, net | ​ |  | 761 | ​ |  | 504
Income before income taxes | ​ | $ | 93,201 | ​ | $ | 23,376
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of and for the three months ended | ​ | Technical | ​ | Support | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 |  | Services |  | Services |  | Corporate |  | Total
(in thousands) |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Depreciation and amortization | ​ | $ | 22,008 | ​ | $ | 2,104 | ​ | $ | 13 | ​ | $ | 24,125
Capital expenditures | ​ |  | 63,002 | ​ |  | 1,313 | ​ |  | 985 | ​ |  | 65,300
Identifiable assets | ​ | ​ | 851,689 | ​ | ​ | 82,530 | ​ | ​ | 253,611 | ​ | ​ | 1,187,830
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of and for the three months ended | ​ | Technical | ​ | Support | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2022 |  | Services |  | Services |  | Corporate |  | Total
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | $ | 16,974 | ​ | $ | 2,427 | ​ | $ | 65 | ​ | $ | 19,466
Capital expenditures | ​ |  | 16,624 | ​ |  | 2,410 | ​ |  | 50 | ​ |  | 19,084
Identifiable assets | ​ | ​ | 616,961 | ​ | ​ | 74,021 | ​ | ​ | 200,186 | ​ | ​ | 891,168
​

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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