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Business Segment and Entity Wide Disclosures | 12 Months Ended
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Dec. 31, 2023
BUSINESS SEGMENT INFORMATION |
Business Segment and Entity Wide Disclosures | Note 18: Business Segment and Entity Wide Disclosures 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 equipment offered off the well site and are closely aligned with the customers’ drilling activities. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, cementing, 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 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 2023 | ​ | 2022 | ​ | 2021
Technical Services: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Pressure Pumping | ​ | $ | 771,542 | ​ | $ | 846,939 | ​ | $ | 369,028
Downhole Tools | ​ | ​ | 397,341 |  | ​ | 374,081 |  | ​ | 247,019
Coiled Tubing | ​ | ​ | 152,484 |  | ​ | 140,889 |  | ​ | 88,946
Cementing | ​ | ​ | 64,481 | ​ | ​ | 21,178 | ​ | ​ | 10,111
Nitrogen | ​ | ​ | 47,306 |  | ​ | 39,596 |  | ​ | 38,773
Snubbing | ​ | ​ | 26,345 |  | ​ | 28,028 |  | ​ | 15,408
All other | ​ | ​ | 56,638 |  | ​ | 65,652 |  | ​ | 45,761
Total Technical Services | ​ | $ | 1,516,137 | ​ | $ | 1,516,363 | ​ | $ | 815,046
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Support Services: | ​ |  |  | ​ |  |  | ​ |  |
Rental Tools | ​ | $ | 73,301 | ​ | $ | 62,780 | ​ | $ | 32,167
All other | ​ |  | 28,036 | ​ |  | 22,619 | ​ |  | 17,716
Total Support Services | ​ | $ | 101,337 | ​ | $ | 85,399 | ​ | $ | 49,883
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | $ | 1,617,474 | ​ | $ | 1,601,762 | ​ | $ | 864,929
​ The accounting policies of the reportable segments are the same as those described in the note titled Significant Accounting Policies. 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 concerning RPC’s reportable segments for the years ended December 31, 2023, 2022 and 2021 are shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | Gain on |  | Pension |  |  | ​
​ | ​ | Technical | ​ | Support | ​ | ​ | ​ | disposition of | ​ | Settlement | ​ | ​
(in thousands) |  | Services |  | Services |  | Corporate |  | assets, net |  | charges |  | Total
2023 | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |
Revenues | ​ | $ | 1,516,137 | ​ | $ | 101,337 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,617,474
Operating income (loss) | ​ | ​ | 245,904 | ​ | ​ | 26,461 | ​ | ​ | (18,473) | ​ | ​ | 9,344 | ​ | ​ | (18,286) | ​ | ​ | 244,950
Capital expenditures | ​ | ​ | 160,799 | ​ | ​ | 15,634 | ​ | ​ | 4,572 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 181,005
Depreciation and amortization |  | ​ | 97,773 | ​ | ​ | 10,293 | ​ | ​ | 57 |  | ​ | — |  | ​ | — | ​ | ​ | 108,123
Identifiable assets |  | ​ | 867,550 | ​ | ​ | 81,754 | ​ | ​ | 337,541 |  | ​ | — |  | ​ | — | ​ | ​ | 1,286,845
2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |
Revenues | ​ | $ | 1,516,363 | ​ | $ | 85,399 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1,601,762
Operating income (loss) | ​ |  | 281,622 | ​ | ​ | 18,095 | ​ | ​ | (17,660) | ​ | ​ | 8,804 | ​ | ​ | (2,921) | ​ | ​ | 287,940
Capital expenditures | ​ |  | 126,327 | ​ | ​ | 12,320 | ​ | ​ | 905 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 139,552
Depreciation and amortization | ​ |  | 73,016 | ​ | ​ | 9,840 | ​ | ​ | 161 |  | ​ | — |  | ​ | — |  | ​ | 83,017
Identifiable assets | ​ |  | 823,434 | ​ | ​ | 80,104 | ​ | ​ | 225,475 |  | ​ | — |  | ​ | — |  | ​ | 1,129,013
2021 | ​ |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |
Revenues | ​ | $ | 815,046 | ​ | $ | 49,883 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 864,929
Operating income (loss) | ​ |  | 24,434 | ​ | ​ | (5,725) | ​ | ​ | (13,300) | ​ | ​ | 10,882 | ​ | ​ | — | ​ | ​ | 16,291
Capital expenditures | ​ |  | 59,316 | ​ | ​ | 7,012 | ​ | ​ | 1,317 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 67,645
Depreciation and amortization | ​ |  | 62,667 |  | ​ | 9,752 |  | ​ | 267 |  | ​ | — |  | ​ | — |  | ​ | 72,686
Identifiable assets | ​ |  | 580,406 |  | ​ | 69,345 |  | ​ | 214,614 |  | ​ | — |  | ​ | — |  | ​ | 864,365
​ The following summarizes revenues for the United States and separately for all international locations combined for the years ended December 31, 2023, 2022 and 2021. 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% of RPC’s consolidated assets, and therefore are not presented. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 2023 |  | 2022 |  | 2021
United States revenues | ​ | $ | 1,588,774 | ​ | $ | 1,569,160 | ​ | $ | 833,686
International revenues | ​ | ​ | 28,700 |  | ​ | 32,602 |  | ​ | 31,243
Total revenues | ​ | $ | 1,617,474 | ​ | $ | 1,601,762 | ​ | $ | 864,929
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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