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BUSINESS ACQUISITION | 6 Months Ended
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Jun. 30, 2024
BUSINESS ACQUISITION |
BUSINESS ACQUISITION | 3. BUSINESS ACQUISITION Effective July 1, 2023 (Effective Date), the Company completed its acquisition of all of the outstanding equity interests in Spinnaker Oilwell Services, LLC (Spinnaker), pursuant to a Merger Agreement (Merger Agreement) with Catapult Energy Services Group, LLC, as the representative of the Sellers. Spinnaker, headquartered in Oklahoma City, Oklahoma, is a leading provider of oilfield cementing services in the Permian and Mid-Continent basins. Spinnaker operates two facilities located in El Reno, Oklahoma and Hobbs, New Mexico and maintains 18 full-service cementing spreads. This acquisition significantly expanded RPC's cementing business from its presence in South Texas to basins in which it currently provides other services. Spinnaker is included in our Technical Services Segment. As part of the acquisition, the Company recorded goodwill of $18.7 million and intangible assets of $13.2 million consisting of customer relationships and trade names and trademarks. The supplemental pro forma financial information presented below has been prepared using the acquisition method of accounting and is based on the historical financial information of Spinnaker and RPC. This proforma financial information does not necessarily represent what the combined company’s revenues or results of operations would have been had the acquisition been completed on January 1, 2023, nor do they intend to be a projection of future operating results of the combined company. It also does not reflect any operating efficiencies or potential cost savings that might be achieved from synergies of combining Spinnaker and RPC. The following table provides unaudited supplemental pro forma financial information as if the acquisition had occurred on January 1, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended June 30, | ​ | Six months ended June 30,
(in thousands) | ​ | 2024 | ​ | 2023 | ​ | ​ | 2024 | ​ | 2023
Revenues | $ | 364,153 | $ | 442,815 | ​ | $ | 741,986 | $ | 944,283
Net income | ​ | 32,419 | ​ | 69,585 | ​ | ​ | 59,886 | ​ | 145,682
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