Nassarius Capital
Long/short equity

RPC, Inc: Well-Positioned For Increased Completion Activity

(Note: RPC, Inc. is scheduled to release earnings results on Wednesday January 29.)

OVERVIEW

RPC, Inc (NYSE:RES) is primarily a U.S. land-based oil and gas equipment and service provider that is closely held (70% owned by Chairman Randall Rollins and family interests) allowing for a unique longer-term vision in a highly cyclical industry. From mid-'09 through 2011, the shifts from vertical to horizontal drilling and gas rigs to oil rigs, generated a massive increase in production and correlating earnings for oil field service (OFS) providers. The large increase in profits attracted new capital for equipment additions and incipient small players that created competitive pricing and eventual overcapacity which defined the last two years, in which industry-wide margins declined,...

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