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RPC looks to add frac fleets despite 4Q18 revenue decline
RPC Inc. ordered two frac fleets for delivery in mid-year, increasing its horsepower by about 10%. Despite adding to its current 1.05 MMhhp, company officials repeated throughout their 4Q18 results conference call a commitment to a strong balance sheet and earnings, while acknowledging the shaky 2019 outlook and likely price decreases.“During January, several customers notified us that they were concerned about the current oil prices and are re-evaluating their 2019 budgets,” CEO Richard Hubbell......
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