RES - RPC down 1% post Q4 results

RPC (RES) down 1% in pre-market trading, after it reported Q4 revenue decline of 37% Y/Y to $148.64M; and net loss reduced to $10.24M from $23.36M a year ago.Company reported an operating loss of $21.65M, down from loss of $27.87M a year ago. Adj. operating loss for the quarter was $11.33M.Q4 Adj. EBITDA was $7.78M (-66.5% Y/Y), and margin declined by 460 bps to 5.2%.Cost of revenues for Q4 was $117.9M, or 79.3% of revenues, compared to $176.9M, or 75% of revenues in 4Q19.The average U.S. domestic rig count in Q4 was 311 (-62.1% Y/Y), but a 22.4 % increase sequentially; average price of oil was $42.62 per barrel (-24.9% Y/Y). The average price of natural gas during Q4 was $2.50 per Mcf (+3.7% Y/Y).“We finished the year with $84.5M in cash, an increase of $34.5M compared to $50M at the end of the prior year," commented Richard A. Hubbell, Chief Executive Officer.Previously: RPC

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RPC down 1% post Q4 results