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ATLANTA - RPC, Inc. (NYSE:RES), an oilfield services company with a market capitalization of $1.08 billion, announced Monday the appointment of Gary Kolstad to its Board of Directors.
Kolstad, who holds a B.S. degree in petroleum engineering from Montana Technological University, brings extensive industry experience to the role. He previously served as Chairman and CEO of both public and private companies following a career in various oilfield services positions at a large international oil and gas services company.
"Gary Kolstad’s industry experience has been beneficial to the boards on which he has served. We look forward to his contributions to our board in the years ahead," said Richard A. Hubbell, Chairman of the Board of RPC, Inc., in a press release statement.
Currently, Kolstad holds multiple Advisory Board Member and Investor positions in the industry. He also studied Psychology and Engineering at Montana State University-Bozeman.
RPC provides specialized oilfield services and equipment primarily to independent and major oilfield companies across the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, as well as in selected international markets.
In other recent news, RPC Inc. reported its Q1 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.06, compared to the forecast of $0.05. The company’s revenues also exceeded projections, reaching $333 million against the expected $323.7 million. RPC Inc. announced the acquisition of Pentel Completions for $245 million, aiming to enhance its service offerings. The acquisition is expected to be accretive to both earnings per share and cash flow in 2025. In addition, RPC Inc.’s stockholders elected nine directors to its Board and ratified Grant Thornton LLP as the independent auditor for the fiscal year ending December 31, 2025. The company maintains a strong cash position with no debt, focusing on strategic growth despite challenging market conditions. Analyst discussions during the earnings call highlighted RPC’s strategic focus on mergers and acquisitions, particularly in gas-focused basins. The company remains open to further opportunities in various basins, not limited to the Permian.
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