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RPC Inc (NYSE:RES), a provider of oil and gas field services with a market capitalization of $1.07 billion and strong financial health metrics according to InvestingPro, announced the results of its annual stockholders’ meeting held on April 22, 2025. During the meeting, stockholders voted on two key proposals, including the election of board members and the ratification of the company’s independent auditor for the upcoming fiscal year. The company enters these proceedings from a position of financial strength, maintaining more cash than debt on its balance sheet and demonstrating robust liquidity with a current ratio of 4.03.
The election saw all nine director nominees successfully elected to RPC’s Board of Directors. The detailed voting outcomes were as follows: Susan R. Bell received 192,955,324 votes for and 2,368,721 withheld; Patrick J. Gunning had 190,701,014 votes for and 4,623,031 withheld; and Richard A. Hubbell garnered 191,261,152 votes for with 4,062,893 withheld.
Other directors elected included Amy R. Kreisler with 175,649,101 votes for; Stephen E. Lewis (JO:LEWJ) with 193,334,776 votes for; Jerry W. Nix with 182,032,443 votes for; Ben M. Palmer with 192,743,356 votes for; Timothy C. Rollins with 175,591,879 votes for; and John F. Wilson with 189,225,586 votes for. Each nominee also had a certain number of votes withheld and all faced broker non-votes totaling 6,994,319.
The second proposal was the ratification of Grant Thornton LLP as RPC’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal passed with an overwhelming majority, receiving 199,627,205 votes for, 1,837,463 against, and 853,696 abstentions.
The company, headquartered in Atlanta, Georgia, and incorporated in Delaware, is known for its services in the oil and gas industry under the SIC code [1389] and operates under the organization name 01 Energy & Transportation.
This news is based on a press release statement and the results reflect the company’s compliance with corporate governance requirements. The announcement was made on Thursday, April 24, 2025, following the formal filing of the 8-K report with the Securities and Exchange Commission.
In other recent news, RPC Inc. reported its Q1 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.06, exceeding the forecast of $0.05. The company also reported revenues of $333 million, which was higher than the projected $323.7 million. Additionally, RPC Inc. completed the acquisition of Pentel Completions for $245 million, aiming to enhance its service offerings. This acquisition is expected to be accretive to the company’s EPS and cash flow for 2025. Analysts from firms like Stifel have taken note of RPC Inc.’s strategic focus on mergers and acquisitions, particularly in gas-focused basins. The company maintains a strong cash position with $327 million and no debt, which supports its strategic growth initiatives. Despite market uncertainties, RPC Inc. remains optimistic about future growth and plans to spend between $165 million and $215 million in capital expenditures this year.
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