A provider of specialized oilfield services, this company performs work directly at well sites for U.S. oil and gas producers — including pressure pumping, wireline, coiled tubing, cementing, and downhole tools — plus off-site equipment rentals, pipe inspection, and training. Its Technical Services arm makes up the bulk of its business, serving energy companies drilling in regions like the Permian basin. In 2025 it expanded by acquiring Pintail Completions in the Permian, and it operates a fleet of horizontal pressure-pumping equipment it plans to shift toward natural-gas-burning engines.
RPC, Inc. amends and restates its credit agreement, extending maturity to June 30, 2031.
On June 30, 2026, RPC, Inc. entered into an Amended and Restated Credit Agreement with Bank of America, N.A. as Administrative Agent, and other lenders.
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The amended agreement extends the revolving credit facility termination date from June 22, 2027 to June 30, 2031.
The credit facility provides a line of credit up to $100 million, including a $35 million letter of credit sub-facility and a $35 million swingline sub-facility.
The amendment removes the SOFR Adjustment to pricing, while interest rates remain based on Term SOFR or Base Rate with margins tied to the consolidated leverage ratio.
The agreement includes financial covenants: if trailing four-quarter Adjusted EBITDA is at least $50 million, the leverage ratio cannot exceed 2.50:1.00 and the debt service coverage ratio must be at least 2.00:1.00; otherwise, minimum tangible net worth must be at least $400 million.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
RPC CEO Ben M. Palmer to retire by end of 2026; board starts successor search
Ben M. Palmer, Director, President, and CEO of RPC, Inc., notified the company on June 16, 2026, of his retirement, effective upon naming a successor or December 31, 2026, whichever is earlier.
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After retirement, Palmer will remain in an advisory capacity to support leadership transition; terms of the advisory arrangement are not yet determined.
The Board has accepted Palmer's notice and will engage a leading independent executive search firm to find the next CEO.
Palmer has served as President and CEO since 2022, and previously as CFO and Treasurer for over two decades starting in 1996, totaling 30 years with RPC.
The company issued a press release on June 23, 2026, announcing the succession plan, furnished as Exhibit 99.1.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Gary Kolstad reelected to RPC board and appointed to two committees, chairing compensation committee.
Kolstad will serve as Chairman of the Human Capital Management and Compensation Committee.
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Gary Kolstad was reelected to RPC, Inc.'s Board of Directors at the 2026 Annual Meeting on April 28, 2026.
Following the meeting, the Board appointed Kolstad to the Human Capital Management and Compensation Committee and the Audit Committee.
The July 14, 2025 Form 8-K reporting Kolstad's initial appointment was amended to reflect these committee assignments.
Stockholders also ratified Grant Thornton LLP as independent auditor and approved executive compensation and stock plan amendments.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders
RPC director Jerry W. Nix will not stand for reelection at the 2026 Annual Meeting.
Nix will continue serving as director, Lead Independent Director, Chairman of the Human Capital Management and Compensation Committee, Chairman of the Nominating and Corporate Governance Committee, and Audit Committee member until the 2026 Annual Meeting.
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Jerry W. Nix informed RPC's Board on January 27, 2026, that he will not stand for reelection as a director at the 2026 Annual Meeting of Stockholders.
His decision was not due to any disagreement with the Company regarding operations, policies, or practices.
On January 28, 2026, RPC declared a regular quarterly cash dividend of $0.04 per share, payable March 10, 2026, to stockholders of record on February 10, 2026.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 8.01 Other Events · 9.01 Financial Statements and Exhibits