RPC, Inc.

Good morning and thank you for joining us for RPC, Inc.'s first quarter 2020 financial earnings conference call. Today's call will be hosted by Rick Hubbell, President and CEO, and Ben Palmer, Chief Financial Officer. Also present is Jim Landers, Vice President of Corporate Finance. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. I would like to advise everyone that this conference call is being recorded. Jim will get us started by reading the forward-looking disclaimer.

Thank you and good morning. Before we begin our call today, I want to remind you that in order to talk about our company, we're going to mention a few things that are not historical facts. Some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. I'd like to refer you to our press release issue today, along with our 2019 10K and other public filings that outline those risks, all of which can be found on RPC's website at www.rpc.net. In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance. These non-GAAP measures are adjusted net loss, adjusted loss per share, adjusted operating loss, EBITDA, and adjusted EBITDA. We're using these non-GAAP measures today because they allow us to compare performance consistently over various periods of time without regard to non-recurring items. In addition, RPC is required to use EBITDA to report compliance with financial covenants under our revolving credit facility. Our press release issued today and our website contain reconciliations of these non-GAAP financial measures to operating loss, net loss, and loss per share which are the nearest GAAP financial measures. Please review these disclosures if you're interested in seeing how they are calculated. If you've not received our press release for any reason, please visit our website again at rpc.net for a copy. I will now turn the call over to our President and CEO, Rick Hubbell.

Jim, thank you. This morning we issued our earnings press release for RPC's first quarter of 2020. During the first quarter we generated improved financial results due to more streamlined operations including a smaller geographic footprint. We were particularly pleased with the progress in pressure pumping as this service line worked efficiently during the quarter for several high utilization customers. Activity improved during the first part of the quarter as we were awarded favorable incremental work and existing customers resumed operations after the fourth quarter seasonal slowdown. Unfortunately, the combined impacts of the OPEC disputes and the COVID-19 pandemic overshadow our first quarter improvements. In response to the pandemic, RPC instituted strict procedures to ensure the health and safety of our employees, customers, and vendors while in our facilities or on operational locations. As March progressed, our customers began to cancel current and scheduled drilling and completion activities, in some cases while the operation was underway. By the end of the quarter, the domestic rig count began to rapidly decline, and oil field operators announced significant capital expenditure reductions for the remainder of 2020. Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will have a few closing comments.