RPC, Inc.

Good morning and thank you for joining us for the RPC, Inc. Second Quarter 2020 Financial Earnings Conference Call. Today's call will be hosted by Rick Hubbell, President and CEO, Ben Palmer, Chief Financial Officer. Also present is Jim Landers, Vice President of Corporate Finance. At this time, all participant lines are in a 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 now like to advise everyone that this call is being recorded. Jim will get us started by reading the forward-looking disclaimer.

Thank you, Polly, and good morning to everyone. Before we begin our call today, I want to remind you that in order to talk about our company, Thank you for joining us. 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 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. Thank you, Jim.

This morning we issued our earnings press release for RPC's second quarter of 2020. As we anticipated, the twin impacts of the COVID-19 pandemic and global oil glut have caused a swift, steep decline in oil field activity over the past few months. The rig count fell to historic lows and RPC's quarterly revenues fell to their lowest levels since 2004. We addressed this rapid disruption by reducing costs and managing working capital, which resulted in more than doubling our cash during the quarter. Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will offer some additional thoughts about the near term. Thank you, Rick.