RPC, Inc.

Good morning, and thank you for joining us for RPC Inc.' 's first quarter 2021 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 Services. At this time, all participants 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 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 need 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 2020 10-K 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, we refer to, and our conference call also will refer 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 without regard to non-recurring items. In addition, RPC is required to use EBITDOT 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're calculated. If you'd like to see our press release and haven't received a copy, please go to rpc.net again to see 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 2021. 2020 was a very challenging year on many levels. Fortunately, the world is coming to terms with the COVID-19 pandemic. and hydrocarbon demand is slowly but surely recovering. This has led to a reduction in oil inventory to near its five-year average, aided by supporting OPEC Plus actions to date. As a result, the outlook for the oil and gas prices is encouraging, which should support modest growth in industry activities. The first quarter played out largely as we expected, except for the unusually severe cold weather during February. Our estimate is that this event negatively impacted our EBITDA by approximately $5 million. Notwithstanding that event, we see encouraging trends in most of our service lines, which gives us confidence in our 2021 outlook. Our CFO Ben Palmer will discuss this and other financial results in more detail after which I will provide some closing comments.