RPC, Inc.

Good morning, and thank you for joining us for RPC Inc.' 's second quarter 2022 Financial Earnings Conference call. Today's call will be hosted by Ben Palmer, President and CEO, and Mike Schmidt, Chief Financial Officer. Also hosting 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 everyone. 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 2021 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 EBITDA, which is a non-GAAP measure of operating performance. RPC uses EBITDA as a measure of operating performance because it allows us to compare performance consistently over various periods without regard to changes in our capital structure. We're also required to use EBITDA to report compliance with financial covenants under our revolving credit facility. Our press release today and our website provide a reconciliation of EBITDA to net income, which is the nearest GAAP financial measure. Please review that disclosure if you're interested in seeing how it's calculated. If you've not received our press release for any reason and would like one, please visit our website again at rpc.net for a copy. I will now turn the call over to our new president and CEO, Ben Palmer. Hey, Jim.

Thanks. Thank you all for joining our call this morning. As Jim mentioned, I'm pleased to take on the new role as president and CEO of RPC. During the second quarter, Rick Hubble was named executive chairman of the board of directors and will remain active with the company. We also welcomed Mike Smith, our new CFO, to the corporate management team. Together, we will work with our outstanding operational teams and continue the tradition of managing RPC in a conservative, strategic, shareholder-friendly manner. I would also like to take a moment to thank all of our employees for their dedication and hard work providing safe, high-quality services to our customers. Let me begin with a few highlights regarding our second quarter 2022 earnings press release that was issued this morning. RPC's second quarter financial results reflect a full quarter of strong utilization and improving pricing that are the result of geopolitical events earlier in the year. These conditions have renewed our understanding that the world needs hydrocarbon energy from politically stable markets such as the United States. Although oil prices declined towards the end of the quarter, they remain at levels that motivate our customers to drill and complete new wells. In addition, the highest natural gas prices in more than 10 years now provide a renewed incentive for our customers to drill and complete natural gas-directed wells. We are pleased to manage a number of completion-oriented service businesses in thriving domestic markets. RPC continues to focus on managing labor shortages, equipment lead times, customer budgets, and inflationary pressures, but we do not believe these issues will materially impact our ability to generate strong financial results. Given our favorable view of the intermediate-term operating environment, we have allocated capital over the next 12 months to enhance the effectiveness and competitiveness of our pressure pumping fleet and improve our ESG profiles. With that overview, I would like to introduce our new CFO, Mike Smith.