RPC, Inc.

Good morning and thank you for joining us for RPC Inc's third quarter 2022 financial earnings conference call. Today's call will be hosted by Ben Palmer, President and CEO, and Mike Smith, 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. 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 we've 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 issued 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 are 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, the nearest gap 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, please visit our website again at rpc.net for a copy. I will now turn the call over to our President and CEO, Ben Palmer.

Jim, thanks, and thank you all for joining our call this morning. RPC's third quarter financial results reflect continued improvement in both utilization and pricing, and we are achieving operating leverage over our fixed costs. We believe this cycle currently has room to run due in large part to the multi-year period of low investments coupled with the fact that this is shaping up as a margin rather than a build cycle. Although oil prices decline quarter over quarter, they remain at levels that motivate our customers to drill and complete new wells, further supported by high natural gas prices. Given our favorable view of the operating environment, we will allocate capital over the next several quarters to enhance the service effectiveness of our various service lines while improving our ESG profile. We have also made several small opportunistic and strategic investments that will improve our competitive position. We are pleased to manage a comprehensive completion-oriented business. We cover nearly every aspect of the process of completing oil and gas wells, something very few service companies can claim. From tubing conveyed perforating to hydraulic fracturing to our industry-leading milling and clean-out services, as well as many services in between, RPC is the full service provider for our customers' completion needs. And then when customers need to work over existing wells, we have that covered too. Finally, as wells near the end of their life, we can handle the plugging and abandonment process in a safe and environmentally friendly way, managed by our well control expertise. I would like to thank all our employees for their dedication working through the many operating challenges, taking advantage of opportunities, and executing well in the current environment. Our CFO, Mike Smith, will discuss this and our financial results in more detail, after which I will provide some closing comments.