RPC, Inc.

Good morning and thank you for joining us for RPC's Inc's first quarter 2023 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 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 issued today, along with our 2022 10K and other public filings that outline those risks, all of which can be found on RPC's website at rpc.net. In today's earnings release and conference call, we'll also be referring to several non-GAAP measures of operating performance. These non-GAAP measures are adjusted net income, adjusted diluted earnings per share, adjusted operating profit, EBITDA, and adjusted EBITDA. We're using these non-GAAP measures today because they allow us to compare performance consistently over various periods. 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 measures to operating income, net income, and diluted earnings per share, which are the most directly comparable gap measures. Please review these disclosures if you're interested in seeing how they are calculated. If you have not received our press release for any reason, please visit our website at rpc.net for a copy. I'll now turn the call over to our President and CEO, Ben Baldwin.

Thanks, Jim, and thank you for joining our call this morning. RPC's first quarter financial results reflect a strong operating environment similar to the fourth quarter. Although oil and natural gas prices declined earlier this year, demand for our services remained tight by historical standards. The multi-year period of underinvestment by exploration and production companies coupled with industry discipline leaves us constructive on the length of the current cycle. The vast majority of service companies have been using the recovery to replace equipment that was wearing out rather than adding that new capacity. It is our view that this is necessary for the long-term health of the oilfield services industry. We expect to allocate capital over the next several quarters to enhance the service effectiveness of our various lines of businesses, while also improving our ESG profile. Our CFO, Mike Smith, will discuss the quarter's financial results, after which I will provide some closing comments. Thanks, Ben.