RPC, Inc.

Good morning, and thank you for joining us for RPC, Inc.' 's fourth quarter 2025 earnings conference call. Today's call will be hosted by Ben Palmer, President and CEO, and Mike Schmidt, Chief Financial Officer. 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. I will now turn the call over to Mr. Schmidt.

Thank you, and good morning. Before we begin, I want to remind you that 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. Please refer to our press release issued today, along with our 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 and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website between the reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. I'll now turn the call over to our President and CEO, Ben Palmer.

Thanks, Mike, and thank you for joining our call this morning. Today, we'll talk about our fourth quarter results and provide you with a few operational highlights. Fourth quarter results reflect a sequential revenue decline across the majority of our service lines. later in the month. During the quarter, service lines other than pressure pumping represented 70% of total revenues and saw a 4% sequential decrease compared to the third quarter of 2025. Although we did see revenues increase at Spender Group's submitting business, Patterson Tubular Services' storage and inspection business, and cut pressure control, snubbing, and well revenues decreased 9% sequentially. We saw growth in our southeast and northeast regions. Our largest region, the western VidCon, which includes Elk City and Odessa locations, was flat sequentially. Weakness was experienced in the international and the Rocky Mountain regions. RootTuning Solutions is a market leader in downhole completion tools and includes a portfolio of products and advanced technology. We have seen success building since our late 2024 rollout of the A10 downhole motor. The new motor is positioned in the completions market to specifically address today's longer laterals and higher flow rates. We believe this tool technology provides customers with unmatched performance and has resulted in incremental share gains. Virginia Solutions continues to expand the rollout of its new metal-on-metal power sector expanding downhole environments. This improved technology allows us to expand to the new markets due to these advantages. We initially prototyped the MetalMax motor in a few key geographic areas, and it recently expanded into other regions. Retrieving Solutions continues to actively market and develop its unplugged effective stage isolation. While the product is early in its lifecycle, adoption has steadily increased. Also within technical services, cut pressure controls revenues were up 1% sequentially, but by increases in well control activity, cavern gas storage work. This unit was built to support a long-term customer, their storage well maintenance schedule over the next several years. This work is regulatory driven and is part of our effort to continue diversifying into other markets. Coal tubing, our largest service line within Cut Pressure Control, was down 2% sequentially after a really strong third quarter. Our new 2 and 7 We are upgrading an existing coiling unit to handle the larger two and seven eighths inch tubing, and it's expected to be in service by the middle of 2026. Pentel Completions, the largest wireline provider in the Permian Basin, experienced a decline in revenues of 3% during the quarter. Given our market position, we expect 2026 to trend closely with large Permian operator activity. This decline largely related to holiday shutdowns and a fleet we idled in October. We do not expect to reactivate any fleets until returns improve. Many of our businesses have been impacted by recent winter storms early in the first quarter. While activity is expected to continue as conditions improve, these lost operating days are not fully recoverable and the associated RTC's focus remains on leveraging our strong balance sheet and maximizing long-term shareholder returns. We continue to strategically grow our less capital-intensive service lines, both organically and through acquisitions. With that, Michael and I will discuss the quarter's financial results. Thanks, Ben.