RPC, Inc. (NYSE:RES) Q3 2023 Earnings Call Transcript

We’re able to provide some of those players who aren’t big enough to economically purchase their own sand and handle their own sand. We’re there for them and we can provide very effective solution for them. And we think, again, over cycles, the third quarter was highly unusual. We sit around and talk about it. It was really — we think just sort of a confluence of things that happened with some mergers, we did have an example of work being taken away when people significantly discounted work. Some of it was just our customers with the timing of their — building up of their inventory to be completed, they decided to delay their work and push it out a few months. So, it was just a really unusual situation. But that gave us time, too. With the low pricing, we were able to go back to our vendors, work with our vendors to adjust some of the costs of our materials and supplies used to execute jobs.

And that helped us come back to customers and be competitive and still end up at some terms that still worked well for us.

Alec Scheibelhoffer: Great. Thanks for the color. And I’ll turn it back.

Ben Palmer: Thank you.

Operator: [Operator Instructions] And at this time, we have no further questions. I would like to turn the conference back over to Mike Schmit for closing remarks.

Mike Schmit: Thank you all for joining our call today. We appreciate it. And we will now close the call. Thank you very much.

Operator: And this concludes today’s conference call. There will be a replay on www.rpc.net within two hours following the completion of the call. Thank you for your participation. You may now disconnect.