(RTTNews) - RPC Inc. (RES) said that the Compensation Committee of the Board of Directors approved a reduction in the base salary for its named Executive Officers. The company will implement the salary reduction of 25 percent as of May 1, 2020.
The company has postponed its earnings release for the first quarter ended March 31, 2020, previously scheduled for tomorrow morning.
RPC anticipates that its earnings announcement and conference call will be held on or prior to the Securities and Exchange Commission deadline of May 11, 2020 for the filing of its first quarter.
RPC said that, along with the rest of the U.S. domestic oilfield, it experienced a downturn in business conditions in the first-quarter, due to the impacts of the OPEC dispute and the COVID-19 pandemic.
Because of the potential near-term weakness in its financial results, RPC continues to quantify the impact of the factors on the fair value of its assets but has not finalized its conclusions.
First quarter revenues were $243.8 million, a decrease of 27.2 percent compared to the first quarter of 2019.