ATLANTA, April 28, 2020 /PRNewswire/ -- RPC, Inc. (NYSE: RES) announced today that the Compensation Committee of the Board of Directors approved a reduction in the base salary for its named Executive Officers. The salary reduction of 25 percent will be implemented as of May 1, 2020.
"The economy and the state of our industry are presenting challenges for everyone, and we must remain financially responsible and proactive," stated Richard A. Hubbell, RPC's President and Chief Executive Officer. "We will continue to review all business goals, objectives and processes in order to find ways to continue to best serve our customers. We appreciate the continued hard work of our employees, the partnerships with our vendors and the support of our shareholders."
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC's investor website can be found on the internet at RPC.net.
For information about RPC, Inc. or this event, please contact:
Ben M. Palmer
Chief Financial Officer
Vice President, Corporate Finance
SOURCE RPC, Inc.