RPC Inc. (NYSE:RES) Q2 2018 Earnings Conference Call - Final Transcript
Jul 25, 2018 • 09:00 am ET
Ben M. Palmer
to be approximately $280 million. At the end of the second quarter, our cash balance was $94.2 million, and we continue to have no outstanding debt.
And with that, I'll turn it back over to Rick for some closing remarks.
Richard A. Hubbell
Thank you, Ben. RPC continues to partner with its customers to improve operational efficiencies and provide safe services. We are aware of the industry's concerns regarding potential Permian Basin takeaway capacity constraints. The Permian Basin is our largest market and while we have not yet experienced any reduction in our activities due to this issue, it represents a risk to our near-term financial results. We operate in a number of other oilfield basins in the domestic US market, and are prepared to move equipment and personnel to other operating basins should conditions warrant.
Yesterday our Board of Directors approved a $0.10 per share dividend. Year-to-date RPC spent $40.1 million on stock repurchases and paid out $43.2 million in dividend and invested a $149.7 million in capital expenditures. Including these uses of cash, RPC ended the second quarter with more cash than at the end of 2017.
Thank you for joining us for the call this morning. And at this time, we will open up the lines for your questions.