RPC, Inc. acquires additional pumping assets
RPC, through its wholly owned subsidiary Cudd Pumping Services, Inc., acquired the assets of Mathews Energy Services for a combination of stock and cash. In addition, the employees of Mathews Energy Services, including founder and CEO Tim Mathews were retained.
Founded in 1995, Mathews Energy Services is a well-recognized provider of well stimulation services including fracturing and acidizing for both oil and gas wells. Mathews Energy Services operates from three locations - Seminole, OK, Woodward OK, and Cushing, OK.
RPC President Richard A. Hubbell commented, "We are very excited about the acquisition of Mathews. Mathews' excellent personnel and equipment provides us with an additional platform from which to grow. This is our third pressure pumping acquisition in the last 12 months and another step in our strategy to become a major player in the domestic fracturing and acidizing business." Hubbell also noted, "This is RPC's largest oil and gas services acquisition since the formation of RPC in 1984. It also represents RPC's first use of stock as consideration in an acquisition. The use of RPC stock as an acquisition currency was a driving factor in our decision to spin-off Chaparral last February and become a pure play oil and gas services company."
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 and Rocky Mountain regions, and in selected international markets. RPC's oil and gas services operating subsidiaries include Cudd Pressure Control, Inc., Cudd Pumping Services, Inc., Patterson Services, Inc., and Patterson Tubular Services, Inc. RPC's business segments are Technical Services and Support Services. Technical Services include oilfield services that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer's well. Support Services include oilfield services that provide equipment for customer use or services to assist customer operations.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RPC to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in RPC's 2000 Form 10-K and other Securities and Exchange Commission filings.
Source: RPC, Inc.
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