ATLANTA (AP) -- Oil industry service provider RPC Inc. said Wednesday that its fourth-quarter net income rose 34.5 percent as petroleum companies aggressively tapped new oil fields in the United States.
The Atlanta oil and natural gas drilling services firm reported earnings of $74.6 million, or 51 cents per share, for October to December. That compares with $55.5 million, or 38 cents per share, for the same part of 2010. Quarterly revenue increased 47.1 percent to $482.8 million.
RPC said its contract rates rose, and more of its equipment was put into service. It also benefited as its customers focused more on tapping oil in underground layers of shale — a more intensive operation than traditional drilling that generates higher profits for service companies.
For the full year, RPC said it earned $296.4 million, or $2.02 per share, compared with $146.7 million, or $1 per share, in 2010. Annual revenue increased 65.1 percent to $1.81 billion.
Shares fell 62 cents to $16.91 in morning trading.
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