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Text: Before we begin our call today, I want to remind you that in order to talk about our Company, we're going to mention a few things that are not historical facts.
These non-GAAP measures are adjusted net loss, adjusted loss per share, adjusted operating loss, EBITDA and adjusted EBITDA.
We're using these non-GAAP measures today because they allow us to compare performance consistently over various periods without regard to non-recurring items or changes in capital structure.
In addition, RPC is required to use EBITDA to report compliance with financial covenants under our revolving credit facility.
Please review these disclosures if you're interested in seeing how they are calculated.
Before we begin discussing RPC's results, I would like to take a moment to recognize R. Randall Rollins, our Chairman, who passed away during the third quarter.
For nearly half a century, Randall guided our company with a steady hand.
He instilled a culture of capital discipline that has allowed RPC to successfully navigate the severe volatility experienced in our industry.
He will be missed.
RPC's third quarter progressed much as we had expected.
U.S. oilfield activity improved from the historic lows recorded in the second quarter and RPC capitalized on this with equipment and crews that were in place and prepared to work.
Our results improved due to higher revenue, increased utilization and continued expense management.
Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will provide some closing comments.
The third quarter of 2020 revenues decreased to $116.6 million compared to $293.2 million in the third quarter of the prior year.
Revenues decreased due to lower activity levels and pricing compared to the third quarter of the prior year.
Operating loss for the third quarter was $31.8 million compared to an adjusted operating loss of $21 million in the third quarter of the prior year.
EBITDA for the third quarter was negative $12.3 million compared to adjusted EBITDA of $22.8 million in the same period of the prior year.
For the third quarter of 2020, RPC reported a $0.09 adjusted loss per share compared to an $0.08 adjusted loss per share in the third quarter of the prior year.
Cost of revenues during the third quarter was $100.9 million or 86.5% of revenues compared to $225.2 million or 76.8% of revenues during the third quarter of 2019.
Cost of revenues declined primarily due to decreases in expenses consistent with lower activity levels and RPC's[Phonetic] cost reduction initiatives.
Cost of revenues as a percentage of revenues increased due primarily to lower pricing for our services.
Selling, general and administrative expenses decreased to $32.4 million in the third quarter of 2020 compared to $42.6 million in the third quarter of the prior year.
These expenses decreased due to lower employment costs, primarily the result of cost reduction initiatives during previous quarters, partially offset by $3.3 million of accelerated amortization of restricted stock related to the passing of our Chairman.
Depreciation and amortization decreased to $18.7 million in the third quarter of 2020 compared to $44.7 million in the third quarter of the prior year.
Depreciation and amortization decreased significantly primarily due to asset impairment charges recorded in previous quarters, which reduced the net book value of RPC's property, plant and equipment as well as lower capital expenditures.
Our Technical Services segment revenues for the quarter decreased 60.2% compared to the same quarter in the prior year.
Segment operating loss in the third quarter of 2020 was $24.9 million compared to $18.2 million in the third quarter of the prior year.
This increased loss was due to significantly lower activity and pricing, partially offset by lower depreciation and amortization expenses.
Support Services segment revenues for the quarter decreased 61% compared to the same quarter in the prior year.
Segment operating loss in the third quarter of 2020 was $3.8 million compared to an operating profit of $1.6 million in the third quarter of the prior year.
On a sequential basis, RPC's third quarter revenues increased 30.6% to $116.6 million from $89.3 million in the prior quarter.
This was due to activity increases in several of our larger completion-related service lines.
Cost of revenues during the third quarter of 2020 increased by $20.8 million or 26% due to expenses, which increased with higher activity levels such as materials and supplies, and maintenance expenses.
As a percentage of revenues, cost of revenues decreased from 89.6% in the second quarter of 2020 to 86.5% in the third quarter due to more efficient labor utilization and the leverage of higher revenues over direct costs, which are relatively fixed during the short term.
Selling, general and administrative expenses during the third quarter of 2020 increased 12.5% to $32.4 million from $28.8 million in the prior quarter, primarily due to the $3.3 million accelerated vesting of restricted stock.
RPC incurred an operating loss of $31.8 million during the third quarter of 2020 compared to an adjusted operating loss of $35.9 million in the prior quarter.
RPC's EBITDA was negative $12.3 million in the third quarter of 2020, compared to adjusted EBITDA of negative $17.8 million in the prior quarter.
Our Technical Services segment revenues increased by $28.7 million or 35.7% to $109.3 million in the third quarter due to increased activity levels in several service lines.
RPC's Technical Services segment incurred a $24.9 million operating loss in the current quarter compared to an operating loss of $34.1 million in the prior quarter.
Our Support Services segment revenues decreased by $1.5 million or 16.6% to $7.3 million in the third quarter.
Operating loss was $3.8 million compared to an operating loss of $1.8 million in the prior quarter.
During the third quarter, RPC operated as many as five horizontal pressure pumping fleets.
At the end of the third quarter of 2020, RPC's pressure pumping capacity remained at approximately 728,000 hydraulic horsepower.
Third quarter 2020 capital expenditures were $13.7 million and we currently estimate the full-year capital expenditures to be approximately $60 million to $70 million and comprised primarily of capitalized maintenance of our existing equipment as well as upgrades of selected pressure pumping equipment for dual fuel capability.
As we indicated on the last quarter's conference call, we believe domestic oilfield activity bottomed out during the second quarter.
The downturn in our industry experience was perhaps the steepest and most severe ever encountered.
The fact RPC is weathering it as well as we are is a testament to the dedication and hard work of our employees.
Despite the uptick in activity, the modest industry improvements experienced during the third quarter are insignificant -- insufficient to generate sustainable financial returns.
Much of the recent increase in our industrywide activity has been driven by operators completing previously drilled wells.
For our service industry to remain healthy, we need to see sustained growth in the rig count followed by higher pricing -- higher service pricing.
The recent consolidations among the exploration and production companies likely represent a headwind in that regard.
Therefore, until we see the signs that demand for our services is likely to grow substantially, we will continue to focus on expense management and limit our capital investments.
At the end of third quarter, RPC's cash balance was $145.6 million and we remain debt free.
This financial strength allows us to continue operating in this difficult environment, make selective investments and respond appropriately as the industry evolves.
Our goal is to be cash -- free cash flow positive in 2021.
At this time, we will open up the lines for you[Phonetic].

user
compname reports q3 adjusted loss per share $0.09.
q3 adjusted loss per share $0.09.
q3 loss per share $0.08.
q3 revenue $116.6 million versus refinitiv ibes estimate of $96.1 million.

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