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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 nonrecurring items.
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're calculated.
As we anticipated, the twin impacts of the COVID-19 pandemic and global oil glut have caused a swift, steep decline in oilfield activity over the past few months.
The rig count fell to historic lows, and RPC's quarterly revenues fell to their lowest level since 2004.
We addressed this rapid disruption by reducing costs and managing working capital, which resulted in more than doubling our cash during the quarter.
Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will offer some additional thoughts about the near term.
For the second quarter of 2020, revenues decreased to $89.3 million compared to $358.5 million in the prior year.
Revenues decreased due to lower activity levels and pricing compared to the second quarter of the prior year.
Adjusted operating loss for the second quarter was $35.9 million compared to an operating income of $8.4 million in the second quarter of the prior year.
Adjusted EBITDA for the second quarter was negative $17.8 million compared to EBITDA of $51.2 million in the same period of the prior year.
For the second quarter of 2020, RPC reported a $0.10 adjusted loss per share compared to $0.03 diluted earnings per share in the prior year.
Cost of revenues during the second quarter was $80 million or 89.6% of revenues compared to $265.1 million or 73.9% of revenues during the second quarter of 2019.
Cost of revenues declined primarily due to decreases in expenses consistent with lower activity levels and RPC's cost reduction initiatives.
Cost of revenues as a percentage of revenues increased because of the negative leverage of these expenses over significantly lower revenues.
This percentage increase was slightly offset by lower materials and supplies expenses as a percentage of revenues caused by a shift in pressure pumping job mix.
Selling, general and administrative expenses decreased to $28.8 million in the second quarter compared to $43.3 million in the second quarter of the prior year.
These expenses decreased due to lower employment costs, primarily the result of RPC's cost reduction initiatives during the previous several quarters.
Depreciation and amortization decreased to $19.6 million in the second quarter of 2020 compared to $42.9 million in the second quarter of prior year.
Depreciation and amortization decreased significantly because of asset impairment charges recorded during the past several quarters.
Our Technical Services segment revenues for the quarter decreased 76.2% compared to the same quarter in the prior year.
Operating loss in the second quarter was $34.1 million compared to a $6.9 million operating profit in the second quarter of the prior year.
This loss was due to lower activity and pricing.
Our Sports Services segment revenues for the quarter decreased 57.2% compared to the same quarter in the prior year.
Operating loss in the second quarter of 2020 was $1.9 million compared to a $4 million operating profit in the second quarter of the prior year.
On a sequential basis, RPC's second quarter revenues decreased 63.4% to $89.3 million from $243.8 million in the prior quarter.
This was due to the significant decline in industry activity that began in March.
Cost of revenues during the second quarter of 2020 decreased by $101.9 million or 56%, due to lower materials and supplies and fuel expenses caused by decreased activity and lower employment costs resulting primarily from headcount reductions.
As a percentage of revenues, cost of revenues increased significantly from 74.6% in the first quarter to 89.6% in the second quarter.
Selling, general and administrative expenses during the second quarter decreased 21.2% to $28.8 million from $36.5 million in the prior quarter.
RPC incurred an adjusted operating loss of $35.9 million during the second quarter compared to an adjusted operating loss of $13.2 million in the prior quarter.
RPC's adjusted EBITDA was negative $17.8 million in the second quarter compared to adjusted EBITDA of $25.8 million in the prior quarter.
Despite the rapid decline in activity, our decremental EBITDA margin was only 28% due to our cost reduction efforts.
Technical Services segment revenues decreased $147.2 million or 64.6% to $80.5 million in the second quarter.
This was due to significantly lower activity levels and pricing.
RPC's Technical Services segment incurred a $34.1 million operating loss compared to an operating loss of $12.2 million in the prior quarter.
Our Support Services segment revenues decreased by $7.3 million or 45.5% to $8.8 million in the second quarter.
Operating loss was $1.8 million compared to $1.5 million operating profit in the prior quarter.
During the second quarter, RPC operated up to four horizontal pressure pumping fleets.
And is currently operating three horizontal frac fleets in the Permian Basin.
At the end of second quarter of 2020, RPC's pressure pumping capacity remained at approximately 728,000 hydraulic horsepower.
Second quarter 2020 capital expenditures were $14 million, and we currently estimate full year capital expenditures to be $50 million to $60 million.
Though the rig count declined once again last week, we believe domestic completion activity passed the trough during the second quarter.
We anticipate oilfield activity in RPC's revenues will improve modestly during the third quarter.
However, I want to emphasize that we are unsure whether this is the beginning of a sustained cyclical recovery because of this cautious outlook, which is shared by many in our industry, we will continue to focus on cost management and capital expenditure controls.
Our focus will remain on maintaining our financial strength, which will include rigorous pricing discipline.
During the coming quarters, this may hinder our revenue growth but will preserve the condition of our equipment until we are able to secure opportunities to generate sufficient returns.
In fact, our $145 million in cash at the end of the second quarter was the highest in decades.

user
q2 revenue $89.3 million versus refinitiv ibes estimate of $102.1 million.
q2 adjusted loss per share $0.10.

assistant