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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.
In addition, RPC is required to use EBITDA to report compliance with financial covenants under our credit facility.
Please review these disclosures if you're interested in seeing how they are calculated.
rpc.net for a copy.
We will discuss the quarter in a moment.
Through their efforts, our company is positioned to benefit from improving business conditions.
We appreciate your dedication.
Proportionately, several COVID vaccines have been approved and are now in the early stages of distribution.
This development paves the way for a worldwide recovery in hydrocarbon demand.
On the supply side, we have experienced a lack of investment in drilling the past several years, a declining production base in "OPEC plus" discipline.
This would appear supply and demand are heading in opposite directions.
This confluence of events could potentially lead to an up cycle in our industry.
RPC's fourth quarter activity levels improved sequentially for the first time since 2016, consistent with several oilfield key metrics.
Our CFO Ben Palmer will discuss this and other financial results in more detail, after which I will provide some closing comments.
For the fourth quarter of 2020, revenues decreased to $148.6 million compared to $236 million in the fourth quarter of the prior year.
Revenues decreased due to lower activity levels and pricing compared to the fourth quarter of the prior year.
Adjusted loss for the fourth quarter was $11.3 million compared to an adjusted operating loss of $17.3 million in the fourth quarter of the prior year.
Adjusted EBITDA for the fourth quarter was $7.8 million compared to adjusted EBITDA of $23.2 million in the same period of the prior year.
For the fourth quarter of 2020, RPC reported a $0.03 adjusted loss per share compared to a $0.07 adjusted loss per share in the fourth quarter of the prior year.
Cost of revenues during the fourth quarter of 2020 was $117.9 million or 79.3% of revenues compared to $176.9 million or 75% of revenues during the fourth 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 primarily due to lower pricing for our services and labor inefficiencies resulting from lower activity levels in the fourth quarter as compared to the prior year.
Selling, general and administrative expenses decreased to $26 million in the fourth quarter of 2020 compared to $36.8 million in the fourth quarter of the prior year.
These expenses decreased due to lower employment costs, primarily the result of cost reduction initiatives during previous quarters.
Depreciation and amortization decreased to $18 million in the fourth quarter of 2020 compared to $40.3 million in the fourth quarter of the prior year.
Depreciation and amortization decreased significantly, primarily due to asset impairment charges recorded in previous quarters, which reduced RPC's depreciable property, plant and equipment coupled with lower capital expenditures.
Technical Services segment revenues for the quarter decreased 36.5% compared to the same quarter in the prior year.
Segment operating loss in the fourth quarter of this year was $11.3 million compared to $17.2 million operating loss in the fourth quarter of the prior year.
Our Support Services segment revenues for the quarter decreased 43.6% compared to the same quarter in the prior year.
Segment operating loss in the fourth quarter of 2020 was $2.6 million compared to an operating profit of $1.2 million in the fourth quarter of the prior year.
And on a sequential basis, RPC's fourth quarter revenues increased 27.5%, again to $148.6 million from $116.6 million in the prior quarter, and this was due to activity increases in most of the segment service lines as a result of higher completion activity.
Cost of revenues during the fourth quarter of 2020 increased by $17 million or 16.9% to $117.9 million 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 86.5% in the third quarter of 2020 to 79.3% in the fourth quarter due to the leverage of higher revenues over certain costs including more efficient labor utilization.
Selling, general and administrative expenses during the fourth quarter of 2020 decreased 19.6% to $26 million from $32.4 million in the prior quarter.
This was primarily due to the accelerated vesting of stock recorded in the prior quarter related to the death of RPC's Chairman.
RPC recorded impairment and other charges of $10.3 million during the quarter.
These charges included a non-cash pension settlement loss of $4.6 million and the cost to finalize the disposal of our former sand facility.
RPC incurred an operating loss of $11.3 million during the fourth quarter of 2020 compared to an adjusted operating loss of $31.8 million in the prior quarter.
RPC's adjusted EBITDA was $7.8 million in the current quarter compared to adjusted EBITDA of negative $12.3 million in the prior quarter.
Technical Services segment revenues increased by $29.7 million or 27.2% to $139 million in the fourth quarter due to increased activity levels in several service lines.
RPC's Technical Service segment incurred an $11.3 million operating loss in the current quarter compared to an operating loss of $24.9 million in the prior quarter.
Support Services segment revenues increased by $2.3 million or 32.1% to $9.7 million in the fourth quarter.
Operating loss narrowed slightly from $3.8 million in the prior quarter to $2.6 million in the current quarter.
So during the fourth quarter, RPC operated five horizontal pressure pumping fleets, the same as the third quarter but with improved utilization.
At the end of the fourth quarter, RPC's pressure pumping capacity remained at approximately 728,000 hydraulic horsepower.
Fourth quarter 2020 capital expenditures were $12.8 million.
We currently estimate 2021 capital expenditures to be approximately $55 million.
This will be comprised primarily of capitalized maintenance of our existing equipment and selected growth opportunities.
As 2021 begins, we have greater visibility into the near-term activity levels than in the recent past.
Commodity prices have improved and our customers have a more constructive outlook.
However, while we expect activity levels to continue to improve as the year progresses, we remain committed to capital discipline.
We will remain disciplined and will not increase our equipment fleet until we have clarity into economic returns justifying investment.
Currently, our operating plans for 2021 include low capital spending, continued expense management and scrutiny of customer relationships for acceptable profitability.
At the end of the fourth quarter, RPC's cash balance was $84.5 million and we remain debt free.

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q4 adjusted loss per share $0.03.
q4 revenue $148.6 million versus refinitiv ibes estimate of $120.8 million.
as 2021 begins, expect activity levels to continue to improve as year progresses.

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