U.S. oilfield activity has begun to tick higher from the historic lows last spring, but even stronger oil and natural gas prices are not enough to generate sustainable returns, RPC Inc. CEO Richard A. Hubbell said Wednesday.

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During the third quarter conference call, Hubbell said conditions have improved since bottoming in 2Q2020, but they are far from great. The Atlanta-based oilfield services (OFS) and equipment operator works across the United States and in international markets through Cudd Energy Services, Thru Tubing Solutions and Patterson Services.

“As we indicated on the last quarter’s conference call, we believe domestic oilfield activity bottomed out during the second quarter,” Hubbell told investors. “The downturn our industry experienced was perhaps the...