(RPC earnings story updated for analyst comment on oil services selloff)ATLANTA ( TheStreet) -- Oilfield services company RPC ( RES) reported an earnings beating and doubled its dividend on Wednesday morning. RPC earned 32 cents a share in the quarter, well ahead of the Street consensus of 19 cents earnings. The oilfield services company reported it would double its dividend to 6 cents per share also. RPC revenue of just under $253 million was in line with the Street consensus, and was double the same quarter 2009. RPC second-quarter net income of $31.6 million, or the 32 cents per share beat, compared to a loss of $11.6 million, or 12 cents per share in the second quarter 2009. Land-based drillers and drilling services firms have outperformed based on the second-quarter spike in rig count in the U.S. RPC increased its domestic rig count by 61% over the second quarter 2009 level to 1,506, and the active rig count was 13% above the rig count in the first quarter this year. RPC shares spiked by as much as 6% in the pre-market on Wednesday, but after the opening bell, RPC shares fell more than 2%, as the energy sector opened lower and many of the oil services stocks dropped.
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