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BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES (Tables) | 3 Months Ended
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Mar. 31, 2025
BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES |
Schedule of segment reporting information by segment |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Technical | ​ | Support | ​ | ​ | ​
​ |  | Services |  | Services |  | Total | ​
(in thousands except headcount) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Revenues | ​ | $ | 311,844 | ​ | $ | 21,033 | ​ | $ | 332,877 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employment costs (1) | ​ | ​ | 77,336 | ​ | ​ | 5,253 | ​ | ​ | 82,589 | ​
Materials and supplies | ​ | ​ | 74,469 | ​ | ​ | 840 | ​ | ​ | 75,309 | ​
Maintenance & repairs | ​ | ​ | 45,461 | ​ | ​ | 2,622 | ​ | ​ | 48,083 | ​
Fleet and transportation | ​ | ​ | 10,151 | ​ | ​ | 805 | ​ | ​ | 10,956 | ​
Other cost of revenues (2) | ​ | ​ | 25,832 | ​ | ​ | 1,126 | ​ | ​ | 26,958 | ​
Cost of revenues (exclusive of depreciation and amortization) |  | $ | 233,249 | ​ | $ | 10,646 | ​ | $ | 243,895 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employment costs (1) | ​ | ​ | 15,052 | ​ | ​ | 2,489 | ​ | ​ | 17,541 | ​
Enterprise shared services (3) | ​ | ​ | 9,859 | ​ | ​ | 469 | ​ | ​ | 10,328 | ​
Other selling, general and administrative expenses (4) | ​ | ​ | 7,418 | ​ | ​ | 1,427 | ​ | ​ | 8,845 | ​
Selling, general and administrative expenses | ​ | $ | 32,329 | ​ | $ | 4,385 | ​ | $ | 36,714 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment depreciation and amortization | ​ | ​ | 32,263 | ​ | ​ | 3,341 | ​ | ​ | 35,604 | ​
Segment operating income | ​ | $ | 14,003 | ​ | $ | 2,661 | ​ | $ | 16,664 | ​
Unallocated corporate expenses (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,804 | ​
(Gain) on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,526) | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 12,386 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Technical | ​ | Support | ​ | ​ | ​
​ |  | Services |  | Services |  | Total | ​
(in thousands except headcount) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | $ | 356,394 | ​ | $ | 21,439 | ​ | $ | 377,833 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employment costs (1) | ​ | ​ | 77,152 | ​ | ​ | 5,187 | ​ | ​ | 82,339 | ​
Materials and supplies | ​ | ​ | 94,490 | ​ | ​ | 785 | ​ | ​ | 95,275 | ​
Maintenance & repairs | ​ | ​ | 50,306 | ​ | ​ | 2,796 | ​ | ​ | 53,102 | ​
Fleet and transportation | ​ | ​ | 17,835 | ​ | ​ | 792 | ​ | ​ | 18,627 | ​
Other cost of revenues (2) | ​ | ​ | 26,009 | ​ | ​ | 1,257 | ​ | ​ | 27,266 | ​
Cost of revenues (exclusive of depreciation and amortization) |  | $ | 265,792 | ​ | $ | 10,817 | ​ | $ | 276,609 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employment costs (1) |  | ​ | 15,577 |  | ​ | 2,445 | ​ | ​ | 18,022 | ​
Enterprise shared services (3) | ​ | ​ | 8,572 | ​ | ​ | 413 | ​ | ​ | 8,985 | ​
Other selling, general and administrative expenses (4) | ​ | ​ | 7,327 | ​ | ​ | 1,350 | ​ | ​ | 8,677 | ​
Selling, general and administrative expenses | ​ | $ | 31,476 | ​ | $ | 4,208 | ​ | $ | 35,684 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment depreciation and amortization | ​ | ​ | 27,170 | ​ | ​ | 2,815 | ​ | ​ | 29,985 | ​
Segment operating income | ​ | $ | 31,956 | ​ | $ | 3,599 | ​ | $ | 35,555 | ​
Unallocated corporate expenses (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,420 | ​
(Gain) on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,214) | ​
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 32,349 | ​
| (1) | Employment costs include employee payroll, share-based compensation, bonuses and amounts related to benefits for each of the income statement items. Additional employment costs are included within the shared services amount.
| (2) | Includes expenses related to rent, travel, insurance and other costs.
| (3) | Includes costs incurred at the enterprise level that are allocated to each reportable segment based on payroll cost, headcount and revenues.
| (4) | Includes professional fees, utilities, travel & entertainment and other costs.
| (5) | Unallocated corporate expenses are included in selling general and administrative expenses at the consolidated level.
​ The table below shows the reconciliation of segment totals to the consolidated level for the three months ended March 31, 2025 and 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Technical | ​ | Support | ​ | Segment | ​ | Unallocated | ​ | Consolidated
​ |  | Services |  | Services |  | Total |  | Total |  | Total
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative expenses | ​ | $ | 32,329 | ​ | $ | 4,385 | ​ | $ | 36,714 | ​ | $ | 5,785 | ​ | $ | 42,499
Depreciation and amortization | ​ | ​ | 32,263 | ​ | ​ | 3,341 | ​ | ​ | 35,604 | ​ | ​ | 19 | ​ | ​ | 35,623
Capital expenditures (1) | ​ | ​ | 22,543 | ​ | ​ | 8,401 | ​ | ​ | 30,944 | ​ | ​ | 1,326 | ​ | ​ | 32,270
Total assets (2) | ​ | $ | 862,481 | ​ | $ | 86,443 | ​ | $ | 948,924 | ​ | $ | 396,995 | ​ | $ | 1,345,919
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative expenses | ​ | $ | 31,476 | ​ | $ | 4,208 | ​ | $ | 35,684 | ​ | $ | 4,401 | ​ | $ | 40,085
Depreciation and amortization | ​ | ​ | 27,170 | ​ | ​ | 2,815 | ​ | ​ | 29,985 | ​ | ​ | 19 | ​ | ​ | 30,004
Capital expenditures (1) | ​ | ​ | 43,869 | ​ | ​ | 7,813 | ​ | ​ | 51,682 | ​ | ​ | 1,096 | ​ | ​ | 52,778
Total assets (2) | ​ | $ | 897,462 | ​ | $ | 79,763 | ​ | $ | 977,225 | ​ | $ | 320,008 | ​ | $ | 1,297,233
​
| (1) | Unallocated total primarily related to corporate capital expenditures.
| (2) | Unallocated total primarily consists of cash and cash equivalents of $326.7 million and $212.2 million managed at corporate for the months ended March 31, 2025 and 2024, respectively.
Schedule of revenue by geographical location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended
​ | ​ | March 31,
​ |  | 2025 |  | 2024
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
United States revenues | ​ | $ | 324,879 | ​ | $ | 367,938
International revenues | ​ | ​ | 7,998 |  | ​ | 9,895
Total revenues | ​ | $ | 332,877 | ​ | $ | 377,833
Schedule of operating segment revenues by major service lines | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31,
​ |  | 2025 |  | 2024
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Technical Services: | ​ | ​ |  | ​ | ​ |
Pressure Pumping | ​ | $ | 133,617 | ​ | $ | 176,256
Downhole Tools | ​ | ​ | 93,865 |  | ​ | 93,794
Coiled Tubing | ​ | ​ | 31,930 |  | ​ | 33,168
Cementing | ​ | ​ | 27,662 | ​ | ​ | 27,751
Nitrogen | ​ | ​ | 7,912 |  | ​ | 9,550
Snubbing | ​ | ​ | 7,336 |  | ​ | 4,856
All other | ​ | ​ | 9,522 |  | ​ | 11,019
Total Technical Services | ​ | ​ | 311,844 | ​ | ​ | 356,394
​ | ​ | ​ | ​ | ​ | ​ | ​
Support Services: | ​ |  |  | ​ |  |
Rental Tools | ​ | ​ | 15,402 | ​ | ​ | 15,974
All other | ​ |  | 5,631 | ​ |  | 5,465
Total Support Services | ​ | ​ | 21,033 | ​ | ​ | 21,439
​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | $ | 332,877 | ​ | $ | 377,833

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