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BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2025

BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES

Schedule of segment reporting information by segment

Three months ended

Six months ended

June 30,

June 30,

Technical

Support

Technical

Support

Services

Services

Total

Services

Services

Total

(in thousands)

2025

Revenues

$

396,754

$

24,055

$

420,809

$

708,598

$

45,088

$

753,686

Employment costs ⁽¹⁾

97,550

5,314

102,864

174,886

10,567

185,453

Materials and supplies

110,998

955

111,953

185,467

1,795

187,262

Maintenance & repairs

50,055

2,924

52,979

95,516

5,546

101,062

Fleet and transportation

13,458

683

14,141

23,609

1,488

25,097

Other cost of revenues ⁽²⁾

34,484

1,325

35,809

60,316

2,451

62,767

Cost of revenues (exclusive of depreciation and amortization)

$

306,545

$

11,201

$

317,746

$

539,794

$

21,847

$

561,641

Employment costs ⁽¹⁾

15,498

2,628

18,126

30,550

5,117

35,667

Enterprise shared services ⁽³⁾

9,286

416

9,702

19,145

885

20,030

Other selling, general and administrative expenses ⁽⁴⁾

7,058

1,786

8,844

14,476

3,213

17,689

Selling, general and administrative expenses

$

31,842

$

4,830

$

36,672

$

64,171

$

9,215

$

73,386

Segment depreciation and amortization

36,403

4,226

40,629

68,666

7,567

76,233

Segment operating income

$

21,964

$

3,798

$

25,762

$

35,967

$

6,459

$

42,426

Unallocated corporate expenses ⁽⁵⁾

5,871

11,675

Acquisition related employment costs

6,554

6,554

(Gain) on sale of assets

(2,199)

(3,725)

Operating income

$

15,536

$

27,922


			Three months ended										Six months ended
			June 30,										June 30,
			Technical			Support						Technical			Support
			Services			Services			Total			Services			Services			Total
(in thousands)
2024
Revenues		$	341,484		$	22,669		$	364,153			$	697,878		$	44,108		$	741,986

Employment costs ⁽¹⁾			77,617			5,149			82,766				154,769			10,336			165,105
Materials and supplies			84,708			764			85,472				179,198			1,549			180,747
Maintenance & repairs			50,654			2,651			53,305				100,960			5,447			106,407
Fleet and transportation			11,918			778			12,696				29,753			1,570			31,323
Other cost of revenues ⁽²⁾			26,202			1,843			28,045				52,211			3,100			55,311
Cost of revenues (exclusive of depreciation and amortization)		$	251,099		$	11,185		$	262,284			$	516,891		$	22,002		$	538,893

Employment costs ⁽¹⁾			13,982			2,292			16,274				29,559			4,737			34,296
Enterprise shared services ⁽³⁾			8,940			329			9,269				17,512			742			18,254
Other selling, general and administrative expenses ⁽⁴⁾			8,645			1,622			10,267				15,972			2,972			18,944
Selling, general and administrative expenses		$	31,567		$	4,243		$	35,810			$	63,043		$	8,451		$	71,494

Segment depreciation and amortization			28,620			2,862			31,482				55,790			5,677			61,467
Segment operating income		$	30,198		$	4,379		$	34,577			$	62,154		$	7,978		$	70,132
Unallocated corporate expenses ⁽⁵⁾									2,447										6,867
(Gain) on sale of assets									(3,338)										(4,552)
Operating income								$	35,468									$	67,817

(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 and six months ended June 30, 2025 and 2024:


		Three months ended June 30,
		Technical			Support			Segment			Unallocated			Consolidated
		Services			Services			Total			Total			Total
(in thousands)
2025
Selling, general and administrative expenses		$	31,842		$	4,830		$	36,672		$	4,153		$	40,825
Depreciation and amortization			36,403			4,226			40,629			1,718			42,347
Capital expenditures ⁽¹⁾			32,451			6,343			38,794			4,259			43,053
Total assets, end of period ⁽²⁾		$	1,102,165		$	97,089		$	1,199,254		$	265,142		$	1,464,396
2024
Selling, general and administrative expenses		$	31,567		$	4,243		$	35,810		$	1,596		$	37,406
Depreciation and amortization			28,620			2,862			31,482			851			32,333
Capital expenditures ⁽¹⁾			71,348			3,107			74,455			566			75,021
Total assets, end of period ⁽²⁾		$	914,418		$	81,375		$	995,793		$	329,453		$	1,325,246


		Six months ended June 30,
		Technical			Support			Segment			Unallocated			Consolidated
		Services			Services			Total			Total			Total
(in thousands)
2025
Selling, general and administrative expenses		$	64,171		$	9,215		$	73,386		$	9,938		$	83,324
Depreciation and amortization			68,666			7,567			76,233			1,737			77,970
Capital expenditures ⁽¹⁾			54,994			14,744			69,738			5,585			75,323
2024
Selling, general and administrative expenses		$	63,043		$	8,451		$	71,494		$	5,997		$	77,491
Depreciation and amortization			55,790			5,677			61,467			870			62,337
Capital expenditures ⁽¹⁾			115,217			10,920			126,137			1,662			127,799

(1)

Unallocated total primarily related to corporate and enterprise services capital expenditures.

(2)

Unallocated total primarily consists of cash and cash equivalents of $162.1 million and $261.5 million managed at corporate for the months ended June 30, 2025 and 2024, respectively.

Schedule of revenue by geographical location


		Three months ended						Six months ended
		June 30,						June 30,
		2025			2024			2025			2024
(in thousands)
United States revenues		$	412,347		$	353,478		$	737,226		$	721,416
International revenues			8,462			10,675			16,460			20,570
Total revenues		$	420,809		$	364,153		$	753,686		$	741,986

Schedule of operating segment revenues by major service lines


		Three months ended						Six months ended
		June 30,						June 30,
		2025			2024			2025			2024
(in thousands)
Technical Services:
Pressure Pumping		$	109,197		$	147,156		$	242,814		$	323,412
Downhole Tools			99,587			100,670			193,452			194,464
Coiled Tubing			35,690			38,984			67,620			72,152
Wireline			103,924			5,193			107,842			9,400
Cementing			27,625			28,038			55,287			55,789
Nitrogen			8,150			8,346			16,062			17,896
Snubbing			7,416			5,278			14,752			10,134
All other			5,165			7,819			10,769			14,631
Total Technical Services			396,754			341,484			708,598			697,878

Support Services:
Rental Tools			17,955			17,422			33,357			33,396
All other			6,100			5,247			11,731			10,712
Total Support Services			24,055			22,669			45,088			44,108

Total revenues		$	420,809		$	364,153		$	753,686		$	741,986