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BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2025

BUSINESS SEGMENT AND ENTITY WIDE DISCLOSURES

Schedule of segment reporting information by segment

Three months ended

Nine months ended

September 30,

September 30,

Technical

Support

Technical

Support

Services

Services

Total

Services

Services

Total

(in thousands)

2025

Revenues

$

422,206

$

24,897

$

447,103

$

1,130,804

$

69,985

$

1,200,789

Employment costs ⁽¹⁾

102,133

5,749

107,882

277,019

16,316

293,335

Materials and supplies

113,119

984

114,103

298,586

2,779

301,365

Maintenance & repairs

59,967

3,444

63,411

155,483

8,990

164,473

Fleet and transportation

14,140

793

14,933

37,749

2,281

40,030

Other cost of revenues ⁽²⁾

33,155

1,189

34,344

93,471

3,640

97,111

Cost of revenues (exclusive of depreciation and amortization)

$

322,514

$

12,159

$

334,673

$

862,308

$

34,006

$

896,314

Employment costs ⁽¹⁾

17,465

2,620

20,085

48,015

7,737

55,752

Enterprise shared services ⁽³⁾

6,824

207

7,031

25,969

1,092

27,061

Other selling, general and administrative expenses ⁽⁴⁾

10,785

1,399

12,184

23,817

4,358

28,175

Selling, general and administrative expenses

$

35,074

$

4,226

$

39,300

$

97,801

$

13,187

$

110,988

Segment depreciation and amortization

41,011

3,067

44,078

111,121

10,888

122,009

Segment operating income

$

23,607

$

5,445

$

29,052

$

59,574

$

11,904

$

71,478

Unallocated corporate expenses ⁽⁵⁾

5,348

17,023

Acquisition related employment costs

6,467

13,021

Gain on sale of assets

(3,563)

(7,288)

Operating income

$

20,800

$

48,722


			Three months ended										Nine months ended
			September 30,										September 30,
			Technical			Support						Technical			Support
			Services			Services			Total			Services			Services			Total
(in thousands)
2024
Revenues		$	313,492		$	24,160		$	337,652			$	1,011,370		$	68,268		$	1,079,638

Employment costs ⁽¹⁾			72,291			4,870			77,161				227,060			15,206			242,266
Materials and supplies			75,012			1,119			76,131				254,210			2,668			256,878
Maintenance & repairs			46,611			3,156			49,767				147,571			8,603			156,174
Fleet and transportation			17,705			1,003			18,708				47,458			2,573			50,031
Other cost of revenues ⁽²⁾			24,383			1,357			25,740				76,594			4,457			81,051
Cost of revenues (exclusive of depreciation and amortization)		$	236,002		$	11,505		$	247,507			$	752,893		$	33,507		$	786,400

Employment costs ⁽¹⁾			13,165			2,153			15,318				42,724			6,890			49,614
Enterprise shared services ⁽³⁾			8,258			264			8,522				25,770			1,006			26,776
Other selling, general and administrative expenses ⁽⁴⁾			7,960			1,701			9,661				23,349			4,424			27,773
Selling, general and administrative expenses		$	29,383		$	4,118		$	33,501			$	91,843		$	12,320		$	104,163

Segment depreciation and amortization			31,764			3,250			35,014				88,137			9,176			97,313
Segment operating income		$	16,343		$	5,287		$	21,630			$	78,497		$	13,265		$	91,762
Unallocated corporate expenses ⁽⁵⁾									4,216										11,083
Gain on sale of assets									(1,790)										(6,342)
Operating income								$	19,204									$	87,021

(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 Enterprise 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 nine months ended September 30, 2025 and 2024:


		Three months ended September 30,
		Technical			Support			Segment			Unallocated			Consolidated
		Services			Services			Total			Total			Total
(in thousands)
2025
Selling, general and administrative expenses		$	35,074		$	4,226		$	39,300		$	5,328		$	44,628
Depreciation and amortization			41,011			3,067			44,078			20			44,098
Capital expenditures ⁽¹⁾			32,838			8,676			41,514			943			42,457
Total assets, end of period ⁽²⁾		$	1,114,712		$	99,455		$	1,214,167		$	284,629		$	1,498,796
2024
Selling, general and administrative expenses		$	29,383		$	4,118		$	33,501		$	4,196		$	37,697
Depreciation and amortization			31,764			3,250			35,014			20			35,034
Capital expenditures ⁽¹⁾			44,526			6,831			51,357			304			51,661


		Nine months ended September 30,
		Technical			Support			Segment			Unallocated			Consolidated
		Services			Services			Total			Total			Total
(in thousands)
2025
Selling, general and administrative expenses		$	97,801		$	13,187		$	110,988		$	16,964		$	127,952
Depreciation and amortization			111,121			10,888			122,009			59			122,068
Capital expenditures ⁽¹⁾		$	91,329		$	23,770		$	115,099		$	2,681		$	117,780
2024
Selling, general and administrative expenses		$	91,843		$	12,320		$	104,163		$	11,025		$	115,188
Depreciation and amortization			88,137			9,176			97,313			58			97,371
Capital expenditures ⁽¹⁾		$	159,743		$	17,751		$	177,494		$	1,966		$	179,460

(1)

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

(2)

Unallocated total primarily consists of cash and cash equivalents of $163.5 million managed at corporate as of September 30, 2025.

Schedule of revenue by geographical location


		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024
(in thousands)
United States revenues		$	439,204		$	326,963		$	1,176,430		$	1,048,379
International revenues			7,899			10,689			24,359			31,259
Total revenues		$	447,103		$	337,652		$	1,200,789		$	1,079,638

Schedule of operating segment revenues by major service lines


		Three months ended						Nine months ended
		September 30,						September 30,
		2025			2024			2025			2024
(in thousands)
Technical Services:
Pressure Pumping		$	124,769		$	129,579		$	367,583		$	452,991
Downhole Tools			105,024			97,954			298,476			292,418
Coiled Tubing			42,465			29,761			110,085			101,913
Wireline			104,863			5,004			212,705			14,404
Cementing			24,192			26,972			79,479			82,761
Nitrogen			7,283			9,151			23,345			27,047
Snubbing			6,473			8,949			21,225			19,083
All other			7,137			6,122			17,906			20,753
Total Technical Services			422,206			313,492			1,130,804			1,011,370

Support Services:
Rental Tools			18,737			17,475			52,094			50,871
All other			6,160			6,685			17,891			17,397
Total Support Services			24,897			24,160			69,985			68,268

Total revenues		$	447,103		$	337,652		$	1,200,789		$	1,079,638