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Industry Segments | 6 Months Ended
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Jun. 30, 2014
Notes to Financial Statements [Abstract] |
Industry Segments | NOTE H – INDUSTRY SEGMENTS We manage our operations through five operating segments: Fluids, Production Testing, Compressco, Offshore Services, and Maritech. Our Fluids Division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. The Fluids Division also provides domestic onshore oil and gas operators with comprehensive water management services. Our Production Enhancement Division consists of two operating segments: Production Testing and Compressco. The Production Testing segment provides after-frac flow back, production well testing, offshore rig cooling, and other associated services in many of the major oil and gas producing regions in the United States, Mexico, and Canada, as well as in certain basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. The Compressco segment provides compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and, in certain circumstances, well monitoring and sand separation services. The Compressco segment provides these services throughout many of the onshore oil and gas producing regions of the United States, as well as certain basins in Mexico, Canada, and certain countries in South America, Eastern Europe, and the Asia-Pacific region. Beginning June 20, 2011, following the initial public offering of Compressco Partners, we allocate and charge certain corporate and divisional direct and indirect administrative costs to Compressco Partners. As a result of the August 4, 2014, acquisition of CSI, we have significantly expanded the scope of our Compressco segment. See Note B - Acquisitions for further discussion. Our Offshore Division consists of two operating segments: Offshore Services and Maritech. The Offshore Services segment provides (1) downhole and subsea services such as well plugging and abandonment and workover services, (2) decommissioning and certain construction services utilizing heavy lift barges and various cutting technologies with regard to offshore oil and gas production platforms and pipelines, and (3) conventional and saturation diving services. The Maritech segment is a limited oil and gas production operation. During 2011 and the first quarter of 2012, Maritech sold substantially all of its oil and gas producing property interests. Maritech’s operations consist primarily of the ongoing abandonment and decommissioning associated with its remaining offshore wells and production platforms. Maritech intends to acquire a significant portion of these services from the Offshore Division’s Offshore Services segment. We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units and are eliminated in consolidation. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense. Summarized financial information concerning the business segments is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In Thousands)
Revenues from external customers |  |  |  |  |  |  |  |  |  |  |
Product sales |  |  |  |  |  |  |  |  |
Fluids Division | $ | 78,905 |  |  | $ | 74,741 |  |  | $ | 152,325 |  |  | $ | 143,902 |
Production Enhancement Division |  |  |  |  |  |  |  |  |  |  |
Production Testing | — |  |  | — |  |  | — |  |  | — |
Compressco | 2,065 |  |  | 1,341 |  |  | 3,902 |  |  | 2,429 |
Total Production Enhancement Division | 2,065 |  |  | 1,341 |  |  | 3,902 |  |  | 2,429 |
Offshore Division |  |  |  |  |  |  |  |  |  |  |
Offshore Services | 354 |  |  | 1,584 |  |  | 473 |  |  | 1,713 |
Maritech | 1,547 |  |  | 1,684 |  |  | 2,923 |  |  | 2,844 |
Total Offshore Division | 1,901 |  |  | 3,268 |  |  | 3,396 |  |  | 4,557 |
Consolidated | $ | 82,871 |  |  | $ | 79,350 |  |  | $ | 159,623 |  |  | $ | 150,888 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In Thousands)
Services and rentals |  |  |  |  |  |  |  |  |  |
Fluids Division | $ | 37,423 |  |  | $ | 25,493 |  |  | $ | 69,163 |  |  | $ | 50,324 |
Production Enhancement Division |  |  |  |  |  |  |  |  |  |  |
Production Testing | 42,377 |  |  | 47,433 |  |  | 86,015 |  |  | 102,040 |
Compressco | 29,950 |  |  | 26,640 |  |  | 57,877 |  |  | 56,377 |
Intersegment eliminations | (1,085 | ) |  | (293 | ) |  | (1,709 | ) |  | (573 | )
Total Production Enhancement Division | 71,242 |  |  | 73,780 |  |  | 142,183 |  |  | 157,844 |
Offshore Division |  |  |  |  |  |  |  |  |  |  |
Offshore Services | 55,887 |  |  | 62,871 |  |  | 91,098 |  |  | 100,391 |
Maritech | — |  |  | — |  |  | — |  |  | — |
Intersegment eliminations | (4,934 | ) |  | (20,393 | ) |  | (6,721 | ) |  | (29,787 | )
Total Offshore Division | 50,953 |  |  | 42,478 |  |  | 84,377 |  |  | 70,604 |
Corporate Overhead | — |  |  | — |  |  | — |  |  | — |
Consolidated | $ | 159,618 |  |  | $ | 141,751 |  |  | $ | 295,723 |  |  | $ | 278,772 |
Intersegment revenues |  |  |  |  |  |  |  |  |
Fluids Division | $ | 322 |  |  | $ | (8 | ) |  | $ | 307 |  |  | $ | 40 |
Production Enhancement Division |  |  |  |  |  |  |  |  |  |  |
Production Testing | — |  |  | — |  |  | — |  |  | — |
Compressco | — |  |  | — |  |  | — |  |  | — |
Total Production Enhancement Division | — |  |  | — |  |  | — |  |  | — |
Offshore Division |  |  |  |  |  |  |  |  |  |  |
Offshore Services | — |  |  | — |  |  | — |  |  | — |
Maritech | — |  |  | — |  |  | — |  |  | — |
Intersegment eliminations | — |  |  | — |  |  | — |  |  | — |
Total Offshore Division | — |  |  | — |  |  | — |  |  | — |
Intersegment eliminations | (322 | ) |  | 8 |  |  | (307 | ) |  | (40 | )
Consolidated | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenues |  |  |  |  |  |  |  |  |
Fluids Division | $ | 116,650 |  |  | $ | 100,226 |  |  | $ | 221,795 |  |  | $ | 194,266 |
Production Enhancement Division |  |  |  |  |  |  |  |  |  |  |
Production Testing | 42,377 |  |  | 47,433 |  |  | 86,015 |  |  | 102,040 |
Compressco | 32,015 |  |  | 27,981 |  |  | 61,779 |  |  | 58,806 |
Intersegment eliminations | (1,085 | ) |  | (293 | ) |  | (1,709 | ) |  | (573 | )
Total Production Enhancement Division | 73,307 |  |  | 75,121 |  |  | 146,085 |  |  | 160,273 |
Offshore Division |  |  |  |  |  |  |  |  |  |  |
Offshore Services | 56,241 |  |  | 64,455 |  |  | 91,571 |  |  | 102,104 |
Maritech | 1,547 |  |  | 1,684 |  |  | 2,923 |  |  | 2,844 |
Intersegment eliminations | (4,934 | ) |  | (20,393 | ) |  | (6,721 | ) |  | (29,787 | )
Total Offshore Division | 52,854 |  |  | 45,746 |  |  | 87,773 |  |  | 75,161 |
Corporate Overhead | — |  |  | — |  |  | — |  |  | — |
Intersegment eliminations | (322 | ) |  | 8 |  |  | (307 | ) |  | (40 | )
Consolidated | $ | 242,489 |  |  | $ | 221,101 |  |  | $ | 455,346 |  |  | $ | 429,660 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In Thousands)
Income (loss) before taxes |  |  |  |  |  |  |  |  |
Fluids Division | $ | 17,059 |  |  | $ | 17,847 |  |  | $ | 35,536 |  |  | $ | 34,852 |
Production Enhancement Division |  |  |  |  |  |  |  |  |  |  |
Production Testing | (249 | ) |  | 4,317 |  |  | (3,047 | ) |  | 10,615 |
Compressco | 5,477 |  |  | 3,161 |  |  | 10,664 |  |  | 8,386 |
Intersegment eliminations | 3 |  |  | — |  |  | 6 |  |  | — |
Total Production Enhancement Division | 5,231 |  |  | 7,478 |  |  | 7,623 |  |  | 19,001 |
Offshore Division |  |  |  |  |  |  |  |  |  |  |
Offshore Services | 1,833 |  |  | 9,688 |  |  | (6,139 | ) |  | 4,485 |
Maritech | (10,698 | ) |  | (23,743 | ) |  | (17,237 | ) |  | (28,651 | )
Intersegment eliminations | — |  |  | — |  |  | — |  |  | — |
Total Offshore Division | (8,865 | ) |  | (14,055 | ) |  | (23,376 | ) |  | (24,166 | )
Corporate Overhead(1) | (15,919 | ) |  | (15,665 | ) |  | (32,960 | ) |  | (30,871 | )
Consolidated | $ | (2,494 | ) |  | $ | (4,395 | ) |  | $ | (13,177 | ) |  | $ | (1,184 | )
| June 30,
| 2014 |  | 2013
| (In Thousands)
Total assets |  |  |  |  |
Fluids Division | $ | 439,793 |  |  | $ | 389,580 |
Production Enhancement Division |  |  |  |  |
Production Testing | 333,531 |  |  | 320,801 |
Compressco | 233,956 |  |  | 233,288 |
Total Production Enhancement Division | 567,487 |  |  | 554,089 |
Offshore Division |  |  |  |  |
Offshore Services | 170,663 |  |  | 181,752 |
Maritech | 20,727 |  |  | 25,640 |
Intersegment eliminations | — |  |  | — |
Total Offshore Division | 191,390 |  |  | 207,392 |
Corporate Overhead | 29,596 |  |  | 20,491 |
Consolidated | $ | 1,228,266 |  |  | $ | 1,171,552 |
(1) | Amounts reflected include the following general corporate expenses:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In Thousands)
General and administrative expense | $ | 10,064 |  |  | $ | 10,364 |  |  | $ | 21,458 |  |  | $ | 20,275 |
Depreciation and amortization | 527 |  |  | 579 |  |  | 1,081 |  |  | 1,160 |
Interest expense | 4,610 |  |  | 4,090 |  |  | 9,141 |  |  | 8,242 |
Other general corporate (income) expense, net | 718 |  |  | 632 |  |  | 1,280 |  |  | 1,194 |
Total | $ | 15,919 |  |  | $ | 15,665 |  |  | $ | 32,960 |  |  | $ | 30,871 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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