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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

16. SEGMENT REPORTING

We operate our business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields.

•
Reservoir Description: Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients’ reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. Services associated with these fluids include determining the quality and measuring the quantity of the reservoir fluids and their derived products, such as gasoline, diesel and biofuels. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. In addition, we provide reservoir description capabilities that support various activities associated with energy transition projects, including services that support carbon capture, utilization and storage, geothermal projects, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage.
•
Production Enhancement: Includes services and manufactured products associated with reservoir well completions, perforations, stimulation, production and well abandonment. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects.

We use the same accounting policies to prepare our operating segment results as are used to prepare our consolidated financial statements. All interest and other non-operating income (expense) is attributable to Corporate & Other and is not allocated to specific operating segments. Summarized financial information of our operating segments is shown in the following table (in thousands):

 

 

Reservoir
Description

 

 

Production
Enhancement

 

 

Corporate &
Other (1)

 

 

Consolidated

 

Three months ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

84,236

 

 

$

45,401

 

 

$

—

 

 

$

129,637

 

Inter-segment revenue

 

 

14

 

 

 

47

 

 

 

(61

)

 

 

—

 

Segment operating income

 

 

6,892

 

 

 

1,576

 

 

 

103

 

 

 

8,571

 

Total assets

 

 

308,490

 

 

 

163,665

 

 

 

115,795

 

 

 

587,950

 

Capital expenditures

 

 

2,830

 

 

 

220

 

 

 

2

 

 

 

3,052

 

Depreciation and amortization

 

 

2,684

 

 

 

1,036

 

 

 

123

 

 

 

3,843

 

Three months ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

80,188

 

 

$

48,168

 

 

$

—

 

 

$

128,356

 

Inter-segment revenue

 

 

41

 

 

 

54

 

 

 

(95

)

 

 

—

 

Segment operating income

 

 

2,471

 

 

 

3,281

 

 

 

729

 

 

 

6,481

 

Total assets

 

 

302,855

 

 

 

167,017

 

 

 

123,745

 

 

 

593,617

 

Capital expenditures

 

 

1,562

 

 

 

618

 

 

 

28

 

 

 

2,208

 

Depreciation and amortization

 

 

2,885

 

 

 

991

 

 

 

168

 

 

 

4,044

 

(1) "Corporate & Other" represents those items that are not directly related to a particular operating segment and eliminations.