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Segment Reporting
 9 Months Ended
Sep. 30, 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 September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

88,840

 

 

$

45,557

 

 

$

—

 

 

$

134,397

 

Inter-segment revenue

 

 

34

 

 

 

125

 

 

 

(159

)

 

 

—

 

Segment operating income

 

 

16,487

 

 

 

3,232

 

 

 

84

 

 

 

19,803

 

Total assets

 

 

322,001

 

 

 

154,995

 

 

 

123,470

 

 

 

600,466

 

Capital expenditures

 

 

2,273

 

 

 

427

 

 

 

29

 

 

 

2,729

 

Depreciation and amortization

 

 

2,537

 

 

 

1,014

 

 

 

125

 

 

 

3,676

 

Three months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

85,145

 

 

$

40,198

 

 

$

—

 

 

$

125,343

 

Inter-segment revenue

 

 

16

 

 

 

25

 

 

 

(41

)

 

 

—

 

Segment operating income

 

 

12,992

 

 

 

1,544

 

 

 

136

 

 

 

14,672

 

Total assets

 

 

302,769

 

 

 

163,395

 

 

 

126,250

 

 

 

592,414

 

Capital expenditures

 

 

2,840

 

 

 

237

 

 

 

384

 

 

 

3,461

 

Depreciation and amortization

 

 

2,712

 

 

 

1,049

 

 

 

168

 

 

 

3,929

 

Nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

259,353

 

 

$

135,258

 

 

$

—

 

 

$

394,611

 

Inter-segment revenue

 

 

71

 

 

 

187

 

 

 

(258

)

 

 

—

 

Segment operating income

 

 

34,823

 

 

 

9,209

 

 

 

350

 

 

 

44,382

 

Total assets

 

 

322,001

 

 

 

154,995

 

 

 

123,470

 

 

 

600,466

 

Capital expenditures

 

 

7,481

 

 

 

914

 

 

 

252

 

 

 

8,647

 

Depreciation and amortization

 

 

7,854

 

 

 

3,073

 

 

 

362

 

 

 

11,289

 

Nine months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from unaffiliated clients

 

$

248,717

 

 

$

132,863

 

 

$

—

 

 

$

381,580

 

Inter-segment revenue

 

 

145

 

 

 

144

 

 

 

(289

)

 

 

—

 

Segment operating income

 

 

28,780

 

 

 

10,324

 

 

 

955

 

 

 

40,059

 

Total assets

 

 

302,769

 

 

 

163,395

 

 

 

126,250

 

 

 

592,414

 

Capital expenditures

 

 

5,879

 

 

 

1,237

 

 

 

727

 

 

 

7,843

 

Depreciation and amortization

 

 

8,374

 

 

 

3,034

 

 

 

502

 

 

 

11,910

 

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