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Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company reports results of operations in the following three reporting segments: Drilling & Downhole, Completions and Production. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments.
The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. The Production segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors view the business. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.
Summary financial data by segment follows (in thousands):
Year ended December 31,
20212020
Revenue:
Drilling & Downhole$239,895 $216,836 
Completions185,018 118,685 
Production116,710 177,510 
Eliminations(555)(555)
Total revenue$541,068 $512,476 
Segment operating income (loss):
Drilling & Downhole$4,749 $(47,964)
Completions(4,532)(97,304)
Production(14,354)(33,418)
Corporate(31,408)(30,012)
Total segment operating loss(45,545)(208,698)
Impairments of intangible assets, property and equipment— 20,394 
Loss (gain) on disposal of assets and other(1,052)2,531 
Operating loss$(44,493)$(231,623)
Depreciation and amortization
Drilling & Downhole$14,536 $17,895 
Completions22,568 24,831 
Production4,769 7,755 
Corporate303 519 
Total depreciation and amortization$42,176 $51,000 
A summary of capital expenditures by reportable segment is as follows (in thousands):
Year ended December 31,
Capital expenditures20212020
Drilling & Downhole$1,476 $462 
Completions512 275 
Production411 287 
Corporate— 1,222 
Total capital expenditures$2,399 $2,246 
A summary of consolidated assets by reportable segment is as follows (in thousands):
Year ended December 31,
Assets20212020
Drilling & Downhole$313,493 $314,375 
Completions351,908 356,645 
Production83,150 92,949 
Corporate42,785 125,957 
Total assets$791,336 $889,926 
Corporate assets primarily include cash, certain prepaid expenses and deferred loan costs.
A summary of long-lived assets by country is as follows (in thousands):
Year ended December 31,
Long-lived assets:20212020
United States$298,171 $332,554 
Europe25,956 42,424 
Canada14,977 17,796 
Asia-Pacific221 836 
Middle East4,412 4,877 
Latin America866 1,248 
Total long-lived assets$344,603 $399,735 
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
Year ended December 31,
20212020
Revenue:$%$%
United States$324,376 60.0 %$323,322 63.2 %
Canada41,822 7.7 %30,492 5.9 %
Europe & Africa59,207 10.9 %37,438 7.3 %
Middle East48,352 8.9 %43,192 8.4 %
Asia-Pacific36,641 6.8 %48,067 9.4 %
Latin America30,670 5.7 %29,965 5.8 %
Total Revenue$541,068 100.0 %$512,476 100.0 %
The following table presents our revenues disaggregated by product line (in thousands):
Year ended December 31,
20212020
Revenue:$%$%
Drilling Technologies$96,680 17.8 %$97,232 19.1 %
Downhole Technologies69,215 12.8 %64,083 12.5 %
Subsea Technologies74,000 13.7 %55,521 10.8 %
Stimulation and Intervention96,731 17.9 %56,460 11.0 %
Coiled Tubing88,287 16.3 %62,225 12.1 %
Production Equipment60,981 11.3 %65,763 12.8 %
Valve Solutions55,729 10.3 %111,747 21.8 %
Eliminations(555)(0.1)%(555)(0.1)%
Total revenue$541,068 100.0 %$512,476 100.0 %