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Business Segments | 9 Months Ended
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Sep. 30, 2022
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. Summary financial data by segment follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue: |  |  |  |  |  |  |
Drilling & Downhole | $ | 75,723 |  |  | $ | 63,180 |  |  | 223,476 |  |  | 173,406 |
Completions | 72,246 |  |  | 49,692 |  |  | 190,867 |  |  | 134,051 |
Production | 34,238 |  |  | 28,457 |  |  | 95,622 |  |  | 85,825 |
Eliminations | (372) |  |  | (345) |  |  | (710) |  |  | (361) |
Total revenue | $ | 181,835 |  |  | $ | 140,984 |  |  | $ | 509,255 |  |  | $ | 392,921 |
Operating income (loss): |  |  |  |  |  |  |
Drilling & Downhole | $ | 9,481 |  |  | $ | 4,042 |  |  | $ | 23,995 |  |  | $ | 2,237 |
Completions | 5,915 |  |  | 250 |  |  | 8,787 |  |  | (52) |
Production | 665 |  |  | (3,374) |  |  | (1,241) |  |  | (11,256) |
Corporate | (8,411) |  |  | (8,387) |  |  | (24,501) |  |  | (23,667) |
Segment operating income (loss) | 7,650 |  |  | (7,469) |  |  | 7,040 |  |  | (32,738) |
Gain on disposal of assets and other | (52) |  |  | (93) |  |  | (938) |  |  | (1,362) |
Operating income (loss) | $ | 7,702 |  |  | $ | (7,376) |  |  | $ | 7,978 |  |  | $ | (31,376) |
A summary of consolidated assets by reportable segment is as follows (in thousands):
| September 30, 2022 |  | December 31, 2021
Drilling & Downhole | $ | 317,807 |  |  | $ | 313,493 |
Completions | 364,952 |  |  | 351,908 |
Production | 91,476 |  |  | 83,150 |
Corporate | 16,015 |  |  | 42,785 |
Total assets | $ | 790,250 |  |  | $ | 791,336 |
Corporate assets primarily include cash and certain prepaid assets. The following table presents our revenues disaggregated by product line (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Drilling Technologies | $ | 38,159 |  |  | $ | 23,211 |  |  | $ | 100,934 |  |  | $ | 69,355 |
Downhole Technologies | 21,916 |  |  | 17,623 |  |  | 62,902 |  |  | 49,329 |
Subsea Technologies | 15,648 |  |  | 22,346 |  |  | 59,640 |  |  | 54,722 |
Stimulation and Intervention | 43,647 |  |  | 25,562 |  |  | 111,143 |  |  | 68,618 |
Coiled Tubing | 28,599 |  |  | 24,130 |  |  | 79,724 |  |  | 65,433 |
Production Equipment | 18,463 |  |  | 14,314 |  |  | 50,055 |  |  | 46,107 |
Valve Solutions | 15,775 |  |  | 14,143 |  |  | 45,567 |  |  | 39,718 |
Eliminations | (372) |  |  | (345) |  |  | (710) |  |  | (361) |
Total revenue | $ | 181,835 |  |  | $ | 140,984 |  |  | $ | 509,255 |  |  | $ | 392,921 |
The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
United States | $ | 124,896 |  |  | $ | 88,532 |  |  | $ | 336,754 |  |  | $ | 234,246 |
Canada | 14,169 |  |  | 10,946 |  |  | 35,761 |  |  | 30,027 |
Europe & Africa | 14,291 |  |  | 17,416 |  |  | 45,186 |  |  | 45,643 |
Middle East | 12,751 |  |  | 10,916 |  |  | 38,700 |  |  | 33,196 |
Asia-Pacific | 9,537 |  |  | 7,302 |  |  | 26,963 |  |  | 31,097 |
Latin America | 6,191 |  |  | 5,872 |  |  | 25,891 |  |  | 18,712 |
Total Revenue | $ | 181,835 |  |  | $ | 140,984 |  |  | $ | 509,255 |  |  | $ | 392,921 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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