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Business Segments
 12 Months Ended
Dec. 31, 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.
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 reportable segment follows (in thousands):
Year ended December 31,
20222021
Revenues
Drilling & Downhole$304,565 $239,895 
Completions264,951 185,018 
Production131,519 116,710 
Eliminations(1,122)(555)
Total revenues$699,913 $541,068 
Segment operating income (loss)
Drilling & Downhole$32,201 $4,749 
Completions11,565 (4,532)
Production(443)(14,354)
Corporate(34,268)(31,408)
Total segment operating income (loss)9,055 (45,545)
Gain on sale-leaseback transactions(7,000)— 
Gain on disposal of assets and other(1,271)(1,052)
Operating income (loss)$17,326 $(44,493)
Depreciation and amortization
Drilling & Downhole$11,872 $14,536 
Completions21,866 22,568 
Production2,906 4,769 
Corporate334 303 
Total depreciation and amortization$36,978 $42,176 
A summary of capital expenditures by reportable segment is as follows (in thousands):
Year ended December 31,
Capital expenditures20222021
Drilling & Downhole$1,462 $1,476 
Completions5,145 512 
Production510 411 
Corporate375 — 
Total capital expenditures$7,492 $2,399 
A summary of consolidated assets by reportable segment is as follows (in thousands):
Year ended December 31,
Assets20222021
Drilling & Downhole$340,819 $313,493 
Completions366,771 351,908 
Production95,089 83,150 
Corporate32,078 42,785 
Total assets$834,757 $791,336 
Corporate assets primarily include cash, certain prepaid expenses and deferred loan costs.
A summary of long-lived assets by geography is as follows (in thousands):
Long-lived assetsDecember 31,
2022		December 31,
2021
United States$279,390 $298,171 
Europe26,962 25,956 
Canada11,659 14,977 
Asia-Pacific20 221 
Middle East3,806 4,412 
Latin America55 866 
Total long-lived assets$321,892 $344,603 
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
Year ended December 31,
20222021
Revenues$%$%
United States$470,765 67.3 %$324,376 60.0 %
Canada48,279 6.9 %41,822 7.7 %
Europe & Africa57,533 8.2 %59,207 10.9 %
Middle East51,891 7.4 %48,352 8.9 %
Asia-Pacific36,832 5.3 %36,641 6.8 %
Latin America34,613 4.9 %30,670 5.7 %
Total Revenues$699,913 100.0 %$541,068 100.0 %
The following table presents our revenues disaggregated by product line (in thousands):
Year ended December 31,
20222021
Revenues$%$%
Drilling Technologies$143,389 20.6 %$96,680 17.8 %
Downhole Technologies84,987 12.1 %69,215 12.8 %
Subsea Technologies76,189 10.9 %74,000 13.7 %
Stimulation and Intervention156,331 22.3 %96,731 17.9 %
Coiled Tubing108,620 15.5 %88,287 16.3 %
Production Equipment69,914 10.0 %60,981 11.3 %
Valve Solutions61,605 8.8 %55,729 10.3 %
Eliminations(1,122)(0.2)%(555)(0.1)%
Total revenues$699,913 100.0 %$541,068 100.0 %