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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Financial Data by Segment and Assets by Reportable Segment | Summary financial data by segment follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |
Drilling & Downhole | $ | 81,181 |  |  | $ | 75,723 |  |  | $ | 238,652 |  |  | $ | 223,476 |
Completions | 62,473 |  |  | 72,246 |  |  | 208,239 |  |  | 190,867 |
Production | 36,877 |  |  | 34,238 |  |  | 108,918 |  |  | 95,622 |
Eliminations | (1,278) |  |  | (372) |  |  | (2,150) |  |  | (710) |
Total revenue | $ | 179,253 |  |  | $ | 181,835 |  |  | $ | 553,659 |  |  | $ | 509,255 |
Segment operating income |  |  |  |  |  |  |
Drilling & Downhole | $ | 8,437 |  |  | $ | 9,481 |  |  | $ | 25,165 |  |  | $ | 23,995 |
Completions | 2,147 |  |  | 5,915 |  |  | 9,893 |  |  | 8,787 |
Production | 1,803 |  |  | 665 |  |  | 4,546 |  |  | (1,241) |
Corporate | (6,861) |  |  | (8,411) |  |  | (20,538) |  |  | (24,501) |
Segment operating income | 5,526 |  |  | 7,650 |  |  | 19,066 |  |  | 7,040 |
Loss (gain) on disposal of assets and other | (145) |  |  | (52) |  |  | 137 |  |  | (938) |
Operating income | $ | 5,671 |  |  | $ | 7,702 |  |  | $ | 18,929 |  |  | $ | 7,978 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
| September 30, 2023 |  | December 31, 2022
Drilling & Downhole | $ | 347,503 |  |  | $ | 340,819 |
Completions | 357,174 |  |  | 366,771 |
Production | 100,149 |  |  | 95,089 |
Corporate | 24,045 |  |  | 32,078 |
Total assets | $ | 828,871 |  |  | $ | 834,757 |
Schedule of Revenue from External Customers by Products and Services | The following table presents our revenues disaggregated by product line (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Drilling Technologies | $ | 42,953 |  |  | $ | 38,159 |  |  | $ | 128,995 |  |  | $ | 100,934 |
Downhole Technologies | 23,480 |  |  | 21,916 |  |  | 68,763 |  |  | 62,902 |
Subsea Technologies | 14,748 |  |  | 15,648 |  |  | 40,894 |  |  | 59,640 |
Stimulation and Intervention | 32,545 |  |  | 43,647 |  |  | 126,266 |  |  | 111,143 |
Coiled Tubing | 29,928 |  |  | 28,599 |  |  | 81,973 |  |  | 79,724 |
Production Equipment | 21,706 |  |  | 18,463 |  |  | 59,268 |  |  | 50,055 |
Valve Solutions | 15,171 |  |  | 15,775 |  |  | 49,650 |  |  | 45,567 |
Eliminations | (1,278) |  |  | (372) |  |  | (2,150) |  |  | (710) |
Total revenue | $ | 179,253 |  |  | $ | 181,835 |  |  | $ | 553,659 |  |  | $ | 509,255 |
Schedule of Revenue Disaggregated by Geography | The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
United States | $ | 103,453 |  |  | $ | 124,896 |  |  | $ | 352,183 |  |  | $ | 336,754 |
Middle East | 27,359 |  |  | 12,751 |  |  | 64,058 |  |  | 38,700 |
Canada | 12,333 |  |  | 14,169 |  |  | 40,400 |  |  | 35,761 |
Europe & Africa | 16,832 |  |  | 14,291 |  |  | 39,177 |  |  | 45,186 |
Latin America | 9,185 |  |  | 6,191 |  |  | 30,218 |  |  | 25,891 |
Asia-Pacific | 10,091 |  |  | 9,537 |  |  | 27,623 |  |  | 26,963 |
Total revenue | $ | 179,253 |  |  | $ | 181,835 |  |  | $ | 553,659 |  |  | $ | 509,255 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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