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Business Segments | 12 Months Ended
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Dec. 31, 2023
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,
|  | 2023 |  | 2022
Revenue |  |  |  |
Drilling & Downhole |  | $ | 329,576 |  |  | $ | 304,565 |
Completions |  | 265,628 |  |  | 264,951 |
Production |  | 145,864 |  |  | 131,519 |
Eliminations |  | (2,204) |  |  | (1,122) |
Total revenue |  | $ | 738,864 |  |  | $ | 699,913 |
Segment operating income (loss) |  |  |  |
Drilling & Downhole |  | $ | 33,767 |  |  | $ | 32,201 |
Completions |  | 10,788 |  |  | 11,565 |
Production |  | 6,462 |  |  | (443) |
Corporate |  | (27,253) |  |  | (34,268) |
Total segment operating income |  | 23,764 |  |  | 9,055 |
Transaction expenses |  | 2,892 |  |  | — |
Gain on sale-leaseback transactions |  | — |  |  | (7,000) |
Loss (gain) on disposal of assets and other |  | 156 |  |  | (1,271) |
Operating income |  | $ | 20,716 |  |  | $ | 17,326 |
Depreciation and amortization |  |  |  |
Drilling & Downhole |  | $ | 10,564 |  |  | $ | 11,872 |
Completions |  | 21,813 |  |  | 21,866 |
Production |  | 2,105 |  |  | 2,906 |
Corporate |  | 246 |  |  | 334 |
Total depreciation and amortization |  | $ | 34,728 |  |  | $ | 36,978 |
A summary of capital expenditures by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Capital expenditures |  | 2023 |  | 2022
Drilling & Downhole |  | $ | 3,128 |  |  | $ | 1,462 |
Completions |  | 3,526 |  |  | 5,145 |
Production |  | 543 |  |  | 510 |
Corporate |  | 747 |  |  | 375 |
Total capital expenditures |  | $ | 7,944 |  |  | $ | 7,492 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Assets |  | 2023 |  | 2022
Drilling & Downhole |  | $ | 347,035 |  |  | $ | 340,819 |
Completions |  | 350,216 |  |  | 366,771 |
Production |  | 96,567 |  |  | 95,089 |
Corporate |  | 27,243 |  |  | 32,078 |
Total assets |  | $ | 821,061 |  |  | $ | 834,757 |
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):
|  | December 31,
Long-lived assets |  | 2023 |  | 2022
United States |  | $ | 251,901 |  |  | $ | 279,390 |
Europe |  | 24,846 |  |  | 26,962 |
Canada |  | 11,131 |  |  | 11,659 |
Asia-Pacific |  | 67 |  |  | 20 |
Middle East |  | 3,508 |  |  | 3,806 |
Latin America |  | 4 |  |  | 55 |
Total long-lived assets |  | $ | 291,457 |  |  | $ | 321,892 |
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | % |  | $ | %
United States |  | $ | 455,871 |  | 61.7 | % |  | $ | 470,765 |  | 67.3 | %
Middle East |  | 89,346 |  | 12.1 | % |  | 51,891 |  | 7.4 | %
Europe & Africa |  | 64,245 |  | 8.7 | % |  | 57,533 |  | 8.2 | %
Canada |  | 52,833 |  | 7.2 | % |  | 48,279 |  | 6.9 | %
Asia-Pacific |  | 38,624 |  | 5.2 | % |  | 36,832 |  | 5.3 | %
Latin America |  | 37,945 |  | 5.1 | % |  | 34,613 |  | 4.9 | %
Total Revenue |  | $ | 738,864 |  | 100.0 | % |  | $ | 699,913 |  | 100.0 | %
The following table presents our revenues disaggregated by product line (in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | % |  | $ | %
Drilling Technologies |  | $ | 170,650 |  | 23.2 | % |  | $ | 143,389 |  | 20.6 | %
Downhole Technologies |  | 90,448 |  | 12.2 | % |  | 84,987 |  | 12.1 | %
Subsea Technologies |  | 68,478 |  | 9.3 | % |  | 76,189 |  | 10.9 | %
Stimulation and Intervention |  | 158,327 |  | 21.4 | % |  | 156,331 |  | 22.3 | %
Coiled Tubing |  | 107,301 |  | 14.5 | % |  | 108,620 |  | 15.5 | %
Production Equipment |  | 81,989 |  | 11.1 | % |  | 69,914 |  | 10.0 | %
Valve Solutions |  | 63,875 |  | 8.6 | % |  | 61,605 |  | 8.8 | %
Eliminations |  | (2,204) |  | (0.3) | % |  | (1,122) |  | (0.2) | %
Total revenue |  | $ | 738,864 |  | 100.0 | % |  | $ | 699,913 |  | 100.0 | %

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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