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Business Segments
 12 Months Ended
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,
20232022
Revenue
Drilling & Downhole$329,576 $304,565 
Completions265,628 264,951 
Production145,864 131,519 
Eliminations(2,204)(1,122)
Total revenue$738,864 $699,913 
Segment operating income (loss)
Drilling & Downhole$33,767 $32,201 
Completions10,788 11,565 
Production6,462 (443)
Corporate(27,253)(34,268)
Total segment operating income23,764 9,055 
Transaction expenses2,892 — 
Gain on sale-leaseback transactions— (7,000)
Loss (gain) on disposal of assets and other156 (1,271)
Operating income$20,716 $17,326 
Depreciation and amortization
Drilling & Downhole$10,564 $11,872 
Completions21,813 21,866 
Production2,105 2,906 
Corporate246 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 expenditures20232022
Drilling & Downhole$3,128 $1,462 
Completions3,526 5,145 
Production543 510 
Corporate747 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,
Assets20232022
Drilling & Downhole$347,035 $340,819 
Completions350,216 366,771 
Production96,567 95,089 
Corporate27,243 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 assets20232022
United States$251,901 $279,390 
Europe24,846 26,962 
Canada11,131 11,659 
Asia-Pacific67 20 
Middle East3,508 3,806 
Latin America4 55 
Total long-lived assets$291,457 $321,892 
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
Year ended December 31,
20232022
Revenue$%$%
United States$455,871 61.7 %$470,765 67.3 %
Middle East89,346 12.1 %51,891 7.4 %
Europe & Africa64,245 8.7 %57,533 8.2 %
Canada52,833 7.2 %48,279 6.9 %
Asia-Pacific38,624 5.2 %36,832 5.3 %
Latin America37,945 5.1 %34,613 4.9 %
Total Revenue$738,864 100.0 %$699,913 100.0 %
The following table presents our revenues disaggregated by product line (in thousands):
Year ended December 31,
20232022
Revenue$%$%
Drilling Technologies$170,650 23.2 %$143,389 20.6 %
Downhole Technologies90,448 12.2 %84,987 12.1 %
Subsea Technologies68,478 9.3 %76,189 10.9 %
Stimulation and Intervention158,327 21.4 %156,331 22.3 %
Coiled Tubing107,301 14.5 %108,620 15.5 %
Production Equipment81,989 11.1 %69,914 10.0 %
Valve Solutions63,875 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 %