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Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
In the first quarter 2024, following the Variperm Acquisition, we aligned our reportable segments with business activity drivers, our customer base, and the manner in which we review and evaluate operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP.
The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, 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 make decisions on how to allocate resources and assess performance. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.
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
March 31,
20242023
Revenue
Drilling and Completions$119,071 $126,764 
Artificial Lift and Downhole83,342 62,207 
Eliminations(21)(14)
Total revenue$202,392 $188,957 
Segment operating income
Drilling and Completions$4,559 $4,990 
Artificial Lift and Downhole11,786 8,633 
Corporate(7,252)(7,032)
Segment operating income9,093 6,591 
Transaction expenses5,921 — 
Gain on disposal of assets and other(28)(260)
Operating income$3,200 $6,851 
A summary of consolidated assets by reportable segment is as follows (in thousands):
March 31, 2024December 31, 2023
Drilling and Completions$593,294 $615,033 
Artificial Lift and Downhole413,533 178,785 
Corporate14,562 27,243 
Total assets$1,021,389 $821,061 
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.
The following table presents our revenues disaggregated by product line (in thousands):
Three Months Ended
March 31,
20242023
Drilling$36,472 $40,307 
Subsea21,835 12,806 
Stimulation and Intervention38,560 47,310 
Coiled Tubing22,204 26,341 
Downhole52,243 23,211 
Production Equipment18,482 19,896 
Valve Solutions12,617 19,100 
Eliminations(21)(14)
Total revenue$202,392 $188,957 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months Ended
March 31,
20242023
United States$111,317 $129,186 
Canada35,639 13,668 
Europe & Africa21,602 11,672 
Middle East17,355 17,982 
Asia-Pacific10,168 7,681 
Latin America6,311 8,768 
Total revenue$202,392 $188,957