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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
Drilling and Completions | $ | 117,025 |  |  | $ | 130,342 |  |  | $ | 236,096 |  |  | $ | 257,106 |
Artificial Lift and Downhole | 88,169 |  |  | 55,117 |  |  | 171,511 |  |  | 117,324 |
Eliminations | 15 |  |  | (10) |  |  | (6) |  |  | (24) |
Total revenue | $ | 205,209 |  |  | $ | 185,449 |  |  | $ | 407,601 |  |  | $ | 374,406 |
Segment operating income |  |  |  |  |  |  |
Drilling and Completions | $ | 2,875 |  |  | $ | 6,625 |  |  | $ | 7,434 |  |  | $ | 11,615 |
Artificial Lift and Downhole | 13,461 |  |  | 6,969 |  |  | 25,247 |  |  | 15,602 |
Corporate | (6,954) |  |  | (6,645) |  |  | (14,206) |  |  | (13,677) |
Segment operating income | 9,382 |  |  | 6,949 |  |  | 18,475 |  |  | 13,540 |
Transaction expenses | 1,228 |  |  | — |  |  | 7,149 |  |  | — |
Loss on disposal of assets and other | 220 |  |  | 542 |  |  | 192 |  |  | 282 |
Operating income | $ | 7,934 |  |  | $ | 6,407 |  |  | $ | 11,134 |  |  | $ | 13,258 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Drilling and Completions | $ | 576,136 |  |  | $ | 615,033 |
Artificial Lift and Downhole | 388,328 |  |  | 178,785 |
Corporate | 12,293 |  |  | 27,243 |
Total assets | $ | 976,757 |  |  | $ | 821,061 |
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 |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Drilling | $ | 35,501 |  |  | $ | 44,908 |  |  | $ | 71,973 |  |  | $ | 85,215 |
Subsea | 16,799 |  |  | 13,340 |  |  | 38,634 |  |  | 26,146 |
Stimulation and Intervention | 37,226 |  |  | 46,390 |  |  | 75,786 |  |  | 93,700 |
Coiled Tubing | 27,499 |  |  | 25,704 |  |  | 49,703 |  |  | 52,045 |
Downhole | 53,078 |  |  | 22,072 |  |  | 105,321 |  |  | 45,283 |
Production Equipment | 18,058 |  |  | 17,666 |  |  | 36,540 |  |  | 37,562 |
Valve Solutions | 17,033 |  |  | 15,379 |  |  | 29,650 |  |  | 34,479 |
Eliminations | 15 |  |  | (10) |  |  | (6) |  |  | (24) |
Total revenue | $ | 205,209 |  |  | $ | 185,449 |  |  | $ | 407,601 |  |  | $ | 374,406 |
Schedule of Revenue Disaggregated by Geography | The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 102,552 |  |  | $ | 119,544 |  |  | $ | 213,869 |  |  | $ | 248,730 |
Canada | 36,336 |  |  | 14,399 |  |  | 71,975 |  |  | 28,067 |
Middle East | 25,378 |  |  | 18,717 |  |  | 42,733 |  |  | 36,699 |
Europe & Africa | 21,053 |  |  | 10,673 |  |  | 42,655 |  |  | 22,345 |
Asia-Pacific | 10,150 |  |  | 9,851 |  |  | 20,318 |  |  | 17,532 |
Latin America | 9,740 |  |  | 12,265 |  |  | 16,051 |  |  | 21,033 |
Total revenue | $ | 205,209 |  |  | $ | 185,449 |  |  | $ | 407,601 |  |  | $ | 374,406 |

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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 -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 Reference 2: 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 + 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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